In this chapter you’ll learn some basic ‘must know’ concepts and terms of accounting. Knowing these will help you to do your own accounts and/or converse with your accountant in a meaningful way. What you’ll learn in this chapter will be used again and again throughout the book, so take your time and refer back to the terms and concepts later if you need to. Don’t worry; there are no numbers to master just yet.

The nature, purpose and role of accounting


Accounting refers to the recording, collating and communication of business data, usually ...

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