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ACC 290 Week 2 Individual Assignment Week Two Problems and Exercises.doc
ACC 290 Week 2 Learning Team Reflection Summary.doc
ACC 290 Week 2 Summary.doc
ACC 290 Week 3 DQ1.doc
ACC 290 Week 3 DQ2.doc
ACC 290 Week 3 DQ3.doc
ACC 290 Week 3 Individual Assignment Week Three Problems and Exercises.doc
ACC 290 Week 3 Learning Team Reflection Summary.doc
ACC 290 Week 3 Summary.doc
ACC 290 Week 4 DQ1.doc
ACC 290 Week 4 DQ2.doc
ACC 290 Week 4 DQ3.doc
ACC 290 Week 4 Individual Assignment Week Four Problem .doc
ACC 290 Week 4 Learning Team Assignment Financial Reporting Problem, Part 1.doc
ACC 290 Week 4 Learning Team Reflection Summary.doc
ACC 290 Week 4 Summary.doc
ACC 290 Week 5 DQ1.doc
ACC 290 Week 5 DQ2.doc
ACC 290 Week 5 DQ3.doc
ACC 290 Week 5 Individual Assignment Week Five Exercises .doc
ACC 290 Week 5 Learning Team Assignment Financial Reporting Problem, Part 2.doc
ACC 290 Week 5 Learning Team Reflection Summary.doc
ACC 290 Week 5 Summary.doc
ACC 290 Course Syllabus.doc
ACC 290 Week 1 DQ1.doc
ACC 290 Week 1 DQ2.doc
ACC 290 Week 1 DQ3.doc
ACC 290 Week 1 Individual Assignment Financial Statements Paper.doc
ACC 290 Week 1 Summary.doc
ACC 290 Week 2 DQ1.doc
ACC 290 Week 2 DQ2.doc
ACC 290 Week 2 DQ3.doc
ACC 290 Week 2 DQ4.doc

 

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  • Submitted On 31 Aug, 2015 03:03:38
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Financial Statement Report ACC/290 University of Phoenix Financial statements is a more common term used to refer to statements produced at the end of the accounting periods, such as the income statement, balance sheet, cash flow statement and the statement of owner’s equity. These four financial statements are sometimes known as the final accounts, which the business prepares. The income statement also known as the trading and profit and loss account is a financial statement, which helps to calculate the gross profit and the net profit of the company for a particular year. Most of the businesses prepare the income statement because they compare revenues with expenses and check the performance. If the revenue exceeds the expenses, the business has earned a profit and vice versa. The information contained in the income statement is not only, but also useful for the internal users of the business such as the managers and owners but however it is also useful for the external users such as government, investors and creditors’. For internal users, income statement helps to check the performance and profitability of the business. Owners invest their money merely to earn profits and thus it is necessary for them to check the amount of money they have earned in an accounting period. Similarly, manager’s status is directly linked with the profitability of the business. If the organization has able to achieve higher profits, manager’s salary and status often increases. Moreover, income statement...
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