By Wayne Label
A speedy, Compact, and Easy-to-Understand source for Non-Accountants
Accounting for Non-Accountants is the must-have consultant for we all who've by no means taken an accounting category, are mystified by way of 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 regulate your personal resources, you will discover every little thing you must know:
•How to arrange and use monetary statements
•How to manage money flows
•How to regulate budgets
•How to take advantage of accounting ratios to
•How to accommodate audits and auditors interpret monetary statements
Let this publication assist you love it helped those readers:
"Dr. Labels causes are uncomplicated and easy. "
"This may help me much as I manage my very own company. "
"I have labored in accounting for over twenty-five years, and this can be the easiest publication i've got visible to aid individuals with the fundamentals of accounting."
For marketers or an individual who must brush up on accounting quick, this ebook may have you up and operating in no time.
Read Online or Download Accounting for Non-Accountants, 3E: The Fast and Easy Way to Learn the Basics PDF
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Extra resources for Accounting for Non-Accountants, 3E: The Fast and Easy Way to Learn the Basics
A rule of thumb in accounting might be that any item worth 10 percent of the business’s Net Income is considered material and should be reported in financial statements; there is no firm dollar amount to be followed here. The important factor to remember is whether the amount in question will change the user’s decision. This concept is called the Materiality Principle. Items that are not material should not be included on the statements separately. If these items were included in the financial statements, they would obscure the important items of interest to the reader.
So what does this mean? S. standards have created a complex system of rules attempting to cover every situation that does or might occur, often masking economic reality. The principles-based system of accounting encourages company boards and accountants to do the right thing in allowing them to report what is correct for the user, rather than reporting based upon a set of rules. S. S. financial firms, while the international standards, more focused on the true underlying economics, kept these items on the books of firms based outside the United States.
The following items give us some hints. The company must control the item. ) The item must have some value to the company. The item must have value that can be measured. Let’s look at some examples. Because of the first test, a traditional Balance Sheet does not list the employees of a company, even though we may refer to them as “Assets” in a non-accounting sense, because the company does control, to a certain extent, but does not own these individuals. But what about basketball players or other professional athletes?