Lyell owns his own small business, but he doesn't want to be bothered with accounting information. He tells his friends, "All I need accounting for is to prepare my income tax return for my business. I'll hire someone to do that for me." Lyell's attitude would be disastrous if he managed a large firm, but it is a reasonable view for a small business owner.

Question

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The fact is that you have to know something about accounting if you want to understand business. Accounting information reveals the financial health of a business.

Lyell Owns His Own Small Business, but He Doesn't Want