Accounting For Dummies

Learn the basics of practical accounting Featuring the latest information on accounting methods and standards, this guide shows you how to avoid accounting fraud, minimize confusion, maximize profits, and make sense of accounting basics. You′ll quickly understand how to manage inventory, report income and expenses for public or private companies, evaluate profit margins, analyze business strengths and weaknesses, and manage budgets for a better bottom line. With 25 percent new content including updated information on small and large business reporting standards, international accounting standards, and preventing financial reporting fraud, Accounting For Dummies continues to be an excellent resource for those studying accounting. The separate accounting and financial reporting standards for private/small businesses versus public/large businesses (Little GAAP vs. Big GAAP) The internationalization of accounting standards The rise in restatements of previously issued financial reports by public corporations, and how revisions of previously reported earnings impact investors The increasing focus on preventing financial reporting fraud and the expanded role and responsibility of the CPA auditor Accounting problems with stock options The "unaccounted for" cost of employee pensions and retirement health care costs, in both the private and public sectors Expanded coverage of small business accounting Updated resources and websites The information in Accounting For Dummies is valuable for anyone studying or working in the fields of accounting or finance.

Introduction 1 Part I: Opening the Books on Accounting 11 Chapter 1: Accounting: The Language of Business, Investing, Finance, and Taxes 13 Chapter 2: Financial Statements and Accounting Standards 33 Chapter 3: Keeping the Books 57 Part II: Exploring Financial Statements 81 Chapter 4: Reporting Profit 83 Chapter 5: Reporting Financial Condition 107 Chapter 6: Reporting Cash Flows and Changes in Stockholders&rsquo, Equity 131 Chapter 7: Accounting Alternatives 151 Part III: Accounting in Managing a Business 173 Chapter 8: Deciding the Legal Structure for a Business 175 Chapter 9: Accounting in Managing Profit 199 Chapter 10: Budgeting 221 Chapter 11: Cost Accounting 241 Part IV: Preparing and Using Financial Reports , 263 Chapter 12: Getting a Financial Report Ready 265 Chapter 13: How Lenders and Investors Read a Financial Report 291 Chapter 14: Filling Out the Financial Statements for Business Managers 319 Part V: The Part of Tens 337 Chapter 15: Ten Accounting Tips for Managers 339 Chapter 16: Ten Tips for Reading a Financial Report 349 Appendix: Glossary: Slashing Through the Accounting Jargon Jungle 359 Index 373