Bookkeeping Basics for Startups

To ignore accruals for payables or receivables

To record all of the company’s financial transactions in a detailed way (correct)

To overwhelm with information

To only record purchases and sales

Focusing on accruals only

Only storing financial records

Ignoring financial statements

Recording and retrieving financial transactions (correct)

Only knowledge of credits

Debits, credits, and basic understanding of financial statements (correct)

Knowledge of accruals only

Only knowledge of financial statements

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