Download e-book for iPad: Accounts demystified : how to understand financial by Anthony Rice

By Anthony Rice

ISBN-10: 0273663348

ISBN-13: 9780273663348

"An first-class primer on accounting, this e-book explains in easy language the way to comprehend stability sheets, revenue and loss money owed and money stream statements. It additionally has worthwhile chapters overlaying very important matters like go back on capital hired, gearing and e-book values in addition to supplying perception into the tips of the accounting trade." Jim Slater, funding guru and most sensible promoting writer of The Zulu precept this is often the hot variation of the bestselling consultant to figuring out and utilizing enterprise bills and accounting ideas, written in a manner that even the financially frightened amateur can simply take in. Accounting is usually seen as a hugely technical and intricate topic. even though, bills are literally in keeping with easy rules. it isn't corporation bills which are complicated, it is all too usually the way in which that they're defined. during this basic, effortless learn publication, the writer publications you thru all of the significant accounting recommendations. notice the best way to grasp corporation debts, comprehend stability sheets, revenue and loss debts and funds stream structures. discover ways to examine and video display your company's monetary performance."Accounts Demystified" is the definitive, common advisor to the elemental ideas of accounting that no supervisor should want to be with out

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Extra info for Accounts demystified : how to understand financial accounting and analysis

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Thus we increase the height of the trade creditors box by £2,000. What, though, is the other balance sheet entry? We haven’t actually bought the equipment so we can’t call it a fixed asset and the stationery is more or less used up during the year. These items are what we call the expenses of running the business. They reduce the profits made by selling stock and thus reduce the shareholders’ wealth. Our ‘double entry’ is therefore to reduce the retained profit box by £2,000, which makes our bars balance again.

Are the shareholders richer or poorer as a result of this transaction? The answer is no, because, although SBL has paid out £8,000 in cash, the company is owed £8,000 worth of stock. This is an asset to SBL. Thus we create a new box on the assets bar called prepayments with a height of £8,000. This says that the company is owed goods with a value of £8,000. Once again, the balance sheet balances. 14 42 Claims Assets Claims C R E AT I N G A B A L A N C E S H E E T Thanks to a mix-up in administration, SBL has not received a bill for its telephone and fax usage for the year.

Pay interest on loan of £1,000. Collect £15,000 of cash from debtors. Pay creditors £10,000. Make a prepayment of £8,000 on account of stock. Adjust for £2,000 of telephone expenses not yet billed. Adjust for depreciation of fixed assets of £3,000. Adjust for £4,000 expected tax liability. Adjust for £3,000 dividend to be paid. 1 Summary of SBL’s first-year transactions and adjustments 18 C R E AT I N G A B A L A N C E S H E E T Don’t worry for the time being if you don’t understand some of the things on this list – I will explain them as we go along.

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Accounts demystified : how to understand financial accounting and analysis by Anthony Rice

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