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Geek Trivia: Early bird special

Although not an accountant by trade, I once supported accounting (computer) systems, and took a fair share of classes. Although you have the concept correct, rather than "balance sheet," it would be better to say "income statement" or "profit/loss statement."

A balance sheet is always balanced:
assests = liabilities + owners' equity

An income or P/L statement shows:
revenues - expenses = profit (or loss)

Of course, generally accepted accounting principles may have changed over the years, and a real accountant will probably quibble with my quibble.

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