ACC290/ Financial Accounting Q1. The income Statement is made up of Revenues and Expenses. The…

ACC290/ Financial Accounting

Q1. The income Statement is made up of Revenues and Expenses. The formula for the Income Statement is: Revenues – Expenses = Net Income. Can you provide some examples of Revenue and Expenses accounts?

Q2. The four basic financial statement: if you were a lender or investor, what are some things you would look for to find a strong company? What are some typical financial statement ratios that are calculated from numbers on the balance sheet?

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Q1

Revenue is defined as any money that is earned by a company in the process of its operations. Revenue is normally gained through several means. The first and the one with most revenue in many organizations are sales. This is because most organizations work to sell products in order for them to earn money. Another example is rent, which is revenue that is earned from tenants that may have occupied…..

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