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The 30 Day MBA, 4th Edition by Colin Barrow

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1

Accounting

  • Accounting conventions and principles
  • The bookkeeping process
  • Cash-flow forecasts and statements
  • Calculating profit
  • Balancing the books
  • Finding financial facts
  • Business ratios

Since the advent of the recent banking crisis, it has become evident that a key aspect of the catastrophic implosion of Lehman Brothers had, in part at least, been brought about by an accounting trick known in the trade as Repo 105. With the approval of their auditors, Ernst & Young (E&Y), Lehman managed to make US $50 billion (£32bn/€66bn) of debt invisible and in effect disappear from its balance sheet. This creative use of accounting is more or less the opposite of how the whole subject of accounting came into being.

Sometime before 3000 bc the people ...

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