Accounting 101: The balance sheet

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What is this lesson is about?

Modern accounting has its roots in the Italian Renaissance. Without modern accounting we wouldn't be able to know what we owe vs. what we own. Understanding the system behind accounting and the three most important financial statements is key to understanding finance. In this lesson you'll learn:
• How double entry bookkeeping changed accounting forever
• The balance sheet's structure and line items
• Why accounting is important

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