``The balance sheet provides information about the financial position of the firm. Four basic and primary financial statement is summarized in the income statement by the firms. The organizations publish the balance sheet on the basis of three mandatory statements as including the statement of changes in the firm’s financial position, statement of retained earnings, and income statement [1]. The income statement of the firms reports the total assets, total liabilities, and total owner equities in the firms. The term balance defines that sum of the assets of the firm must be equal to the owner equities and the sum of liabilities [2].        

References of Accounting Misconception