Financial background my ppt @ bec doms
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The document provides an overview of key financial and accounting concepts including the three main financial statements, the accounting system, income statement, balance sheet, equity, taxes, and their interrelationships. It explains how financial statements are generated, accounting periods, and key elements of the income statement and balance sheet like assets, liabilities, equity, revenues, expenses. It also summarizes corporate and personal tax systems.
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Accounting involves recording and analyzing a business's financial activities. There are two main types: financial accounting which analyzes a company's financial position, and managerial accounting which is used for internal decision making. Key financial documents include the balance sheet, which measures financial health at a point in time by listing assets, liabilities, and equity, and the income statement, which reports revenue, expenses, and profit over a period. Accounting helps ensure accountability, enable comparisons, and is a business's common financial language.
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