Accounting and Its Use in Business Decisions

Learning Outcomes:

• Identify and describe the three basic forms of business organizations;
• Distinguish among the three types of activities performed by business organizations;
• Describe the content and purposes of the income statement, statement of retained earnings, balance sheet, and statement of cash flows;
• State the basic accounting equation and describe its relationship to the balance sheet;
• Using the underlying assumptions or concepts, analyze business transactions and determine their effects on items in the financial statements;
• Prepare an income statement, a statement of retained earnings, and a balance sheet;
• Analyze and use the financial results - the equity ratio.

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