Expenses   Advertising 1,200 Employees 7,680 License 1,100 Merchandise 1,500 Utilities 3,800

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Q: taxes

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Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.