Accounting Information Book by Leslie Turner

By Leslie Turner

This re-creation maintains to arrange key AIS path content material (e.g. ERP and relational databases, REA, controls) round 4 significant subject matters: simplicity of writing and presentation (lower level), company techniques, accounting and IT controls, and ethics because it pertains to accounting platforms. this article bargains real-world concentration that affects the bankruptcy exposition, dialogue questions, and end-of-chapter workouts and instances. It comprises an emphasis on clarity that extends past the narrative to the flowcharts and illustrations.

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Assets, such as land, buildings, and equipment, are those that a company needs in order If there was nothing else to to operate its business over an extended period of time. learn, this book would be much Like assets, liabilities usually are classified as either current (obligations expected to shorter and this accounting be paid within a year) or long-term. Accounts payable, for example, usually would be paid class would last only two weeks. within 30 to 60 days, whereas a mortgage may remain on the books for 20 to 30 years before it is fully paid.

The multi-step format illustrated here highlights several profit measurements including gross profit, operating income, and net income. The income statement usually shows two main categories, revenues and expenses, although several subcategories may also be presented (as illustrated). Revenues are listed first. Typical operating expenses for most businesses are employee salaries, utilities, and advertising. For Safeway, as with any retail firm, the largest expense is for cost of goods sold. The difference between sales and cost of goods sold represents the difference between the retail price Safeway receives from a grocery sale and the wholesale cost of the groceries that are sold.

Financial statement information provides potential lenders and investors with a reliable basis for evaluating the past performance and future prospects of a company. ), they are sometimes called general-purpose financial statements. The three primary financial statements are the balance sheet, the income statement, and the statement of cash flows. These statements provide answers to the following questions: 1. 2. 3. What is the company s current financial status? What were the company s operating results for the period?

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