Business Administration 2257 Chapter Notes -Cash Flow Statement, Certified General Accountant, Retained Earnings

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Chapter 1 financial statements and business decisions. These relationships are usually described by an equation that tells you how the elements forget together: why is each element important to managers", owners", or creditors" decisions, four basic financial statements: 2: statement of retained earnings, cash flow statement, can have yearly, quarterly, or monthly reports, though most companies do yearly and quarterly. Specific date of the statement - at march 31, 2005. Inventories: bank indebtedness, accounts payable, long-term debt, future income taxes. Income statement: reports the accountant"s primary measure of performance of a business, reports information for a period of time, not a specific date, called an accounting period. For the year ended march 31, 2005 (in thousands of dollars: revenues expenses = net income, elements, revenues, expenses, sales revenues, cost of goods sold, selling expenses, administrative expenses. Income tax expense: net income (net earnings, profit, bottom line can also be net loss).

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