Luca Pacioli started the bookkeeping process by describing how to take an inventory of things. This is because financial reporting begins with the Balance Sheet. Although earnings gets all the attention in financial analysis, earnings and the Income Statement that documents it, is defined as a change between two Balance Sheets.
This week’s video discussed chapter 2 of Pacioli’s book about how to take an inventory. This is Episode 116 of Conversations with Kip, the best financial system vlog there is.