In this lesson, we’ll go over the very basics of accounting. For some of you, this will be an easy review. However, it’s important for everyone to be on the same page. If this is a review, take the time to really practice applying these concepts as we go through the exercises and practice problems.
The objectives of this lesson are to understand accounting fundamentals, more specifically:
- What is accounting
- The 5 elements of financial statements
- The accounting equation
- The 3 primary financial statements
- The importance of accurate accounting
Over the next three accounting fundamentals lesson, we will be walking through examples using Virunga Travel Company (VTC). Virunga Travel Company is a travel company which provides safari packages to tourists. VTC is owned by Jimmy, a successful entrepreneur who is now building his third company!
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