ACC220_WK2_Assign_Fin_Stmts

ACC220_WK2_Assign_Fin_Stmts - Financial Statements Running...

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Financial Statements 1 Running head: FINANCIAL STATEMENTS Financial Statements Student Name Axia College – University of Phoenix ACC220
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Financial Statements 2 Abstract Financial statements are a reflection of how well a business is faring financially. This information is gleaned from the company’s Income, Balance Sheet, and Cash Flow Statements. The accuracy of these statements is critical to the success of any business. ACC220
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Financial Statements 3 Financial Statements In preparation for completing the Income, Balance Sheet, and Cash Flow Statements find a system that works for your business. To date, there is no law that requires a specific system in which to maintain financial records, but use extra care in the selection of a system that will work as the business grows and changes. Research accounting software programs to see which one will work best for your type of business. Hire an accountant, if possible. Required Statements Income The Income Statement consists of the Revenues (incoming monies) and Expenses (outgoing monies). Subtracting the Expenses from the Revenues will result in the Net Income amount. Hopefully, this will be a positive number, as opposed to a negative. This sample income statement ( Fig. 1 ) shows the specific information required:
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This note was uploaded on 04/09/2010 for the course ACC/220 ACC220 taught by Professor Mitzikent during the Summer '09 term at University of Phoenix.

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ACC220_WK2_Assign_Fin_Stmts - Financial Statements Running...

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