The key concept that I decided to choose is Financial Statements. I feel that it is important for business owners to understand financial statements because it makes them aware of how well or how poor their business is going. Business owners can also use this key concept of understanding financial statements to make informed business decisions by having a guide to depend on when making the decision of making new purchases, hiring new employees, expanding the business, obtaining new equipment, etc. I feel that having the knowledge of accounting can put you in position to have your money work for you by being able to read and determine another business's health when investing in shares of that business. I also feel that having the knowledge of accounting can put you in position to have your money work for you by being able to understand what you can afford, where your funds are going, what's taking your funds, and how your funds are contributing to your growth?