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Entrepreneurship

This guide focuses on the essential financial statements vital for entrepreneurs, as discussed by Mr. Bernstein. It covers the Income Statement, Balance Sheet, and Cash Flow Statement, detailing their purposes in reporting profit/loss, assets/liabilities, and cash transactions. The document emphasizes the importance of accurate accounting practices, including the recording of journal entries, posting to ledgers, and maintaining tax records. Additionally, it explores who is responsible for record-keeping in a business and the significance of reconciling bank statements for financial clarity.

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Entrepreneurship

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  1. Entrepreneurship Mr. Bernstein Preparing Financial Statements, pp 437-443 May 19, 2014

  2. EntrepreneurshipMr. Bernstein 3 Primary Financial Statements Income Statement Advertising Cash Flow Statement Ledger Balances Balance Sheet

  3. EntrepreneurshipMr. Bernstein 3 Primary Financial Statements Income Statement reports Profit/Loss Balance Sheet reports Assets & Liabilities Cash Flow Statement reports cash receipts and disbursements

  4. EntrepreneurshipMr. Bernstein Accounting Activities Recording Journal Entries Posting to Ledgers Maintaining Tax Records Preparing Financial Statements Reconciling Bank Statements Who will perform record keeping in your business?

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