Accounting Workbook For Dummies, 2nd Edition
- Length: 384 pages
- Edition: 2
- Language: English
- Publisher: For Dummies
- Publication Date: 2022-09-07
- ISBN-10: 1119897637
- ISBN-13: 9781119897637
- Sales Rank: #811725 (See Top 100 Books)
Number nightmares in accounting? No more!
The numbers are clear: the need for accountants is not only strong, but on the rise. With job growth projected to increase by 7% over the next 10 years, there’s no time like the present to join this growing—and profitable—profession. Accounting Workbook For Dummies, 2nd Edition gives you the hands-on instruction you need to understand complicated concepts through demonstration problems, practice worksheets. and spreadsheets.
- Understand the role of accountants versus bookkeepers
- Develop knowledge to establish and maintain high quality accounting systems
- Dip your toes into accounting in the digital age
- Learn to properly interpret financial statements and reports
- Generate income statements, balance sheets, and cash flow statements
- Expand your knowledge on sources of business capital
- Learn how to improve profits and manage costs
Understanding the intricacies of accounting has never been easier as in today’s rapid-fire global economy, accountants have never been more important—it’s all in your hands with this plain-English workbook!
Cover Title Page Copyright Table of Contents Introduction About This Book Foolish Assumptions Icons Used in This Book Beyond the Book Where to Go from Here Part 1: Business Accounting Basics Chapter 1: Business Accounting Fundamentals Keeping the Accounting Equation in Balance Distinguishing Between Cash- and Accrual-Basis Accounting Summarizing Profit Activities in the Income (Profit & Loss) Statement Assembling a Balance Sheet Partitioning the Statement of Cash Flows Tracing How Dishonest Accounting Distorts Financial Statements Answers to Problems on Elements of Business Accounting Chapter 2: Financial Effects of Transactions Classifying Business Transactions Seeing Both Sides of Business Transactions Concentrating on Sales Concentrating on Expenses Determining the Composite Effect of Profit Answers to Problems on Financial Effects of Transactions Chapter 3: Getting Started in the Bookkeeping Cycle Constructing the Chart of Accounts Distinguishing Real and Nominal Accounts Knowing Your Debits from Your Credits Making Original Journal Entries Recording Revenue and Income Recording Expenses and Losses Recording Set-Up and Follow-Up Transactions for Revenue and Expenses Recording Investing and Financing Transactions Answers to Problems on the Bookkeeping Cycle Chapter 4: The Bookkeeping Cycle: Adjusting and Closing Entries Getting Accurate with Adjusting Entries Breaking Down the End-of-Year Adjusting Entries Closing the Books on the Year Instituting Internal Controls Answers to Problems on the Bookkeeping Cycle Chapter 5: Accounting in the Digital Age Keeping a Few Foundational Accounting Concepts in Mind Using Accounting Software and the Services of an Expert Controlling and Protecting Money Flows in the Electronic Age Managing the Accounting Function in the On-Demand World Answers to Problems on Accounting in the Digital Age Part 2: Preparing Financial Statements Chapter 6: Understanding Basic Accounting Concepts and Methods Touching on Basic Accounting Theories and Concepts Providing Some Examples of Choosing Accounting Methods Getting Off to a Good Start Determining Whether Products Are Unique or Fungible Contrasting Cost of Goods Sold Expense Methods (for Fungible Products) Appreciating Depreciation Methods Timing Bad Debts Expense Answers to Problems on Choosing Accounting Methods Chapter 7: The Effects and Reporting of Profit Understanding the Nature of Profit Choosing the Income Statement Format Deciding on Disclosure in the Income Statement Examining How Sales and Expenses Change Assets and Liabilities Summing Up the Manifold Effects of Profit Answers to Problems on the Effects and Reporting of Profit Chapter 8: Reporting Financial Condition in the Balance Sheet Getting Started on the Balance Sheet Building a Balance Sheet Fleshing Out the Balance Sheet Clarifying the Values of Assets in Balance Sheets Answers to Problems on Reporting Financial Condition in the Balance Sheet Chapter 9: Coupling the Income Statement and Balance Sheet Rejoining the Income Statement and Balance Sheet Filling in Key Pieces of the Balance Sheet from the Income Statement Putting Fixed Assets in the Picture Completing the Balance Sheet with Debt and Equity Answers to Problems on Coupling the Income Statement and Balance Sheet Chapter 10: Reporting Cash Flows and Changes in Owners’ Equity Figuring Profit from the Balance Sheet Reporting the Statement of Changes in Stockholders’ Equity Determining Cash Effect from Profit Generating Activities Presenting the Statement of Cash Flows Answers for Problems on Reporting Cash Flows and Changes in Owners’ Equity Part 3: Managerial, Manufacturing, and Capital Accounting Chapter 11: Analyzing Profit Behavior Mapping Profit for Managers Analyzing Operating Profit Analyzing Return on Capital Improving Profit Performance Answers to Problems on Analyzing Profit Behavior Chapter 12: Tackling Managerial Cost Accounting Minding Manufacturing Costs Taking a Short Tour of Manufacturing Entries Calculating Product Cost: Basic Methods and Problems Calculating Product Cost in Unusual Situations Answers to Problems on Manufacturing Cost Accounting Chapter 13: Business Planning and Raising Capital Starting with the Business Plan Realizing the Importance of Business Forecasts Identifying Types of Available Capital Answers to Problems on Managing Business Capital Part 4: The Part of Tens Chapter 14: Ten Things You Should Know About Business Financial Statements Rules and Standards Matter Exactitude Would Be Nice, but Estimates Are Key Financial Statements Fit Together Hand in Glove Accrual Basis Is Used to Record Profit, Assets, and Liabilities Cash Flow Differs from Accrual Basis Profit Profit and Balance Sheet Values Can Be and Often Are Manipulated Financial Statements May Be Revised Later to Correct Errors and Fraud Some Asset Values Are Current, but Others May Be Old Financial Statements Leave Interpretation to Readers Financial Statements Tell the Story of a Business, Not Its Individual Shareowners Chapter 15: A Ten-Point Checklist for Management Accountants Designing Internal Accounting Reports Helping Managers Understand Their Accounting Reports Involving Managers in Choosing Accounting Methods Designing Profit Performance Reports for Managers Designing Cash Flow Reports for Managers Designing Management Control Reports Developing Financial Forecast Models for Management Decision-Making Analysis Working Closely with Managers in Planning Establishing and Enforcing Internal Controls Staying Current in the Digital Age and Global Economy Index About the Author Connect with Dummies End User License Agreement
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