There is a story told of a man who went up to one of the great historical Rabbis and said "Teach me everything there is to know of the Torah while standing on one foot." The Rabbi then stood on one foot and said "That which is hateful to you do not do unto others. All the rest is commentary. Now, go forth and learn."
Accounting can also be summarized while standing on one foot:
"The left side of the balance sheet shows what the company owns, and the right hand side shows who has a claim on it. All the rest is commentary."