Accounting for Non-accountants: A Manual for Managers and by Graham Mott

By Graham Mott

This totally revised and up to date version of the best-selling handbook presents the appropriate advent to the fundamentals of accounting and enterprise finance. It takes the reader via accounting and fiscal strategies, recommendations and phrases in an easy-to-follow, approachable sort. brand new with the most recent adjustments in taxation legislations, it introduces ideas in a manner meant to assist non-financial scholars in addition to managers from firms of all sizes. The ebook is prepared into 3 major sections: Annual money owed, administration accounting and monetary administration. during the booklet there are feedback for additional analyzing and inquiries to try out the reader's figuring out of every bankruptcy. "Accounting for Non-Accountants" is already primary as an introductory textual content for enterprise and administration scholars on numerous classes, and it continues to be crucial interpreting for somebody wishing to actually comprehend accounting ideas and perform.

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Sample text

It embraces all borrowings and all money owed to suppliers plus other items mentioned below. The main distinction of creditors in a published balance sheet is based on time, with one year hence being the critical moment. Therefore, the two main headings of creditors in the balance sheet are: ᔢ creditors falling due after one year; ᔢ creditors falling due within one year. 1. Creditors falling due after one year fall into three main categories: ᔢ borrowed capital; ᔢ provisions or charges; ᔢ other creditors.

The three categories are: ᔢ raw materials; ᔢ work-in-progress; ᔢ finished goods. A manufacturing firm will have all three kinds whereas a retail outlet will only have finished goods for resale. Service industries may also carry stocks. For example, an architect has considerable work-inprogress, consisting of labour and overhead charges on the drawings and supervision of building not yet charged out to clients. Stocks are valued on the basis of their cost, or realizable value, if lower. Realizable value means their value to the trade not their sale value to a customer.

The audit report in a company’s annual accounts is usually a very brief but important statement. In it, an independent report is made to the shareholders about whether the accounts give a true and fair view of the company’s state of affairs. This means that adequate records have been kept and that the accounting statements comply with the Companies Act 1985 and professional standards laid down in SSAPs and FRSs. A qualified report draws some irregularity to the attention of the shareholders for them to pursue at the annual general meeting or elsewhere.

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