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HTML Preview Simple Accounting Income Statement page number 1.
1
Chapter 2
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2.1
Chapter Overview
2.2
The Income Statement
2.3
The Balance Sheet
2.4
The Importance of Accounting for Business Operations
After studying Chapter 2, you should be able to:
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Construct a basic income statement.
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Identify and define each item on a basic income statement.
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Construct a basic balance sheet.
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Identify and define each item on a basic balanc
e sheet.
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Describe the difference between accounting data and cash.
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Explain the importance of accounting to a business.
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Identify the major ways in which a firm may legally manipulate its financial data.
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