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Accounting for Managers (Briefcase Books Series) by William Webster

By William Webster

Translated into sixteen languages! The reader-friendly, icon-rich Briefcase Books sequence is needs to examining for all managers at each point.

All managers, no matter if fresh to their positions or well-established within the organizational hierarchy, can use a bit "brushing up" every now and then. The skills-based Briefcase Books sequence is stuffed with rules and techniques to aid managers turn into extra able, effective, potent, and helpful to their firms.

While they do not want the data of a CPA, all managers needs to nonetheless have a uncomplicated realizing of ways cash is tracked and accounted for in a firm.

Using the sidebars and down-to-earth kind that has develop into the Briefcase Books trademark, Accounting for Managers defines crucial terms--from basic ledger to chart of accounts--and, extra importantly, discusses their functions in daily company. It additionally introduces managers to renowned accounting software program courses and their use in monitoring and allocating cash within the association.

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The fundamental equation of accounting underlies the balance sheet. It looks like this: assets = liabilities + equity assets – liabilities = equity assets – equity = liabilities The physical layout of the balance sheet matches the first equation: assets = liabilities + equity This makes logical sense: the value of what the company owns (assets) minus the value of what the company owes (liabilities) leaves you with what the company is worth (equity). The Equations and the Normal Accounts This table illustrates how the income equation balances if we enter our transactions properly on the normal side of each account.

Tax code and GAAP have several provisions for taking some of the sting out of this situation. At most, you are out the opportunity cost, and some interest, from having to pay the tax. Still, many small businesses stay on cash basis accounting as long as they are eligible, to avoid paying tax on money they haven’t received. Check with your tax advisor to learn if you are eligible. Hint: if you carry inventory or gross in seven figures, probably not. 36 Accounting for Managers Zen Accounting To the novice, accounting often looks like a street corner shell game.

Revenue – Expenses = Debits Credits Debits Credits Decrease Increase Increase Decrease Normal Balance Normal Balance Net Income This table illustrates how the balance sheet equation—that is, the fundamental equation of accounting—balances properly if we enter our transactions on the normal side of each account. Assets = Liabilities + Owner's Equity Debits Credits Debits Credits Debits Credits Increase Decrease Decrease Increase Decrease Increase Normal Balance Normal Balance Normal Balance 20 Accounting for Managers Every transaction we enter follows the basic accounting equations.

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