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Evolution to 1900 (Growth (Urge to improve efficiency and accuracy,…
Evolution to 1900
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Summary
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Continuous process, earnings and income instead of "profits"
Double entry
Fundamental
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Test accuracy
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The Accounting Equation
- Profit = Revenue - Expenses
- Capital = Assets - Liabilities
- Profit = Change in Capital
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Not needed for personal-accounts, but for trading
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