basic trend analysis and financial analysis, accounting homework help

Please respond to this post in 6 sentences or more agreeing, disagreeing or whatever. 

Business owners with the minimal knowledge will give a better picture of business which direction it is moving at the end of the month. The knowledge will lead to a significant advantage that will help to make a right decision for further product selection. The disadvantage of minimal knowledge will be recording wrong entry leads to giving false information. This wrong entry could be stopping the progress of business or spending money on a wrong product or more spending than necessary.

If the statements have error and business cash flow is significant it will affect at the end of the year when accountant finds the error and it could cost a penalty or business will be buried under a large amount of debt.

If I decide to start a business first thing I would do is that learn basic accounting that covers the journal entry and how to create the balance sheet and basic asset equation. Basic equation is easy to understand but there are entries that is tricky. So thorough understanding is require.

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