Chapter 9
Financial Accounting Issues
IN THIS CHAPTER
Disclosing changes in owners’ equity
Realizing that accounting is as much an art form as a science
Grasping the impacts of alternative accounting methods in recording profit
Taking a closer look at cost of goods sold and depreciation expenses
Monitoring current hot topics with sales revenue and expense
Using the statement of cash flows as a sanity check
As you dive into this chapter, it’s important to remember that accounting is a constantly evolving profession that is almost always in a perpetual state of playing catch-up with the dizzying rate of change occurring throughout the global economic, tax, and financial landscape. You need look no further than the impact Covid-19 has had on businesses spanning the globe. In short order, entire businesses were left worthless overnight, assets such as inventory that once had value needed ...
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