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    labner854's Avatar
    labner854 Posts: 1, Reputation: 1
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    #1

    Aug 24, 2008, 11:04 PM
    Questions answered by the income statement and balance sheet
    What are the questions answered by the income statement and the balance sheet?

    The answer I came up with for the balance sheet is: What is the financial position of the firm on the last day of the year?

    For the income statement: How is the firm performing in any given period?:)
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 18, 2008, 04:48 PM

    The balance sheet shows the company's overall financial position at a given point in time.

    The Income Statement shows the company's performance for a certain period.
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