Week 2 Assignment 1
Due: Submit by end of Day 2Value: 30 points
Neither the Income Statement nor Balance Statement needs to be “correct.”
Worksheet is used to enter transactions: 10%Income Statement shows only revenue and expenses in proper categories: 20%Balance Statement shows assets, liabilities, equity items in correct categories; retained earnings number is same number shown for profit or loss: 20%Statements show fundamental understanding of the concept of accrual accounting: 50%
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