Accounting Essentials — Assessment

Re-keyed manually at month end Fed by operational events as they happen From a spreadsheet only It is estimated

That records match reality (e.g., the bank) That prices are high That stock is sold That invoices are deleted

A list of customers The organized list of buckets transactions are recorded into A pricing table A type of invoice

Assets, liabilities, income, expenses, equity Red, green, blue Small, medium, large Past, present, future

They are not — reports fix bad data Because garbage in means garbage out; reports inherit input quality Because reports are random Because accountants guess