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Financial Accounting by Robert Nothhelfer

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1Introduction to accounting

Why is accounting necessary? Many students and professionals consider it boring, tedious, complex, or worse. So many laws and regulations, so many principles and methods – all sound similar, but are different. Why bother?

Imagine a businessman running a small business. He has no employees; he just works on his own. In a market economy, a business provides goods or services for other people, typically customers who pay for them. On the other hand, the businessman runs the business to provide a cash flow to cover his living expenses. When the businessman looks for new customers, an important question arises: What price should he charge for his goods or services? There are two perspectives on this question. The first ...

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