Week 1 Checkpoint-Financial Statements

Week 1 Checkpoint-Financial Statements -...

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Checkpoint-Financial Statements 1 Checkpoint-Financial Statements Melissa Krol ACC-225 June 1, 2010 Instructor: Madonna Akins-Box Axia College University of Phoenix
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Checkpoint-Financial Statements 2 Checkpoint-Financial Statements Financial Statements help owners of a business and others interested in that business make decisions because they show how well a business is doing. There are four statements, the income state, statement of owner’s equity, balance sheet, and statement of cash flows. 1. Income statement- revenues and expenses are reported on this statement. Revenue or sales is listed first (this includes all revenue the business generates whether it is from sales, services, or rentals), expenses second (this section lists all the cost to run the business), and last is net income or loss. This statement is helpful in determining is the business has made a profit or not and also helps in determining if expenses need to be lowered. 2.
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This note was uploaded on 09/06/2010 for the course ACC 220 acc-220 taught by Professor Unknown during the Spring '10 term at University of Phoenix.

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Week 1 Checkpoint-Financial Statements -...

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