Financial accounting and reporting
Financial accounting and reporting

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Financial accounting and reporting

Conclusion

This Openlearn course has provided an introduction to some of the basics of accounting. You have learned the basic terminology of bookkeeping and accounting, the general purposes and functions of accounting and the differences between the two sorts of accounting (financial accounting and management accounting). You should also now be able to describe the different elements of financial information, such as income/revenue, costs/expenses, assets and liabilities, as well as identify the main financial statements (income statement, balance sheet and cash flow statement) and their purposes.

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