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Q4. Financial Statements (6 marks) a. Balance Sheet has often been called a snapshot in time of assets, liabilities, and equity. Do you agree with

Q4. Financial Statements (6 marks)

a. Balance Sheet has often been called a snapshot in time of assets, liabilities, and equity. Do you agree with this description and why? (3 marks)

b. Compare Balance Sheet to Income Statement and illustrate main differences. (3 marks)

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