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CHAPTER 2 :BASICS OF ACCOUNTING, Management Account : Internal user,…
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- Summarize the revenues, cost and expenses incurred during a specific period of time
(fiscal quarter/year)
- Shows the ability of a company to generate profit by increasing revenue and reducing costs
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statement of a business's assets, liabilities, and owner's equity
Reports the amounts of cash collected and paid out by a company in operating, investing and financing activities for a period of time :check:
Is distinct from the income statement and balance sheet because it does not include the amount of future incoming and outgoing cash that has been recorded on credit :check:
- Sale of goods or services
- Sale of investments in trading securities
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- Wages, utilities, rent, taxes
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- Collection of principal on loans
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- Repaying principal on borrowing
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