Accounting for Non-Accountants
eBook - ePub

Accounting for Non-Accountants

David Horner

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eBook - ePub

Accounting for Non-Accountants

David Horner

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About This Book

Accounting has a reputation as a technical and jargon-heavy subject, but there is no reason why those without formal training cannot master the basics of interpreting accounts and making good decisions. Accounting for Non-Accountants assumes no prior knowledge of the subject area and is designed to serve as an introductory text for managers and non-specialists who wish to gain an oversight of the accounting discipline. The book covers both financial and management accounting in sufficient detail to allow data to be interpreted but in a clear and accessible manner so the reader can quickly gain an understanding of the basic principles of the subject area. Now in its 12th edition, Accounting for Non-Accountants has been fully updated to the latest regulatory requirements including the UK GAAP framework, International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS). The final chapter focuses on the impact of changes in the economic environment on businesses and there are introductions to areas including tax, transfer pricing and creative accounting. This practical guide includes review questions in each chapter, with answers and workings where appropriate, and is supported online by over 200 questions and a glossary to develop a firm understanding of all topics.

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Financial record keeping


All businesses and many other types of organization will need to keep records of all their financial transactions. However, it makes sense to introduce some accounting terminology before we look at any system of recording financial transactions. We will begin by explaining some of the frequently used terms whose meaning may not be immediately obvious. These terms are assets, liabilities and capital:
  • Assets are resources that are used within the business. These can take the form of physical resources used to facilitate production, such as premises and equipment. Assets can also include resources that are used as part of the production process, such as cash and raw materials.
  • Liabilities are the outstanding debts of the business. These are any borrowings which the business will repay at some point in the future. These debts can be short-term or long-term.
  • Capital refers to the value of the owner’s resources used within the business. This can take the form of money invested in the business but can also take the form of owner’s assets brought into business use, such as the owner’s vehicle.
The capital, al...

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