What is the difference between accounts in balance sheet and income statement

Balance sheet accounts are accumulated numbers after many years since the day of operation. Meanwhile, income statement accounts demonstrate the total value of transaction incurred only in the current (reporting) year

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Toyosi paid £6,600 for insurance during the year ended 31/03/2014. The "insurance prepaid" account showed a balance of £390 as at 01/04/2013 and a balance of £450 as at 31/03/2014. Calculate the insurance expense for the year ended 31/03/2014.


how is the income statement (I/S) related to the balance sheet (B/S)


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