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ACC 290 Week 2 Learning Team Reflection Summary 2
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The accounting financial statements composed of four basic financial statements.  The balance sheet provides an understanding of a company’s financial condition by showing what the company owns and what it owes during a particular period.  The income statement reports a company’s revenues and expenses; it shows any profits or losses in a specific period.  The retained earnings statement shows how the company’s distributed its previous income to its owners in the form of dividends and how much retained in the business.  Then the statement of cash flows shows where the company obtained cash and how it used it during that period

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