Y10 BUS - Accounting

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What is accounting?

Covers all financial aspects of a business including the things a company owns (called assets), the things a business owe (called liabilities), profits, expenses, revenue (money earned from selling things) etc...

Why is accounting important?

Accounting is important because it manages the company's checkbook, analyzing the success of the business. It interprets the documents to be able to know if the business is making a profit or going at a loss. To manage and organize your financial account in order to have a controlled business.

Assets are things that a company owns

(inventory, property, buildings, land, machinery, company car, computers, raw materials, etc...)

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