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ACC 100 (234)


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ACC 100
Albert Ciorma

CREATING FINANCIAL STATEMENTSFinancial statements are information systems to communicate to external usersIn order to have a good communication system financial accountants thats you Im talking about must know and understand the meaning of the accounts and also where those accounts belong in which financial statementBelow is a list of account namesYour group must now do the followingTask 1Using your textbooks find the definition of each of the accounts and complete the Chart of Accounts providedTry to use your own words to define the account namesthis will help you later in the courseNote that this chart also requires you to determine if the accounts are Assets Liabilities Shareholders Equity Revenues or ExpensesThis understanding is very important to the creation of financial statementsTask 2Once you have completed your Chart of Accounts create using the blank statements you are provided with a Balance Sheet Statement of Retained Earnings and a Statement of EarningsYou may use your book as a resource but you should also UNDERSTAND why you are placing the accounts in that particular statementAlways refer back to the Accounting Framework and ask yourselfis this an assetWhy is it an assetWhat characteristics does it have that makes me think it is an asset
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