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ACCT 557 Financial Accounting ? Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life

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Financial Accounting;Question1: Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life.;Answer;For the sake of this assignment, I will choose the income statement.;First of all, an income statement measures a company?s revenue and expenses as it relates to net income or net loss (Kieso et all, 2010).;The income statement relates more to my everyday life than the balance sheet even though I would have preferred a statement of cash flow but because this was not an option, I chose the income statement. For example;I have to make sure that I meet my daily or monthly bill payments, I need to make sure that my expenses are equal or less than my income. The reason for this is to avoid spending more money than I make. If I spend more money than I make, this results into unpaid bills

 

Paper#20949 | Written in 18-Jul-2015

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