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ACCOUNTING CYCLE OF A CORPORATION. Analyzing Financial Statements. TRIAL BALANCE. Trial Balance – is a summary of accounts with open balances. The equality of debit and credit balances in the ledger should be tested periodically by preparing trial balance. What is Trial Balance?.
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ACCOUNTING CYCLE OF A CORPORATION Analyzing Financial Statements
Trial Balance – is a summary of accounts with open balances. The equality of debit and credit balances in the ledger should be tested periodically by preparing trial balance. What is Trial Balance?
This financial statement presents income, expenses and the performance of the company, which is either net income or loss What is Income Statement?
Selling Expenses - Costs that a business incurs to market and distribute its products that can include such things as advertising, commissions and salaries, salesoffice expenses, and shipping charges. Selling expenses are a form of operating expense and are included on a business' income statement for the period in which they occurred under the accrual method of accounting. Income Statement
The expenses that an organization incurs not directly tied to a specific function such as manufacturing/production or sales. These expenses are related to the organization as a whole as opposed to an individual department; also referred to as "administrative cost." Income Statement
A Statement of Financial Position is a formal statement of the assets, liabilities and owner’s equity of the business as of a given date. What Is Balance Sheet?
