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Accounting for Non-Accountants

Cover of Accounting for Non-Accountants

Accounting for Non-Accountants

The Fast and Easy Way to Learn the Basics
Borrow Borrow Borrow Borrow

A Quick, Compact, and Easy-to-Understand Resource for Non-Accountants

Accounting for Non-Accountants is the must-have guide for all of us who have never taken an accounting class, are mystified by accounting jargon, and have no clue about balance sheets, income statements, or statements of cash flows.

Whether you own a business, plan on starting one, or just want to control your own assets, you'll find everything you need to know:

  • How to prepare and use financial statements
  • How to control cash flows
  • How to manage budgets
  • How to use accounting ratios to
  • How to deal with audits and auditors interpret financial statements

    Let this book help you like it helped these readers:

    "Dr. Labels explanations are simple and straightforward. "

    "This will help me a lot as I set up my own business. "

    "I have worked in accounting for over twenty-five years, and this is the best book I have seen to help people with the basics of accounting."

    For entrepreneurs or anyone who needs to brush up on accounting fast, this book will have you up and running in no time.

  • A Quick, Compact, and Easy-to-Understand Resource for Non-Accountants

    Accounting for Non-Accountants is the must-have guide for all of us who have never taken an accounting class, are mystified by accounting jargon, and have no clue about balance sheets, income statements, or statements of cash flows.

    Whether you own a business, plan on starting one, or just want to control your own assets, you'll find everything you need to know:

  • How to prepare and use financial statements
  • How to control cash flows
  • How to manage budgets
  • How to use accounting ratios to
  • How to deal with audits and auditors interpret financial statements

    Let this book help you like it helped these readers:

    "Dr. Labels explanations are simple and straightforward. "

    "This will help me a lot as I set up my own business. "

    "I have worked in accounting for over twenty-five years, and this is the best book I have seen to help people with the basics of accounting."

    For entrepreneurs or anyone who needs to brush up on accounting fast, this book will have you up and running in no time.

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    Excerpts-
    • From the book

      Chapter 1

      Introducing Accounting and Financial Statements

    • What Is Accounting?
    • Who Uses Accounting Information?
    • Financial Statements
    • How Different Business Entities Present Accounting Information
    • What Is Accounting?

      The purpose of accounting is to provide information that will help you make correct financial decisions. The accountant's job is to provide the information needed to run a business as efficiently as possible while maximizing profits and keeping costs low.

      Quick Tip

      Finding an Accountant: Hiring a professional and ethical accountant to aid in your business operations can be critical to the success of your company. Meet with a few accountants before making a final choice so that you know your options and can select one whose experience and work style will be best suited to your needs and the needs of your business. Local chapters of your state societies of CPAs offer referral services that can help with this.

      Accounting plays a role in businesses of all sizes. Your kids' lemonade stand, a one-person business, and a multinational corporation all use the same basic accounting principles. Accounting is legislated; it affects your taxes; even the president plays a role in how accounting affects you.

      Accounting is the language of business. It is the process of recording, classifying, and summarizing economic events through certain documents or financial statements. Like any other language, accounting has its own terms and rules. To understand how to interpret and use the information accounting provides, you must first understand this language. Understanding the basic concepts of accounting is essential to success in business.

      Different types of information furnished by accountants are shown in figure 1.1 on the next page.

      Figure 1.1: TYPES OF INFORMATION PROVIDED BY ACCOUNTANTS

    • Information prepared exclusively by people within a company (managers, employees, or owners) for their own use.
    • Financial information required by various government agencies such as the Internal Revenue Service (IRS), Securities and Exchange Commission (SEC), and the Federal Trade Commission (FTC).
    • General information about companies provided to people outside the firm such as investors, creditors, and labor unions.
    • Accounting and Bookkeeping

      Bookkeeping procedures and bookkeepers record and keep track of the business transactions that are later used to generate financial statements. Most bookkeeping procedures have been systematized and, in many cases, can be handled by computer programs. Bookkeeping is a very important part of the accounting process, but it is just the beginning. There is currently no certification required to become a bookkeeper in the United States.

      Accounting is the process of preparing and analyzing financial statements based on the transactions recorded through the bookkeeping process. Accountants are usually professionals who have completed at least a bachelor's degree in accounting, and often have passed a professional examination, like the Certified Public Accountant Examination, the Certified Management Accountant Examination, or the Certified Fraud Auditor Examination.

      Accounting goes beyond bookkeeping...

    Table of Contents-
    • Contents

       

      Acknowledgments

      Introduction

      Chapter 1: Introducing Accounting and Financial Statements

      What Is Accounting?

      Who Uses Accounting Information?

      Financial Statements

      How Different Business Entities Present Accounting Information

      Chapter 2: Generally Accepted Accounting Principles

      Who Are the SEC, AICPA, FASB, and IASB? (or What Is This, Alphabet Soup?)

      What Are Generally Accepted Accounting Principles (GAAP)?

      What Are the Differences Between U.S. Accounting Standards and International Standards?

      Chapter 3: The Balance Sheet and Its Components

      Understanding the Balance Sheet

      The Accounting Equation

      Components of the Balance Sheet

      Transactions behind the Balance Sheet

      Chapter 4: The Income Statement

      Understanding the Income Statement

      The Income Statement Illustrated

      Transactions That Affect the Income Statement

      Business Transactions

      Chapter 5: Preparing and Using a Statement of Cash Flows

      What Is a Statement of Cash Flows?

      Cash and Cash Equivalents

      The Statement of Cash Flows Illustrated

      Chapter 6: The Corporation

      The Corporation Defined

      What Is Capital Stock?

      Cash Dividends, Stock Dividends, and Stock Splits

      Incorporating Solana Beach Bicycle Company

      What Is Treasury Stock?

      Chapter 7: Double-Entry Accounting

      The General Journal

      The General Ledger

      Trial Balance

      Adjusting Journal Entries

      Closing Journal Entries

      Chapter 8: Using Financial Statements for Short-Term Analysis

      Using Short-Term Ratios

      Current and Quick Ratios

      Working Capital

      Composition of Assets

      Inventory Turnover Ratio

      Average Collection Period

      Chapter 9: Using Financial Statements for Long-Term Analysis

      Quality of Earnings

      Rate of Return on Investment

      Sales-Based Ratios or Percentages

      Earnings Data

      Long-Term Debt Position

      Dividend Data

      Footnotes

      Chapter 10: Budgeting for Your Business

      What Is a Budget?

      Planning and Control

      Advantages of Budgeting

      Master Budget

      Sales Budget

      Capital Budget

      Budgeted Income Statement

      Cash Budget

      Chapter 11: Audits and Auditors

      What Is an Audit?

      Types of Auditors

      The Standard Audit Opinion Illustrated

      Parts of the Report

      Other Types of Audit Reports

      Why Audits Are Useful to You

      Other Services Provided by Auditors

      Chapter 12: Fraud and Ethics

      Fraud Defined

      What Causes Fraud

      How Fraud Is Committed

      Why Do Employees Steal?

      What Can You Do to Prevent Fraud in Your Organization?

      What If My Business Is Too Small to Hire Additional Employees or Consultants?

      Ethics

      Appendix A: Internet for Accountants

      What Resources Are Available for Accountants?

      Appendix B: Frequently Asked Questions

      Appendix C: Financial Statements: The Coca-Cola Company

      A Note to My Readers

      About the Author

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