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from Part I
Published online by Cambridge University Press: 05 June 2012
Keeping track of economic activity
Chapter 1 presented an overview of the financial statements, which was extended in Chapter 2 with an intuitive exploration of why we have a cash flow statement, income statement and balance sheet and of how each of these statements is related to one another. In this chapter, the aim is to consolidate your understanding, which we will do by examining the underlying mechanisms of accounting, the so-called ‘double-entry’ system by which economic activity is captured and portrayed in a set of financial statements.
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