Overall the Balance Sheet must be in balance. If revenue is recognized properly and expenses for the period have been captured AND every balance sheet is properly reconciled (so there is supporting documentation for each balance) then the Profit and Loss Statement will be correct in total. There could be some classification issues but the bottom line will be correct. Thank you reviewstier
My answers
Overall the Balance Sheet must be in balance. If revenue is recognized properly and expenses for the period have been captured AND every balance sheet is properly reconciled (so there is supporting documentation for each balance) then the Profit and Loss Statement will be correct in total. There could be some classification issues but the bottom line will be correct. Thank you reviewstier