Learn more about moneyandinvestments with this collection
The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of opportunity cost
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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