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The main difference between the first-angle and the third-angle projection is:
Income Statement
A financial statement that shows a company’s revenue and expenses over a specific period, determining its profit or loss.
Expense Accounts
Accounts used in accounting to track the consumption of economic resources or the incurrence of liabilities in the operation of a company.
Credits
Entries made on the right-hand side of an account, representing gains or increases in liabilities, income, or equity.
Debit
An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet.
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