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You have completed Financial Statement Basics!
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Introducing the Interest, Taxes, Other Gains and Losses, and Net Profit line items and how to know if a business is profitable.
Links to further reading on tax versus accrual accounting
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Interest in taxes are exactly
what they sound like.
0:00
Interest is an expense of business has for
the interest payments they make for
0:02
any debit facilities they have.
0:06
Taxes are the expense for
any taxes the business has to pay.
0:08
Tax is a massive topic in accounting,
and there's a ton of complexity to it,
0:13
because of the different
tax laws around the world.
0:17
Furthermore, tax accounting rules
are sometimes different than
0:21
book accounting rules.
0:25
So, it's just a complicated topic we
don't have time to cover in this course.
0:26
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