External accounting, including bookkeeping and financial reporting, is more exciting than you might think. Thomas Heide gently introduces you to this area of economics. You will learn more about its significance, the legal framework, and fundamental concepts such as inventory, balance sheets, and profit and loss statements. He explains what you should know about business transactions, inventory accounts, acquisition costs, sales tax, personnel expenses, and much more. Additionally, the author addresses the key points surrounding the annual financial statements. Practice exercises with solutions will help you solidify and assess your knowledge.