By John A., CPA Tracy
Examine the fundamentals of sensible accounting simply and painlessly with Accounting For Dummies, 4th version, which gains new details on accounting equipment and criteria to maintain you modern. With this consultant, you could stay away from accounting fraud, reduce confusion, maximize gains, and make feel of accounting fundamentals with this plain-English consultant in your accountant’s language. know the way to regulate stock, file source of revenue and bills for public or inner most businesses, evaluation revenue margins, research enterprise strengths and weaknesses, and deal with budgets for a greater final analysis.
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Extra info for Accounting For Dummies, 4th edition
Businesses need long-term resources that are generally called property, plant, and equipment; this group includes buildings, vehicles, tools, machines, and other resources needed in their operations. ” As you’d suspect, the particular assets reported in the balance sheet depend on which assets the business owns. I include just four basic assets in Figure 2-2. These are the hardcore assets that a business selling products on credit would have. It’s possible that such a business could lease virtually all of its long-term operating assets instead of owning them, in which case the business would report no such assets.
The basic idea is that all businesses should follow uniform methods for measuring and reporting profit performance, and reporting financial condition and cash flows. Consistency in accounting from business to business is the goal. I explain who makes the rules, and I discuss two important recent developments: the internationalization of accounting standards, and the increasing divide between financial reporting for public and private companies. 32 Part I: Opening the Books on Accounting Introducing the Information Content of Financial Statements This chapter focuses on the basic information components of each financial statement reported by a business.
Owners bear the risk that the business may be unable to make a profit. A loss falls on the owners and, accordingly, causes a decrease in the owners’ equity amount reported in the balance sheet. 5 owners’ equity Looking at the accounting equation, you can see why the statement of financial condition is called the balance sheet; the equal sign means the two sides balance. Double-entry bookkeeping is based on the accounting equation — the fact that the total of assets on the one side is counterbalanced by the total of liabilities, invested capital, and retained profit on the other side.