Accounting 101 – just what’s in it?

April 22, 2013 3:27 pm2 commentsViews: 62

Accounting is the language of business.  It’s how a business “keeps score”.  It is defined as the art of recording, classifying, and summarizing financial transactions and events.  It deals with interpreting and communicating information about business operations and finances.

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Acctg_101Accounting is extremely important to any business because the financial information allows business owners to make informed business decisions.  Whether managing a business, investing money, or just deciding how to spend and budget finances, everyone works with and uses accounting ideas.

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In order to know how to keep track of their “money” in the business and how it operates, business owners need to understand what accounting is, how accounting works, what debits and credits are, what journals and ledgers are, what a balance sheet is, what an income statement tells, and what an accounting data reveals. Accounting

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Do you want to know just how well you are doing in operating your business?  Do you want to make better business decisions?  Then learn to “keep score” by learning and understanding the basics of Accounting.

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2 Comments

  • Max Fabricante

    Oh my, do you mean my manager must learn sudoko and abacus? those illustrative pictures do suggest that recordkeeping is mindboggling and so difficult. Am I wrong Madam?

    • CPA In Virtual Business

      Accounting basics, at the least, can easily be learned and understood by business owners and managers. But accountants are necessary to keep the business running. For the business owner and accountant to communicate effectively, basic understanding of Accounting 101 will surely help!

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