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1st Exam - #1 - gains and losses in a period Resulting into...

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1. The Balance Sheet – provides a perspective of the entity’s assets, liabilities,  & equity. The balance sheet classifies current assets and liabilities. These  records and entries show future economic benefits, sacrifices/debts from  obligations, and the residual interest in the remaining assets 2. The Income Statement – informs you of the entity’s revenues, expenses, 
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Unformatted text preview: gains, and losses in a period. Resulting into the net income for an entity for a specific period. 3. Statement of Cash Flows – reports the earnings, as well as forecast funds. It explains the change during the period in cash and cash equivalents....
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