Answered: Prepare a Personal SCI

Business

Accounting

Prepare a Personal SCI

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Prepare a Personal SCI:
 Get a one piece of yellow paper
 Write your monthly allowance (computed by daily allowance x number of days in a month)
 Write the amount you spend on food, transportation, phone load, etc. (make it monthly to
match in your allowance)

 Deduct the amount you spend from the amount of your allowance

 Associate allowance with revenue and spending with expense with the net amount as net

income

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