chap2 - CHAPTER 2 Investing and Financing Decisions and the...

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1 Acct 284 Chap. 2 CHAPTER 2 Investing and Financing Decisions and the Balance Sheet
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2 Acct 284 Chap. 2 What is the primary objective of financial reporting? To provide useful economic information to external parties for decision making and for assessing future cash flows
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3 Acct 284 Chap. 2 Elements of Balance Sheet Assets: Probable future economic benefits owned by the entity from past transactions. Liabilities: Debts or obligations from past transactions to be paid with assets or services. Stockholders’ Equity: Financing provided by owners and operations.
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4 Acct 284 Chap. 2 Relationships of 3 Basic Equations NI = Revenues - Expenses (+ Gains - Losses) End RE = Beg RE + NI - Dividends Assets = Liabilities + SH Equity CC RE
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Acct 284 Chap. 2 Classified Balance Sheet Assets: Current Asset Investments Property, Plant and Equip Intangible Assets Deferred Charges Liabilities: Current Liabilities Long Term Liabilities Stockholders Equity
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chap2 - CHAPTER 2 Investing and Financing Decisions and the...

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