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Financially intelligent managers understand the four distinct skill sets:
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The art of accounting is taking a limited set of data to get an accurate description of how well a company is doing.
Definitions to understand.
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Accountants use accruals and allocations to attempt an accurate picture of the business for a month.
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Understanding how the numbers are used and what are assumptions puts you in control of the decisions.
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It consists of three main categories:
Different kinds of profit:
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A balance sheet shows what a business owns at a particular time. A balance sheet always balances. Assets = liabilities + owners’ equity.
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A good manager is aware of how both cash and profits affect a balance sheet. A balance sheet shows if a company is financially healthy.
The balance sheet answers the following questions:
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Profit is not cash. A healthy business needs both profit and cash.
Inflows: Cash moving into a business
Outflows: Cash moving out of a business
Types of cash flow:
Financing a company: Getting a company the cash it needs to start up or expand.
Cash flow can be calculated by looking at the income statement and two balance sheets. When you know a company’s cash situation, you can understand what’s going on now, where the business is headed, and the priorities of senior management.
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