ACC 280 WEEK 3 DQ 3 - Income statement, earnings statement,...

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Week 3 In order of importance, list the statements. Why did you rank the statements in the order you did? (This is different than just choosing one to be most important like last week.) Why does GAAP require all statements? Why is it necessary to prepare the formal Financial Statements if all the data are on the Adjusted Trial Balance?
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The four basic financial statements are:
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Unformatted text preview: Income statement, earnings statement, balance sheet, and statement of cash flow. GAAP require more than one financial statement because each statement that is prepared is for different reasons one is to recognize revenues and the others for expenses. Each statement is made for different reasons and help in the accounting cycle....
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This note was uploaded on 11/21/2011 for the course ACC 280 280 taught by Professor Lindaking during the Spring '10 term at University of Phoenix.

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ACC 280 WEEK 3 DQ 3 - Income statement, earnings statement,...

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