Question: Explain the difference between balance sheets and income statements in terms of functionality, accuracy, and importance. Also, explain how these statements are used in different

Explain the difference between balance sheets and income statements in terms of functionality, accuracy, and importance. Also, explain how these statements are used in different ways by investors, lenders, and corporate managers when making decisions. Explain how you can use these financial statements in your personal life to make prudent financial decisions.

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