By Robert Rachlin
Finance and accounting are the spine of any association. but lots of executives and businesspeople are befuddled and intimidated by way of quantity crunching. Now there is a entire, concise, non-technical consultant to greedy all of the necessities of accounting -- and without delay employing monetary information. Readers will methods to: * pinpoint the main ecocnomic items or revenues areas * determine the speed of go back from a capital funding * make inner administration reviews extra helpful * comprehend and get ready a press release of money flows Its ordinary process will attract all managers and bosses who desire a sensible, understandable lesson in utilizing monetary research to set key enterprise targets, degree effects, and make clever judgements.
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Extra resources for Accounting and Financial Fundamentals for NonFinancial Executives
To illustrate, let's again use an example of home ownership. Suppose one morning a prospective buyer looks at your home and asks you what you consider to be its value. Later on in the day, a tax assessor comes to look at your home and asks the same question. Most of us would give one answer to the prospective buyer and another to the tax assessor, whether or not we are honest enough to admit it. The point is that the assessment of value can be a highly subjective process. Herein lies the dilemma.
Other important assets that cannot be accounted for in monetary terms include technological know-how, reputation, and brand awareness. " Accounting reports include only those events that can be reduced to a monetary basis and thus may ignore some of the most important facets of a business. Recognition of this fact is the beginning of the wise and intelligent use of accounting information. The Business Entity Principle The business entity principle is another rather simple notion. It means that accounting keeps records for business entities, rather than for individuals.
The choice is only one of terminology, since the purpose and the concept of the statement are the same under either label. An income statement for Gerry Manero's Furniture Mart for the period between July 27 and September 15 would appear as follows: GERRY MANERO'S FURNITURE MART Income Statement Period Ending September 15, 19X5 Revenues$2,400Less cost of goods sold1,800Net income$ 600 The source of these figures is as follows: Revenues are increases to owner's equity through sales of merchandise: Page 21 September 8$ 600September 12800September 151,000Total revenues as per income statement$2,400Expenses represent decreases to owner's equity for the costs associated with providing these goods: September 8$ 500September 12600September 15700Total revenues as per income statement$1,800 Revenues minus expenses equal net income, or $600, which is the net income to owner's equity for the period July 27 through September 15.
Accounting and Financial Fundamentals for NonFinancial Executives by Robert Rachlin