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Which one of the following statements is correct?
Select one:
a. An income statement shows information for a specific point of time and a balance sheet shows changes over an accounting period
b. A balance sheet summarizes information concerning changes in assets, liabilities, and owners equity over an accounting period
c. A statement of owners equity is typically prepared before an income statement
d. A statement of owners equity summarizes changes in the owners capital account over an accounting period
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