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MBA Boot Camp: Why Accounting Matters (2.1)
Alex LeClair Alex LeClair

MBA Boot Camp: Why Accounting Matters (2.1)

Many people fear accounting because it involves math, but accounting is actually just a highly structured filing system. It's a way of telling a story about what a company did with its resources.

There are three main financial statements that make up this story:

  1. The Income Statement: Did we make a profit over a specific period of time?

  2. The Balance Sheet: What do we own, and what do we owe, at this exact moment?

  3. The Cash Flow Statement: How much actual cash moved in and out of our bank accounts?

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