Preparing Income Statement and GAAP
Not what you're looking for?
Generally accepted accounting principles (GAAP) require organizations to prepare both an income statement and a balance sheet. Before the balance sheet can be prepared, the organization's net income must be determined. This requires the accountant to pull together data from numerous system accounts and other sources of information. In this part of the assessment, demonstrate your skill in putting together the necessary account data and preparing an income statement in good form.
Use the Unit 2, Part 3 Template, linked in the Assessment Resources, to complete Part 3 of the assessment. On the first page of the template is financial data for Southwest Business School. On the second page is a blank income statement. Use the information provided on the first page to prepare the income statement on the second page.
Purchase this Solution
Solution Summary
This solution clearly highlights the components of an income statement and includes an attached sample income statement.
Solution Preview
For Instructional Purpose
An organization's income statement shows its revenues, expenses and results of its gain (net income) or ...
Purchase this Solution
Free BrainMass Quizzes
Lean your Process
This quiz will help you understand the basic concepts of Lean.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.