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Accounting For Dummies

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Again, these terms are merely an introduction to business accounting. However, they will help you better understand accounting principles — which we review next. Accounting Principles

CPA exam: The CPA is the professional license required to work as a CPA You must first complete a certain number of accounting and business-related courses in college. You then must take and pass the Uniform Certified Public Accountant exam, which is written and scored by the American Institute of Certified Public Accountants (AICPA). An income statement shows your company’s profitability and tells you how much money your business has made or lost 2. Balance Sheet

Accounting is a tool that opens doors to key information, provides useful insights, helps gain perspective, and aids in decision-making,” says Harvard Business School Professor V.G. Narayanan in the HBS Online course Financial Accounting. As someone concerned with business accounting, you have a lot to know and to remember. To help you, this list explains the main tasks and processes.

It makes sure that financial statements are a realistic overview of revenues and liabilities. It reminds companies not to over or understate their financial risk.Various people use accounting financial ratios to see how well a business performs. Business owners will use profitability ratios, while lenders and investors will use ratios to see if they can pay their debts.

Ask for a referral from a trusted friend or another entrepreneur. If you’re part of any business groups or networks, ask for recommendations there, too. Variable expenses fluctuate with company performance and production, like utilities and raw materials. Debits and credits: Accounting jargon for decreases and increases recorded in accounts according to the centuries-old scheme based on the accounting equation (Assets = Liabilities + Owners’ equity, or Assets = Sources of assets). An increase in an asset is a debit, and the ingenious twist of the scheme is that a decrease in a liability or an owners’ equity is also a debit. Conversely, a decrease in an asset is a credit, and an increase in a liability or an owners’ equity is a credit.If separated from OPEX, SG&A covers factors like accounting and legal expenses, ads and promotional materials, marketing and sales expenses, utilities and supplies that aren't related to manufacturing, and corporate overhead (if there are executive assistants and corporate officers).

Single-entry bookkeeping is, in its simplest form, of recording business transactions and makes it easier to produce accounting records. The transaction is posted to either an income account or an expenditure account. Financial statements are prepared at the end of each accounting period, which may be one month, one quarter (three calendar months), or one year. Read on for info on what you find in these documents. We expect to offer our courses in additional languages in the future but, at this time, HBS Online can only be provided in English.The Generally Accepted Accounting Principles (GAAP) are a blueprint for accounting across sectors and industries in the U.S. The Financial Accounting Standards Board (FASB) established the GAAP to uphold quality standards for accounting activities. You'll learn the basic ABC's of accounting, how to read and understand financial statements, create best in class budgets & forecasts, craft profitable business plans, take control of your own finances, gain insight on how companies get money from investors and banks, and avoid common money mistakes that trip up even the best of us. You'll also find out how to: It achieves this by improving the usefulness of the financial statements by better aligning hedge accounting with the risk management activities of an entity and removing or amending some of the prohibitions and rules within IAS 39 that frustrated businesses.

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