Basic Financial Accounting is a textbook for students of economy at universities and students at business colleges who are following an introductory class in the external dimension of the company’s economic reporting, including bookkeeping.The book covers the following subjects: The fundamentals of business including e.g. business entities and stakeholders Financial statements consisting of the income statement, balance sheet, statement of cash flows, and notes The EU and IASB’s concepts The accounting system VAT Income measurement and accrual accounting Inventory systems Receivables and bad debts Completing the accounting cycle Cash flow statementsThe textbook encompasses exercises and assignments for each chapter.