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Explain the types of Financial Statements
Income Statement. This is a summary of a business's expenses and revenue for a specific period of time. It ONLY shows expenses and revenue.
Net Income is realized when revenue exceeds expenses.
Net loss is realized when expenses exceed revenue.
Statement of Owner's Equity. This is a summary of the changes which have occurred in owner's equity during a specific period of time.
This statement will demonstrates either a decrease or increase in capital account.
Balance Sheet. This statement is a listing of firm's liabilities, assets and owner's equity at a particular point in time. Total Assets should equal the addition of Liabilities and Owner's Equity.
pls explain expenses incurred
The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below. Q d = 424 - 40P Q s = 40 + 8P a. What is the equi
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
which career to look into when doing those subjects?
Q. Example of supplies on hand? On 2010 December 4 Micro Train Company buy supplies for USD 1400 and recorded the transaction as follows Micro Train's two accounts reci
Accounts payable subsidiary ledger Accounts are designed to show balance owed to every creditor. Liability accounts generally have credit balances. Accounts are not assigned nu
The operating expenses section Operating Expenses - directly associated to the sale of merchandise General expenses (administrative expenses) related to business's offic
Which of the following is NOT one of the key requirements for auditor independence? A. Auditors must disclose all other written communications between management and themselv
which account rules
Other than the Parsimonious forecasting approach, what other financial forecasting approaches are there? Other than the Parsimonious forecasting approach, there are a number of oth
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