Accounting Workbook For Dummies® by Jane Kelly and John A.

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Accounting Workbook For

Dummies®

Table of Contents

Introduction

About This Book

Foolish Assumptions

How This Book Is Organised

Part I: Business Accounting Basics

Part II: Preparing Financial Statements

Part III: Managerial, Manufacturing and Capital Accounting

Part IV: The Part of Tens

Icons Used in This Book

Where to Go from Here

Part I: Business Accounting Basics

Chapter 1: Elements of Business Accounting

Keeping the Accounting Equation in Balance

Distinguishing Between Cash-and Accrual-Based Accounting

Summarising Profit Activities in the Profit and Loss Statement

Assembling a Balance Sheet

Partitioning the Cash Flow Statement

Tracing How Dishonest Accounting Distorts Financial Statements

Answers to Problems on Elements of Business Accounting

Chapter 2: Financial Effects of Transactions

Relying on Accurate Transaction Records

Classifying Business Transactions

Seeing Both Sides of Business Transactions

Concentrating on Sales

Concentrating on Expenses

Determining the Composite Effect of Profit

Answers to Problems on Financial Effects of Transactions

Chapter 3: Getting Started in the Bookkeeping Cycle

Constructing the Chart of Accounts

Discussing Nominal Accounts

Knowing Your Debits from Your Credits

Making Original Journal Entries

Recording Revenue and Income

Recording Expenses and Losses

Recording Investing and Financing Transactions

Answers to Problems on the Bookkeeping Cycle

Chapter 4: The Bookkeeping Cycle: Adjusting and Closing Entries

Getting Accurate with Adjusting Entries

Breaking Down the End-of-Year Adjusting Entries

Recording the depreciation expense

Recording the amortisation expense

Recording other adjusting entries

Closing the Books on the Year

Instituting Internal Controls

Answers to Problems on the Bookkeeping Cycle

Part II: Preparing Financial Statements

Chapter 5: Reporting Profit

Understanding the Nature of Profit

Profit and Loss Statement Format

Examining How Sales and Expenses Change Assets and Liabilities

Summing Up the Manifold Effects of Profit

Answers to Problems on the Effects and Reporting of Profit

Chapter 6: Reporting Financial Condition in the Balance Sheet

Getting Started on the Balance Sheet

Building a Balance Sheet

Fleshing Out the Balance Sheet

Classifying assets and liabilities

Comparing revenue with asset size

Clarifying the Values of Assets in Balance Sheets

Using the Balance Sheet in Business Valuation

Answers to Problems on Reporting Financial Condition in the Balance Sheet

Chapter 7: Coupling the Profit and Loss Statement and Balance Sheet

Rejoining the Profit and Loss Statement and Balance Sheet

Filling in Key Pieces of the Balance Sheet from the Profit and Loss Statement

Sales revenue and debtors

Cost of Goods Sold and stock

Connections between selling, admin and general expenses and the balance sheet

Practical action

Fixed assets and depreciation expense

Putting Fixed Assets in the Picture

Completing the Balance Sheet with Debt and Capital

Answers to Problems on Coupling the Profit and Loss Statement and Balance Sheet

Chapter 8: Reporting Cash Flows and Changes in Owners’ Capital

Figuring Profit from the Balance Sheet

Answers to Problems on Analysing Profit Behaviour

Chapter 11: Manufacturing Cost Accounting

Minding Manufacturing Costs

Understanding product costs versus period costs

Separating period and product costs

Taking a Short Tour of Manufacturing Entries

Calculating Product Cost: Basic Methods and Problems

Connecting fixed manufacturing overhead costs and production capacity

Boosting profit by boosting production

Calculating Product Cost in Unusual Situations

Answers to Problems on Manufacturing Cost Accounting

Chapter 12: Figuring Out Interest and Return on Investment

Getting Down to the Basics of Interest

Keeping things simple with simple interest

Distinguishing nominal and effective interest rates

Lifting the Veil on Compound Interest

Borrowing and Investing in Instalments

Paying off a loan

Measuring Return on Investment (ROI)

Answers to Problems on Interest and Return on Investment

Part IV: The Part of Tens

Chapter 13: Ten Things You Need to Know about Business Financial Statements

Rules and Standards Matter

Exactitude Would Be Nice, but Estimates Are Key

Financial Statements Fit Together Hand in Glove

Accrual Basis Is Used to Record Profit, Assets and Liabilities

Cash Flow Differs from Accrual Basis Profit

Profit and Balance Sheet Values Can Be (and Often Are) Manipulated

Financial Statements Are Historical

Some Asset Values Are Current, but Others May Be Old

Financial Statements Leave Interpretation to Readers

Financial Statements Tell the Story of a Business, Not Its Individual Shareholders

Chapter 14: A Ten-Point Checklist for Management Accountants

Designing Internal Accounting Reports

Helping Managers Understand Their Accounting Reports

Involving Managers in Choosing Accounting Methods

Creating Profit Performance Reports for Managers

Formulating Cash Flow Reports for Managers

Devising Management Control Reports

Developing Models for Management Decision-Making Analysis

Working Closely with Managers in Planning

Establishing and Enforcing Internal Controls

Keeping Up-to-Date on Accounting, Financial Reporting and Tax Changes