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Exam 1 Review - income statement 4 Understand the elements...

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PRINCIPLES OF FINANCIAL ACCOUNTING EXAM 1 REVIEW 1. Understand the differences between financial and managerial accounting. 2. Understand which elements are on each of the financial statements and be able to calculate each given relevant data. 3. Understand the accounting equations for the balance sheet and
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Unformatted text preview: income statement. 4. Understand the elements of the Retained Earnings Statement and how they effect Retained Earnings balances. 5. Be able to calculate net income (after tax). 6. Be able to prepare a Retained Earnings Statement....
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