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A Quick, Compact, and Easy-to-Understand Resource for Non-Accountants
Accounting for Non-Accountants is the must-have guide for all of us who have never taken an accounting class, are mystified by accounting jargon, and have no clue about balance sheets, income statements, or statements of cash flows.
Whether you own a business, plan on starting one, or just want to control your own assets, you'll find everything you need to know:
•How to prepare and use financial statements
•How to control cash flows
•How to manage budgets
•How to use accounting ratios to
•How to deal with audits and auditors interpret financial statements
Let this book help you like it helped these readers:
"Dr. Labels explanations are simple and straightforward. "
"This will help me a lot as I set up my own business. "
"I have worked in accounting for over twenty-five years, and this is the best book I have seen to help people with the basics of accounting."
For entrepreneurs or anyone who needs to brush up on accounting fast, this book will have you up and running in no time.
- Sales Rank: #253876 in Books
- Published on: 2013-01-01
- Released on: 2013-01-01
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x 6.25" w x .75" l, .65 pounds
- Binding: Paperback
- 224 pages
About the Author
Dr. Wayne A. Label, CPA, MBA, PhD, is a Certified Public Accountant in the state of Texas. He has taught at several universities in the United States and abroad, and has published three books on accounting and over 30 articles in professional journals.
Excerpt. � Reprinted by permission. All rights reserved.
Chapter 1
Introducing Accounting and Financial Statements
- What Is Accounting?
- Who Uses Accounting Information?
- Financial Statements
- How Different Business Entities Present Accounting Information
What Is Accounting?
The purpose of accounting is to provide information that will help you make correct financial decisions. The accountant’s job is to provide the information needed to run a business as efficiently as possible while maximizing profits and keeping costs low.
Quick Tip
Finding an Accountant: Hiring a professional and ethical accountant to aid in your business operations can be critical to the success of your company. Meet with a few accountants before making a final choice so that you know your options and can select one whose experience and work style will be best suited to your needs and the needs of your business. Local chapters of your state societies of CPAs offer referral services that can help with this.
Accounting plays a role in businesses of all sizes. Your kids’ lemonade stand, a one-person business, and a multinational corporation all use the same basic accounting principles. Accounting is legislated; it affects your taxes; even the president plays a role in how accounting affects you.
Accounting is the language of business. It is the process of recording, classifying, and summarizing economic events through certain documents or financial statements. Like any other language, accounting has its own terms and rules. To understand how to interpret and use the information accounting provides, you must first understand this language. Understanding the basic concepts of accounting is essential to success in business.
Different types of information furnished by accountants are shown in figure 1.1 on the next page.
Figure 1.1: TYPES OF INFORMATION PROVIDED BY ACCOUNTANTS
- Information prepared exclusively by people within a company (managers, employees, or owners) for their own use.
- Financial information required by various government agencies such as the Internal Revenue Service (IRS), Securities and Exchange Commission (SEC), and the Federal Trade Commission (FTC).
- General information about companies provided to people outside the firm such as investors, creditors, and labor unions.
Accounting and Bookkeeping
Bookkeeping procedures and bookkeepers record and keep track of the business transactions that are later used to generate financial statements. Most bookkeeping procedures have been systematized and, in many cases, can be handled by computer programs. Bookkeeping is a very important part of the accounting process, but it is just the beginning. There is currently no certification required to become a bookkeeper in the United States.
Accounting is the process of preparing and analyzing financial statements based on the transactions recorded through the bookkeeping process. Accountants are usually professionals who have completed at least a bachelor’s degree in accounting, and often have passed a professional examination, like the Certified Public Accountant Examination, the Certified Management Accountant Examination, or the Certified Fraud Auditor Examination.
Accounting goes beyond bookkeeping and the recording of economic information to include the summarizing and reporting of this information in a way that is meant to drive decision making within a business.
Who Uses Accounting Information?
In the world of business, accounting plays an important role to aid in making critical decisions. The more complex the decision, the more detailed the information must be. Individuals and companies need different kinds of information to make their business decisions.
Let’s start with you as an individual. Why would you be interested in accounting? Accounting knowledge can help you with investing in the stock market, applying for a home loan, evaluating a potential job, balancing a checkbook, and starting a personal savings plan, among other things.
Managers within a business also use accounting information daily to make decisions, although most of these managers are not accountants. Some of the decisions they might make for which they will use accounting information are illustrated in figure 1.2.
Figure 1.2: AREAS IN WHICH MANAGERS USE ACCOUNTING INFORMATION
- Marketing (Which line of goods should the company emphasize?)
- Production (Should the company produce its goods in the United States or open a new plant in Mexico?)
- Research and Development (How much money should be set aside for new product development?)
- Sales (Should the company expand the advertising budget and take money away from some other part of the marketing budget?)
Without the proper accounting information, these types of decisions would be very difficult, if not impossible, to make.
Bankers continually use accounting information. They are in the business of taking care of your money and making money with your money, so they absolutely must make good decisions. Accounting is fundamental to their decision-making process. Figure 1.3 looks at some of the decisions bankers make using accounting information.
Figure 1.3: AREAS IN WHICH BANKERS USE ACCOUNTING INFORMATION
- Granting loans to individuals and companies
- Investing clients’ money
- Setting interest rates
- Meeting federal regulations for protecting your money
Government agencies such as the Internal Revenue Service (IRS), the Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC), and the Bureau of Alcohol, Tobacco, and Firearms (ATF) base their regulation enforcement and compliance on the accounting information they receive.
Accountability in Accounting
A business’s financial statements can also be of great interest to other members of the local or national community. Labor groups might be interested in what impact management’s financial decisions have on their unions and other employees. Local communities have an interest in how a business’s financial decisions (for example, layoffs or plant closings) will impact their citizens.
As the economy becomes more complex, so do the transactions within a business, and the process of reporting them to various users and making them understandable becomes more complex as well. A solid knowledge of accounting is helpful to individuals, managers, and business owners who are making their decisions based on the information accounting documents provide.
Financial Statements
Accountants supply information to people both inside and outside the firm by issuing formal reports that are called financial statements.
The financial statements are usually issued at least once a year. In many cases they are issued quarterly or more often where necessary. A set of rules, called Generally Accepted Accounting Principles (GAAP), govern the preparation of the financial statements. Generally Accepted Accounting Principles has been defined as a set of objectives, conventions, and principles to govern the preparation and presentation of financial statements. These rules can be found in volumes of documents issued by the American Institute of Certified Public Accountants (AICPA), the Financial Accounting Standards Board (FASB), the Internal Revenue Service (IRS), the Securities and Exchange Commission (SEC), and other regulatory bodies. In chapter 2 we look at some of the overriding principles of accounting as they apply to all businesses and individuals.
The Basic Financial Statements
The basic financial statements include the Balance Sheet, the Income Statement, the Statement of Cash Flows, and the Statement of Retained Earnings. We will look at these in depth in the following chapters and see how they all interact with each other. As we discuss these financial statements, you will see they are not as scary as you might think they are. Many of the concepts will already be familiar to you.
In the appendix you can see examples of these financial statements from the Coca-Cola Company.
The Balance Sheet is the statement that presents the Assets of the company (those items owned by the company) and the Liabilities (those items owed to others by the company).
The Income Statement shows all of the Revenues of the company less the Expenses, to arrive at the “bottom line,” the Net Income.
The Statement of Cash Flows shows how much cash we started the period with, what additions and subtractions were made during the period, and how much cash we have left over at the end of the period.
The Statement of Retained Earnings shows how the balance in Retained Earnings has changed during the period of time (year, quarter, month) for which the financial statements are being prepared. Normally there are only two types of events that will cause the beginning balance to change: 1) the company makes a profit, which causes an increase in Retained Earnings (or the company suffers a loss, which would cause a decrease) and 2) the owners of the company withdraw money, which causes the beginning balance to decrease (or invest more money, which will cause it to increase).
Financial statements vary in form depending upon the type of business in which they are used. In general there are three forms of business operating in the United States: proprietorships, partnerships, and corporations.
Alert!
Seeing the Bigger Picture: None of these financial statements alone can tell the whole story about a company. We need to know how to read, understand,...
Most helpful customer reviews
5 of 5 people found the following review helpful.
straightforward and sequential layout of accounting transactions
By Susanne C
Accounting for Non-Accountants by Wayne A. Label is a marvelous little book for getting acquainted with basic financial statements such as, primarily, the Balance Sheet and the Income Statement, in addition to the Statement of Cash Flows and the Statement of Retained Earnings.
The book is geared for people new to accounting principles, as it lays out, for instance, different sequential snapshots of the balance sheet to demonstrate how individual adjustments are treated. This is probably the highlight feature of the book for newcomers--its straightforward and sequential layout of accounting transactions.
With that said, let it be clear that Label has personality, demonstrated by his occasional use of humor and his engaging writing style.
Furthermore, Label covers a large scope of interesting material--not just information on financial statements-- to give beginners a broad overview of the industry.
To explain, about half of the book is dedicated to the financial statements, journal, and ledger, while the other half is dedicated to concepts such as fraud prevention, audits, GAAP, and--perhaps most interestingly--ratios (including rate of return on investment, current ration, sales ratios, and many others) for reporting short-term or long-term analysis of financial data.
As a specific example of what the book offers, Label expounds on Generally Accepted Accounting Principles (GAAP), which apply to the United States (and Canada, too, so I am told). These principles outline the requirements for accounting, such as both the requirement that financial statements be relayed in monetary terms and the requirement that the depreciation estimates be sufficiently verifiable.
As another example, the book provides a somewhat cursory albeit introductory discussion on both the journal and the ledger, while providing a clear definition of the double accounting system, including an accessible definition of the somewhat arbitrary meaning of both credits and debits.
Perhaps unique to Label's book is the emphasis on corporations, where he outlines concepts such as preferred versus common stock, cash dividends, stock dividends, and stock splits. This section is more advanced than the rest of the book, but will be especially of interest if the reader either plans to incorporate, of course, or has had prior experience with the stock market.
While Label's book is an excellent introduction to accounting principles (with overviews of some advanced concepts such as stocks, corporations, and audits), it is only the first stop for acquiring a solid footing in accounting concepts.
A good follow-up (and relatively more advanced and academic) book to Label's that I've started reading is Barron's Accounting by Peter J. Eisen. Eisen's book does not ease the newcomer into accounting principles like Label's does, but it offers a lot more in-depth practice and insight into financial statements. Eisen's book also emphasizes proprietorship, unlike Label's which focuses a great deal on the corporation.
Another book recommendation to read in tandem with Label's is Accounting Made Simple: Accounting Explained in 100 Pages or Less by Mike Piper.
All in all, I'd recommend starting with Label's book if (1) you have little to no background in accounting, (2) you would like an overview of the industry, or (3) your long-term agenda includes setting up a corporation.
6 of 7 people found the following review helpful.
A Terrible Option For Teaching An Accounting Course
By Thomas Breckenridge
I was required to purchase this book for a law school Introduction to Accounting Course.
The book and accompanying study guide are very poorly written. It seems the authors and editors (if there were any) put little effort into correcting the numerous mistakes within. The study guide, in particular, contains numerous errors in the answer key that directly contradict the text in the book. Furthermore, the chapters in the study guide do not correspond with the chapters in the book. Even if you can get past all that, the book explains little and is essentially a book of accounting vocabulary, reinforced by the study guide's "quizzes" that (sometimes incorrectly) regurgitate, word for word, what has been said in the book. If you want to learn how to read the financial statements of a single, fictitious, bicycle store, then this is the definitive text on the subject; if you want to learn the basics of accounting, I feel certain there must be better alternatives.
Please, if you are considering subjecting your students to this joke of an accounting book, reconsider before it is too late.
3 of 3 people found the following review helpful.
Good introduction to accounting principles
By J. Davis
I found this book to be a decently written, understandable review of basic accounting principles. It's written for those with a limited background in accounting; if you've studied accounting for a while it's a quick review, but probably won't teach you much.
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