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Unformatted text preview: Report financial position at a particular point in time (at the end of month, quarter, year) Comprised of assets (stuff, economic resources) and liabilities & equities (claims to stuff, sources of financing) Basic Accounting Equation: Assets = Liabilities + Equity Income Statement Report financial performance during a particular period of time (for the month, quarter, year) Comprised of revenues and expenses Well focus on those to start off with How do we build these statements? Start with the proper reporting of transactions Double-entry accounting system Financial Statements Starting Off...
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This note was uploaded on 12/17/2010 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas at Austin.
- Fall '08
- Financial Accounting