Ch 1. A framework for Financial Accounting (Learnsmart)

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Undistributed profits that have accumulated over time are called _______ earnings.

Retained

An income statement reports:

Revenues, expenses, and net income or loss

A balance sheet lists the assets, ________ , and stockholders' equity as of a specific date.

liabilities

The balance sheet is

the financial statement that presents the financial position of the company on a particular date.

The statement of stockholders' equity is

One of the four required financial statements.

The financial statement that provides information about cash receipts and cash disbursements for the period is the

statement of cash flows.


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