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The balance sheet is a financial statement that measures the flow of funds into and out of various accounts over time, whereas the income statement measures the financial position of the firm at a specific point in time.A. TrueB. False

User SubGothius
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Answer:

True

Step-by-step explanation:

Balance sheet is the financial report of an organization that includes investments, liabilities, assets wealth, overall debt, etc. during a given time.

The income statement is one of the company's financial statements that indicates the company's profits and expenditures for a specific period of time. This shows how the profits are converted into net revenue or net income.

User Savaratkar
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