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Unformatted text preview: p.31 Book value asset – liabilities = book value of the business p.32 Income statement is a period of time jan – july 30,2011 which includes revenues, expenses, gains, losses, net income/netloss p.35 Gross margin or gross profit Retained earnings Debit (-) Credit (+) p.36 Cash flow statement is organized in 3 sections 1. Cash from operation activities (day to day operation) 2. Cash from financing activities – equity financing (stock)-Debit financing (bonds) 3. Cash from investing activities p.41 Notes to the financial statement are more important than the number itself p.44 Internal auditor – hired by the company, internal employee, and working directly for the company External auditor – outside company, certified company that work for the public, improve the quality of the company for the public...
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- Summer '11
- Balance Sheet, Generally Accepted Accounting Principles, Owners’ Equity, internal auditor