... 49
Clearly, an accounting system needs to standardize the forms and procedures
for processing and recording all normal, repetitive transactions and should
control the generation and handling of these ... Interest
ߜ Pensions and profit-sharing plans
ߜ Rents
ߜ Repairs and maintenance
ߜ Salaries and wages
ߜ Taxes and licenses
59
Chapter 3: Bookkeeping and Accounting Sys...
... profit accounting a fascinating challenge. For one thing, you have to
understand how a business operates and its strategies in order to account for
its profit.
Making a profit and accounting for ... and sales revenue for
the year. The IRS has rules about saving source documents for a reasonable
period of time and having a well-defined process for making bookkeeping
e...
... to the grueling effort and
long hours to get the business off the ground and up and running. The
founders don’t get paid for their sweat equity, and it does not show up in the
accounting records ... a ready market for its stock
shares, which puts you between a rock and a hard place.)
172
Part III: Accounting in Managing a Business
14_246009 ch08.qxp 4/ 17/ 08 12:00 AM Pag...
... Motors and a copy of my book, Accounting For
Dummies, 4th Edition, hot off the printing presses.
Most production (manufacturing) processes are fairly complex, so product cost
accounting for manufacturers ... are always
grounds for criticism.
228
Part III: Accounting in Managing a Business
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2 27
Chapter 11: Cost Concepts and...
... be ready for serious
concentration.
Staying on Top of Accounting and
Financial Reporting Standards
Standards and requirements for accounting and financial reporting don’t stand
still. For many ... business
and finance in general, and understand basic accounting terminology and
measurement methods in particular. Financial reporting standards and prac-
tices, in other...
... equity
132 ,72 0
$136,650
199,925
$336, 575
$58,855
60,000
2 17, 720
$336, 575
Figure 13-2:
Balance
sheet
example for
a business.
278
Part IV: Preparing and Using Financial Reports
20_246009 ch13.qxp 4/ 17/ 08 ... legal
exposure, and so on.
Private and public businesses are bound by the same accounting rules for mea-
suring profit and for valuing assets, liabilities, and...
... Audits and Accounting Fraud
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312
Part IV: Preparing and Using Financial Reports
Exploring the Need for Audits
One reason for audits — especially for ... statements
following authoritative accounting and financial reporting standards and that
the footnotes to the financial statements cover all important points and issues.
Unfo...