From the course: Accounting Foundations
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Bookkeeping
- Let's do a thought experiment. Imagine that a space virus comes, infects earth and destroys all novels that have ever been written. "Tom Sawyer," gone. "Gone with the Wind" is gone with the wind. With all novels having disappeared overnight, could you then function the next morning? Well, you'd feel horrible. It would be a tragic cultural loss, but if you went to the bank to get some cash out, okay, fine. The bank records are not affected. If you went to the store to shop, everything's working fine there. Everyone is feeling sad because of the cultural loss, but society could continue to function even if all novels ever written disappeared overnight. All right, let's do another thought experiment. Let's imagine that a space virus comes and destroys all bookkeeping records on earth, all bank records, all records that all companies have of the inventory that they have on their shelves, gone. All dry cleaning records, gone. All those records, gone. Could we continue to function as a…
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