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

By Wayne Label

A short, 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 type, are mystified by means of accounting jargon, and feature no clue approximately stability sheets, source of revenue statements, or statements of money flows. even if you personal a company, plan on beginning one, or simply are looking to keep watch over your personal resources, you can find every thing you must comprehend: tips on how to arrange and use monetary statements easy methods to deal with budgets how you can care for audits and auditors the best way to keep an eye on funds flows how you can use accounting ratios to interpret monetary statements For marketers or an individual who must rush up on accounting quickly, this booklet can have you up and working very quickly. "A certain must-have for any enterprise owner!" —Julie A. Aydlott, CFE, writer of the short consultant to Small company Budgeting "A sensible choice for an individual who's discovering accounting tough to understand." —Dr. Richard A. Samuelson, emeritus professor of accounting, San Diego kingdom college  

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4,000 Long-Term Liabilities: Mortgage Payable . . . . . . . . . . . . . . $19,000 Total Liabilities . . . . . . . . . . . . . . . $23,000 Owner’s Equity: Owner’s Investment . . . . . . . . . $60,000 Retained Earnings . . . . . . . . . . 10,385 Total Owner’s Equity . . . . . . . . . . . . . $70,385 Total Liabilities & Owner’s Equity . . . . . . . . . $93,385 See Appendix C for an example of the Balance Sheet from a major corporation.

No. Because everyone has agreed to follow this convention, everyone preparing and using these financial statements understands the language that is being spoken. The Accounting Equation Often the relationships between Assets (A), Liabilities (L), and Owner’s Equity (OE) are shown in terms of a formula. Quick Tip A = L + OE Assets = Liabilities + Owner’s Equity 30 Accounting for Non-Accountants The total Assets of the company equal the sum of the Liabilities and the Owner’s Equity. The formula depicts the relationships of the various elements of the Balance Sheet.

The first section shows the Revenues earned from the sale of goods and/or The Income Statement 47 services for the period being reported. 1), this period is one year. The second section lists the Expenses the business has incurred to earn these Revenues during the period represented by the Income Statement. The third section is the difference between these Revenues and Expenses in which we hope the Revenues outweigh the Expenses, indicating a profit. If the Expenses are greater than the Revenues, this would indicate a loss—not a great thing in a business.

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