3 Formal Financial Statements are:
Give this one a try later!
, Income Statement (or profit/loss statement)
Statement of Owner's Equity
Balance Sheet
TRIAL BALANCE
Give this one a try later!
Simply proves the equality of debits to credits
Increases to Assets and Expenses are:
Give this one a try later!
Debits
Net Profit (Net Loss) Equation
Give this one a try later!
Gross Profit - Expenses = Net Profit (Net Loss)
The Expanded Accounting Equation
Give this one a try later!
, Income Statement (or profit/loss statement)
Statement of Owner's Equity
Balance Sheet
TRIAL BALANCE
Give this one a try later!
Simply proves the equality of debits to credits
Increases to Assets and Expenses are:
Give this one a try later!
Debits
Net Profit (Net Loss) Equation
Give this one a try later!
Gross Profit - Expenses = Net Profit (Net Loss)
The Expanded Accounting Equation
