By John A. Tracy
Research the fundamentals of useful accounting simply and painlessly with Accounting For Dummies, 4th Edition, which positive aspects new info on accounting tools and criteria to maintain you brand new. With this consultant, you could stay away from accounting fraud, reduce confusion, maximize earnings, and make experience of accounting fundamentals with this plain-English consultant in your accountant’s language. know how to control stock, record source of revenue and charges for public or deepest businesses, evaluation revenue margins, research company strengths and weaknesses, and deal with budgets for a greater final analysis.
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Here are the particulars of the business I use for the example: ߜ It sells products, mainly to other businesses. ߜ It sells on credit, and its customers take a month or so before they pay. ߜ It holds a fairly large stock of products awaiting sale (its inventory). ). ߜ It’s been in business for many years and has made a steady profit over the years. ߜ It borrows money for part of the total capital it needs. ߜ It’s organized as a corporation and pays federal and state income taxes on its annual taxable income.
Basically, double-entry bookkeeping simply means that both sides of transactions are recorded. For example, if one asset goes up, another asset goes down — or, alternatively, either a liability or owners’ equity goes up. This is the economic nature of transactions. Double-entry means two-sided, not that the transactions are recorded twice. Reporting profit and loss, and cash flows Other financial statements are different from the balance sheet in one important respect: They summarize the flows of activities over the period.
The history of accounting is quite interesting (but beyond the scope of this book). Taking a Peek into the Back Office Every business and not-for-profit entity needs a reliable bookkeeping system (see Chapter 3). Keep in mind that accounting is a much broader term than bookkeeping. For one thing, accounting encompasses the problems in measuring the financial effects of economic activity. Furthermore, accounting includes the function of financial reporting of values and performance measures to those that need the information.