By the end of this chapter, you should be able to:
• Prepare a Balance Sheet and an Income Statement from financial data.
• Assure that financial statements prepared are complete and accurate and are prepared in a way that is useful to readers.
• Properly identify the classification of transactions into revenues, expenses, assets, liabilities, and equity.
• Describe how transactions affect the financial statements of a company.
Accounting is different from finance and this chapter explains the differences. The definition and demonstration of basic accounting tools provide you ...