ACCT.1.4.o.clock - ACCT 151 1st 4 o'clock Chapters 1 4 1...

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ACCT 151 1 st 4 o’clock Chapters 1 – 4 1. Relationships between income statement and balance sheet items and how those relationships can be used to solve for unknowns. Income statement: a report of all revenues and expenses pertaining to a specific time period Balance sheet: a financial statement that shows the financial status of a business entity at a particular instant in time 2. Effects of errors on financial statements. Financial statements: a written report which quantitatively describes the financial health of a company. This includes an income statement and a balance sheet, and often also includes a cash flow statement. Financial statements are usually compiled on a quarterly and annual basis. 3. Journal entries for transactions, adjustments and the closing process. Journal entry: an analysis of the effects of a transaction on accounts, usually accompanied by an explanation Transaction: any event that both affect the financial position of an entity and that an accountant can reliably record in money terms Adjustments:
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