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Click the PDF icon below to from the Online Library. Book Description - ISBN 978-1-62620-953-4 (32 Pages) This free eBook explains all of the basic accounting concepts and terminology you will need to understand the three primary financial statements that appear in every organization's annual report and most internal monthly reports. Chapter 1 - As a manager, you will usually be expected to understand simple financial reports and communicate effectively with financial people in your own organization. You may also be asked to contribute financial data about your own business unit. Chapter 2 - The basic principles of accounting are best understood by considering some simple businesses and how they might document their financial activities.
Chapter 3 - The main limitations of cash accounting are that: there is nowhere to show 'unpaid bills'; there is no way of seeing any historical trend in the figures; and no allowance is made for major purchases or asset acquisition. Chapter 4 - Accrual accounting is considered to be the standard accounting practice for most organizations, and is mandated for organizations of any real size. It provides a more accurate financial picture, but is more difficult to administer. Chapter 5 - Terms like 'revenue,' 'expenses,' 'gross profit,' 'depreciation,' 'bad debt,' and 'fixed assets' have precise definitions when used in business accounting. You need to understand exactly what is meant by accounting terms like these. Chapter 6 - Revenue is something that is generated by the business in exchange for goods or services.
It does not include things like bank loans or overdraft facilities. Any payment for a service or product in advance of any work being performed is a 'receipt.'
It only becomes a 'revenue' item once work (on behalf of the customer) actually begins. Chapter 7 - The matching principle aims to minimize any mismatch in timing between when an organization incurs costs and when it realizes any associated revenue.
Chapter 8 - An income statement is an accounting of revenue, expenses, and profit for a given period. This can also be an internal document that can be used to make management decisions about almost any activity where you have a record of the money spent and the associated return. You will learn:. The precise meaning of the essential accounting terms. The purpose of the income statement, balance sheet and cash flow statement.
The differences between cash based and accrual based accounting. The 'revenue recognition' principle and the 'matching' principle. How depreciation, prepayments and bad debt are allowed for I Was Never One for Finance. Like any manager, my focus was on getting the best out of my team and improving the bottom-line of the company. As a result, I was constantly devising strategies and plans to enhance productivity and commitment. I was never one for finance. My aim was to make my team the best in the organization.
Yet, at my position, I could no longer ignore the importance of accounting statements of the company. The people in finance kept trying to explain what the statements showed but I didn't learn too much from them. I realized I needed help and that I got from Free Management eBooks.
Their eBook on Accounting Principles takes the technical aspect out of financial statements and strips them down to their bare bones. For a non-accounting person like me, this is something very important. Now I have a clear idea of what the three major statements, i.e.
The income statement, the balance sheet and the cash flow statement represent. Not only that, I can measure the performance of my team in terms of tangible numbers, something I previously used to overlook.
Perhaps the most important thing I realized was how the company spent cash. I never paid much attention to the spending and income simply because I didn't have the time or inclination for it. When I finally got around to seeing it, I saw the company wasn't in the best shape with regards to cash flow.
Mar 14, 2012 - Where is located Liquify filter in Photoshop Elements and what you can do with this filter. With Liquify filter in Photoshop Elements you can push pixels arround and make magical things like to lose weight or to enlarge women's chest with few. Product used in this tutorial: Adobe Photoshop Elements 10. Jul 21, 2013 - Liquify Filter - Push, pull, rotate, reflect, pucker, and bloat any area of an image. The distortions you create can be subtle or drastic, which makes the Liquify command a powerful tool for retouching images as well as creating artistic effects. The Liquify filter. Aug 4, 2017 - The Liquify filter lets you push, pull, rotate, reflect, pucker, and bloat any area of an image. The distortions you create can be subtle or drastic, which makes the Liquify command a powerful tool for retouching images as well as creating artistic effects. The Liquify filter can be applied to 8‑bits per-channel. Photoshop liquify tool. The freeze tool is not pictured on the left with the other tools. I can access freeze by pressing the 'F' key, but there is no way to unfreeze since that.
We were spending much more than the cash we had on hand. After reading Accounting Principles, I started working in tandem with the accountants to find ways to curb the outflow of cash. Six months on, I have been able to cut down cash spending by over 20%. This is an achievement for someone unfamiliar with even the basic accounting concepts before then.
In the current economic climate, it is important for business managers to have a keen insight into the accounting aspect of their company. Maintaining a healthy cash flow balance is as important as retaining profitability. I learned my lesson and so should you. At first, I thought that the eBook was too basic in terms of execution. It gave a primer on the main financial statements but didn't elaborate in much detail.
This was something I felt was lacking in the eBook. It was later that I saw that Free Management eBooks had several more eBooks on finance and accounting Skills on their website. Coming back to my experience, I also learned the meanings of a few basic, yet important accounting terms and principles.
For instance, I had no idea what accrual based accounting was but I do now. Same goes for the revenue recognition and matching principles of accounting. I was confused about the expenses which have to be accounted for yet where no money is being spent, like depreciation and bad debts. Let alone understand how they are shown in the accounts, I didn't have a clue why they were termed as expenses in the first place.
The eBook doesn't explain this in too much detail but it did give me a solid idea of the concept behind adding these 'non-cash' expenses to the accounts. A little more detail on the concept will be helpful nonetheless. I feel I have become a well-rounded manager after reading the eBook on Basic Accounting Principles. Now I am able to contribute towards one area of the business of which I previously had no knowledge of.
Miles Norton Told Me Just Enough There comes a point in your career when you realize that you really do need to understand this stuff. Thanks for providing such a short book that told me just enough to understand what the bean-counters are talking about without boring me too much. Henry F A Basic Book With Terms and Concepts Simply Defined The word 'accounting' has always been so scary to me. There are so many terms with such complex definitions. I did not believe that I could ever figure the basics out. I did not know where to start.
If you simply search for accounting on the internet you will come up with endless books, articles, terms, and definitions. I did not even know where to look to come up with terms to research. I am to the point in my career where it's time to dive into the accounting world if I want to be promoted. Because I thought that accounting was so complex, I have always let others take over that aspect of the business.
I really needed a basic book with terms simply defined so that an average person, without an accounting background, could understand. Thankfully for my career, I have found it! This book is free and only 30 pages long. It does not get any more simplistic than that. Before this book, I could not tell you what an income statement, balance sheet, or statement of cash flow was. This book did an excellent job of defining each of those.
If you need to learn even more about income statements, balance sheets, or statements of cash, there are specific books related to each of those found on the same website as this book. The book begins with income statements. Although it sounded really complex, it was actually very simple to understand. Using a business that I could understand as an example was a simple way of clarifying the details of an income statement. First, the book explained the basic terms to start with.
Revenue, expenses, and net income were all easily defined and then turned into an equation that I could understand. Revenue-Expenses=Net Income. The book then went on to describe cash accounting and accrual accounting. Cash accounting is simply recording the money when it is actually received or paid out from your bank account but should only be used by small businesses.
Accrual accounting is used for most businesses. Accrual accounting uses invoice sent out as 'sales' even if they have not been paid yet. It also considers expenses during the period, but not when it is actually paid out.
Difference between pig and hog. Accrual accounting seems a little more complex to me, but because of this book I was able to comprehend it. The author goes above and beyond to define the term and then use and example to help you better understand it. This book also helps you clearly decide which type of accounting you should be doing.
If you have a simple small business you may go for cash accounting. Cash accounting has some limitations that are easily defined. Understanding the advantages and disadvantages can help you decide what type of accounting that you need to use. There is a section of the book that contains 14 terms that are used in basic accounting. Some of them I had actually heard of while others I had not. Either way, when I completed this book I was able to speak about each of these terms in an educated manner.
I want to encourage anyone who needs to learn the basics of accounting to read this book. It is a simple book that is very easy to understand. If you need to read about the topic in depth they can be found on the website too. Jay Pope - Unpleasant surprises are one thing you want to avoid or keep to a minimum, especially when it's to do with your responsibilities at work.
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Every manager relies on the contributions of others both inside and outside of his or her organization. Knowing how healthy your suppliers and customers are will help you to make the right decisions so that you perform your role successfully. Knowing the difference between an asset and a liability is important for every member of management, mostly due to the fact that these are both used when putting together a 'Balance Sheet' for the company.
While you may not be an accountant or even in the accounting department, knowing the difference will make it much easier for you to understand the normal, day to day affairs of your organization. Such knowledge can even make you more attractive when the time comes for you to be considered for a promotion which can lead to higher pay and a more desirable title. As a manager, you most likely have a drive to move forward in your career. You probably want more responsibility, more authority, a better position, and in the end more pay. You may even want to climb to the top of the ladder!
Accounting Made Simple Pdf Download
To achieve the recognition you deserve you need to be fluent in 'financial speak' so that you can converse with senior managers, CPA's and accountants at their level. It is essential that you know and can talk about the difference between 'net sales' and 'net income' is more important than you may think.
Compact and concise, this is probably the best option for those who just want a refresher of accounting. Although I felt like it was lacking in some areas (mainly how to financial statements change over time), I guess I can't really complain because there is only so much you can fit in 100 pages. Pros: + Truly a fast read (can finish in an hour) + Hits the basics but nothing more + Easy reference material (e.g., well-defined chapters, summary section at the end of every chapter) Cons: - Lacking in s Compact and concise, this is probably the best option for those who just want a refresher of accounting. Although I felt like it was lacking in some areas (mainly how to financial statements change over time), I guess I can't really complain because there is only so much you can fit in 100 pages. Pros: + Truly a fast read (can finish in an hour) + Hits the basics but nothing more + Easy reference material (e.g., well-defined chapters, summary section at the end of every chapter) Cons: - Lacking in some areas that are important (namely how financial statements change over time with new items, etc.) Conclusion: After browsing around for different options, it appears this might be the best option for a short book that summarizes basic accounting.
Though I'm not completely satisfied with this book, you can't be too picky when trying to find a summary that is 100 pages or less. I came across this book through Amazon's suggestion while purchasing Thomas Ittelson's popular title. A few reviews were raving about its simplicity; so I thought to have a go at it too.
True to its words, the book is a beautiful primer and a good beginning point for lessons in Accounting. In 100 pages, it does a fantastic job of giving a quick glance through all types of financial statements, and why they are presented in that fashion. Starting from why owner's equity often is nothing more than I came across this book through Amazon's suggestion while purchasing Thomas Ittelson's popular title. A few reviews were raving about its simplicity; so I thought to have a go at it too.
True to its words, the book is a beautiful primer and a good beginning point for lessons in Accounting. In 100 pages, it does a fantastic job of giving a quick glance through all types of financial statements, and why they are presented in that fashion. Starting from why owner's equity often is nothing more than a plug figure, it goes on to build tricky concepts like why dividend is not considered expense, etc.
Every concept is explained with plenty focused examples which helped me get the hang of it. Specially the Debit-credit conundrum for different types of accounts has been explained brilliantly, that too without resorting to so called 3 Golden principles. (On a side note, the Golden Principles are too glittery, and often confuses beginners like me. Mike Piper's approach of giving intuitive explanation I find more useful than these so called principles.
But simplicity has its costs. It does not try to dwell on how Gross Profit Margin has implications for Inventory. Having learned most of these topics through Youtube videos recently, I wasn't really hoping this book to be more than just a revision material. But it proved to be much more than that. Because of its simplicity and limited scope, it did not take more than two hours to finish.
And borrowing from accounting jugglery, cost-benefit ratio in that sense was really good. Recommended for the noobs. It's a great super simple read that I picked up for a coworker that wants to learn accounting and has no experience. I wanted to read it before giving it to her to ensure it wouldn't be completely confusing. For a novice, it's great because each chapter has a brief example of what the accounting procedure would look like in a business setting. If you're looking to take the CPA exam, this book isn't for you. It's just a VERY broad overview of accounting.
Think of this as the cliff notes version o It's a great super simple read that I picked up for a coworker that wants to learn accounting and has no experience. I wanted to read it before giving it to her to ensure it wouldn't be completely confusing.
For a novice, it's great because each chapter has a brief example of what the accounting procedure would look like in a business setting. If you're looking to take the CPA exam, this book isn't for you. It's just a VERY broad overview of accounting. Think of this as the cliff notes version of accounting 101 textbooks. Concise and to the point This book provided me with a crash course on the accounting world.
It was an excellent refresher and this book can easily be read in just a few sittings. I suppose the only think feel to make note, and the author even says this in the introduction, is that this book couldn't possibly cover all there is to know about accounting. As the the title would suggest, there is a lot more to learn, and a lot more in depth these topics can be. With that being said, I think this book Concise and to the point This book provided me with a crash course on the accounting world. It was an excellent refresher and this book can easily be read in just a few sittings. I suppose the only think feel to make note, and the author even says this in the introduction, is that this book couldn't possibly cover all there is to know about accounting.
As the the title would suggest, there is a lot more to learn, and a lot more in depth these topics can be. With that being said, I think this book does an excellent job bringing together all of the important aspects in accounting. Hey, there is no such thing as an exciting accounting book for someone not in CPA school, so this is the next best thing; everything you need, and nothing more, so you can read about something else.
It has not one chapter, not one sentence, that is not necessary to get the 10-15 high points across that will make you understand the basics of accounting. The organization, brevity, and end of chapter reviews are a model for anybody else writing about book about a field like accounting where essenti Hey, there is no such thing as an exciting accounting book for someone not in CPA school, so this is the next best thing; everything you need, and nothing more, so you can read about something else. It has not one chapter, not one sentence, that is not necessary to get the 10-15 high points across that will make you understand the basics of accounting.
The organization, brevity, and end of chapter reviews are a model for anybody else writing about book about a field like accounting where essential coverage is 90-100% of what the reader wants.