w i n g at e ’ s a n n u a l r e p o r t
101
Summary
The fundamental principle of accounting is extremely simple.
All company accounts are based on this principle, but appear more
complicated due to the rules and associated terminology needed to
accommodate modern business practices.
Provided you apply the fundamental principle, and always consider
the effect of any particular transaction on the balance sheet first, you
will be able to understand the vast majority of a set of accounts.
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