Friday, October 10

Accounting 101: Basics - The least we need to know

It is important that non-accounting people must learn at least the basics of accounting.

We do not have to know how to journalize a transaction (if you do not understand, please don’t mind. Anyway, it is the initial phase of accounting cycle).

The least we need to know are the basic Financial Statements (FS), namely, the Balance Sheet, the Income Statement and the Cash Flow Statement.

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