By Kenneth Boyd
A one-stop accounting reference
Packed with important details culled from the wide For Dummies accounting, bookkeeping, and auditing libraries, Accounting All-in-One For Dummies is a strong, one-stop reference.
Accounting All-in-One For Dummies is a accomplished source on various accounting recommendations. you will get up to the mark on: establishing your accounting process; recording accounting transactions; adjusting and shutting entries; getting ready source of revenue statements and stability sheets; making plans and budgeting on your enterprise; dealing with funds and making buy judgements; and more.
Accounting All-in-One For Dummies is a one-stop reference for college students learning the appliance of accounting theories and a worthy table reference for accounting execs within the group.
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Additional info for Accounting All-in-One For Dummies
Only the official, established chart, or list of accounts, should be used in recording transactions. An account is a separate record, or page, for each asset, each liability, and so on. One transaction affects two or more accounts. The journal entry records the whole transaction in one place; then each piece is recorded in the accounts affected by the transaction. After posting all transactions, a trial balance is generated. This document lists all the accounts and their balances, as of a certain date.
Few people give much thought to the many other facets of accounting. Accounting is much more than just keeping the books and completing tax returns. Sure, that is a large part of it, but in the business world, accounting also includes setting up an accounting system, preparing financial statements and reports, analyzing financial statements, planning and budgeting for a business, attracting and managing investment capital, securing loans, analyzing and managing costs, making purchase decisions, and preventing and detecting fraud.
You use assets to make money in your business. In other words, the resources are used up over time to generate sales and profits. Liabilities are debts the company owes to others — people other than owners of the business. See Book IV, Chapter 4 for the scoop on liabilities. The biggies are accounts payable and notes payable. Owners’ equity (or simply equity) is what's left over in the business at the end of the day. If you sold all your assets for cash, then paid off all your liabilities, any cash remaining would be equity.