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Class 9_01 & 02_10 - Solid Footing Ch 3, 4 & 5

Class 9_01 & 02_10 - Solid Footing Ch 3, 4...

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Page 1 Questions? Solid Footing – Chapters 3, 4 and 5 Agenda
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Last class we focused on the Balance Sheet Report financial position at a particular point in time (at the end of month, quarter, year) Comprised of assets (economic resources) and liabilities & equity (sources of financing) Typical accounts on the balance sheet are cash, equipment, inventory (Assets) and Notes Payable, Common Stock (Liabilities & Owner’s Equity) Basic Accounting Equation: Assets = Liabilities + Equity How does an accounting system represent these transactions? Today we’re going to talk about Operational Activity and how those transaction impact Retained Earnings & the Income Statement Report financial performance from operations during a particular period of time (for the month, quarter, year) Comprised of revenues and expenses How does an accounting system represent these transactions? Financial Statements
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Class 9_01 & 02_10 - Solid Footing Ch 3, 4...

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