321
Assessment Questions
AS-1 (
1
)
Describe the differences between users of corporate financial statements and users of
proprietorship financial statements.
CORPORATIONS: THE FINANCIAL STATEMENTS
Chapter 7
LEARNING OUTCOMES
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Explain the different requirements for
public and private companies when
presenting financial statements
2
Prepare an income statement and a
statement of comprehensive income
3
Prepare a statement of retained earnings
and a statement of changes in equity
4
Record and report on prior period
adjustments
5
Prepare a balance sheet and a statement of
financial position
6
Calculate and explain earnings per share
7
Calculate ratios used to evaluate earnings
and dividend performance
