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

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By Wayne Label

A fast, Compact, and Easy-to-Understand source for Non-Accountants

Accounting for Non-Accountants is the must-have consultant for we all who've by no means taken an accounting type, are mystified by means of 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 individual resources, you will discover every thing you must know:

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

Let this booklet assist you love it helped those readers:

"Dr. Labels reasons are uncomplicated and simple. "
"This can assist me much as I organize my very own enterprise. "
"I have labored in accounting for over twenty-five years, and this can be the easiest booklet i've got visible to aid individuals with the fundamentals of accounting."

For marketers or someone who must brush up on accounting quick, this booklet can have you up and working in no time.

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

Sample text

In the case of a corporation, there are stockholders who buy a piece of the ownership of a company by buying stock. As we will discuss later, because of this stock ownership, the financial statements become more complex. 4. 4: DIFFERENCES IN THE THREE TYPES OF BUSINESSES Business Type Proprietorship Partnership Corporation Number of Owners One Two or more One or more Accounting Records Maintained separately from owner’s records Maintained separately from owner’s records Maintained separately from owner’s records Owner Has Managerial Responsibilities Yes Usually not Usually not In this chapter you have learned what accounting is, why you and other people in business need to understand accounting, what businesses use accounting for, and what the basic financial statements used in these businesses are.

Overall, accounting aids businesses in the process of making better decisions. The basics of accounting are the same regardless of the size or type of business. In Accounting for Non-Accountants, you will learn the basics of accounting through the examination of an imaginary small business, Solana Beach Bicycle Company. For more complex businesses, the economic transactions become more varied and complex, as does the process of reporting them to various users. The foundation of it all, however, remains the same.

The conservatism idea is misused, however, when the accountant chooses a practice that is not as suitable to the situation as an alternative practice merely to report lower Assets and higher Expenses. GAAP and Small Business Small business owners have been asking for alternatives to GAAP for a long time. The feeling is that the GAAP used for public companies are irrelevant to small businesses and are very difficult and expensive to implement. To some people the solution is a separate set of standards for private companies—one that takes their needs specifically into account.

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