Understanding Business
Understanding Business
11th Edition
ISBN: 9780078023163
Author: William G Nickels, James McHugh, Susan McHugh
Publisher: McGraw-Hill Education
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Chapter 17, Problem 2CT
Summary Introduction

To think critically about: The necessity of preparation of report according to the specific accounting procedures.

Introduction: Accounting is a process in which transactions are recorded, summarized, classified, analyzed and reported. Financial statements refer to statements that describe the status of the entity’s assets, liabilities, capital, receipts, expenses and earnings.

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