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

By Wayne Label

A brief, Compact, and Easy-to comprehend source for Non-Accountants Accounting for Non-Accountants is the must-have consultant for we all who've by no means taken an accounting classification, are mystified through accounting jargon, and feature no clue approximately stability sheets, source of revenue statements, or statements of money flows. no matter if you personal a enterprise, plan on beginning one, or simply are looking to regulate your individual resources, you will discover every thing you must be aware of: how you can arrange and use monetary statements the best way to deal with budgets easy methods to take care of audits and auditors the best way to keep watch over funds flows tips to use accounting ratios to interpret monetary statements For marketers or a person who must rush up on accounting quick, this booklet may have you up and working very quickly. "A convinced must-have for any company owner!" —Julie A. Aydlott, CFE, writer of the short consultant to Small company Budgeting "A good selection for a person who's discovering accounting tricky to understand." —Dr. Richard A. Samuelson, emeritus professor of accounting, San Diego country collage  

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Less: Income Taxes . . . . . . . . . . . . . . Net Income. . . . . . . . . . . . . . . . . $21,300 . $7,565 $13,735 . $3,850 . (1,100) . (1600) $15,585 . (4,500) $10,385 See Appendix C for an example of the Income Statement from a major corporation. 48 Accounting for Non-Accountants The Accrual Concept The Accrual Concept addresses the issue of when Revenue is recognized on the Income Statement. Revenue is recognized when it is earned and Expenses are recognized as they are incurred regardless of when the cash changes hands; this is referred to as accrual basis of accounting.

8,000 Owner’s Investment $60,000 Building . . . . . 25,000 Land . . . . . . 10,000 Total Long-Term Assets . . . . . $43,000 Total Assets . . . $83,000 Total Liabilities and Owner’s Equity . . $83,000 The Balance Sheet and Its Components 41 Once again, the Balance Sheet stays in balance. Assets ($83,000) = Liabilities ($23,000) + Owner’s Equity ($60,000). 4. This demonstrates how the Balance Sheet can change, representing the company’s Assets, Liabilities, and Owner’s Equity at any given point in time.

Less: Income Taxes . . . . . . . . . . . . . . Net Income. . . . . . . . . . . . . . . . . $21,300 . $7,565 $13,735 . $3,850 . (1,100) . (1600) $15,585 . (4,500) $10,385 See Appendix C for an example of the Income Statement from a major corporation. 48 Accounting for Non-Accountants The Accrual Concept The Accrual Concept addresses the issue of when Revenue is recognized on the Income Statement. Revenue is recognized when it is earned and Expenses are recognized as they are incurred regardless of when the cash changes hands; this is referred to as accrual basis of accounting.

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