Jane Kelly, John A. Tracy CPA's Accounting Workbook For Dummies PDF

By Jane Kelly, John A. Tracy CPA

ISBN-10: 0470663561

ISBN-13: 9780470663561

Want to develop into an accountant? personal a small company yet need assistance balancing your books? fearful approximately coping with your funds below the cloud of the recession?

This hands-on workbook will get you in control with the fundamentals of commercial accounting, together with analyzing monetary experiences, developing budgets, controlling money circulate, and making clever monetary judgements. The query and resolution sections motivate you in finding your individual options to difficult accounting difficulties - and there is lots of area to scribble your workings out! Accounting Workbook For Dummies is the one publication that makes actually gentle paintings of the monetary basics that many businesspeople try and bluff their means via each day.

Accounting Workbook For Dummies, united kingdom Edition covers:

Part I: company Accounting Basics
Chapter 1: components of commercial Accounting
Chapter...

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Example text

The difference must be reported as gross margin (or Gross Profit). Therefore, the condensed Profit and Loss Statement should be expanded as follows: Profit and Loss Statement for Year Sales revenue �26,000,000 Cost of Goods Sold �14,300,000 Gross margin �11,700,000 Other expenses �10,010,000 Net income �1,690,000 9. One rule of the Profit and Loss Statement reporting is that interest expense and income tax expense is reported separately. The £10,010,000 ‘Other expenses’ in the Profit and Loss Statement for the answer to the example question includes £350,000 interest expense and £910,000 income tax.

A. Whoops! This accounting equation doesn’t balance, and so clearly something’s wrong. The Liabilities, owner’s capital or some combination of both is £50,000 too low; or the two items on the right-hand side may be correct, in which case total assets are overstated £50,000. With an unbalanced equation such as this one, the accountant definitely needs to find the error or errors and make appropriate correcting entries. b. This accounting equation balances, but, wow! Look at the very small size of liabilities relative to assets.

26,450 Assets = £675,000 Liabilities – £648,550 Owners’ capital d. £4,650,000 Assets = £4,250,000 Liabilities + £400,000 Owners’ capital A. Each accounting equation offers an important lesson. a. Whoops! This accounting equation doesn’t balance, and so clearly something’s wrong. The Liabilities, owner’s capital or some combination of both is £50,000 too low; or the two items on the right-hand side may be correct, in which case total assets are overstated £50,000. With an unbalanced equation such as this one, the accountant definitely needs to find the error or errors and make appropriate correcting entries.

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Accounting Workbook For Dummies by Jane Kelly, John A. Tracy CPA


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