Accounting For Dummies by John A. Tracy

By John A. Tracy

Study the fundamentals of sensible accounting simply and painlessly with Accounting For Dummies, 4th Edition, which positive aspects new details on accounting tools and criteria to maintain you brand new. With this consultant, you could keep away from accounting fraud, reduce confusion, maximize gains, and make experience of accounting fundamentals with this plain-English advisor on your accountant’s language. know the way to control stock, record source of revenue and bills for public or inner most businesses, overview revenue margins, study company strengths and weaknesses, and deal with budgets for a greater final analysis.

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A ccounting is all about financial information — capturing it, recording it, configuring it, analyzing it, and reporting it to persons who use it. I don’t say much about how accountants capture, record, and configure financial information in this book. But I talk a lot about how accountants communicate information in financial statements, and I explain the valuation methods accountants use — ranging from measuring profit and loss to putting values on assets and liabilities of businesses. As you go through life, you come face to face with accounting information more than you would ever imagine.

Dollar amounts can be reported out to the last dollar, or even the last penny for that matter. But too many digits in a dollar amount are hard to absorb, so many businesses round off the dollar amounts in their financial statements. These financial statements are stepping-stone illustrations that are concerned mainly with the basic information components in each statement. Full-blown, classified financial statements are presented in Part II of the book. ) The financial statements in this chapter do not include all the information you see in actual financial statements.

In short, payroll is a complex and critical function that the accounting department performs. Many businesses outsource payroll functions to companies that specialize in this area. ߜ Cash collections: All cash received from sales and from all other sources has to be carefully identified and recorded, not only in the cash account but also in the appropriate account for the source of the cash received. The accounting department makes sure that the cash is deposited in the appropriate checking accounts of the business and that an adequate amount of coin and currency is kept on hand for making change for customers.

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