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The five elements of Financial Statements are 1. Assets 2. Liabilities, 3. Equity 4. Revenue and 5. Expenses.
Assets are the company resources such as CVurrent Assets and Fixed Assets.
Liabilities are the company owes can be short term liabilities or long terms liabilities
Equity money that owners contribution or owes
Revenue - Income for the period
Expenses the company has to pays with in the given period
Assets
Liabilities
Income
Expenses
Equity
