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Accounting for Non-Accountants, 9th Edition by David Horner

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01

Financial record keeping

Introduction

All businesses and many other types of organization will need to keep records of any financial transactions that take place. However, it makes sense to introduce some accounting terminology before we look at any system of recording financial transactions. We will begin by explaining some of the frequently used terms whose meaning may not be immediately obvious. These terms are assets, liabilities and capital:

    •  Assets are resources that are used within the business. These can take the form of physical resources used to facilitate production, such as premises and equipment. Assets can also include resources which are used as a part of the production process, such as materials that are going to be ...

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