Download PDF by Wayne Label: Accounting for Non-Accountants, 2E: The Fast and Easy Way to

By Wayne Label

ISBN-10: 1402222637

ISBN-13: 9781402222634

A brief, Compact, and Easy-to comprehend source for Non-Accountants Accounting for Non-Accountants is the must-have advisor for we all who've by no means taken an accounting category, are mystified by means of accounting jargon, and feature no clue approximately stability sheets, source of revenue statements, or statements of money flows. even if you personal a enterprise, plan on beginning one, or simply are looking to regulate your personal resources, you can find every thing you want to be aware of: the right way to arrange and use monetary statements find out how to deal with budgets easy methods to take care of audits and auditors the right way to keep an eye on money flows the way to use accounting ratios to interpret monetary statements For marketers or somebody who must rush up on accounting quickly, this e-book may have you up and operating very quickly. "A yes must-have for any enterprise owner!" —Julie A. Aydlott, CFE, writer of the short consultant to Small enterprise Budgeting "A good selection for someone who's discovering accounting tough to understand." —Dr. Richard A. Samuelson, emeritus professor of accounting, San Diego kingdom collage  

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3,000 Mortgage Payable . . . . . . . . . 20,000 Total Liabilities . . . . . . . . . . . . . . . $23,000 Owner’s Equity: Owner’s Investment . . . . . . . . $60,000 Retained Earnings . . . . . . . . . 10,385 Total Owner’s Equity . . . . . . . . . . . . . $70,385 Total Liabilities & Owner’s Equity . . . . . . . . . $93,385 By looking at the bicycle company’s Balance Sheet, you can see that there are several Assets belonging to the company that together are valued at $93,385.

Separate Entities: See Entity Concept Stable-Monetary-Unit Concept: Even though the value of the dollar changes over time (due to inflation), the values that appear on the financial statements in the United States are normally presented at historical cost and do not take inflation into account. Understandable Information: Financial information must be comparable and consistent. If one accountant calls a particular item an Asset, the accountant must follow the set of rules known as generally accepted accounting principles to arrive at the definition of that Asset.

14,200 Gross Profit . . . . . . . . . . . . . . . . . Operating Expenses: Salaries and Wages . . . . . . . . . . $5,200 Bicycle Parts . . . . . . . . . . . . . 1,625 Insurance Expense . . . . . . . . . . . . 500 Bad Debt Expense . . . . . . . . . . . . 175 Tools Expense . . . . . . . . . . . . . . 50 Bank Service Fee . . . . . . . . . . . . . 15 Total Operating Expenses . . . . . . .

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Accounting for Non-Accountants, 2E: The Fast and Easy Way to Learn the Basics by Wayne Label


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