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Financial statements
Summaries of financial activities are known as financial statements that are prepared on a regular basis at the end of an accounting period. Accounting period typically is one year; though, it can be any length of time for that records are maintained. Generally the minimum is one month and maximum length of time is one year for financial statements.
There are various financial statements. You are going to prepare Income Statement, Statement of Owner's Equity, and Balance Sheet. These should be completed in that order. It is very significant to always check your numbers as an incorrect number would affect more than one statement.
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Explain any two concepts of accounting with examples
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Classified income statement It is more involved for a merchandising business to conclude net loss or net income. Income statement is categorized into sections: 1. Revenue
Enumerate the fundamentals of financial accounting information Frame works and principles which have been developed try to address fundamental questions like: ?Who are user
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