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What is the balance sheet? What are the major components of the balance sheet? What are some of the similarities and differences between U.S. GAAP

What is the balance sheet? What are the major components of the balance sheet? What are some of the similarities and differences between U.S. GAAP and IFRS elements found in the balance sheet? Why is it important to the users of financial statements?

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A balance sheet is a statement of the financial balances of an individual or organization which includes assets liabilities equity capital total debt ... blur-text-image

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