Overview

If you're the type of small-business owner who prefers to spend your time cooking food or making pottery to working, you may resent the time and effort you have to put into accounting. However, without basic bookkeeping and accounting, your company will flounder. You need to keep books so you can understand what's going on with the company financially, and so you can pay your taxes and remain in the good graces of the government agencies that regulate your business activities. In the United States, you'll find that there are three elements of accounting principles. The first is the basic rules and guidelines. By understanding these basic principles, you can have a scope of what is expected when reporting financials. The second part of accounting principles is general industry practices, which are the way that the accounting guidelines should be applied to real accounting practices. Finally, consideration must be given to the detailed rules that have been issued by authorities including the Accounting Principles Board (APB) and Financial Accounting Standards Board (FASB). This book covers the following topics: -7- the relationship between revenues and expenses -Detecting and preventing fraud -The n1 tax management strategy to save money -Different types of accounting principles -The cost principles -Revenue recognition principle -The time period principle -Applying the principles of accounting to the accounting cycle -Applying what you've learned to account for ratios -Cash flow, functions, and working capital for effective accounting -The difference between principles and rules -Key financial statements -Common terms used in accounting -...And much more!

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