MBA Mondays: Accounting From The Archives We have five weeks
(including today) before we start the sustainability course.
It's not enough time to start a new series. So I've decided to
rerun five posts on accounting and financial statements that I
did early on in MBA Mondays. This is core stuff. If you want to
start a business, run a business, and/or operate a business, you
need to know the basics of accounting and finance. So today we
will rerun the post on accounting. The next three weeks we will
go through the three main financial statements. And we will end
with a post on understanding financial statements. Accounting is
keeping track of the money in a company. It's critical to keep
good books and records for a business, no matter how small it
is. I'm not going to lay out exactly how to do that, but I am
going to discuss a few important principles. The first important
principal is every financial transaction of a company needs to
be recorded. This process has been made much easier with the
advent of accou