Fundamentals of Accounting - Business Management for Financial Advisers

Advisors understand some concepts in accounting well. The financial statements are often loaded with details, making it difficult to observe trends. Defining financial statements means laying a strong support in the end users mind. Disbursements and receipts are recorded in a general ledger; the general ledger is then translated into a financial statement.

Without a clear understanding of the unique financial dynamics of your practice, there is no way to know if you are doing things right. In this chapter we would review the fundamentals of accounting. We will also provide some essentials regarding what should be tracked on your financial statements, and which details to be kept separate.

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