By John A. Tracy
Study the fundamentals of useful accounting simply and painlessly with Accounting For Dummies, 4th Edition, which positive aspects new details on accounting tools and criteria to maintain you brand new. With this consultant, you could stay away from accounting fraud, reduce confusion, maximize earnings, and make feel of accounting fundamentals with this plain-English advisor for your accountant’s language. know how to control stock, document source of revenue and costs for public or deepest businesses, assessment revenue margins, learn enterprise strengths and weaknesses, and deal with budgets for a greater base line.
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Extra info for Accounting For Dummies
Figure 2-1 shows the basic information content for an external income statement: one released outside the business to its owners and lenders. The income statement in Figure 2-1 shows six lines of information: sales revenue on the top line, four types of expenses that are deducted from sales revenue, and finally bottom-line net income. Virtually all income statements disclose at least the four expenses shown in Figure 2-1. The first two expenses (cost of goods sold and selling, general, and administrative expenses) take a big bite out of sales revenue.
For example, if one asset goes up, another asset goes down — or, alternatively, either a liability or owners’ equity goes up. This is the economic nature of transactions. Double-entry means two-sided, not that the transactions are recorded twice. Reporting profit and loss, and cash flows Other financial statements are different from the balance sheet in one important respect: They summarize the flows of activities over the period. ) Accountants prepare two types of financial flow reports for a business: ߜ The income statement summarizes the inflow from sales revenue and income, which is offset by the outflows for the expense during the period.
If the business sold any of its long-term assets, it reports the cash inflows from these divestments in this section of the statement of cash flows. The cash flows of other investment activities (if any) are reported in this part of the statement as well. As you can see in part (2) of the statement of cash flows (see Figure 2-3), the business invested $450,000 in new long-term operating assets (trucks, equipment, tools, and computers). The third part of the statement sums up the dealings between the business and its sources of capital during the period — borrowing money from lenders and raising new capital from its owners.