By Graham Mott
This absolutely revised and up to date variation of the best-selling guide offers the best creation to the fundamentals of accounting and company finance. It takes the reader via accounting and monetary thoughts, options and phrases in an easy-to-follow, approachable sort. brand new with the newest adjustments in taxation legislations, it introduces options in a fashion meant to help non-financial scholars in addition to managers from businesses of all sizes. The ebook is prepared into 3 major sections: Annual debts, administration accounting and monetary administration. through the e-book there are feedback for extra interpreting and inquiries to attempt the reader's figuring out of every bankruptcy. "Accounting for Non-Accountants" is already established as an introductory textual content for enterprise and administration scholars on various classes, and it is still crucial examining for a person wishing to really comprehend accounting rules and perform.
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Additional info for Accounting for Non-accountants: A Manual for Managers and Students
Why is the goodwill of a company, built up over many years, not shown as an asset in its balance sheet? Distinguish between operating leases and finance leases. Name the three main types of stocks. Why will there be a difference between the total value of customers’ invoices outstanding and the amount shown as debtors in a company’s balance sheet? Differentiate between ordinary shares and preference shares.
Therefore: Income – Expenses = Profit (or loss) Income is defined as sales to customers and also includes rent or investment income received. The realization principle states that we count income when delivery of the goods or services takes place, and not at the time cash is actually received in settlement of credit sales. Example If credit sales were £120,000 during a year, while cash received from those same sales amounted to only £110,000 by the year-end, it is the former figure of £120,000 which counts as income.
For example, a local authority will have rates, council tax and government grants as its main sources of income in its revenue account. Any charges for services provided will be a minor source of income for a local authority, but in a profit-seeking company will be the main, or only, source of income. The other main difference between types of income statements is the treatment of the resulting profit or loss. Non-profit-seeking organizations will use the terms surplus or deficit. Profit-seeking enterprises will have to account for tax on the profit, and reward the owners of the business with dividends, if a limited company, or a share of profits if 29 The annual accounts unincorporated.