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by John A. Tracy CPA
Accounting For Dummies®, 4th Edition
Copyright
About the Author
Dedication
Author's Acknowledgments
Publisher's Acknowledgments
Introduction
Opening the Books on Accounting
Accounting: The Language of Business, Investing, Finance, and Taxes
Accounting Is Not Just for Accountants
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
Considering Accounting Careers
Financial Statements and Accounting Standards
Introducing the Information Content of Financial Statements
How Profit and Cash Flow from Profit Differ
Gleaning Key Information from Financial Statements
Keeping in Step with Accounting and Financial Reporting Standards
Bookkeeping and Accounting Systems
Bookkeeping and Beyond
Pedaling Through the Bookkeeping Cycle
Managing the Bookkeeping and Accounting System
Double-Entry Accounting for Single-Entry Folks
Juggling the Books to Conceal Embezzlement and Fraud
Using Accounting Software
Figuring Out Financial Statements
Reporting Revenue, Expenses, and the Bottom Line
Presenting a Typical Income Statement
Finding Profit
Getting Particular about Assets and Liabilities
Summing Up the Financial Effects of Profit
Reporting Extraordinary Gains and Losses
Closing Comments
Reporting Assets, Liabilities, and Owners' Equity
Understanding That Transactions Drive the Balance Sheet
Presenting a Balance Sheet
Coupling the Income Statement and Balance Sheet
Financing a Business
Costs and Other Balance Sheet Values
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
Sailing Through the Rest of the Statement of Cash Flows
Trying to Pin Down "Free Cash Flow"
Being an Active Reader
Choosing Accounting Methods: Different Strokes for Different Folks
Reading Statements with a Touch of Skepticism
Figuring Out Why Financial Statements Differ
Calculating Cost of Goods Sold and Cost of Inventory
Recording Inventory Losses under the Lower of Cost or Market (LCM) Rule
Appreciating Depreciation Methods
Scanning the Expense Horizon
Accounting in Managing a Business
Deciding the Legal Structure for a Business
Studying the Sources of Business Capital
Recognizing the Legal Roots of Business Entities
Incorporating a Business
Considering Partnerships and Limited Liability Companies
Going It Alone: Sole Proprietorships
Choosing the Right Legal Structure for Income Tax
Analyzing and Managing Profit
Helping Managers Do Their Jobs
Presenting a P&L Template
Answering Two Critical Profit Questions
Looking More Closely at the Profit Center P&L Report
Using the P&L Template for Decision-Making Analysis
Tucking Away Some Valuable Lessons
Closing with a Boozy Example
Financial Planning, Budgeting, and Control
Exploring the Reasons for Budgeting
Realizing That Not Everyone Budgets
Watching Budgeting in Action
Considering Capital Expenditures and Other Cash Needs
Cost Concepts and Conundrums
Looking down the Road to the Destination of Costs
Are Costs Really That Important?
Becoming More Familiar with Costs
Assembling the Product Cost of Manufacturers
Puffing Profit by Excessive Production
Preparing and Using Financial Reports
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
Putting a Spin on the Numbers (But Not Cooking the Books)
Going Public or Keeping Things Private
Dealing with Information Overload
Statement of Changes in Owners' Equity
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
Frolicking Through the Footnotes
Checking for Ominous Skies in the Auditor's Report
How Business Managers Use a Financial Report
Building on the Foundation of the External Financial Statements
Gathering Financial Condition Information
Culling Profit Information
Digging into Cash Flow Information
Audits and Accounting Fraud
Exploring the Need for Audits
What's in an Auditor's Report
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?
The Part of Tens
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
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
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Glossary: Slashing Through the Accounting Jargon Jungle
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