Accounting for Non-accountants: A Manual for Managers and by Graham Mott

By Graham Mott

This totally revised and up-to-date variation of the best-selling guide offers the fitting creation to the fundamentals of accounting and company finance. It takes the reader via accounting and fiscal options, techniques and phrases in an easy-to-follow, approachable sort. brand new with the newest adjustments in taxation legislations, it introduces ideas in a fashion meant to assist non-financial scholars in addition to managers from firms of all sizes. The e-book is geared up into 3 major sections: Annual debts, administration accounting and monetary administration. in the course of the publication there are feedback for extra analyzing and inquiries to attempt the reader's figuring out of every bankruptcy. "Accounting for Non-Accountants" is already well-known as an introductory textual content for company and administration scholars on a number of classes, and it continues to be crucial interpreting for a person wishing to really comprehend accounting rules and perform.

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Sample text

The three main sources are: ᔢ shareholders (or owners); ᔢ borrowings; ᔢ creditors excl. borrowings. Each of these sources can be further divided as we shall see. In addition, a source of finance is usually found in trade credit. This occurs when a firm buys goods or services from other firms, but is allowed a number of weeks to pay. These trade creditors reduce the amount of working capital needed to be provided from shareholders and borrowings. It is for this reason that creditors falling due within a year are deducted from the total current assets to show the net amount of working capital in the balance sheet.

In this case, the assets being leased are originally shown in the balance sheet at their full cost together with the capital amount outstanding on the finance agreement. The asset value is then depreciated each year and the outstanding liability is reduced by the element of capital repaid. It is a mammoth task in large organizations to keep records of all fixed assets showing their cost and depreciation amounts over time. In a business of some size, maintenance of the asset register is computerized, and accounting packages for this specific purpose are available.

Intangible assets with limited lives will be amortized to the profit and loss account over their expected lives, but not if they are deemed to have infinite lives. In this case they need to be written down in the balance sheet only if their value has suffered impairment. In general it is presumed that the useful economic lives of purchased goodwill and other intangible assets do not exceed 20 years from the date of acquisition. This can be rebutted if the asset is capable of measurement so that an impairment review can be carried out annually.

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