1 FINANCE AND ACCOUNTS: THE BASICS
The purpose of this chapter is to provide a brief summary of the fundamentals of finance and accounting, and to introduce their terminology sufficiently to enable people with no previous knowledge of the subject to understand the rest of the book. For this chapter a ‘minimalist’ approach in note form has been adopted in order to focus on the fundamentals in the minimum of space. Readers who are familiar with these fundamentals, but who may be less familiar with the terminology of international accounting standards, may find it useful to skim this chapter.
OBJECTIVES
When you have studied this chapter you should be able to:
- explain the main purpose of business, and why the concept of ‘limited liability’ has ...
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