By Robert Rachlin
Finance and accounting are the spine of any association. but lots of executives and businesspeople are befuddled and intimidated by means of quantity crunching. Now there is a whole, concise, non-technical consultant to greedy all of the necessities of accounting -- and without delay utilizing monetary facts. Readers will methods to: * pinpoint the main ecocnomic items or revenues areas * determine the speed of go back from a capital funding * make inner administration studies extra precious * comprehend and get ready a press release of money flows Its basic technique will entice all managers and managers who want a sensible, understandable lesson in utilizing monetary research to set key enterprise objectives, degree effects, and make clever judgements.
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Extra resources for Accounting and Financial Fundamentals for NonFinancial Executives
To show an increase in assets in the amount of $100,000, with an equal increase in equities (creditor's equities) in the same amount. ) 2. To point out in general terms three basic concepts: assets as things of measurable monetary value; liabilities as creditor's claims against assets; and owner's equities as the claims of owners on assets. We can take these same concepts and, using exactly the same approach, see how they apply in a highly simplified business situation involving Gerry Manero's Furniture Mart.
A customer appears and selects a piece of merchandise and makes full payment of $400 but requests that the merchandise not be delivered until March of the following year. In this case, cash receipts have increased. Because the merchandise is not to be delivered until the following year, however, there is no increase in revenue. A simple table summarizes these three transactions: Page 29 GERRY MANERO'S FURNITURE MART Application of the Realization PrincipleDateTransactionAmountEffect on CashEffect on RevenueDecember 31Cash sale and delivery same day $200 $200 $200December 31Credit sale and delivery same day 300 0 300December 31Payment received in advance for March delivery 400 400 0 Totals$900$600$500 This table shows that the application of the realization principle may result in situations where the net income of the business can be affected without a corresponding effect on cash.
Because it is assumed that the assets will be used in the normal conduct of the business rather than sold or disposed of, the question of the value of the assets does not become as critical as it might otherwise. In this way the going concern principle facilitates the accounting problem of determining the values of assets. The Realization Principle A routine business transaction often involves more steps than meet the eye. Let's take, for example, a fictitious companyEZI Manufacturing Companyand its sale of widgets.
Accounting and Financial Fundamentals for NonFinancial Executives by Robert Rachlin