6
Wingate’s annual report
- Different types of accounts
- The reports
- Assets
- Liabilities
- Shareholders’ equity
- The P&L and cash flow statements
The first five sessions were devoted to the basics of accounting: the fundamental principle, the balance sheet, double entry, the derivation of the P&L and cash flow statement from the balance sheet. If you’re absolutely clear on everything we’ve done so far, then you know about 80 per cent of everything you’ll ever need to know about accounting.
From here on, it’s just about understanding the rules and terminology that have developed over the years. The terminology is no problem; the rules can get very complicated, as they have to deal with all sorts of special situations. But these special situations ...
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