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. no matter if you personal a company, plan on beginning one, or simply are looking to keep watch over your personal resources, you will discover every thing you want to understand: tips to arrange and use monetary statements how you can deal with budgets tips to take care of audits and auditors how one can keep an eye on funds flows how you can use accounting ratios to interpret monetary statements For marketers or a person who must rush up on accounting quick, this ebook can have you up and working very quickly. "A certain must-have for any company owner!" —Julie A. Aydlott, CFE, writer of the short consultant to Small enterprise Budgeting "A sensible choice for somebody who's discovering accounting tough to understand." —Dr. Richard A. Samuelson, emeritus professor of accounting, San Diego nation collage
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Extra resources for Accounting for Non-Accountants, 2E: The Fast and Easy Way to Learn the Basics
Historical Cost: The amount paid for an item owned by the business (Assets), or the amount incurred in a debt on the date of the agreement to enter into the obligation (Liabilities). Even though over time the values of these Assets and/or Liabilities may change, they will always be shown on the Balance Sheet at their historical cost. Intangible Assets: Those Assets that are of value to a business and meet all tests of being an Asset, but do not have tangible qualities; for example, trademarks and patents.
10,000 Total Assets . . . . . . . . . . . . . . . . $93,385 Liabilities And Owner’s Equity Liabilities: Accounts Payable . . . . . . . . . $3,000 Mortgage Payable . . . . . . . . . 20,000 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 .
Employees 5. Money owed to the company from sales of bicycles 6. Money owed by the company to the gas company 7. The land that the company’s building is on 8. A truck used to deliver the bicycles to customers 9. Money in the personal bank account of the owner 10. M oney paid in advance for a three-year insurance policy on the business See page 41 for answers. Short-Term Assets Assets are normally subdivided on the Balance Sheet into two categories. The first is called Short-Term Assets (or Current Assets).