RETAINED EARNINGS/EQUITY SECTION/INCOME STATEMENT

What are RETAINED EARNINGS? What restrictions are there(contractual/voluntary) Corrections of errors to prior periods are made directly to retained earnings Changes in accounting principles- is permitted when the new method will make the Financial Statements more accurate How are corporate income statements different –include income tax, why? Discussion: presentation of non-typical items Class Work P13-7A P13-8A

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