Explain the basic formats of financial statements such as income statement, balance sheet, statement of cash flows, and statement for retained earnings.
Everything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accounting Equation: Assets =
You will note that the Accounting Equation comprises 3 “categories,” each of which can be broken down further into accounts. For each of the three main categories of the Accounting Equation, list 5 or more accounts with actual amounts that would typically be classified into each. For instance, Land & Equipment would typically be categorized as Assets.
To simplify your answers, complete the assignment using a basic table or diagram.
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