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  • Quiz Lesson 2 Tle 9

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    Jude Tan
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    The two key financial statements are the income statement and balance sheet. The income statement reports revenues and expenses over a period of time, while the balance sheet categorizes assets, liabilities, and equity on a specific date. Assets are classified as current or non-current, and examples include cash, equipment, inventory, and accounts receivable, while liabilities include accounts payable, notes payable, and wages payable.

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    The two key financial statements are the income statement and balance sheet. The income statement reports revenues and expenses over a period of time, while the balance sheet categorizes assets, liabilities, and equity on a specific date. Assets are classified as current or non-current, and examples include cash, equipment, inventory, and accounts receivable, while liabilities include accounts payable, notes payable, and wages payable.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    15 views1 page

    Quiz Lesson 2 Tle 9

    Uploaded by

    Jude Tan
    The two key financial statements are the income statement and balance sheet. The income statement reports revenues and expenses over a period of time, while the balance sheet categorizes assets, liabilities, and equity on a specific date. Assets are classified as current or non-current, and examples include cash, equipment, inventory, and accounts receivable, while liabilities include accounts payable, notes payable, and wages payable.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    1.

    What are the two important financial


    statement produced by accounting? Explain
    each briefly.
    2. Explain briefly the two forms of balance sheet.
    3. What are the two classification of assets?
    Discuss briefly.
    4. Name at least 5 examples of asset.
    5. Name at least 3 examples of liabilities.
    6. Name at least 5 examples of expenses.

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