Accounting for Dummies

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  • Edition: 5th
  • Format: Paperback
  • Copyright: 2013-03-18
  • Publisher: For Dummies
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Learn the basics of practical accounting Featuring the latest information on accounting methods and standards, this guide shows you how to avoid accounting fraud, minimize confusion, maximize profits, and make sense of accounting basics. You'll quickly understand how to manage inventory, report income and expenses for public or private companies, evaluate profit margins, analyze business strengths and weaknesses, and manage budgets for a better bottom line. With 25 percent new content including updated information on small and large business reporting standards, international accounting standards, and preventing financial reporting fraud, Accounting For Dummies continues to be an excellent resource for those studying accounting. The separate accounting and financial reporting standards for private/small businesses versus public/large businesses (Little GAAP vs. Big GAAP) The internationalization of accounting standards The rise in restatements of previously issued financial reports by public corporations, and how revisions of previously reported earnings impact investors The increasing focus on preventing financial reporting fraud and the expanded role and responsibility of the CPA auditor Accounting problems with stock options The "unaccounted for" cost of employee pensions and retirement health care costs, in both the private and public sectors Expanded coverage of small business accounting Updated resources and websites The information in Accounting For Dummies is valuable for anyone studying or working in the fields of accounting or finance.

Author Biography

John A. Tracy, CPA, is Professor of Accounting, Emeritus, at the University of Colorado in Boulder. A former staff accountant at Ernst & Young, Tracy has authored numerous books on accounting.

Table of Contents

Introduction  1

Part I: Opening the Books on Accounting  11

Chapter 1: Accounting: The Language of Business, Investing, Finance, and Taxes 13

Chapter 2: Financial Statements and Accounting Standards 33

Chapter 3: Keeping the Books 57

Part II: Exploring Financial Statements  81

Chapter 4: Reporting Profit 83

Chapter 5: Reporting Financial Condition 107

Chapter 6: Reporting Cash Flows and Changes in Stockholders’ Equity 131

Chapter 7: Accounting Alternatives 151

Part III: Accounting in Managing a Business  173

Chapter 8: Deciding the Legal Structure for a Business 175

Chapter 9: Accounting in Managing Profit 199

Chapter 10: Budgeting 221

Chapter 11: Cost Accounting 241

Part IV: Preparing and Using Financial Reports  263

Chapter 12: Getting a Financial Report Ready 265

Chapter 13: How Lenders and Investors Read a Financial Report 291

Chapter 14: Filling Out the Financial Statements for Business Managers 319

Part V: The Part of Tens  337

Chapter 15: Ten Accounting Tips for Managers 339

Chapter 16: Ten Tips for Reading a Financial Report 349

Appendix: Glossary: Slashing Through the Accounting Jargon Jungle  359

Index  373

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