summarize this in only 3 points

By comparing the starting capital with the ending capital, I now know how to determine a profit or loss. The equation provides a means of calculating capital. To determine the company's net profit or loss using the comparison approach, one must become proficient with its format. The P&L is the financial report seen here. Income and profits are credited, while withdrawals and losses are subtracted. Capable of identifying the debits and credits associated with each transaction. There will be at least two connected accounts for every single sale. One account receives a debit entry, while another receives a credit input. There has been a rise in production costs (wages, insurance, taxes, dividends, etc.), which has led to a rise in cash, inventory, and building expenditures. Credit has grown as a result of several factors, including more money coming in from shareholders and members, membership fees, rentals, interest income, and debt. Determine the financial health of a company with the help of SOPL. One type of financial statement is the balance sheet, which details the asset value, liability amount, and equity value of a corporation as of a given date. In other words, it details the assets, liabilities, and ownership of the corporation as of a given date. It represents a frozen moment in time that reflects the state of the company at that point. In the sense that it describes actual past events, this definition is accurate. Only objects that can be seen on the day of the report will be displayed. This contrasts with the income statement and other financial reports that show the results of a company's operations over time. For this reason, the statement of financial condition only includes data for the company's accounts as of the last day of the accounting period.