Many people who at one point in life want to learn the trade of running their own business need to have a little or a lot of knowledge about accounting and bookkeeping.
In chapter one, he discusses the importance of assets, liability and equity. When assets is discussed it focuses on accounts receivable and the definition. When it goes in detail on liability, it focuses on accounts payable and explains what it is. Equity is the most important part of this chapter that most people will find interesting. It tells of the 4 parts of equity which are owner capital, owner withdrawals, revenues and expenses. The last part of the chapter goes you an important formula that combine all three as one.
Chapter two discusses business transactions and the accounting cycle. The chapter focuses on the essentials on keeping a business transaction by using sources, charting, creating and posting journal entries and keeping a trial balance.
Chapter 3 discusses financial statements. In this chapter you get a brief discussion on the different types of financial statements. They go in detail about each type of financial statement and the importance level of them all. The type of statements mentioned are net income, income statements, owner equity statements and cash flow statements. These are important in tracking our business.
Chapter 4 discusses Fraud and Ethics when you are into accounting. This chapter isn't too long but it brushes over a few tips and a few key terms to understand about fraud and ethics.
Chapter 5 is probably the most important of all the chapters to me. This chapter has so much inforamtion about what is called the GAAP (Generally Accepted Accounting Principles). The terms discussed are the Four Principles and the roles of each and the Four Accounting Assumptions.
Chapter 6 raps up using the software to building your business and using accounting to run it.
*I have received this book for free in return for an honest and unbiased review. All words are my own.
I recommend this book because this little book gives an insight on the important things to know about accounting when you are beginning to take your finances into your own hands.
In chapter one, he discusses the importance of assets, liability and equity. When assets is discussed it focuses on accounts receivable and the definition. When it goes in detail on liability, it focuses on accounts payable and explains what it is. Equity is the most important part of this chapter that most people will find interesting. It tells of the 4 parts of equity which are owner capital, owner withdrawals, revenues and expenses. The last part of the chapter goes you an important formula that combine all three as one.
Chapter two discusses business transactions and the accounting cycle. The chapter focuses on the essentials on keeping a business transaction by using sources, charting, creating and posting journal entries and keeping a trial balance.
Chapter 3 discusses financial statements. In this chapter you get a brief discussion on the different types of financial statements. They go in detail about each type of financial statement and the importance level of them all. The type of statements mentioned are net income, income statements, owner equity statements and cash flow statements. These are important in tracking our business.
Chapter 4 discusses Fraud and Ethics when you are into accounting. This chapter isn't too long but it brushes over a few tips and a few key terms to understand about fraud and ethics.
Chapter 5 is probably the most important of all the chapters to me. This chapter has so much inforamtion about what is called the GAAP (Generally Accepted Accounting Principles). The terms discussed are the Four Principles and the roles of each and the Four Accounting Assumptions.
Chapter 6 raps up using the software to building your business and using accounting to run it.
*I have received this book for free in return for an honest and unbiased review. All words are my own.
I recommend this book because this little book gives an insight on the important things to know about accounting when you are beginning to take your finances into your own hands.
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