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Title: Overview Of Accounting

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Subject: Business
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Date: October 22, 2001
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Length: 3 / 669
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6). Furthermore, the balance sheet will show what assets the company owns, how the assets are financed and to whom the company owes money or in other words, the firm’s liabilities. Along with the income statement, the balance sheet will show how much the business gained or lost and how much the firm is worth...

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Along with the income statement, the balance sheet will show how much the business gained or lost and how much the firm is worth. The main drawback of the balance sheet is that it shows original costs and does not take into account replacement costs of assets (Block & Hurt, 2005)...

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