By Jane Kelly, John A. Tracy CPA
Want to turn into an accountant? personal a small enterprise yet need assistance balancing your books? nervous approximately dealing with your funds lower than the cloud of the recession?
This hands-on workbook will get you up to the mark with the fundamentals of industrial accounting, together with interpreting monetary reviews, constructing budgets, controlling funds circulation, and making clever monetary judgements. The query and solution sections motivate you in finding your individual options to demanding accounting difficulties - and there is lots of house to scribble your workings out! Accounting Workbook For Dummies is the single ebook that makes really mild paintings of the monetary basics that many businesspeople try and bluff their method via each day.
Accounting Workbook For Dummies, united kingdom Edition covers:
Part I: company Accounting Basics
Chapter 1: components of commercial Accounting
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Are looking to develop into an accountant? personal a small company yet need assistance balancing your books? nervous approximately handling your funds below the cloud of the recession? This hands-on workbook will get you on top of things with the fundamentals of commercial accounting, together with analyzing monetary stories, constructing budgets, controlling funds stream, and making clever monetary judgements.
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Additional info for Accounting Workbook For Dummies
Keeping the Accounting Equation in Balance The accounting equation (Assets = Liabilities + Owners’ capital) says a lot in very few words. This equation is like the visible part of an iceberg – loads of important points are hidden under the water. Notice the two sides to the equation: assets on one side of the equals sign and claims against the assets on the other side. These claims arise from credit extended to the business (liabilities) and capital invested by owners in the business (owners’ capital).
But, deep down, they’re likely to think that they should know more about accounting. Business managers will find this book quite helpful even if they just dip their toes in. If you’re a business bookkeeper or accountant, you can use this book to review the topics you need to know well. It can help you upgrade your accounting skills and lay the foundation for further advancement. One great thing about Accounting Workbook For Dummies is that it offers alternative explanations of accounting topics that are different from the explanations in standard accounting textbooks.
In other words, the net cash increase from sales and expense (operating) activities was £780,000 during the year. 19. Suppose a business commits accounting fraud by deliberately not writing down its stock of £268,000, which is the cost of certain products that it can no longer sell and are going to be thrown in the junk heap. How should its balance sheet be adjusted to correct for this accounting fraud, ignoring income tax effects? The changes in the balance sheet to correct the fraudulent error are: Cash Creditors Debtors Loans Payable Stock (£268,000) Owners’ Capital (£268,000) Fixed Assets (Net of Accumulated Depreciation) ________ _________ Total Assets (£268,000) Total Liabilities and Owners’ Capital (£268,000) 20.
Accounting Workbook For Dummies by Jane Kelly, John A. Tracy CPA