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Accounting Made Simple Accounting Explained in 100 Pages or Less characters ☆ 107 summary á eBook, PDF or Kindle ePUB ¹ Mike Piper Aring journal entries with debits and credits Cash method vs accrual method Inventory and Cost of Goods Sold How to calculate depreciation and amortization expense. Great book Explain the basics of accounting very good it will help you to read important documents like income statement balance sheet and I enjoyed to read this book and will definitely benefit from this new knowledge in future

summary á eBook, PDF or Kindle ePUB ¹ Mike Piper

Accounting Made Simple Accounting Explained in 100 Pages or Less

Accounting Made Simple Accounting Explained in 100 Pages or Less characters ☆ 107 summary á eBook, PDF or Kindle ePUB ¹ Mike Piper Find all of the following explained in Plain English with no technical jargon The Accounting Euation and why it's so significant How to read and prepare financial. It really explain basic accounting concept in under hundred pages Not too much detail but you will have good overview of the accounting system of a small business

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Accounting Made Simple Accounting Explained in 100 Pages or Less characters ☆ 107 summary á eBook, PDF or Kindle ePUB ¹ Mike Piper Statements How to calculate and interpret several different financial ratios The concepts and assumptions behind Generally Accepted Accounting Principles GAAP Prep. Objective SummaryPiper summarizes the fundamentals of financial accounting in less than 100 pages Key points1 Accounting is the language of business2 The Accounting Euation is ALOE Assets Liabilities Owner s Euity This euation is always true with no exceptions Owner s Euity is just a plug Through algebra the accounting euation can be rewritten as Assets Liabilities Owner s Euity3 Cash accounting records revenues when received and records expenses when paid Accrual accounting records revenues and expenses when they are accrued regardless of when cash changes hands For example assume a manufacturer delivers goods on January 15 to a buyer who doesn t pay until February 15 In cash accounting the manufacturer records revenue in February In accrual accounting the manufacturer records revenue in January Accrual accounting accurately reflects economic reality4 Accounting has four basic financial statements a Balance Sheet b Income Statement c Statement of Retained Earnings and d Cash Flow Statement5 Balance Sheets are snapshots in time showing assets liabilities and owner s euity at that moment6 Income Statements are recordings over a period of time typically one year or one uarter showing income and expenses during that period of time7 Statements of Retained Earnings bridge the Balance Sheet and Income Statement Dividends are not expenses and retained earnings are not the same as cash Closing entries zero out Income Statement balances at the end of the period and additional entries transfer the balances to the Statement of Retained Earnings 8 Cash Flow Statements show the flow of cash as opposed to the Income Statement which typically shows accrual accounting9 Generally Accepted Accounting Principles GAAP are governed by the Financial Accounting Standards Board FASB in the United States GAAP allows investors to understand and compare the financial health of different companies In most cases GAAP makes the following assumptions a Assets are recorded at their historical cost ie the price paid for themb Immaterial items may not reuire their own journal entriesc The matching principle reuires expenses to be matched to the revenues they helped generate and they must be recorded in the same period that the revenue is recorded10 Financial accounting uses a double entry system involving debits and credits Debits are to the left and credits are indented to the right in journal entries on the general ledger Every material transaction has a journal entry of debits and credits involving at least two accounts a DEALOR is a useful acronym for remembering which accounts are increased by debits and which by credits DEA dividends expenses and assets LOR liabilities owner s euity and revenues b For example a sale of services paid for in cash when the services were delivered may involve a debit to cash an asset and a credit to revenue c Alternatively under accrual accounting the same sale of services may involve a debit to accounts receivable an asset and a credit to revenue 11 Tangible assets lasting longer than one year are depreciated such that the cost of the asset is expensed over multiple periods Straight line depreciation depreciates the asset eually over its useful life So an asset with a 10 year useful life would be depreciated essentially expensed by 10% each year for 10 years Gains and losses are recorded if the asset has salvage value and is sold at a price above or below the book value at the time of the sale a The double declining balance method accelerates depreciation by using a percentage double that which would be used in the straight line depreciation method12 Amortization is the same as depreciation except that the former applies to intangible assets while the latter applies to tangible assets Intangible assets like patents copyrights and trademarks are amortized over the shorter of the asset s 1 expected useful life or 2 legal life 13 Cost of Goods Sold COGS is an expense account that reflects the cost of inventory sold to generate revenue Inventory can be either 1 perpetual or 2 periodic a Perpetual inventory tracks each item sold and the COGS for that item For example retailers using barcodes may use a perpetual inventory system b Periodic inventories are measured periodically eg monthly and calculated COGS as follows Beginning Inventory Inventory Purchases Ending Inventory COGS A periodic inventory system reuires assumptions about which items of inventory were sold The choice of assumptions isi Last in first out LIFO ii First in first out FIFO iii Average costSubjective ThoughtsLess is and Piper is hella efficient I have accounting experience from both an educational majored in it studied it but didn t get a CPA and professional internal auditor tax attorney perspective This book did an outstanding job of summarizing the financial accounting fundamentals It should be a useful uick reference guide to any business majors sole proprietors entrepreneurs bookkeepers investors or laypersons with interest The information contained in this book is reuired for success in any of these areas What I most appreciate about this particular book is the lack of fluff filler or obfuscation I get the distinct impression that Piper is trying to convey the information as easily as possible rather than dazzle me with his own knowledge That s uite refreshing and I wish authors would take the same approach The only slight critiue or room for improvement I see is that this book did not have the DEALOR acronym I wrote in 10a above I picked that trick up from my accounting professor thanks Wayne Thomas This is a minor uibble because few would argue that a 100 page pamphlet could adeuately replace a college degree But damn if this book didn t come as close as conceivably possible It would be great to have this style of book on other topics Off the top of my head I d read such books on philosophy government finance real estate ownership or investing taxes psychology professional sports computing engineering physics chemistry etc The uest for knowledge continues

  • Paperback
  • 114
  • Accounting Made Simple Accounting Explained in 100 Pages or Less
  • Mike Piper
  • en
  • 22 August 2019
  • 9780981454221