Chapter 4 - Personal Finances Chris Robinson and Captus...

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© Chris Robinson and Captus Press Inc., 2006 © Chris Robinson and Captus Press Inc., 2006 Personal Finances
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© Chris Robinson and Captus Press Inc., 2006 Accounting in Personal Finance Accounting in Personal Finance Do it the way it is most useful for you No articulation Provides the raw material for much of the planning for the future Only material items
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© Chris Robinson and Captus Press Inc., 2006 Measure and Control Measure and Control Balance sheet Income statement — modified cash basis Budget Control, in order to keep on track for your objectives These processes must fit the nature of the family. You can’t impose “GAAP for family accounting.” You can’t impose “GAAP for family accounting.”
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© Chris Robinson and Captus Press Inc., 2006 Family Balance Sheet Family Balance Sheet Define family Assets to include: financial personal use luxury Liabilities — accrue debts Valuation: market, historic, depreciated cost, replacement
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© Chris Robinson and Captus Press Inc., 2006
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