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Summary of Thomas Ittelson's Financial Statements
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Please note: This is a companion version & not the original book.
Book Preview: #1 The first principle is that there is a business entity separate from its owners; this entity is referred to as a company. The second principle is that all transactions must be recorded, regardless of importance, in the books.
#2 The accountant’s job is to translate the business’s financial data into a form that is suitable for management and investors. The process of doing this is called accounting.
#3 The generally accepted accounting principles, or GAAP, are the set of rules and guidelines that govern how companies prepare their financial statements.
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IRB Media
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Book preview
Summary of Thomas Ittelson's Financial Statements - IRB Media
Insights on Thomas R. Ittelson's Financial Statements
Contents
Insights from Chapter 1
Insights from Chapter 2
Insights from Chapter 3
Insights from Chapter 4
Insights from Chapter 5
Insights from Chapter 6
Insights from Chapter 7
Insights from Chapter 8
Insights from Chapter 9
Insights from Chapter 10
Insights from Chapter 11
Insights from Chapter 12
Insights from Chapter 13
Insights from Chapter 14
Insights from Chapter 15
Insights from Chapter 16
Insights from Chapter 17
Insights from Chapter 18
Insights from Chapter 19
Insights from Chapter 20
Insights from Chapter 21
Insights from Chapter 22
Insights from Chapter 23
Insights from Chapter 24
Insights from Chapter 25
Insights from Chapter 1
#1
The first principle is that there is a business entity separate from its owners; this entity is referred to as a company. The second principle is that all transactions must be recorded, regardless of importance, in the books.
#2
The accountant’s job is to translate the business’s financial data into a form that is suitable for management and investors. The process of doing this is called accounting.
#3
The generally accepted accounting principles, or GAAP, are the set of rules and guidelines that govern how companies prepare their financial statements.
Insights from Chapter 2
#1
The Balance Sheet lists the assets and liabilities of a business. Liquid assets
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