Category: Practical Accounting
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Practical Accounting 3 – What the Business Owns & What it Owes
Before we consider any accounting implications, write down a list of things you might need to start a business. These are all items that the business will own and that it will use to make money. Accountants group these things together and call them assets.
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Practical Accounting 2 – Purpose of Accounting
Accounting provides an objective way to record the financial effects of business transactions. This results in a set of numbers that can be used to evaluate a company, compare it to other companies, and compare its performance in the current year to prior years.
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Practical Accounting I – Introduction
Whatever image comes into one’s mind when thinking of accounting, the end result is usually the same. Most non-accountants want to stay as far away from the subject as possible. It’s often perceived as complicated, confusing, and difficult to learn. However, accounting basics are quite straightforward, logical and accessible to anyone once the unnecessary complexities…