Contents
Section A. Financial Statements: Structure & Vocabulary
Much of what passes for complexity in accounting and financial reporting is just specialized vocabulary and simple numeric structures. This section will introduce the words, the basic accounting principles and the structure of the main financial statements.
Chapter 1. Twelve Basic Principles
Accountants have some basic rules upon which all their work in preparing financial statements is based. Who makes these rules? The simple answer is that the “FASB” makes the rules and they are called “GAAP.” Got that?
The Balance Sheet is one of the two main business financial statements… the other is ...
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