Financial+Preface - understanding these rules and using...

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Preface Accounting is an exciting and dynamic subject. This statement may surprise some of you who might be expecting it to be dull and repetitive. Accounting is a clever system which uses simple math to organize and report all business transactions. The basics of the accounting system we use today were invented over five hundred years ago, and it works as perfectly today as it did then. In all that time and with all the changes that have happened over those years, the accounting system has been able to handle perfectly every transaction that every business has conceived. Accounting is constantly changing, but its nucleus stays the same. New rules are continually implemented, but these changes are minor compared to the basics. The core of accounting is fixed—debits must always equal credits and the accounting equation must always be in balance. The beauty of accounting lies in
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Unformatted text preview: understanding these rules and using them to record the variety of transactions that every company has. Knowledge of accounting is power. It is called the “language of business” because it reports the status of a company in a manner that can be understood by anyone who understands accounting. The better you understand accounting the more capable you are of making informed and insightful decisions. This short course is an overview of four basic areas of accounting: financial, auditing, managerial, and taxation. My goal is to show you the basics of accounting. You will benefit from this knowledge whether you plan to major in accounting or some other area of business or never take another business class. My hope is that you will enjoy this material as much as I do....
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