AFM 101 - Financial Accounting

I was learning the course by a clip of lecture slides.

Here is the partial notes.

Four Financial Statements

Income Statement

  • Also called statement of profit and loss
  • Measure companies operating performance for a specific period of time

Statement of retained earnings

  • Retained earnings: Accumulated net income earned in firm

Balance Sheet

  • Statement of Financial Position
  • Assets = liabilities + owners equity

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