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

By Wayne Label

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 classification, 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 will discover every thing you must know:

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

Let this ebook assist you love it helped those readers:

"Dr. Labels motives are basic and simple. "
"This may help me much as I manage my very own enterprise. "
"I have labored in accounting for over twenty-five years, and this can be the simplest publication i've got obvious to aid individuals with the fundamentals of accounting."

For marketers or a person who must brush up on accounting quick, this e-book can have you up and working in no time.

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

Example text

Even when a company can find “substantial authoritative support” for a practice it uses that differs from the one recommended, the company must include in the financial statement footnotes (or in the auditor’s report) a statement indicating that the practices used are not the ones recommended by GAAP. Where practicable, the company must explain how its financial statements would have been different if the company had used Generally Accepted Accounting Principles. What Are Generally Accepted Accounting Principles (GAAP)?

Companies to drop GAAP by 2016, with some larger companies in the Unites States possibly switching in 2009. Yet things can still change, and many questions are unanswered. Not all information about a firm is relevant for estimating its value or evaluating its management. For example, you don’t need the information of how many individuals over forty years of age work for the company, or what color the machinery is painted in order to make financial decisions about a company. Even some financial information is not relevant, like how much money the owner of a corporation has in the bank, because as we reviewed in chapter 1, the business’s accounting records are kept separate from its owner’s, and the owner’s financial information is irrelevant to the business.

The Balance Sheet Is a Snapshot: The numbers that are represented in a Balance Sheet represent the financial position of the business at the exact point in time for which the Balance Sheet was prepared and no other. 2, this means December 31, 2013, only, not December 30 or January 1. On any other date there might be more or less Assets and Liabilities, and thus the Balance Sheet would look different. Does this confuse the reader of the financial statements? No. Because everyone has agreed to follow this convention, everyone preparing and using these financial statements understands the language that is being spoken.

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