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Review why knowledge of financial records is important to running a small business.
LO 8.1: Discuss the importance and uses of financial records in a small business.
Here are some common mistakes in accounting to be wary of in your small business.
LO 8.2: Itemize the accounting records needed for a small business.
Review some of the ratios and business metrics that can help you achieve success in your business.
LO 8.3: Explain the 11 ratios used to analyze financial statements.
Review the meaning of the cash flow statement and how to interpret it.
LO 8.4: Illustrate the importance of and procedures for managing cash flow.
Resources Mentioned in Chapter 8