COMMERCE 1BA3 Chapter Notes - Chapter 1: Financial Statement, Retained Earnings, Income Statement
8 Apr 2013
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Document Summary
The process of capturing and reporting the results of a business"s operating, financing and investing activities. Day-to-day events that occur when running a business. Exchanges of money between a business and its lenders or owners. Borrowing money from external lenders to help operate the business. Buying manufacturing equipment that will help the company earn future revenues. Financial results are reported in the financial statements. All start with a heading that contains three parts: Reports at a specific point in time. Like a snapshot of the company at on a specific date. Communicates what a business owns, owes and what is left over for the shareholders. The amount invested in the business by its owners. Reports if the business has made a profit from selling goods or services after subtracting the costs of doing business. Summarizes the results over a particular time period. The price of goods sold or services rendered.
