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Would someone explain balance sheets to me?
Asked by Dutchess_III (46830)
January 4th, 2018
Yes, I owned my own business and updated my P&L and balance sheets every month. P&L is simply a reconciliation, like a bank account. That’s easy. But I have never quite understood the purpose of a balance sheet. Why do both sides have to match? Is it simply to prove to the IRS and others that every penny is accounted for?
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