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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.
After adjustments and the closing of revenue and expense accounts at February 28, 2015, the end of the first full year of operations, the income summary account has a credit balanc
All relevant information and explanations about a business have been included in its financial reports
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After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,400, and Allowance for Doubtful Accounts has a balance of $11,90
Q. FIFO under periodic inventory procedure? The FIFO (first-in, first out) method of inventory costing suppose that the costs of the first goods purchased are those charged to
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