This book contains Chapter Summaries and Solutions to Practice Exercises. It covers aspects of financial accounting and managerial accounting as well as the following concepts:
• Financial Accounting Terms and Concepts
• Need, nature and purpose of Financial Statements
• Audience of Financial Statements
• Balance Sheet
• Income Statement
• Statement of Cash Flows
Financial Accounting Essentials You Always Wanted To Know: 4th Edition prepares new managers and leaders with the foundation to understand financial accounting, a critical tool to document finances to shareholders, government tax authorities and other critical parts of the business ecosystem. The chapters follow in a logical flow to describe the key components of financial accounting, including:
• Why are financial accounting systems necessary?
• Financial accounting systems and terms
• The Balance Sheet
• The Income Statement
• The Statement of Cash Flows
Each chapter provides clear examples of the financial accounting tools and includes practice examples to help train the reader in the
usage of these critical tools.
About the Series
The Self-Learning Management Series is designed to help students, new managers, career switchers and entrepreneurs learn essential management lessons. This series has marketing books, management books, accounting books and more, that have been designed to address every aspect of business across every industry. Each book includes basic fundamentals, important concepts, standard and well-known principles, and practical ways of application of the subject matter. The distinctiveness of the series lies in that all the relevant information is bundled in a compact form that is very easy to interpret.
Innehållsförteckning
1. Accounting Systems
Financial Accounting Systems
Need for Financial Accounting Systems
Financial Statements
Purpose of Financial Statements
Financial Accounting Standards
Solved Examples
Practice Exercise
Chapter Summary
2. Overview of Financial Statements
Balance Sheet
Income Statement
Statement of Cash Flows
Notes to the Financial Statements
Miscellaneous Accounting Concepts and Conventions
Solved Examples
Practice Exercise
Chapter Summary
3. The Balance Sheet
Current Assets
Current Liabilities
Stockholders’ Equity
Transaction Analysis and Balance Sheet Creation
Solved Examples
Practice Exercise
Chapter Summary
4. The Income Statement
Measures of Income
Types of Revenues
Types of Expenses
Earnings per Share (EPS) and Diluted EPS
Revenue Recognition
Expense Recognition
Expanded Accounting Equation
Transaction Analysis and Income Statement Creation
Solved Examples
Practice Exercise
Chapter Summary
5. The Statement of Cash Flows
Categories of Cash Flow Activities
Cash Flow Pattern
Cash Flow Statement Preparation
Solved Examples
Practice Exercise
Chapter Summary
Glossary
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