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Financial Accounting Essentials You Always Wanted To Know
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Descrição
Financial Accounting Essentials You Always Wanted To Know covers Financial Accounting concepts in concise and easy-to-understand manner for business professionals and non-finance graduates. This book includes Financial Accounting FUNDAMENTALS, SOLVED Examples, Important CONCEPTS & PRINCIPLES and Ample PRACTICE Exercises. The topics covered are:
• Understanding of Financial Accounting Terms
• Need, nature and purpose of Financial Statements
• Audience of Financial Statements
• Balance Sheet
• Income Statement
• Statement of Cash Flows
The book is divided into separate chapters, each dedicated to a single concept in Financial Accounting. The flow is such that it builds the reader’s understanding in stages. At the end of each chapter there are ample solved examples that help apply the concepts learnt in the chapter. This is followed by Practice Exercises that give an opportunity to the reader to apply the learnings from the chapter.
The reader gains the following competence after reading this book:
a) Understanding of individual items in Financial Statements
b) Reading and understanding Balance Sheet, Income Statement and Statement of Cash Flows
c) Preparing Balance Sheet, Income Statement and Statement of Cash Flows
This Self Learning Management Series intends to give a jump start to working professionals, whose job roles demand to have the knowledge imparted in a B-school but haven’t got a chance to visit one. This series is designed to address every aspect of business from HR to Finance to Marketing to Operations, be it any industry. Each book includes basic fundamentals, important concepts, standard and well-known principles as well as practical ways of application of the subject matter. The distinctiveness of the series lies in that all the relevant information is bundled in a compact form that is very easy to interpret.
Sobre o autor
Vibrant Publishers, USA is a leading publishing house publishing high quality books for IT professionals, management professionals as well as graduate students. We have redefined the way in which highly rich content can be made available to today's fast paced generation. This new generation's NEED TO KNOW NOW attitude and the highly competitive business environment has triggered us to publish books that have 'just the essential' information. We, at Vibrant Publishers, are committed to publishing books that are not only content-rich but also concise and approachable enabling more people to read and make the fullest use of them.We have introduced three different series of books for the three different and much in-demand genre of people.a) The Job Interview Questions Series caters to IT professionals specifically college freshman, junior/senior programmers, business analysts, and project managers.b) The Self Learning Management Series is intended to give a jump start to working professionals, whose job roles demand to have the knowledge imparted in a B-school but haven't got a chance to visit one.c) The Test Prep Series covers GRE, GMAT, SAT, TOEFL and IELTS exam books.About Job Interview Questions SeriesAs technology now-a-days changes very often, IT Professionals need to be updated with the latest trends in these technologies constantly and more importantly instantly. Job Interview Questions Series is THE answer to this need.We believe in delivering quality content and do so by tying up with the best authors around the globe. This series of books is written by expert authors and programmers who have been conducting interviews since a decade or more and have gathered vast experiences in the world of information technology. Unlike comprehensive, textbook-sized reference guides, our books include only the required information for job search. Hence, these books are short, concise and ready-to-use by the working Professionals.All the books in Job Interview Questions series include about 250 to 400 technical & HR interview questions with answers. They also include proven strategies along with Dozens of examples to respond to interview questions and thus help nail the interviews. Besides these, each book is accompanied by Aptitude Tests available as a download from our website.We hope to serve our readers by saving them time - by providing them with information that is important, and not bombarding them with data from which they need to pick relevant information.About Self Learning Management SeriesThe Self Learning Management series intends to give a jump start to working professionals, whose job roles demand to have the knowledge imparted in a B-school but who haven't got a chance to visit one. This series is designed to illuminate aspects of management, finance, organization development, consumer behavior, human resources, marketing and business. Dozens of books available in the market give ample information about these topics that may or may not be required. The distinctiveness of this series lies in that it gives only the relevant required information bundled in a compact form, uncomplicated to interpret.This series would cover various management topics in 10 different titles. Each book includes basic fundamentals, important concepts, standard and well-known principles as well as practical ways of application of the subject matter. The series will be instrumental in assisting all those who are in the following job roles:a) Dealing with Human Resourcesb) Taking financial decisionsc) Responsible for Sales and Marketingd) Carrying out the Operational activities in a companye) Directing Business strategiesf) Engaged in managerial decision making
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Financial Accounting Essentials You Always Wanted To Know - Vibrant Publishers
Financial Accounting Essentials You Always Wanted To Know
Self-Learning Management Series
www.vibrantpublishers.com
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Financial Accounting Essentials You Always Wanted To Know
Published by Vibrant Publishers at Smashwords
Copyright 2017 Vibrant Publishers, USA.
Smashwords Edition, License Notes
Copyright 2017, By Vibrant Publishers, USA. All rights reserved. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior permission of the publisher.
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. The author has made every effort in the preparation of this book to ensure the accuracy of the information. However, information in this book is sold without warranty either expressed or implied. The Author or the Publisher will not be liable for any damages caused or alleged to be caused either directly or indirectly by this book.
The publisher wishes to thank Kalpesh Ashar (India) for his valuable inputs to this edition.
Vibrant Publishers books are available at special quantity discount for sales promotions, or for use in corporate training programs. For more information please write to bulkorders@vibrantpublishers.com
Please email feedback/corrections (technical, grammatical or spelling) to spellerrors@vibrantpublishers.com
To access the complete catalogue of Vibrant Publishers, visit www.vibrantpublishers.com
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Table of Contents
1. Accounting Systems
Financial Accounting Systems
Need for Financial Accounting Systems
Financial Statements
Purpose of Financial Statements
Financial Accounting Standards
Solved Examples
Practice Exercises
2. Overview of Financial Statements
Balance Sheet
Income Statement
Statement of Cash Flows
Notes to the Financial Statements
Miscellaneous Accounting Concepts and Conventions
Solved Examples
Practice Exercises
3. The Balance Sheet
Current Assets
Current Liabilities
Solved Examples
Practice Exercises
4. The Income Statement
Measures of Income
Types of Revenues
Types of Expenses
Earnings per Share (EPS)and Diluted EPS
Revenue Recognition
Expense Recognition
Expanded Accounting Equation
Transaction Analysis and Income Statement Creation
Solved Examples
Practice Exercises
5. The Statement of Cash Flows
Categories of Cash Flow Activities
Cash Flow Pattern
Cash Flow Statement Preparation
Solved Examples
Practice Exercises
Glossary
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Accounting Systems
An accounting system helps capture and organize information related to business transactions. Depending upon the focus it can be divided into two types:
a) Accounting and
b) Managerial Accounting.
A Financial Accounting system contains financial statements and disclosures meant for decision makers external to the company. A Managerial Accounting system contains detailed plans and performance reports meant for decision makers within the company.
Financial Accounting Systems
A financial accounting system is a system that serves the dual purpose of keeping track of transaction information and helping organize and evaluate this information primarily meant for external decision makers. The part related to keeping track of information is termed as Bookkeeping
, which is related to recording an activity, like taking a loan, paying a supplier, or receiving a payment. The other part related to organizing information for evaluation is termed as Financial Statement
, which consists of summarised information on the business activities that help evaluating the health of the business. Bookkeeping is done first and then the captured data is organized and evaluated as part of Analysis stage.
Need for Financial Accounting Systems
Consider an example that some company buys equipment from another company and pays for it after 10 days. It also produces certain goods and sells 100 units to its customers and receives payment after 30 days. Assume that it also had to raise capital through a bank loan to buy the equipment and produce the goods. If none of these transactions were recorded anywhere then it would be impossible to know how much the company currently owes or needs to receive and hence the health of the company cannot be determined. Hence, bookkeeping (or recording of these transactions) is required by all companies.
Now assume that all transactions are recorded through a bookkeeping system and they are all presented to the external decision makers, like banker and investor. It would make it too difficult for them to wade through so many different transactions to figure out how the company was doing. Hence, financial statements are created from the recorded transactions so as to summarize all transactions in a few well-known heads of accounts to easily read the information and make
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- (3/5)this book is very good and i got in this book what i want.
is essential book