![]() Income and Retained Earnings: It represents the income and retained earnings of the company, which is an essential component in computing, analyzing, and understanding a firms income statements.The entry includes cash A/c, expense reports, interest and loan payments, company investments and salaries entries, etc. The entry passed in the business general ledger through equations provides data that forms the financial statement. Financial Statements: Annual and quarterly reports of a company are prepared with accounting books’ help using double-entry accounting practices.There are the varied application of accounting equation in the field of accountancy and economics: – ![]() increase/ decrease takes place with the same amount. Thus, in all of the above transactions, the accounting equation is always matched, i.e.
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