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by John A. Tracy
Accounting For Dummies, 6th Edition
Cover
Cover
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Beyond the Book
Where to Go from Here
Part 1: Opening the Books on Accounting
Chapter 1: Accounting Spoken Here
Checking Your Preconceptions about Accounting
Providing Vital Financial Information
Taking a Peek behind the Scenes
Focusing on Transactions
Taking the Financial Pulse of a Business
Mapping Accounting Careers
Chapter 2: Introducing Financial Statements
Setting the Stage for Financial Statements
Income Statement
Balance Sheet
Statement of Cash Flows
A Note about the Statement of Changes in Shareowners’ Equity
Gleaning Important Information from Financial Statements
Keeping in Compliance with Accounting and Financial Reporting Standards
Chapter 3: Keeping the Books and Guarding the Family Jewels
Separating the Duties of Bookkeepers and Accountants
Pedaling through the Bookkeeping Cycle
Managing Accounting Systems
Enforce Strong Internal Controls
Double-Entry Accounting
Juggling the Books to Conceal Embezzlement and Fraud
Using Accounting Software in the Cloud and on the Ground
Chapter 4: Knowing the Accounting Entity
Being Aware of the Legal Roots of Business Entities
Securing Capital from Owners
Incorporating a Business
Differentiating Partnerships and Limited Liability Companies
Going It Alone: Sole Proprietorships
Choosing the Right Legal Structure for Income Tax
Part 2: Exploring Financial Statements
Chapter 5: Reporting Profit or Loss in the Income Statement
Presenting Typical Income Statements
Taking Care of Housekeeping Details
Being an Active Reader
Deconstructing Profit
Pinpointing the Assets and Liabilities Used to Record Revenue and Expenses
Reporting Unusual Gains and Losses
Watching for Misconceptions and Misleading Reports
Chapter 6: Reporting Financial Condition in the Balance Sheet
Expanding the Accounting Equation
Presenting a Proper Balance Sheet
Judging Liquidity and Solvency
Understanding That Transactions Drive the Balance Sheet
Sizing Up Assets and Liabilities
Financing a Business: Sources of Cash and Capital
Recognizing the Hodgepodge of Values Reported in a Balance Sheet
Chapter 7: Reporting Cash Sources and Uses in the Statement of Cash Flows
Meeting the Statement of Cash Flows
Explaining the Variance between Cash Flow and Net Income
Sailing through the Rest of the Statement of Cash Flows
Pinning Down “Free Cash Flow”
Limitations of the Statement of Cash Flows
Chapter 8: Financial Accounting Issues
Reporting Changes in Owners’ Equity
Recognizing Reasons for Accounting Differences
Looking at a More Conservative Version of the Company’s Income Statement
Explaining the Differences
Calculating Cost of Goods Sold Expense and Inventory Cost
Recording Depreciation Expense
Scanning the Revenue and Expense Radar Screen
Part 3: Reading Financial Reports
Chapter 9: Getting a Financial Report Ready for Release
Quickly Reviewing the Theory of Financial Reporting
Recognizing Top Management’s Role
Keeping Current with Financial Accounting and Reporting Standards
Making Sure Disclosure Is Adequate
Putting a Spin on the Numbers (Short of Cooking the Books)
Comparing Public and Private Companies
Dealing with Information Overload
Chapter 10: Reading a Financial Report
Knowing the Rules of the Game
Making Investment Choices
Contrasting Reading Financial Reports of Private Versus Public Businesses
Using Ratios to Digest Financial Statements
Frolicking through the Footnotes
Checking Out the Auditor’s Report
Chapter 11: Inside Information for Managers Only
Building on the Foundation of the External Financial Statements
Gathering Financial Condition Information
Culling Profit Information
Part 4: Accounting in Managing a Business
Chapter 12: Analyzing Profit
Helping Managers: The Fourth Pillar of Accounting
Internal Profit Reporting
Looking at Strategic Profit Analysis
Taking a Closer Look at the Lines in the Profit Template
Using the Profit Template for Decision-Making Analysis
Tucking Away Some Valuable Lessons
Closing with a Boozy Example
Chapter 13: Accounting for Costs
Looking down the Road to the Destination of Costs
Are Costs Really That Important?
Becoming More Familiar with Costs
Assembling the Product Cost of Manufacturers
Puffing Profit by Excessive Production
Chapter 14: Budgeting
Putting Budgeting in Its Place
Exploring Budgeting
Looking at Profit Budgeting in Action
Additional Benefits of Budgeting
Is Budgeting Worth the Cost?
Realizing Not Every Business Budgets
Budgeting Cash Flow
Considering Capital Expenditures and Other Cash Needs
Part 5: The Part of Tens
Chapter 15: Ten Tips for Managers
Reach Breakeven and Then Rake in Profit
Set Sales Prices Right
Don’t Confuse Profit and Cash Flow
Call the Shots on Accounting Policies
Budget Well and Wisely
Demand the Accounting Information You Want
Tap into Your CPA’s Expertise
Critically Review Your Controls over Employee Dishonesty and Fraud
Lend a Hand in Preparing Your Financial Reports
Speak about Your Financial Statements as a Pro
Chapter 16: Ten Tips for Reading a Financial Report
Get in the Right Frame of Mind
Decide What to Read
Improve Your Accounting Savvy
Judge Profit Performance
Test Earnings Per Share (EPS) against Change in Bottom Line
Tackle Unusual Gains and Losses
Check Cash Flow From Profit
Look for Signs of Financial Distress
Recognize the Possibility of Restatement and Fraud
Remember the Limits of Financial Reports
Appendix: Glossary: Slashing through the Accounting Jargon Jungle
About the Author
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