TCP CPA Practice Questions Explained: Calculating The Foreign-Earned Income Exclusion
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This statement helps everyone understand the organization’s financial activities, including what your organization owns (assets) and what it owes (liabilities).
These statements also list assets like cash and equipment, current liabilities (like accounts payable), and funds that are temporarily restricted for certain uses.
The ending net assets from the statement of activities show up on the balance sheet, linking these two documents and providing a full picture of financial health.
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