Chapter 2 Notes

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Business Administration
Business Administration 1220E
Sean Burkett

Business 1220E Notes Chapter 2 Date September 11 2011 Financial Statements the statement of earningsalso referred to as1 income statement2 consolidated statement of operationsshows how profitable a corporation was during a particular period of time see exampleformat refer to page 8 of textbookdoes not necessarily reflect the actual cash collected or paid out in this period since the timing of these receipts and payments may varyAmortization expense 1 also referred to as depreciation 2 the allocation of the cost of an asset over its useful life 3 amortization applied to productionrelated fixed assets is recorded under manufacturing or factory overhead 4 amortization on all other fixed assets such as office furniture company cars and so on is recorded under operating expenses 5 Spread the purchase cost of the asset over several operating statement periods 6 Accumulated AmortizationEarnings from operations 1 From a management point of view the earnings from operations figure can be useful information when it comes to making business decisions1 evaluate manager perfo
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