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Professional eBook

Understanding Accounting Principles

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Language:  English
Need to understand the basic accounting concepts and terminology? This eBook explains all you need to understand financial statements.
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Descripción
Prefacio
Contenido

This eBook explains all of the basic accounting concepts and terminology you will need to understand the three primary financial statements that appear in every organization’s annual report and most internal monthly reports.

It describes the differences between cash based and accrual based accounting. Explains the ‘revenue recognition’ principle and the ‘matching’ principle, as well as how depreciation, prepayments and bad debt are allowed for.

This eBook explains all of the basic accounting concepts and terminology you will need to understand the three primary financial statements that appear in every organization’s annual report and most internal monthly reports.

You will learn:

  • The precise definition of essential accounting terms
  • The purpose of the income statement, balance sheet, and cash flow statement
  • The differences between cash-based and accrual-based accounting
  • The ‘revenue recognition’ principle and the ‘matching’ principle
  • How depreciation, prepayments, and bad debt are allowed for
  1. Basic Accounting Concepts
    1. An Income Statement
    2. Cash Accounting
    3. Accrual Accounting
  2. Basic Financial Terms
    1. The Revenue Recognition Principle
    2. The Matching Principle
  3. A Sample Income Statement – Using the Accrual Method
  4. Summary
  5. References
About the Author

Paul Newton

Paul Newton has worked in IT and Project management for over 30 years and has also developed several internet based enterprises. He was a co-founder and director of ITT Ltd where he was responsible for the development and marketing of software-based management training tools. Clients included Microsoft, IBM, Pfizer, Sun Microsystems, UK National Health, Ministry of Defence, Barclays and many other internationally known organisations.

Prior to that, he worked as an IT consultant specialising in developing IBM mainframe software for many of the company's clients including: Rockwell, Severn Trent Water, SWEB, SWALEC, and Eagle Star Insurance.

He also owns www.psychometric-success.com, a leading provider of practice aptitude tests. This website helps over a million people per year to pass job selection tests including: numerical, verbal, abstract, spatial and mechanical reasoning tests. It has 16 free practice tests available to download - visit www.psychometric-success.com.

You can contact him at paul@free-management-ebooks.com, paul@psychometric-success.com or via his personal blog www.pcnewton.com.