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Using Worksheets and Preparing Financial Statements

In order to proceed with a simulation of the business of BIS Ltd., you will need to understand what the company does, and how it plans to turn a profit.


1.

Our simulated company, BIS Ltd., a software reseller company, will carry out its operations during several fiscal periods. Financial statements report on the activities of the firm during each fiscal period. We shall prepare financial statements for seven fiscal periods, which start from the beginning of operations of the company until the end of the fourth year: first month, first quarter, first half year (second quarter), first year, second year, third year and fourth year.



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