Coverart for item
The Resource Accounting for dummies, by John A. Tracy

Accounting for dummies, by John A. Tracy

Label
Accounting for dummies
Title
Accounting for dummies
Statement of responsibility
by John A. Tracy
Creator
Contributor
Subject
Genre
Language
eng
Member of
Cataloging source
NhCcYBP
Dewey number
657
Illustrations
illustrations
Index
index present
LC call number
HF5635
LC item number
.T678 2008
Literary form
non fiction
Nature of contents
dictionaries
Series statement
--For dummies
Label
Accounting for dummies, by John A. Tracy
Link
http://site.ebrary.com/lib/byuprovo/Doc?id=10296724
Instantiates
Publication
Note
  • Description based on print version record
  • Includes index
  • Previous ed.: 2005
Carrier category
online resource
Carrier MARC source
rdacarrier
Content category
text
Content type MARC source
rdacontent
Contents
  • Introduction -- About this book -- Conventions used in this book -- What you're not to read -- Foolish assumptions -- How this book is organized -- Part I : opening the books on accounting -- Part II : figuring out financial statements -- Part III : accounting in managing a business -- Part IV : preparing and using financial reports -- Part V : the parts of tens -- Glossary -- Icons used in this book -- Where to go from here -- pt. I. Opening the books on accounting -- 1. Accounting : the language of business, investing, finance, and taxes -- Accounting is not just for accountants -- Affecting both insiders and outsiders -- Overcoming the stereotypes of accountants -- Relating accounting to your personal financial life -- Looking for accounting in all the right places -- Taking a peek into the back office -- Focusing on transactions -- Taking the pulse of a business : financial statements -- Meeting the balance sheet and the accounting equation -- Reporting profit and loss, and cash flows -- Respecting the importance of this trio -- Considering accounting careers -- Certified public accountant (CPA) -- The controller : the chief accountant in an organization -- A springboard to other careers -- 2. Financial statements and accounting standards -- Introducing the information content of financial statements -- Setting up the business example -- The income statement -- The balance sheet -- The statement of cash flows -- How profit and cash flow from profit differ -- Gleaning key information from financial statements -- How's profit performance? -- Is there enough cash? -- Can you trust the financial statement numbers? -- Are the books cooked? -- Why no cash distribution from profit? -- Keeping in step with accounting and financial reporting standards -- Recognizing U.S. standards -- Getting to know the U.S. standard setters -- Going worldwide -- Noting a divide between public and private companies -- Recognizing how income tax methods influence accounting methods -- Following the rules and bending the rules -- 3. Bookkeeping and accounting systems -- Bookkeeping and beyond -- Pedaling through the bookkeeping cycle -- Managing the bookkeeping and accounting system -- Categorize your financial information : the chart of accounts -- Standardize source document forms and procedures -- Hire competent, trained personnel -- Enforce strong--I mean strong!--internal controls -- Complete the process with end-of-period procedures -- Leave good audit trails -- Look out for unusual events and developments -- Design truly useful reports for managers -- Double-entry accounting for single-entry folks -- Juggling the books to conceal embezzlement and fraud -- Using accounting software --
  • pt. II. Figuring out financial statements -- 4. Reporting revenue, expenses, and the bottom line -- Presenting a typical income statement -- Taking care of some housekeeping details -- Your job : asking questions! -- Finding profit -- Getting particular about assets and liabilities -- Making sales on credit --> accounts receivable asset -- Selling products --> inventory asset -- Prepaying operating costs --> prepaid expense asset -- Fixed assets --> depreciation expense -- Unpaid expenses --> accounts payable, accrued expenses payable, and income tax payable -- Summing up the financial effects of profit -- Reporting extraordinary gains and losses -- Closing comments -- 5. Reporting assets, liabilities, and owners' equity -- Understanding that transactions drive the balance sheet -- Presenting a balance sheet -- Kicking balance sheets out into the real world -- Internal balance sheets -- External balance sheets -- Judging solvency -- Current (short-term) assets -- Current (short-term) liabilities -- Current ratio -- Preparing multiyear statements -- Coupling the income statement and balance sheet -- Sizing up assets and liabilities -- Sales revenue and accounts receivable -- Cost of goods sold expense and inventory -- Fixed assets and depreciation expense -- SG&A expenses and their three balance sheet accounts -- Intangible assets and amortization expense -- Debt and interest expense -- Income tax expense and income tax payable -- Net income and cash dividends (if any) -- Financing a business -- Costs and other balance sheet values -- 6. Reporting cash flows -- Seeing the big picture of cash flows -- Meeting the statement of cash flows -- Dissecting the difference between cash flow and net income -- Accounts receivable change -- Inventory change -- Prepaid expenses change -- The depreciation factor -- Changes in operating liabilities -- Putting the cash flow pieces together -- Sailing through the rest of the statement of cash flows -- Investing activities -- Financing activities -- Trying to pin down "free cash flow" -- Being an active reader -- 7. Choosing accounting methods : different strokes for different folks -- Reading statements with a touch of skepticism -- Recognizing a business's bias -- Contrasting aggressive and conservative numbers -- Figuring out why financial statements differ -- Cash balance -- Accounts receivable balance -- Inventory and cost of goods sold expense -- Cost of fixed assets, accumulated depreciation, and depreciation expense -- Accrued expenses payable liability balance -- Wrapping thing up -- Calculating cost of goods sold and cost of inventory -- The FIFO (first-in, first-out) method -- The LIFO (last-in, first-out) method -- The average cost method -- Recording inventory losses under the lower of cost or market (LCM) rule -- Appreciating depreciation methods -- Scanning the expense horizon --
  • pt. III. Accounting in managing a business -- 8. Deciding the legal structure for a business -- Studying the sources of business capital -- Deciding on debt -- Tapping two sources of owners' equity -- Recognizing the legal roots of business entities -- Incorporating a business -- Issuing stock shares -- Offering different classes of stock shares -- Determining the market value of stock shares -- Keeping alert for dilution of share value -- Recognizing conflicts between stockholders and managers -- Considering partnerships and limited liability companies -- Going it alone : sole proprietorships -- Choosing the right legal structure for income tax -- C corporations -- S corporations -- Partnerships and LLCs -- 9. Analyzing and managing profit -- Helping managers do their jobs -- Following the organizational structure -- Centering on profit centers -- Presenting a P&L template -- Reporting operating expenses on the object of expenditure basis -- Reporting operating expenses on their cost behavior basis -- Separating variable and fixed expenses -- Variable expenses -- Fixed expenses -- Stopping at operating earnings -- Focusing on margin--the catalyst of profit -- Answering two critical profit questions -- How did you make profit? -- How did you increase profit? -- Looking more closely at the profit center P&L report -- Sales volume -- Sales revenue -- Cost of goods sold -- Variable operating expenses -- Fixed operating expenses -- Using the P&L template for decision-making analysis -- Tucking away some valuable lessons -- Recognize the leverage effect caused by fixed operating expenses -- Don't underestimate the impact of small changes in sales price -- Know your options for improving profit -- Closing with a boozy example -- 10. Financial planning, budgeting, and control -- Exploring the reasons for budgeting -- Modeling reasons for budgeting -- Planning reasons for budgeting -- Management control reasons for budgeting -- Additional benefits of budgeting, and a note of caution -- Realizing that not everyone budgets -- Avoiding budgeting -- Relying on internal accounting reports -- Making reports useful for management control -- Making reports useful for decision-making -- Making reports clear and straightforward -- Watching budgeting in action -- Developing your profit strategy and budgeted profit report -- Budgeting cash flow for the coming year -- Considering capital expenditures and other cash needs -- 11. Cost concepts and conundrums -- Looking down the road to the destination of costs -- Are costs really that important? -- Becoming more familiar with costs -- Direct versus indirect costs -- Fixed versus variable costs -- Relevant versus irrelevant costs -- Actual, budgeted, and standard costs -- Product versus period costs -- Assembling the product cost of manufacturers -- Minding manufacturing costs -- Classifying costs properly -- Calculating product cost -- Examining fixed manufacturing costs and production capacity -- The burden rate -- Idle capacity -- The effects of increasing inventory -- Puffing profit by excessive production -- Shifting fixed manufacturing costs to the future -- Cranking up production output -- Being careful when production output is out of kilter with sales volume --
  • pt. IV. Preparing and using financial reports -- 12. Getting a financial report ready for release -- Recognizing management's role -- Keeping in mind the purpose of financial reporting -- Staying on top of accounting and financial reporting standards -- Making sure disclosure is adequate -- Footnotes : nettlesome but needed -- Other disclosures in financial reports -- Putting a spin on the numbers (but not cooking the books) -- Window dressing for fluffing up the cash balance -- Sanding the rough edges off profit -- The pressure on public companies -- Compensatory effects -- Two profit histories -- Management discretion in the timing of revenue and expenses -- Going public of keeping things private -- Reports from publicly owned companies -- Reports from private businesses -- Dealing with information overload -- Browsing based on your interest -- Recognizing condensed versions -- Using other sources of business information -- Statement of changes in owners' equity -- 13. How lenders and investors read a financial report -- Knowing the rules of the game -- Becoming a more savvy investor -- Comparing private and public business financial reports -- Analyzing financial statements with ratios -- Gross margin ratio -- Profit ratio -- Earnings per share (EPS), basic and diluted -- Price/earnings (P/E) ratio -- Dividend yield -- Book value and book value per share -- Return on equity (ROE) ratio -- Current ratio -- Acid-test ratio -- Return on assets (ROA) ratio and financial leverage again -- Frolicking through the footnotes -- Checking for ominous skies in the auditor's report -- 14. How business managers use a financial report -- Building on the foundation of the external financial statements -- Seeking out problems and opportunities -- Avoiding information overload -- Gathering financial condition information -- Cash -- Accounts receivable --Inventory -- Prepaid expenses -- Fixed assets and accumulated depreciation -- Accounts payable -- Accrued expenses payable -- Income tax payable -- Interest-bearing debt -- Owners' equity -- Culling profit information -- Margin : the catalyst of profit -- Sales revenue and expenses -- Digging into cash flow information -- Distinguishing investing and financing cash flows from operating cash flows -- Managing operating cash flow -- 15. Audits and accounting fraud -- Exploring the need for audits -- What's in an auditor's report -- The clean (unqualified) opinion -- Other kinds of audit opinions -- Who's who in the world of audits -- Standing firm when companies massage the numbers, or not -- Discovering fraud, or not -- Who audits the auditors? --
  • pt. V. The part of tens -- 16. Ten accounting tips for managers -- Reach break-even, and then rake in profit -- Set sales prices right -- Distinguish profit from cash flow -- Call the shots on accounting policies -- Budget wisely -- Get the accounting information you need -- Tap into your CPA's expertise -- Critically review your fraud controls -- Lend a hand in preparing your financial reports -- Sound like a pro in talking about your financial statements -- 17. Ten tips for reading a financial report -- Get in the right frame of mind -- Decide what to read -- Improve your accounting savvy -- Judge profit performance -- Track profit into earnings per share -- Confront extraordinary gains and losses -- Compare cash flow and profit -- Look for signs of financial distress -- Recognize the risks of restatement and fraud -- Remember the limits of financial reports -- Glossary : slashing through the accounting jargon jungle -- Index
Dimensions
unknown
Edition
4th ed.
Extent
1 online resource.
Form of item
electronic
Isbn
9780470392690
Isbn Type
(electronic bk.)
Media category
computer
Media MARC source
rdamedia
Reproduction note
Electronic reproduction.
Specific material designation
remote
System control number
  • (Sirsi) y99935286881
  • (OCoLC)ocn506554494
Label
Accounting for dummies, by John A. Tracy
Link
http://site.ebrary.com/lib/byuprovo/Doc?id=10296724
Publication
Note
  • Description based on print version record
  • Includes index
  • Previous ed.: 2005
Carrier category
online resource
Carrier MARC source
rdacarrier
Content category
text
Content type MARC source
rdacontent
Contents
  • Introduction -- About this book -- Conventions used in this book -- What you're not to read -- Foolish assumptions -- How this book is organized -- Part I : opening the books on accounting -- Part II : figuring out financial statements -- Part III : accounting in managing a business -- Part IV : preparing and using financial reports -- Part V : the parts of tens -- Glossary -- Icons used in this book -- Where to go from here -- pt. I. Opening the books on accounting -- 1. Accounting : the language of business, investing, finance, and taxes -- Accounting is not just for accountants -- Affecting both insiders and outsiders -- Overcoming the stereotypes of accountants -- Relating accounting to your personal financial life -- Looking for accounting in all the right places -- Taking a peek into the back office -- Focusing on transactions -- Taking the pulse of a business : financial statements -- Meeting the balance sheet and the accounting equation -- Reporting profit and loss, and cash flows -- Respecting the importance of this trio -- Considering accounting careers -- Certified public accountant (CPA) -- The controller : the chief accountant in an organization -- A springboard to other careers -- 2. Financial statements and accounting standards -- Introducing the information content of financial statements -- Setting up the business example -- The income statement -- The balance sheet -- The statement of cash flows -- How profit and cash flow from profit differ -- Gleaning key information from financial statements -- How's profit performance? -- Is there enough cash? -- Can you trust the financial statement numbers? -- Are the books cooked? -- Why no cash distribution from profit? -- Keeping in step with accounting and financial reporting standards -- Recognizing U.S. standards -- Getting to know the U.S. standard setters -- Going worldwide -- Noting a divide between public and private companies -- Recognizing how income tax methods influence accounting methods -- Following the rules and bending the rules -- 3. Bookkeeping and accounting systems -- Bookkeeping and beyond -- Pedaling through the bookkeeping cycle -- Managing the bookkeeping and accounting system -- Categorize your financial information : the chart of accounts -- Standardize source document forms and procedures -- Hire competent, trained personnel -- Enforce strong--I mean strong!--internal controls -- Complete the process with end-of-period procedures -- Leave good audit trails -- Look out for unusual events and developments -- Design truly useful reports for managers -- Double-entry accounting for single-entry folks -- Juggling the books to conceal embezzlement and fraud -- Using accounting software --
  • pt. II. Figuring out financial statements -- 4. Reporting revenue, expenses, and the bottom line -- Presenting a typical income statement -- Taking care of some housekeeping details -- Your job : asking questions! -- Finding profit -- Getting particular about assets and liabilities -- Making sales on credit --> accounts receivable asset -- Selling products --> inventory asset -- Prepaying operating costs --> prepaid expense asset -- Fixed assets --> depreciation expense -- Unpaid expenses --> accounts payable, accrued expenses payable, and income tax payable -- Summing up the financial effects of profit -- Reporting extraordinary gains and losses -- Closing comments -- 5. Reporting assets, liabilities, and owners' equity -- Understanding that transactions drive the balance sheet -- Presenting a balance sheet -- Kicking balance sheets out into the real world -- Internal balance sheets -- External balance sheets -- Judging solvency -- Current (short-term) assets -- Current (short-term) liabilities -- Current ratio -- Preparing multiyear statements -- Coupling the income statement and balance sheet -- Sizing up assets and liabilities -- Sales revenue and accounts receivable -- Cost of goods sold expense and inventory -- Fixed assets and depreciation expense -- SG&A expenses and their three balance sheet accounts -- Intangible assets and amortization expense -- Debt and interest expense -- Income tax expense and income tax payable -- Net income and cash dividends (if any) -- Financing a business -- Costs and other balance sheet values -- 6. Reporting cash flows -- Seeing the big picture of cash flows -- Meeting the statement of cash flows -- Dissecting the difference between cash flow and net income -- Accounts receivable change -- Inventory change -- Prepaid expenses change -- The depreciation factor -- Changes in operating liabilities -- Putting the cash flow pieces together -- Sailing through the rest of the statement of cash flows -- Investing activities -- Financing activities -- Trying to pin down "free cash flow" -- Being an active reader -- 7. Choosing accounting methods : different strokes for different folks -- Reading statements with a touch of skepticism -- Recognizing a business's bias -- Contrasting aggressive and conservative numbers -- Figuring out why financial statements differ -- Cash balance -- Accounts receivable balance -- Inventory and cost of goods sold expense -- Cost of fixed assets, accumulated depreciation, and depreciation expense -- Accrued expenses payable liability balance -- Wrapping thing up -- Calculating cost of goods sold and cost of inventory -- The FIFO (first-in, first-out) method -- The LIFO (last-in, first-out) method -- The average cost method -- Recording inventory losses under the lower of cost or market (LCM) rule -- Appreciating depreciation methods -- Scanning the expense horizon --
  • pt. III. Accounting in managing a business -- 8. Deciding the legal structure for a business -- Studying the sources of business capital -- Deciding on debt -- Tapping two sources of owners' equity -- Recognizing the legal roots of business entities -- Incorporating a business -- Issuing stock shares -- Offering different classes of stock shares -- Determining the market value of stock shares -- Keeping alert for dilution of share value -- Recognizing conflicts between stockholders and managers -- Considering partnerships and limited liability companies -- Going it alone : sole proprietorships -- Choosing the right legal structure for income tax -- C corporations -- S corporations -- Partnerships and LLCs -- 9. Analyzing and managing profit -- Helping managers do their jobs -- Following the organizational structure -- Centering on profit centers -- Presenting a P&L template -- Reporting operating expenses on the object of expenditure basis -- Reporting operating expenses on their cost behavior basis -- Separating variable and fixed expenses -- Variable expenses -- Fixed expenses -- Stopping at operating earnings -- Focusing on margin--the catalyst of profit -- Answering two critical profit questions -- How did you make profit? -- How did you increase profit? -- Looking more closely at the profit center P&L report -- Sales volume -- Sales revenue -- Cost of goods sold -- Variable operating expenses -- Fixed operating expenses -- Using the P&L template for decision-making analysis -- Tucking away some valuable lessons -- Recognize the leverage effect caused by fixed operating expenses -- Don't underestimate the impact of small changes in sales price -- Know your options for improving profit -- Closing with a boozy example -- 10. Financial planning, budgeting, and control -- Exploring the reasons for budgeting -- Modeling reasons for budgeting -- Planning reasons for budgeting -- Management control reasons for budgeting -- Additional benefits of budgeting, and a note of caution -- Realizing that not everyone budgets -- Avoiding budgeting -- Relying on internal accounting reports -- Making reports useful for management control -- Making reports useful for decision-making -- Making reports clear and straightforward -- Watching budgeting in action -- Developing your profit strategy and budgeted profit report -- Budgeting cash flow for the coming year -- Considering capital expenditures and other cash needs -- 11. Cost concepts and conundrums -- Looking down the road to the destination of costs -- Are costs really that important? -- Becoming more familiar with costs -- Direct versus indirect costs -- Fixed versus variable costs -- Relevant versus irrelevant costs -- Actual, budgeted, and standard costs -- Product versus period costs -- Assembling the product cost of manufacturers -- Minding manufacturing costs -- Classifying costs properly -- Calculating product cost -- Examining fixed manufacturing costs and production capacity -- The burden rate -- Idle capacity -- The effects of increasing inventory -- Puffing profit by excessive production -- Shifting fixed manufacturing costs to the future -- Cranking up production output -- Being careful when production output is out of kilter with sales volume --
  • pt. IV. Preparing and using financial reports -- 12. Getting a financial report ready for release -- Recognizing management's role -- Keeping in mind the purpose of financial reporting -- Staying on top of accounting and financial reporting standards -- Making sure disclosure is adequate -- Footnotes : nettlesome but needed -- Other disclosures in financial reports -- Putting a spin on the numbers (but not cooking the books) -- Window dressing for fluffing up the cash balance -- Sanding the rough edges off profit -- The pressure on public companies -- Compensatory effects -- Two profit histories -- Management discretion in the timing of revenue and expenses -- Going public of keeping things private -- Reports from publicly owned companies -- Reports from private businesses -- Dealing with information overload -- Browsing based on your interest -- Recognizing condensed versions -- Using other sources of business information -- Statement of changes in owners' equity -- 13. How lenders and investors read a financial report -- Knowing the rules of the game -- Becoming a more savvy investor -- Comparing private and public business financial reports -- Analyzing financial statements with ratios -- Gross margin ratio -- Profit ratio -- Earnings per share (EPS), basic and diluted -- Price/earnings (P/E) ratio -- Dividend yield -- Book value and book value per share -- Return on equity (ROE) ratio -- Current ratio -- Acid-test ratio -- Return on assets (ROA) ratio and financial leverage again -- Frolicking through the footnotes -- Checking for ominous skies in the auditor's report -- 14. How business managers use a financial report -- Building on the foundation of the external financial statements -- Seeking out problems and opportunities -- Avoiding information overload -- Gathering financial condition information -- Cash -- Accounts receivable --Inventory -- Prepaid expenses -- Fixed assets and accumulated depreciation -- Accounts payable -- Accrued expenses payable -- Income tax payable -- Interest-bearing debt -- Owners' equity -- Culling profit information -- Margin : the catalyst of profit -- Sales revenue and expenses -- Digging into cash flow information -- Distinguishing investing and financing cash flows from operating cash flows -- Managing operating cash flow -- 15. Audits and accounting fraud -- Exploring the need for audits -- What's in an auditor's report -- The clean (unqualified) opinion -- Other kinds of audit opinions -- Who's who in the world of audits -- Standing firm when companies massage the numbers, or not -- Discovering fraud, or not -- Who audits the auditors? --
  • pt. V. The part of tens -- 16. Ten accounting tips for managers -- Reach break-even, and then rake in profit -- Set sales prices right -- Distinguish profit from cash flow -- Call the shots on accounting policies -- Budget wisely -- Get the accounting information you need -- Tap into your CPA's expertise -- Critically review your fraud controls -- Lend a hand in preparing your financial reports -- Sound like a pro in talking about your financial statements -- 17. Ten tips for reading a financial report -- Get in the right frame of mind -- Decide what to read -- Improve your accounting savvy -- Judge profit performance -- Track profit into earnings per share -- Confront extraordinary gains and losses -- Compare cash flow and profit -- Look for signs of financial distress -- Recognize the risks of restatement and fraud -- Remember the limits of financial reports -- Glossary : slashing through the accounting jargon jungle -- Index
Dimensions
unknown
Edition
4th ed.
Extent
1 online resource.
Form of item
electronic
Isbn
9780470392690
Isbn Type
(electronic bk.)
Media category
computer
Media MARC source
rdamedia
Reproduction note
Electronic reproduction.
Specific material designation
remote
System control number
  • (Sirsi) y99935286881
  • (OCoLC)ocn506554494

Library Locations

Processing Feedback ...