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Explain the basic formats of financial statements such as income statement, balance sheet, statement of cash flows and statement of retained earnings Accounting equation comprises

Explain the basic formats of financial statements such as income statement, balance sheet, statement of cash flows and statement of retained earnings

Accounting equation comprises 3 categories each of which can be broken down further into accounts. For each of the three main categories of the accounting equation, list 5 or more accounts with actual amounts that would typically be classified into each with double entry accounting booking system. for instance Land & equipment would typically be categorized as Assets

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