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Accounting for Non-Accountants

ISBN: 9781402273049

By: Wayne Label

Published: 01/01/2013

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Description

With free Web-based tests and fully updated for 2012, Accounting for Non-Accountants continues to be the easiest to use beginner guide for anyone who’s never taken an accounting class, is mystified by accounting jargon, or has no clue about balance sheets or statements of cash flow. Included in this updated edition: • A new chapter on fraud—a major issue facing small businesses today • A new chapter on international accounting • A handy Q&A chapter for quick answers to top questions • Fully updated examples and appendices, including more online resources

About the Author

Wayne Label

Wayne Label has an MBA and PhD from UCLA. He has worked for the American Institute of of Certified Public Accountants, as well as various other academic posts.

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Table of Contents

Contents

 

Acknowledgments

Introduction

Chapter 1: Introducing Accounting and Financial Statements

What Is Accounting?

Who Uses Accounting Information?

Financial Statements

How Different Business Entities Present Accounting Information

Chapter 2: Generally Accepted Accounting Principles

Who Are the SEC, AICPA, FASB, and IASB? (or What Is This, Alphabet Soup?)

What Are Generally Accepted Accounting Principles (GAAP)?

What Are the Differences Between U.S. Accounting Standards and International Standards?

Chapter 3: The Balance Sheet and Its Components

Understanding the Balance Sheet

The Accounting Equation

Components of the Balance Sheet

Transactions behind the Balance Sheet

Chapter 4: The Income Statement

Understanding the Income Statement

The Income Statement Illustrated

Transactions That Affect the Income Statement

Business Transactions

Chapter 5: Preparing and Using a Statement of Cash Flows

What Is a Statement of Cash Flows?

Cash and Cash Equivalents

The Statement of Cash Flows Illustrated

Chapter 6: The Corporation

The Corporation Defined

What Is Capital Stock?

Cash Dividends, Stock Dividends, and Stock Splits

Incorporating Solana Beach Bicycle Company

What Is Treasury Stock?

Chapter 7: Double-Entry Accounting

The General Journal

The General Ledger

Trial Balance

Adjusting Journal Entries

Closing Journal Entries

Chapter 8: Using Financial Statements for Short-Term Analysis

Using Short-Term Ratios

Current and Quick Ratios

Working Capital

Composition of Assets

Inventory Turnover Ratio

Average Collection Period

Chapter 9: Using Financial Statements for Long-Term Analysis

Quality of Earnings

Rate of Return on Investment

Sales-Based Ratios or Percentages

Earnings Data

Long-Term Debt Position

Dividend Data

Footnotes

Chapter 10: Budgeting for Your Business

What Is a Budget?

Planning and Control

Advantages of Budgeting

Master Budget

Sales Budget

Capital Budget

Budgeted Income Statement

Cash Budget

Chapter 11: Audits and Auditors

What Is an Audit?

Types of Auditors

The Standard Audit Opinion Illustrated

Parts of the Report

Other Types of Audit Reports

Why Audits Are Useful to You

Other Services Provided by Auditors

Chapter 12: Fraud and Ethics

Fraud Defined

What Causes Fraud

How Fraud Is Committed

Why Do Employees Steal?

What Can You Do to Prevent Fraud in Your Organization?

What If My Business Is Too Small to Hire Additional Employees or Consultants?

Ethics

Appendix A: Internet for Accountants

What Resources Are Available for Accountants?

Appendix B: Frequently Asked Questions

Appendix C: Financial Statements: The Coca-Cola Company

A Note to My Readers

About the Author

Excerpt

Chapter 1

Introducing Accounting and Financial Statements

  • What Is Accounting?
  • Who Uses Accounting Information?
...

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Specs

Format: Paperback

Dimensions
Length: 9 in
Width: 6 in
Weight: 10.64 oz
Page Count: 224 pages

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