The Balance Sheet
The Balance Sheet is a summary of the assets and liabilities and equity of a business at a specific point of time.
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The Balance Sheet is a summary of the assets and liabilities and equity of a business at a specific point of time.
The Income (Profit and Loss) Statement, commonly referred to as the P&L statement, summarizes the revenue and expenses for a specific time period (one month, one quarter, one year, etc.).
Keep your information current and review the documents on a regular basis (monthly or more often if needed). Review them with key individuals within your company.
Ratios are useful when comparing your company with the competition on financial performance and also when benchmarking the performance of your company.
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