What is the role of accounting in business

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Reference no: EM13899811

1. What is the role of accounting in business?

2. Briefly describe the nature of the information provided by each of the following financial statements: the income statement, the retained earnings statement, the balance sheet, and the statement of cash flows. In your descriptions, indicate whether each of the financial statements covers a period of time or is for a specific date.

3. For the year ending January 31, 2004, The Limited Inc. had revenues of $8,934 million and total expenses of $8,217 million. Did The Limited

(a) incur a net loss or

(b) realize net income?

Reference no: EM13899811

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