By Graham Mott
This up to date version of the best-selling instruction manual ''Accounting for Non-Accountants'' offers the precise creation to the fundamentals of accounting and enterprise finance. It takes you thru accounting and monetary innovations and phrases in an easy-to-follow sort. absolutely revised to incorporate details at the newest accounting criteria and alterations in taxation legislations, it introduces techniques in a manner meant to help non-financial scholars, in addition to managers from businesses of all sizes. it really is divided into 3 major sections: annual bills, administration accounting and fiscal administration, and comprises examples and inquiries to try out your realizing. ''Accounting for Non-Accountants'' is already standard as an introductory textual content for company and administration scholars on various classes, and it continues to be crucial interpreting for an individual wishing to actually comprehend accounting ideas and perform.
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Additional info for Accounting for Non-Accountants: A Manual for Managers and Students
A provision is made by charging an estimated future cost as an expense in the profit and loss account now. The money has not yet been spent as this action anticipates a future event. Meanwhile, both the cash and the potential liability are shown in their respective places in the balance sheet reflecting the dual aspects of recording. 2. Creditors falling due within one year. As well as bank overdrafts or other short-term borrowings, these creditors are liabilities incurred in the normal course of trading.
Stage 2 Trading. This shows the gross profit earned by matching the income against the cost of sales. ᔢ Stage 3 Profit and loss. The overhead expenses of running the business are deducted from the gross profit to arrive at the net profit. ᔢ Stage 4 Appropriation. This shows how the profit is appropriated in tax provisions; payment of dividends to shareholders; and the amount of profit retained in the business. 5. Further examples of internal profit and loss accounts for specific industries are shown in Chapter 15, which discusses their use in a budgeting context.
Future profits earned in this way will be partly offset by the rent charges hitting the profit and loss account. Another asset which can be turned into cash is trade debtors. This is done by selling the invoices to a specialist finance house who collect the money from the customer later. Factoring, as it is called, is discussed in Chapter 18 and is a very fast-growing source of funds. Mention has already been made of leasing or hire purchase. By this means, a business can acquire the use of fixed assets immediately but pay for them by instalments (plus interest) over a number of years.