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By William H. Webster, CPA

ISBN-10: 0071436472

ISBN-13: 9780071436472

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Sample text

These procedures, developed, tested, and proven over time, will guide you through many financial rapids. Computers have taken over much of the mind porridge chores in accounting. Whether it’s putting a bat on a ball, practicing an aria, or polishing a sales call, repetition yields positive results. Financial Statements 49 Past as Prologue Financial statements are historical documents. They report the past. Since there’s no way to directly know the future, we use financial statements—past performance—to forecast the future.

In addition, estimates must be made as to wages owed, taxes owed, etc. Matching these estimates to the facts of the case often requires sound judgment. The full disclosure principle states that financial information should be complete and accurate for past transactions. There may also be external events, such as a pending lawsuit, or internal events, such as a union action, that would affect the firm’s financial health. Even if there’s no verifiable economic impact at present, these events should be noted in footnotes to the financial reports.

3 Financial Statements The Lemonade Stand I t’s a hot August afternoon. Dick and Jane open their lemonade stand to catch the coming home from work trade. They get Molly and Tom to mix the lemonade, serve drinks, and collect cash while they drum up customers. Molly’s older brother, James, is in charge of getting the lemonade supplies and helping things go smoothly. Another day of basic business. In any business, owners provide the funds. Managers buy equipment, inventory, and other assets. Managers, in conjunction with owners, develop plans and set goals.

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Accounting for Managers by William H. Webster, CPA


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