financial statements defined
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الخميس 24 رمضان 1431
the balance sheet which reveals the financial position of business as reflected by the accounting records contains a list of asset liability
and capital items as of given date. the balance sheet shows the assets owned by the business and the sources of funds ( from creditors and owners) used in acquiring the assets.
the income statement shows the net income or net loss resulting from the operation of a business during a specified period of time .
extraneous gains and losses which do not affect the current operation or financing functions of the business may also be included in a special section on the income statement
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