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Unformatted text preview: Financial services TYPES OF OWNERSHIP Proprietorship Partnership Corporation RESOURCES=SOURCES OF RESOURCES ASSETS=LIABILITIES + EQUITY (A) (L) (L) IF A = L + E at beginning of period And all changes are tracked THEN A = L + E at the end of a period The basic financial accounting model is designed to keep track of the changes and produce a balance sheet at the end of successive periods. All changes (economic events) effecting resources and sources of resources must be identified and recorded....
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This note was uploaded on 11/04/2011 for the course ACTG ACTG1p11 taught by Professor Brown during the Fall '11 term at Brock University, Canada.
- Fall '11