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Contents:
- Who need Financial Statements
- Understand the Income Statement
- Understand the Balance Sheet
- Understand the Cash-Flow Statement
- Financial Analysis: Number-Crunching for Profit
- Inventory Valuation
- Depreciation
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C AT E G O R I E : Management Accounting
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Accounting basics definitions
C AT E G O R I E : accounting basics
Basic Accounting Model: Assets = Liabilities + Owners Equity
· Notes Payable
· Accounts Payable
· Accrued Liabilities
T-Account Basics: Accounting is based on a double entry system which means that we record
the dual effects of a business transaction. Therefore, each transaction affects at least two
accounts.
Increases in assets are recorded on the left side (debit) of the account.
Decreases in assets are recorded on the right side (credit) of the account.
Account Payable – A liability backed by the general reputation and credit standing of the
debtor.
Account Receivable – A promise to receive cash from a customer for whom goods and/or
services have been provided by the activity.
Accrual Basis Accounting – Accounting that records the impact of a business event as it occurs,
regardless of whether the transaction affected cash.
Accrued Expense – An expense the business has incurred but not yet paid.
Accrued Revenue - A revenue that has been earned but not yet collected in cash.
Adjusting Entry – Entry made at the end of the period to assign revenues to the period in which
they are earned and expenses to the period in which they are incurred.
Chart of Accounts – List of all the accounts and their account numbers in the ledger.
Current Asset – An asset that is expected to be converted to cash, sold, or consumed during the
next 12 months, or within the business’s normal operating cycle.
Current Liabilities – A debt due to be paid with cash or with goods and services within one year
or within the entity’s operating cycle if the cycle is longer than one year.
Current Ratio – Measures the ability to pay current liabilities with current assets. Therefore,
the ratio calculation is generated by dividing current assets over current liabilities.
Debt Ratio – This ratio measures the ability to pay for both current and long term debts (total
liabilities). This ration is calculated by dividing total liabilities over total assets, and a lower
debt ratio is more desirable than a high figure. As a rule of thumb, a debt ratio below .60 is
considered generally safe while a debt ratio above .80 is considered risky.
Matching Principle – The basis for recording expenses this methodology directs accountants to
identify all expenses incurred during the period, to measure the expenses, and to match them
against the revenues earned during that same span of time.
Net Income – Excess of total revenues over total expenses. Also called net earnings or net
profit.
Transaction – An event that affects the financial position of a particular entity and can be
recorded reliably.
Trial Balance – A list of all accounts with their balances taken from the ledger used to ensure
that total debits equal total credits.
Unearned Revenue – A liability created when a business collects cash from customers in
advance of doing work. The obligation is to provide a product or a service in the future. Also
called deferred revenue.
Financial Statements: Represent the manner in which transactions are presenting once they
have been analyzed. The four basic financial statements to become familiar with are the
income statement, balance sheet, statement of owners equity and statement of cash flow.
Income Statement: The income statement represents a summary of an entity’s revenues and
expenses for a specific period of time, such as a month or a year. The income statement also
called the statement of earnings or statement of operations represents a financial picture of
business operations during the period. From a business perspective, one of the most important
pieces of information provided by the income statement is “net income” calculated as
revenues minus expenses. A positive net income indicates that operations for the period were
favorable while a negative net income represents an unfavorable operational position.
Statement of Owners Equity: Represents a summary of the changes that occurred in the entity’s
owners equity during a specific time period, such as a month or a year. Increases to owners
equity arise from investments by the owner and from net income earned during the period.
Decreases result from owner withdrawals and from a net loss for the period. Net income or net
losses come directly from the income statement, and owner investments are capital
transactions between the business and its owner, so they do not affect the income statement.
Balance Sheet: List all of the entity’s assets, liabilities and owners equity as of a specific date,
usually the end of a month or a year. The balance sheet is like a snap shot of the entity and for
this reason it is also called the statement of financial position.
Statement of Cash Flows: Reports the amount cash coming in (cash receipts) and the amount of
cash going out (cash payments, disbursements) during a period of time. The statement of cash
flows shows the net increase or net decrease in cash over a period of time and the cash
balance at the end of the period.
from ACCOUNTING REFERENCE SHEET For Auxiliary & Local Fund Budget doc
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C AT E G O R I E : Management Accounting
you can download PDF documents here, you have to fill a Request
Form
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Abstract: This article describes the current debate over the ability of regulators to assure the
reasonable probability of collection of deferred costs and provides background materials. It
describes the development of generally accepted accounting principles (GAAP) and their
significant impact on public utility regulation.
Keywords: Generally Accepted Accounting Principles for Regulated Utilities
Contents:
1 The GAAP Debate
The Impact of Regulation on GAAP
The Impact of GAAP on Regulation
The Conflict of Interests
The Current Front
2 The Definition, Hierarchy, and Basic Principles of GAAP
The Definition of GAAP
The Hierarchy of GAAP
The FASB's Conceptual Framework Project
3 The Institutions and the Processes That Establish GAAP
The Roots of the FASB
The Organization of the FASB
The FASB Process
Criticisms of the FASB
Avenues of Access to the FASB
4 Accounting Standards Specific to Regulated Utilities
The Accounting Differences Between Utilities and Unregulated Businesses
5 The Impact of Federal Institutions on Regulatory Accounting
-The Establishment and Role of Standardized Accounts
6 The Role of State Public Service Commissions
-Accounting Values-Regulatory Values
contain also A GLOSSARY OF REGULATORY ACCOUNTING TERMS.
Article in PDF
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Abstract: Estimates of materials, time, and costs provide information to some construction
decisions in a similar way that financial accounting information provides to others. Financial
statements are required to comply with generally accepted accounting principles, described in
accounting literature to ensure information is accurate and useful to decisions.
This paper suggests general estimating principles that similarly guide good estimating practice.
An estimate must be an accurate reflection of reality. An estimate should show only the level
of detail that is relevant to decisions.
Completeness requires that it include all items yet add nothing extra. Documentation must be
in a form that can be understood, checked, verified, and corrected. Attention must be given to
the distinction between direct and indirect costs and between variable and fixed costs.
Contingency covers possible or unforeseen occurrences. Both the expected value of possible
identified events and the expectation that events will occur that cannot be identified in
advance.
Keywords: estimating, principles, generally accepted, GAEP, construction, cost, cost
engineering, contingency, direct cost, indirect cost, detailed estimate, project overhead
Download PDF article
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Abstract
This paper investigates circumstances under which accruals are predicted to
improve earnings’ ability to measure firm performance, as reflected in stock
returns. The importance of accruals is hypothesized to increase (i) the shorter
the performance measurement interval, (ii) the greater the volatility of the
firm’s working capital requirements and investment and financing activities,
and (iii) the longer the firm’s operating cycle. Under each of these
circumstances, cash flows are predicted to suffer more severely from timing
and matching problems that reduce their ability to reflect firm performance.
The results of empirical tests are consistent with these predictions.
Key words: Capital markets; Accruals; Operating cycle; Timing and matching
problems;Summary measures of performance
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This publication explains the rules for accounting periods and accounting
methods.
It contains:
Accounting Periods
Calendar Year
Fiscal Year
Short Tax Year
Accounting Improper Tax Year
Change in Tax Year
Individuals
Periods and Partnerships, S Corporations, and Personal Service Corporations
(PSCs)
Corporations (Other Than S corporations Methods and PSCs)
Accounting Methods
Cash Method
Accrual Method
Inventories
Change in Accounting Method
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Some basic accounting lessons online from School of Business, Sun Yat-sen
University
Task Team of FUNDAMENTAL ACCOUNTING
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C AT E G O R I E : accounting software
A good article from the site of the American Institute of Certified Public
Accountants (AICPA) who treat the problem of choosing the right accounting
software.
It contents good advices on how to select the accounting software that match
the needs of your business or comapny and things to consider when making
your choice as cost and steps to follow; It provide also a list of the most
important accounting software:
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Contents:
Accounting Profits Versus Cash Flow
Working Capital Management
The Working Capital Cash Conversion Cycle
Cash and Marketable Securities
Short-Term Credit
Accruals
Accounts Payable
Trade Credit
Shot-Term Loans
Accounts Receivable Financing
Inventory Financing
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AS Accounting
Accounting Documents
Layouts and Ratios
Business Accounts
Accounting Documents
Layouts and Ratios
contents: purchase order, delivery note, goods received note, invoice, credit note statement
of account, remittance advice and cheque, three column cash book, analysed cash book
(receipts), analysed cash book (payments), petty cash book, petty cash voucher, cash analysis
sheet, double-entry accounts, journal pages, sales day book & sales returns day book,
purchases day book & purchases returns day book
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Trainings contents:
STARTIND AND GROWING A BUSINESS
Finding and Attracting Investors
ACCOUNTING
Accounting 101
Creating a Profit and Loss Statement
Preparing a Balance Sheet
Preparing a Cash Budget
FINANCE
Analyzing Your Financial Ratios
Assessing Your Company's Financial Needs
Creating A Loan Package
Creating Financial Projections
Finding Money To Start A Business
Managing Your Cash Flow
Running a Profitable Company
Valuing a Business
MARKETING
Advertising Your Business
Analyzing Your Competition
Building Your Brand
Conduct a Marketing Analysis
Creating a Competitive Advantage
Small Business Marketing
Market Insight and Research
Marketing 101
Personalization Strategies to Attract and Retain Customers
Positioning Master Class
Pricing Products and Services
Pricing Strategy and Tactics
Promoting Your Business
Targeting Your Market
SALES
Identifying Your Sales Strategy
GOVERNMENT CONTRACTING
Basics of Government Marketing
MANAGEMENT DEVELOPMENT
Buying A Business
The Entrepreneurial Strategies
LEGACY
Choosing A Legal Structure
Determining Your Company's Legal Structure
Protecting Your Business with Patents, Copyrights, and Trademarks
Understanding Intellectual Property
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C AT E G O R I E : Finance
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C AT E G O R I E : accounting software
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C AT E G O R I E : Management
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free online tutorial explaining the statement of cash flows; one of the main
financial statements with balance sheet, income statement, and statement of
stockholders' equity.
Explanation of Cash Flow Statement by accountingcoach.com
Contents:
Part 1 : Changes In cash flows, Format of the statement of cash Flows, Operating Activities,
Investing Activities, Financing Activities, Balance Sheet Changes, Operating Activities
Adjustments
Part 2 : Story to Illustrate, January Transactions, February Transactions
Part 3 : March Transactions
Part 4 : April Transactions
Part 5 : May Transactions
Part 6 : Depreciation Expense, June Transactions
Part 7 : Disposal of Assets, July Transactions
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C AT E G O R I E : Marketing
free marketing tutorial with basic concepts from knowthis.com
Contents:
The Basics
Part 1 - About Marketing
Part 2 - Marketing Research
Consumers and Markets
Part 3 - Consumer Buying Behavior
Part 4 - Business Buying Behavior
Part 5 - Targeting Markets
Product
Part 6 - Product Decisions
Part 7 - Managing Products
Distribution
Part 8 - Distribution Decisions
Part 9 - Retailing
Part 10 - Wholesaling
Part 11 - Product Movement
Promotion
Part 12 - Promotion Decisions
Part 13 - Advertising
Part 14 - Managing the Advertising Campaign
Part 15 - Sales Promotion
Part 16 - Public Relations
Part 17 - Personal Selling
Part 18 - The Selling Process
Price
Part 19- Pricing Decisions
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Financial Management Guide for Small Business
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Exercises content:
Worksheets exercises
Accounting Principles :
The users of accounting information
The accounting equation
Double-entry for assets and liabilities, revenues and expenses
Balancing accounts and the trial balance
Accruals and prepayments
Accounting concepts and conventions
Financial Accounting :
Control accounts & Suspense accounts
'Final Accounts' section:
Objective assessments: series of multiple-choice tests
Accounting Principles
Financial Accounting
Control accounts & Suspense accounts
Final Accounts section:
- partnership accounts
- manufacturing accounts
- societies accounts
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Presentations
Finance and Accounts: Basic Principles
Finance and Accounts: Analysing Accounts
Other Topics:
Low Flying Fares: An End to Cheap, No Frills? - At your Leisure
No Way to Run a Business? - At your Leisure
Business Survival - Problem Based Learning
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