Accounting

Read e-book online Accounting for Non-Accountants: A Manual for Managers and PDF

By Graham Mott

ISBN-10: 0749452641

ISBN-13: 9780749452643

This up to date variation of the best-selling guide ''Accounting for Non-Accountants'' offers the suitable creation to the fundamentals of accounting and enterprise finance. It takes you thru accounting and monetary thoughts and phrases in an easy-to-follow variety. absolutely revised to incorporate details at the most modern accounting criteria and adjustments in taxation legislation, it introduces thoughts in a fashion meant to help non-financial scholars, in addition to managers from businesses of all sizes. it truly is divided into 3 major sections: annual money owed, administration accounting and monetary administration, and includes examples and inquiries to try out your knowing. ''Accounting for Non-Accountants'' is already prevalent as an introductory textual content for company and administration scholars on various classes, and it continues to be crucial studying for someone wishing to actually comprehend accounting rules and perform.

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Extra resources for Accounting for Non-Accountants: A Manual for Managers and Students

Sample text

Here we briefly examine each in turn, although the detailed management of these items is the subject of Chapter 18. 48 The annual accounts 1. Stocks can be of up to three main types, depending on the nature of the business. 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. This rule can be important for firms holding stocks of commodities, for example, tin, lead, cocoa whose prices can be volatile at times. Valuing these stocks at the year-end may result in a loss if market value happens to be lower than cost at that particular moment. Engineering firms and confectionery manufacturers can see their profits affected either way by sharp changes in commodity prices.

Intangible assets embrace goodwill, brands, patents, trade marks, licences, etc. Such items will only appear on a balance sheet if they are separately identifiable and money is spent on their acquisition. Goodwill and brands have been very contentious items where UK accounting standards have not been in accord with international standards. The balance sheet 47 FRS 10, which became effective in 1998, brought UK accounting practice on goodwill and intangible assets much closer to international practice.

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


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