IDENTIFY THE BASIC EQUATION FOR THE INCOME STATEMENT AND THE INFORMATION IT PROVIDES.
1. DISCUSS GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) AND THEIR IMPORTANCE TO THE ECONOMY. 2. EXPLAIN THE BALANCE SHEET IDENTITY AND WHY A BALANCE SHEET MUST BALANCE. 3. DESCRIBE HOW MARKET-VALUE BALANCE SHEETS DIFFER FROM BOOK-VALUE BALANCE SHEETS. 4. IDENTIFY THE BASIC EQUATION FOR THE INCOME STATEMENT AND THE INFORMATION IT PROVIDES. 5. UNDERSTAND THE CALCULATION […]