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Revision-BS

TermDefinition
Balance sheet is a financial report that summarises the assets and liabilities of a business at a specific point in time.
The golden rules Every transaction will affect at least 2 items in the accounting equation. After recording these changes, the accounting equation must still balance.
Capital the amount of money or wealth that the owner contributes to the business.
What is the balance sheet used for? The owner of the business can understand its business position though the financial information.
Created by: ngocbui1
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