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Social Science
Economics
Finance
HB 311 Chapters 2
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Financial statements
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numerical representations of a firm's activities for an accounting period
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Terms in this set (32)
Financial statements
numerical representations of a firm's activities for an accounting period
Is Income "Income"?
Net income does not represent the cash a firm has in its pocket
Accounts receivable
when a credit sale has occurred income is generated but cash is not received until the accounts receivable is paid
Depreciation
is the prorating of an asset's cost over its service life
The Three Financial Statements
Income statement
Balance sheet
Statement of cash flows