Balance Sheet

Shows the assets, liability, and equity of a business. It is referred to as a balance sheet because the total value of the assets must balance, or equal the liabilities and equity. The basic accounting equation is: A = L+E, where A= assets, L= liabilities, and E= equity. 

Income Statement

The Income Statement is one of a company’s core financial statements that shows their profit and loss over a period of time.

Profit, Loss, and Discovery

Economics professor Howie Baetjer of Towson University explains how the market process generates improvements in the human condition.
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