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| LO4 – Identify and explain the uses of the four financial statements. |
Recall that financial accounting focuses on communicating information to external users. That information is communicated using financialstatements. There are four financial statements: the income statement, statement of changes in equity, balance sheet, and statement of cash flows. Each of these is briefly introduced in the following sections using an example based on a fictitious corporate organization called Big Dog Carworks Corp. (“Corp.” is the abbreviated form of “Corporation”.)
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