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Engineering the High Tech Start Up, Volume II by William Flannery, Cory R.A. Hallam

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CHAPTER 4

ENTREPRENEURIAL FINANCE: HOW TO BE A GRACIOUS LIAR

Finance is relatively simple to grasp and understand in principle while being incredibly difficult to decipher when reviewing actual financial statements. Basically, financial statements are generated using no mathematical operations beyond addition and subtraction—not a single differential equation found anywhere. The difficulty arises as a result of the hundreds of additions and subtractions that occur within any one reporting period, whether it be a week, or a month, or a year. Understanding any one entry in a financial statement requires tracking a multitude of invoices and billings found as entries in supporting accounting and bookkeeping journals and ledgers.

There are entrepreneurs ...

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