Accounting All-in-One For Dummies with Online Practice

by Boyd, Kenneth W.

• ISBN13: 9781119453895
• ISBN10: 1119453895
• Edition: 2nd
• Format: Paperback
• Copyright: 2018-04-17
• Publisher: For Dummies

Summary

Your all-in-one accounting resource 

If you’re a numbers person, it’s your lucky day! Accounting jobs are on the rise — in fact, the Bureau of Labor Statistics projects a faster-than-average growth rate of 11% in the industry through 2024. So, if you’re seeking long-term job security while also pursuing your passion, you’ll be stacking the odds in your favor by starting a career in accounting.

Accountants don’t necessarily lead a solitary life behind a desk in a bank. The field offers opportunities in auditing, budget analysis, financial accounting, management accounting, tax accounting, and more. In Accounting All-in-One For Dummies, you’ll benefit from cream-of-the-crop content culled from several previously published books. It’ll help you to flourish in whatever niche you want to conquer in the wonderful world of accounting. You’ll also get free access to a quiz for each section of the book online.

• Report on financial statements        
• Make savvy business decisions
• Audit and detect financial fraud
• Handle cash and make purchasing decisions
• Get free access to topic quizzes online

If you’re a student studying the application of accounting theories or a professional looking for a valuable desktop reference you can trust, this book covers it all.

Author Biography

Kenneth W. Boyd has 30 years of experience in accounting and financial services. He is a four-time Dummies book author, a blogger, and a video host on accounting and finance topics.

Table of Contents

Introduction 1

Book 1: Setting Up Your Accounting System 5

Chapter 1: Grasping Bookkeeping and Accounting Basics 7

Chapter 2: Outlining Your Financial Road Map with a Chart of Accounts 17

Chapter 3: Using Journal Entries and Ledgers 27

Chapter 4: Choosing an Accounting Method 43

Book 2: Recording Accounting Transactions 55

Chapter 1: Keeping the Books 57

Chapter 2: Tracking Purchases 69

Chapter 3: Counting Your Sales 81

Chapter 4: Processing Employee Payroll and Benefits 93

Chapter 5: Computing and Reporting Payroll Taxes 113

Book 3: Adjusting and Closing Entries 125

Chapter 1: Depreciating Your Assets 127

Chapter 2: Paying and Collecting Interest 139

Chapter 3: Proving Out the Cash 149

Chapter 4: Reconciling Accounts and Closing Journal Entries 159

Chapter 5: Checking Your Accuracy 175

Chapter 6: Adjusting the Books 185

Book 4: Preparing Income Statements and Balance Sheets 197

Chapter 1: Brushing Up on Accounting Standards 199

Chapter 2: Preparing an Income Statement and Considering Profit 209

Chapter 3: Assessing the Balance Sheet’s Asset Section 227

Chapter 4: Digging for Debt in the Balance Sheet’s Liabilities Section 243

Chapter 5: Explaining Ownership in the Equity Section of the Balance Sheet 257

Chapter 6: Coupling the Income Statement and Balance Sheet 269

Book 5: Reporting on Your Financial Statements 283

Chapter 1: Presenting Financial Condition and Business Valuation 285

Chapter 2: Laying Out Cash Flows and Changes in Equity 295

Chapter 3: Analyzing Financial Statements 311

Chapter 4: Reading Explanatory Notes and Disclosures 327

Chapter 5: Studying the Report to the Shareholders 341

Book 6: Planning and Budgeting for Your Business 353

Chapter 1: Incorporating Your Business 355

Chapter 2: Choosing a Legal Structure for a Business 367

Chapter 3: Drawing Up a Business Plan to Secure Cash 379

Chapter 4: Budgeting for a Better Bottom Line 393

Chapter 5: Mastering and Flexing Your Budgeting 405

Chapter 6: Planning for Long-Term Obligations 417

Book 7: Making Savvy Business Decisions 429

Chapter 1: Estimating Costs with Job Costing 431

Chapter 2: Performing Activity-Based Costing 447

Chapter 3: Examining Contribution Margin 463

Chapter 4: Accounting for Change with Variance Analysis 479

Chapter 5: Making Smart Pricing Decisions 495

Chapter 6: Using Financial Formulas 505

Book 8: Handling Cash and Making Purchase Decisions 515

Chapter 1: Identifying Costs and Matching Costs with Revenue 517

Chapter 2: Exploring Inventory Cost Flow Assumptions 525

Chapter 3: Answering the Question: Should I Buy That? 537

Chapter 4: Knowing When to Use Debt to Finance Your Business 551

Chapter 5: Interpreting Your Financial Results as a Manager 565

Chapter 6: Handling the Financial End of a Business Sale 573

Book 9: Auditing and Detecting Financial Fraud 591

Chapter 1: Mulling Over Sarbanes-Oxley Regulation 593

Chapter 2: Preventing Cash Losses from Embezzlement and Fraud 607

Chapter 3: Assessing Audit Risk 621

Chapter 4: Collecting and Documenting Audit Evidence 645

Chapter 5: Auditing a Client’s Internal Controls 663

Chapter 6: Getting to Know the Most Common Fraud Schemes 685

Chapter 7: Cooked Books: Finding Financial Statement Fraud 693

Index 703