By John A. Tracy
Examine the fundamentals of functional accounting simply and painlessly with Accounting For Dummies, 4th Edition, which gains new details on accounting equipment and criteria to maintain you brand new. With this consultant, you could keep away from accounting fraud, reduce confusion, maximize earnings, and make feel of accounting fundamentals with this plain-English consultant on your accountant’s language. know how to control stock, document source of revenue and bills for public or deepest businesses, assessment revenue margins, examine company strengths and weaknesses, and deal with budgets for a greater base line.
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The waterlogged assets may have to be written down, meaning that the recorded values of the assets are reduced to zero if they no longer have any value to the business. For example, products that were being held for sale to customers (until they floated down the river) must be removed from the inventory asset account. ߜ A business may decide to abandon a major product line and downsize its workforce, requiring that severance compensation be paid to the laidoff employees. As I explain in more detail in Chapter 3, at the end of the year the accountant makes a special survey to make sure that all events and developments during the year that should be recorded have been recorded, so that the financial statements and tax returns for the year are complete and correct.
Cash outflows to pay debt are reported in this section, as well as cash distributions from profit paid to the owners of the business. As you can see in part (3) of the statement of cash Chapter 2: Financial Statements and Accounting Standards flows (see Figure 2-3), the result of these transactions was to increase cash $200,000. By the way, in this example the business did not make cash distributions from profit to its owners. ). As you see in Figure 2-3, the net result of the three types of cash activities was a $150,000 increase during the year.
Furthermore, accounting includes the function of financial reporting of values and performance measures to those that need the information. Business managers and investors, and many other people, depend on financial reports for information about the performance and condition of the entity. Chapter 1: Accounting: The Language of Business, Investing, Finance, and Taxes Bookkeeping refers to the process of accumulating, organizing, storing, and accessing the financial information base of an entity, which is needed for two basic purposes: ߜ Facilitating the day-to-day operations of the entity ߜ Preparing financial statements, tax returns, and internal reports to managers Bookkeeping (also called recordkeeping) can be thought of as the financial information infrastructure of an entity.