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Chapter 2 Weekly Discussion

Chapter 2 Weekly Discussion

Q Chapter 2 - Weekly Discussion 1. Identify the four financial statements 2. In your own words, explain what type of accounts are on each financial statement RUBRIC: **5 points are awarded for a post that correctly and the answer with proper punctuation and grammar. This post is typically is a full paragraph with at least 5-8 sentences. Sources, including textbook, are cited. **3 points are awarded for a post that is "mostly" correct and complete with proper punctuation and grammar. This post is typically close to a full paragraph with at least 3-5 sentences. **1 point is awarded for a post that is incorrect and/or incomplete. **0 points are awarded to those that do not answer the question

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The four financial statements are the Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flow. The type of accounts that are on the Income Statement are revenue and expense accounts. The accounts that are on the Statement of Retained Earnings are dividend accounts. The Statement of Retained Earnings also includes the net income from the Income Statement. The type of accounts on a Balance Sheet are all asset accounts, all liability accounts, and all equity accounts. The Balance Sheet also includes the retained earnings.