Transcription of Chapter 2 Accounting Review: Income Statements …
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Chapter 2 AAccccoouunnttiinngg RReevviieeww:: IInnccoommee SSttaatteemmeennttss aanndd BBaallaannccee SShheeeettss Chapter Overview The Income Statement The Balance Sheet The Importance of Accounting for Business Operations After studying Chapter 2, you should be able to: Construct a basic Income statement. Identify and define each item on a basic Income statement. Construct a basic balance sheet. Identify and define each item on a basic balance sheet. Describe the difference between Accounting data and cash. Explain the importance of Accounting to a business. Identify the major ways in which a firm may legally manipulate its financial data. Chapter Overview At most schools, Accounting is a prerequisite for the introductory finance course.
Some firms also offer s ales discounts for large volume purchases - in such cases, these are also netted out of gross sales. Often returns and allowance numbers are estimates.
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