By John A. Tracy
Stability the books -- with no all of the headaches!Trying to get qualified and turn into an accountant? personal a small enterprise yet want a little aid balancing your books? don't fret! This hands-on advisor offers the educational and very important perform you want to grasp very important accounting ideas and fundamentals. excellent as a better half workbook for Accounting For Dummies -- or the other accounting textbook -- Accounting Workbook For Dummies delivers a wealth of real-world examples, demonstration difficulties, and convenient routines. With this beneficial source as your advisor, you will grasp stability sheets, source of revenue statements, and budgets in no time!100s of Problems!* list transactions, tune charges, and deal with money owed* Open and shut bookkeeping cycles* learn enterprise functionality and revenue* pick out the perfect accounting strategy* grasp funding accounting basics* comprehend production rate accounting
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Extra info for Accounting Workbook For Dummies
Well, there’s no doubt that a business has to make sales that generate enough sales revenue to overcome its expenses and leave a residual of profit. As I’m sure you know, this is a tall task. The effect that making a sale has on a business’s financial condition depends on when cash is collected from the sale. Regarding cash collection, sales come in three flavors: ߜ Cash sales: Cash is collected when the business makes the sale and delivers the product and/or service to the customer. ߜ Credit sales: Cash isn’t collected until sometime after the sale is made; the customer is given a period of time before it has to pay the business.
Now, there’s cheating and then there’s real cheating. So what’s the difference? Many businesses perform cosmetic surgery on their accounts, touching up their financial condition and profit performance. This practice is popularly called massaging the numbers. Professional investors (as in mutual fund managers) and lenders (as in banks) know that a certain amount of accounting manipulation goes on by many businesses, and as a practical matter not much can be done about it. On another level, some businesses resort to accounting fraud to put a better sheen on profit performance and conceal financial problems.
Two kinds of balance sheet accounts aren’t affected by sales and expense transactions: interest-bearing liabilities and owners’ invested capital. Chapter 2: Financial Effects of Transactions Q. What is the composite change in the year-end financial condition of the business caused by its profit-making activities over the year? Refer back to the financial condition changes caused by sales and expenses, which are presented earlier in the chapter (see the example questions in the sections “Concentrating on Sales” and “Concentrating on Expenses”), to answer this question.