By Robert Rachlin
Finance and accounting are the spine of any association. but lots of executives and businesspeople are befuddled and intimidated through quantity crunching. Now there is a whole, concise, non-technical consultant to greedy all of the necessities of accounting -- and without delay utilising monetary facts. Readers will how you can: * pinpoint the main ecocnomic items or revenues areas * determine the speed of go back from a capital funding * make inner administration reviews extra priceless * comprehend and get ready an announcement of money flows Its basic process will entice all managers and managers who want a useful, understandable lesson in utilizing monetary research to set key enterprise targets, degree effects, and make shrewdpermanent judgements.
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Additional info for Accounting and Financial Fundamentals for NonFinancial Executives
The Income Statement. Sales. 6 Special Accounting Problems 46 Fixed Assets. Inventory Accounting. Accounts Receivable. 7 The Basic Accounting Process 64 Basic Rules of the Accounting Process. Filing Systems. Steps of the Accounting Process. 8 Manufacturing and Merchandising Cost Essentials 87 Merchandising vs. Manufacturing. Manufacturing Cost Systems. 9 Other Basic Cost Concepts and Their Applications 105 Types of Costs. Other Cost Concepts. The Contribution Concept. Other Applications of the Contribution Concept.
15EquitiesJuly 27Sept. 15LiabilitiesCash$15,000$10,600Accounts payable Loan payable$ 2,000 5,000Accounts receivable800Subtotal$ 7,000Inventory6,200Owner's equity$15,00015,600Delivery truck5,000Total assets$15,000$22,600 Total equities$15,000$22,600 We note, first, that the furniture mart has increased its assets and equities by $7,600. Second, and more important, owner's equity, that is, Gerry Manero's equity, has increased $600. This occurred because the assets of merchandise were exchanged for another assetcashat a higher value.
Because it is assumed that the assets will be used in the normal conduct of the business rather than sold or disposed of, the question of the value of the assets does not become as critical as it might otherwise. In this way the going concern principle facilitates the accounting problem of determining the values of assets. The Realization Principle A routine business transaction often involves more steps than meet the eye. Let's take, for example, a fictitious companyEZI Manufacturing Companyand its sale of widgets.