The article describes the nature and use of some financial statement items such as income statement and balance sheets and what their uses are. It determines the nature of some particular assets and liabilities, the formation of owner’s equity and the factor that brings the changes in it. Some of the basic concepts of accounting are discussed, including cost, entity, realization, dual aspect, and money measurement and some basic accounting and finance matters such as depreciation, leverage, and the nature of an account.
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