From the course: Accounting Foundations
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Financial accounting
- The second flavor of accounting is financial accounting. Financial accounting involves reporting the summary results of a business or organization to people outside that organization. Now, let's say you have a friend Lily. Lily has a dream. She wants to start and operate her own ice cream business. Lily has figured out what she's going to need to make this happen and she wants to build her ice cream factory right where you're sitting right now. Look around where you are right now. That's going to be Lily's ice cream factory. She's going to buy the land. She's going to buy the building. She's going to get it full of big gleaming stainless steel ice cream making machines. Lily has figured out that in order to turn her dream into reality, she needs $100 million. How could Lily convince strangers to give her $100 million for her ice cream company? Well, she can't. Without reliable financial statements she must provide…
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