By John A. Tracy

ISBN-10: 0471791458

ISBN-13: 9780471791454

Stability the books -- with out the entire headaches!Trying to get qualified and turn into an accountant? personal a small company yet desire a little support balancing your books? don't fret! This hands-on consultant presents the educational and very important perform you must grasp vital accounting innovations and fundamentals. ideal 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 are going to grasp stability sheets, source of revenue statements, and budgets in no time!100s of Problems!* checklist transactions, tune expenditures, and deal with debts* Open and shut bookkeeping cycles* research company functionality and revenue* select the precise accounting process* grasp funding accounting basics* comprehend production price accounting

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To illustrate the impact of transactions, consider the case of a business that has been in operation for many years. Its condensed balance sheet at the start of the year appears in Figure 2-1. Condensed Balance Sheet Figure 2-1: Condensed balance sheet of a business. Cash Receivables Inventory PP&E, net Assets $250,000 $300,000 $400,000 $550,000 $1,500,000 Operating liabilities Interest-bearing liabilities Owner’s invested capital Owner’s retained earnings = Liabilities and Owner’s Equity $350,000 $500,000 $250,000 $400,000 $1,500,000 Most businesses report more than just the four kinds of assets shown in Figure 2-1, but these four are the hard-core assets of a business that sells products.

Unless you authorize the creation of a new account, the accounts in the chart are the only ones you use. The need for one account in the chart of accounts, the cash account, is pretty obvious. A business needs to know how much money it has in its checking account with its bank, so it must establish a cash account and record cash receipts and disbursements in the account. Which other accounts are needed? This is the $64,000 question. To answer this question, the chief accountant looks to the information the business needs to report in its financial statements and income tax returns (the two major information demands on the accounting system of a business).

To illustrate the impact of transactions, consider the case of a business that has been in operation for many years. Its condensed balance sheet at the start of the year appears in Figure 2-1. Condensed Balance Sheet Figure 2-1: Condensed balance sheet of a business. Cash Receivables Inventory PP&E, net Assets $250,000 $300,000 $400,000 $550,000 $1,500,000 Operating liabilities Interest-bearing liabilities Owner’s invested capital Owner’s retained earnings = Liabilities and Owner’s Equity $350,000 $500,000 $250,000 $400,000 $1,500,000 Most businesses report more than just the four kinds of assets shown in Figure 2-1, but these four are the hard-core assets of a business that sells products.

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Accounting Workbook For Dummies by John A. Tracy


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