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Learning Team Reflection Paper ACC 290: Principles of Accounting I University of Phoenix




Learning Team Reflection Paper;Our first week of class covered the basic accounting principles and concepts. Through reading, research and discussion, we considered how these concepts related to the practice of accounting and their uses in business.;Four Basic Financial Statements;Financial statements are used to track and document a company?s financial activities. In addition, they promote transparency and ensure consistency for analysis and comparison with other companies.;There are four basic financial statements: income statement, retained earnings statement, balance sheet and statement of cash flow. The income statement lists the company?s revenues and expenses and reports the success or failure of the company?s operations for a period of time. The retained earnings statement shows what part of the income was distributed as dividends and what part was retained for reinvestment in the company. It covers the same period


Paper#20677 | Written in 18-Jul-2015

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