Learning Team Reflection Paper ACC/290: Principles of Accounting I University of Phoenix
Learning Team Reflection Paper Our first week of class covered the basic accounting principles and concepts. Through reading, research and discussion, we considered how these concepts related to the practice of accounting and their uses in business. Four Basic Financial Statements Financial statements are used to track and document a company's financial activities. In addition, they promote transparency and ensure consistency for analysis and comparison with other companies. There are four basic financial statements: income statement, retained earnings statement, balance sheet and statement of cash flow. The income statement lists the company's revenues and expenses and reports...
Excerpt from file: RunningHead:LEARNINGTEAMREFLECTIONPAPER LearningTeamReflectionPaper ACC/290:PrinciplesofAccountingI UniversityofPhoenix 1 LEARNINGTEAMREFLECTIONPAPER 2 LearningTeamReflectionPaper Ourfirstweekofclasscoveredthebasicaccountingprinciplesandconcepts.Through
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