The income statement and the balance sheet are prepared from data in the general ledger master file.

Name: The income statement and the balance sheet are prepared from data in the general ledger master file.
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The general ledger master file contains all of the accounts and their balances, which are used to prepare both the income statement and the balance sheet. Therefore, data from the general ledger master file is used to create these financial statements.

The Income Statement and the Balance Sheet Are Prepared from Data