How the accounting equation relates to the balance sheet and income statement?

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emmanuel, aliakhue momoh · Answer

income statement report a company financial performance while the balance sheet report the financial position of both assets and liabilities /equity holders of a company.

the accounting equation is asset =liabilities +owner's equity

georgei assi · Answer

I confess I did not understand the question

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How the accounting equation relates to the balance sheet and income statement?

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