By William Webster
Translated into sixteen languages! The reader-friendly, icon-rich Briefcase Books sequence is needs to studying for all managers at each point.
All managers, even if fresh to their positions or well-established within the organizational hierarchy, can use a bit "brushing up" from time to time. The skills-based Briefcase Books sequence is full of principles and techniques to assist managers develop into extra able, effective, potent, and priceless to their corporations.
While they do not want the data of a CPA, all managers needs to nonetheless have a easy realizing of ways cash is tracked and accounted for in a company.
Using the sidebars and down-to-earth variety that has turn into the Briefcase Books trademark, Accounting for Managers defines crucial terms--from common ledger to chart of accounts--and, extra importantly, discusses their purposes in daily company. It additionally introduces managers to well known accounting software program courses and their use in monitoring and allocating money within the association.
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Additional info for Accounting for Managers (Briefcase Books Series)
The revenue and expense accounts are added up for a given period of time, typically a year. The statement of cash flows solves the second question. It tracks where cash came from what it was used for. It also tracks activity for a given time period. Finally, the balance sheet polishes off the third of the three questions. It shows what’s left in the company. It’s the only one that uses a point in time, typically the end of the fiscal year. All the gozinta and gozouta transactions of the business can be assigned to one of three categories of activities—operating, investing, and financing.
Information and Communications The information and communication part includes the accounting system. The accounting system, whether manual or computerized, is the methods and records set up to record, process, summarize, and report the firm’s transactions. It must maintain accountability for all the related assets and liabilities. • Can the system identify and record all valid transactions? This objective concerns the financial statement assertions of existence or occurrence and completeness. • Does it describe on a timely basis the transactions in sufficient detail to permit proper classification of transactions for financial reporting?
Revenues earned less expenses incurred equals income. Income is the measure of performance for the period. The time period assumption often makes measuring and matching revenues and expenses a chore. At the end of the Concepts and Principles, Checks and Balances 33 When Recognition Doesn’t Match Actions surrounding the twin principles, revenue recognition and matching, have led to some of the greatest displays of stupidity and/or cupidity in the history of financial reporting. Putting expenses into a different time period or reporting revenue when a contract is signed are typical ploys to either pump up or flatten income.