ACCHW1 - 08/27/08 Homework 1 Acc 201 Ch 1 Ch 1 P. 2-18 Q...

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08/27/08 Homework 1 Acc 201 Ch 1 Ch 1 P. 2-18 Q 8,9, 12, 13, 14, 15 8. Purpose of… A) Income Statement primary measures of performance of a business, revenues less expenses during the accounting period. B) Balance Sheet reports the financial position of an accounting entity at a particular point in time. (Amount of assets, liabilities and stockholders’ equity) C) Statement of cash flows divides cash inflows and outflows into 3 primary categories of cash flows in a typical business: cash flow from operating, investing and financial activities. D) Statement of retained Earnings reports the way that the net income and the distribution of dividends affected the company’s financial position during the accounting period. 9. Time difference between Income Statement/ Statement of Cash flow and the Balance Sheet… Income Statement/ Statement of Cash flow is for all activities in given time period, where the Balance sheet shows balance at a particular date in time. 12. Accounting Eq. for income statement…
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This note was uploaded on 04/30/2009 for the course ACCT 201 taught by Professor Anothony during the Spring '07 term at Michigan State University.

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ACCHW1 - 08/27/08 Homework 1 Acc 201 Ch 1 Ch 1 P. 2-18 Q...

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