![]() Even if the business could manage to figure out what its financial statements were supposed to contain, it probably could not systematically describe the transactions that produced those results. As transactions occurred, they would be communicated to the department and the marker board would be updated. Imagine if a real business tried to keep up with its affairs this way! Perhaps a giant marker board could be set up in the accounting department. “Before” and “after” examples were used to develop the illustrations. The previous chapter showed how transactions caused financial statement amounts to change.
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