By Graham Mott
This totally revised and up to date version of the best-selling handbook presents the proper creation to the fundamentals of accounting and enterprise finance. It takes the reader via accounting and monetary suggestions, options and phrases in an easy-to-follow, approachable kind. modern with the most recent alterations in taxation legislation, it introduces strategies in a manner meant to assist non-financial scholars in addition to managers from enterprises of all sizes. The booklet is geared up into 3 major sections: Annual money owed, administration accounting and monetary administration. during the e-book there are feedback for extra examining and inquiries to try out the reader's knowing of every bankruptcy. "Accounting for Non-Accountants" is already regularly occurring as an introductory textual content for company and administration scholars on a number of classes, and it is still crucial interpreting for somebody wishing to actually comprehend accounting rules and perform.
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Additional info for Accounting for Non-accountants: A Manual for Managers and Students
Further reading Cox, D et al (1998) Business Record Keeping, Osborne. Melville, A (1999) Financial Accounting, FT Prentice Hall, Harlow. Wood, F and Robinson, S (2004) Book-keeping and Accounts, FT Prentice Hall, Harlow. Self-check questions 1. Which system of bookkeeping is most suited to a self-employed plumber? 2. Define a receipts and payments account. 3. Prepare a receipts and payments account from the following information for Gosforth Gardeners Association, showing the cash balance at the end of the year: Cash at start of year Bulk purchase of seeds and fertilizers Members’ annual subscriptions Sales of seeds and fertilizers to members Purchase of equipment for hire Hire fees received £1,270 £2,510 £560 £2,250 £1,500 £450 27 The annual accounts 4.
4. 5. 6. 7. 8. 56 Why must a balance sheet always balance? What are the two main groups of assets called? What are the main two sources of long-term capital for a company? Why is the goodwill of a company, built up over many years, not shown as an asset in its balance sheet? Distinguish between operating leases and finance leases. Name the three main types of stocks. Why will there be a difference between the total value of customers’ invoices outstanding and the amount shown as debtors in a company’s balance sheet?
Format 2 requires more detail on the face of the profit and loss account, but these extra details are contained in supplementary notes to Format 1, so in reality there is little difference between them. Formats 1 and 2 use a vertical form of presentation whilst the rarely seen Formats 3 and 4 use a horizontal presentation that reflects double entry bookkeeping. The Financial Reporting Standard (FRS No 3) issued in 1992 and entitled Reporting Financial Performance aims to make the profit and loss account statement more reliable an indicator of financial performance and less vulnerable to creative accounting.
Accounting for Non-accountants: A Manual for Managers and Students by Graham Mott