From the course: Accounting for Managers
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Accounting's for accountants, right?
From the course: Accounting for Managers
Accounting's for accountants, right?
- Accounting's for accountants right? Look, not exactly. However, this was certainly my perception back in '98. I was in my first year of a commerce degree. Now commerce is kind of like a springboard for multiple career options including marketing and business leadership. The story that I'm about to share with you comes from Accounting 101. I was tasked with completing a super exciting project called The Guitar Mart. Now The Guitar Mart was a fictitious business that sold guitars. The business also sold guitar strings, music books, and also other related accessories. My task, and also that of my fellow students, was to progressively build a balance sheet, a cash flow forecast, and also a profit or loss statement. We did this by tracking what felt like 10,000 or so transactions that had been prepared in our notebooks. Wow. Welcome to first year accounting folks. Okay, looking back, I can understand the rational…
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