What is financial record keeping?

Jim Stice is a Professor of Accounting at Brigham Young University.My brother is Kay.I am a professor of accounting at the university.We have been studying financial recordkeeping since we were in high school.That is many years of experience with financial recordkeeping.We worked in both old fashioned paper-based systems and modern computerized systems when we were younger.We've been teaching accounting to undergrad students for over 70 years.

We will teach you about the importance of financial recordkeeping in this course.We will show you how to make a set of financial statements as part of a quantitative business plan.We will show you how even the most rudimentary financial records, handwritten notes on a piece of paper, can improve your business operations and make your decision making process better.We will discuss the central role of income tax reporting in setting the foundation for financial recordkeeping in small businesses.Financial records play an important role in attracting financing from banks and potential investors.

The importance of healthy skepticism in interpreting financial reports will be emphasized.We will show the importance of financial records in support of the purchase or sale of a small business.The financial recordkeeping course is self-contained and we explain any terminology that we use.This is an introductory course with no accounting knowledge required.Let's learn about financial recordkeeping, the processes, and the reports.

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