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Cover
Accounting: What the Numbers Mean, 5/e
David H. Marshall, Millikin University
Wayne W. McManus, International College of the Cayman Islands
Daniel F. Viele, Webster University
Financial Statements and Accounting Concepts/Principles

Chapter 2 Learning Objectives

After studying this chapter, you should understand:

1.

The kind of information reported on each financial statement and the way financial statements are related to each other.

2.

What transactions are and the meaning and usefulness of the accounting equation.

3.

The meaning of each of the captions on the financial statements illustrated in this chapter.

4.

The broad, generally accepted concepts and principles that apply to the accounting process.

5.

Why investors must carefully consider cash flow information in conjunction with accrual accounting results.

6.

Several limitations of financial statements.

7.

What a corporation's annual report is and why it is issued.

8.

Business practices related to organizing a business, fiscal year, par value, and parent-subsidiary corporations.








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