By John A. Tracy
Stability the books -- with no the entire headaches!
Trying to get qualified and develop into an accountant? personal a small enterprise yet desire a little aid balancing your books? Don't fear! This hands-on consultant presents the educational and very important perform you must grasp very important accounting techniques and fundamentals. ideal as a better half workbook for Accounting For Dummies -- or the other accounting textbook -- Accounting Workbook For Dummies promises a wealth of real-world examples, demonstration difficulties, and convenient routines. With this beneficial source as your consultant, you'll grasp stability sheets, source of revenue statements, and budgets in no time!
100s of Problems!
* checklist transactions, tune charges, and deal with accounts
* Open and shut bookkeeping cycles
* study company functionality and profit
* pick out the precise accounting method
* grasp funding accounting fundamentals
* comprehend production price accounting
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Extra resources for Accounting Workbook For Dummies
The financial effects of transactions are recorded as increases or decreases in accounts, and you can’t make an accounting entry for a transaction without having accounts to increase or decrease. In short, no accounts mean no accounting! Suppose you’re the chief accountant of a brand new business. It’s your very first day on the job. Where do you start (after finding the restroom)? Your first order of business is to establish the chart of accounts that will be used to record the transactions of the business.
Condensed Balance Sheet Cash +$500,000 Operating liabilities Receivables Interest-bearing liabilities Inventory Owners’ invested capital PP&E, net Owners’ retained earnings Assets +$500,000 = Liabilities and Owners’ Equity +$500,000 +$500,000 No interest expense is recorded when the money is borrowed because interest is a time charge for using borrowed money. Interest expenses will be recorded in each future period the money is borrowed, starting at the time the money is borrowed. b. Condensed Balance Sheet Cash –$250,000 Operating liabilities Receivables Interest-bearing liabilities Inventory Owners’ invested capital PP&E, net +$250,000 Assets Owners’ retained earnings = Liabilities and Owners’ Equity There is no change in total assets but rather an exchange among assets: Cash decreases $250,000 with the cost of the new machine.
Profit-making activities d. Sold to customers products that had been held in inventory For each transaction, identify which type of transaction it is according to the four basic types: • Profit-making activities (sales and expenses) • Set-up and follow-up transactions for sales and expenses • Investing activities • Financing activities Purchasing and constructing assets that have multi-year lives are long-term investments, which are classified as investing activities. Chapter 2: Financial Effects of Transactions 1.