Accounting and Financial Fundamentals for NonFinancial by Robert Rachlin

By Robert Rachlin

Finance and accounting are the spine of any association. but lots of executives and businesspeople are befuddled and intimidated by means of quantity crunching. Now there is a entire, concise, non-technical advisor to greedy all of the necessities of accounting -- and at once using monetary information. Readers will tips on how to: * pinpoint the main ecocnomic items or revenues areas * determine the speed of go back from a capital funding * make inner administration studies extra priceless * comprehend and get ready an announcement of money flows Its easy strategy will attract all managers and managers who want a functional, understandable lesson in utilizing monetary research to set key company objectives, degree effects, and make shrewdpermanent judgements.

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A term that is often used interchangeably with net income is profit. Thus, an income statement is also referred to as a statement of profit and/or loss (often abbreviated P/L statement). The choice is only one of terminology, since the purpose and the concept of the statement are the same under either label. An income statement for Gerry Manero's Furniture Mart for the period between July 27 and September 15 would appear as follows: GERRY MANERO'S FURNITURE MART Income Statement Period Ending September 15, 19X5 Revenues$2,400Less cost of goods sold1,800Net income$ 600 The source of these figures is as follows: Revenues are increases to owner's equity through sales of merchandise: Page 21 September 8$ 600September 12800September 151,000Total revenues as per income statement$2,400Expenses represent decreases to owner's equity for the costs associated with providing these goods: September 8$ 500September 12600September 15700Total revenues as per income statement$1,800 Revenues minus expenses equal net income, or $600, which is the net income to owner's equity for the period July 27 through September 15.

Rather, owner's equity changes, as in both these cases, because the monies obtained are greater than the costs of the goods sold. These sales increased the owner's equity. In accounting, an increase in owner's equity is called revenue. The process of turning the goods over to the customer, however, brought about a decrease in the owner's equity in the amount that was paid for the goods sold. This decrease in owner's equity is called an expense. The difference between the revenue (an increase in owner's equity) and the expense (the decrease in owner's equity) is net income.

Reference should be made to the Notes to Financial Statements. ) The final section on the right is entitled stockholders' equity. GM is a corporation, so this is another way of representing the owner's equity. The size and complexity of the assets, liabilities, and equities of a company may vary, but the basic concepts involved in preparing a balance sheet for them remain unchangedand simple. These concepts are as applicable to the most modest proprietorships and/or partnerships, as well as to the largest corporations.

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