20 - Business 2/20 Financial statements- the end result of...

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Business 2/20 Financial statements- the end result of the accounting process (recording and posting information) are a series of financial statements The income statement - a financial report that shows the activity of a business over a year period of time- month, quarter, or year. Sales- anything sold by the company Expenses o Any cost of doing business resulting from revenue-generating activities o Expenses are consumed in the course of generating revenue o Costs invurred in the day to day operations of the business Ex. Utilities, rent, insurance, ofc supplies, travel, legal fees, advertising, taxes. Fiscal Vs. Calendar year. For example a ski resort doesn’t use a calendar year because it would split up their earnings into two because the year ends in the middle of ski season., Revenue – costs of goods sold Revenue - costs of goods sold gross income (gross margin, gross earnings) Expenses Selling, general & administrative R&D, engineering Inerest Depreciation
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This note was uploaded on 09/30/2009 for the course BCOR 1010 taught by Professor Latier,jef during the Spring '07 term at Colorado.

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20 - Business 2/20 Financial statements- the end result of...

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