Since I have taken Financial Accounting
before, this chapter reading was straight forward. From the balance sheet, to
the income statement. Understanding the balance sheet can be difficult without
the prior knowledge of accounting, but by acquiring that knowledge, you can
learn how to report a business’s financial position at a specific time.
·
One
portion that was confusing is the cash flow budget. Another section that was
confusing was the Break-Even Computation.
·
The
biggest surprise from the chapter was reading how accounting is such a
fundamental part of the entrepreneur’s success, and how understanding it can
allow the entrepreneur be acquainted the process that his or her accountant is doing.
·
If I
can ask the author two questions, they would be:
o
How do
you recommend the entrepreneur learns the basic accounting process?
o
How can
the accounting process allow the entrepreneur take their venture to another
process?
·
Overall,
I don’t disagree with the author on the reading.
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