By Wayne Label

A short, Compact, and Easy-to comprehend source for Non-Accountants Accounting for Non-Accountants is the must-have consultant for we all who've by no means taken an accounting classification, are mystified through accounting jargon, and feature no clue approximately stability sheets, source of revenue statements, or statements of money flows. even if you personal a enterprise, plan on beginning one, or simply are looking to regulate your individual resources, you will find every thing you want to comprehend: find out how to organize and use monetary statements easy methods to deal with budgets how one can care for audits and auditors find out how to regulate funds flows the best way to use accounting ratios to interpret monetary statements For marketers or an individual who must rush up on accounting speedy, this ebook can have you up and working very quickly. "A yes must-have for any company owner!" —Julie A. Aydlott, CFE, writer of the fast consultant to Small company Budgeting "A good selection for somebody who's discovering accounting tricky to understand." —Dr. Richard A. Samuelson, emeritus professor of accounting, San Diego nation college  

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23,000 Prepaid Insurance . . . . . . . . . . 1,000 Total Short-Term Assets . . . . . . . . . . . . . $50,385 The Balance Sheet and Its Components 35 Long-Term Assets: Truck. . . . . . . . . . . . . . . . . . . $8,000 Building. . . . . . . . . . . . . . . . . . 25,000 Land . . . . . . . . . . . . . . . . . . . 10,000 Total Long-Term Assets. . . . . . . . . . . . . $43,000 Total Assets . . . .

Less: Income Taxes . . . . . . . . . . . . . . Net Income. . . . . . . . . . . . . . . . . $21,300 . $7,565 $13,735 . $3,850 . (1,100) . (1600) $15,585 . (4,500) $10,385 See Appendix C for an example of the Income Statement from a major corporation. 48 Accounting for Non-Accountants The Accrual Concept The Accrual Concept addresses the issue of when Revenue is recognized on the Income Statement. Revenue is recognized when it is earned and Expenses are recognized as they are incurred regardless of when the cash changes hands; this is referred to as accrual basis of accounting.

Net Income. . . . . . . . . . . . . . . . . $21,300 . $7,565 $13,735 . $3,850 . (1,100) . (1600) $15,585 . (4,500) $10,385 See Appendix C for an example of the Income Statement from a major corporation. 48 Accounting for Non-Accountants The Accrual Concept The Accrual Concept addresses the issue of when Revenue is recognized on the Income Statement. Revenue is recognized when it is earned and Expenses are recognized as they are incurred regardless of when the cash changes hands; this is referred to as accrual basis of accounting.

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