Download PDF by Wayne Label: Accounting for Non-Accountants, 3E: The Fast and Easy Way to

By Wayne Label

ISBN-10: 1402273045

ISBN-13: 9781402273049

A speedy, Compact, and Easy-to-Understand source for Non-Accountants

Accounting for Non-Accountants is the must-have advisor for we all who've by no means taken an accounting category, are mystified via accounting jargon, and feature no clue approximately stability sheets, source of revenue statements, or statements of money flows.

Whether you personal a company, plan on beginning one, or simply are looking to keep an eye on your personal resources, you can find every thing you must know:

•How to arrange and use monetary statements
•How to manage money flows
•How to control budgets
•How to exploit accounting ratios to
•How to accommodate audits and auditors interpret monetary statements

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"Dr. Labels factors are basic and easy. "
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"I have labored in accounting for over twenty-five years, and this can be the simplest e-book i've got noticeable to aid individuals with the fundamentals of accounting."

For marketers or an individual who must brush up on accounting quickly, this booklet may have you up and working in no time.

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Extra resources for Accounting for Non-Accountants, 3E: The Fast and Easy Way to Learn the Basics

Example text

Alert! Don’t Mix and Match: The financial records of an individual owner of a business should never be combined with those of the business. They are two separate entities and need to be accounted for separately. Taking money from one of these entities (the business) for the other (the owner) must be accounted for by both entities. In a corporation a person becomes an owner by buying shares in the company and thus becomes a stockholder. The stockholders may or may not have a vote in the company’s long-term planning, depending on the type of stock they have purchased.

S. Dollars, Euros, Yen, etc. Since a business’s accounting records can only include quantifiable transactions, these transactions need to be reported in one of these stable currencies. Obtainable Information: Information reported in financial statements must be accessible in a timely manner without an unreasonable expenditure of resources—for example, time, effort, and money—to be included in the financial statements. Quantifiable Information: Information is easier to understand and use if it is quantified.

The FASB listened and appointed a committee in September 2006 to investigate the differences in reporting and accounting between private and public companies. It was determined that the final goal was to give small businesses a greater voice in standard setting and not to establish two sets of standards. The Committee decided that it was not in the best interest of the public to have two classes of GAAP. It determined that two sets of standards would not only be confusing to the public, but also create the possibility of one set being considered more authoritative than the other.

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Accounting for Non-Accountants, 3E: The Fast and Easy Way to Learn the Basics by Wayne Label

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