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What information does a balance sheet provide

Question: What information does a balance sheet provide? How do accounting conventions and asset valuation affect measuring and reporting financial position?

Reference:

Atrill, P. & McLaney, E. (2008). Accounting and Finance for Non-Specialists.
6th ed. Harlow, England: FT Prentice Hall

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Accounting Basics: What information does a balance sheet provide

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