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A Refresher in Financial Accounting by Faisal Sheikh

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Introduction

This refresher in financial accounting has been written for college students who studied financial accounting in their Freshman year but struggled with double-entry bookkeeping which is the basis of accounting. The good news is that I assume no knowledge of double entry, but it is supposed that you would like to refresh your knowledge on the four financial statements, namely income statement, balance sheet, statement of retained earnings, and the cash flow statement.

Initially I discuss the fundamentals of accounting based on U.S. GAAP. In Chapter 2, I clearly explain the financial statements and crucially how they are linked or articulated through Case Study 1. This is very important as it gives an overview or an “accounting bird’s ...

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