By Maire Loughran
Your plain-English advisor to navigating a monetary accounting course
Despite the commercial panorama and task industry, call for for accountants is still robust, and accountants will proceed to work out excessive call for for his or her companies because the economic system rebounds and companies develop. also, one of many results of the industrial downturn is a better emphasis on responsibility, transparency, and controls in monetary reporting.
With easy-to-understand motives and real-life examples, Financial Accounting For Dummies offers scholars who're learning company, finance, and accounting with the fundamental strategies, terminology, and techniques to interpret, examine, and assessment genuine company monetary statements.* Covers conventional introductory monetary accounting direction fabric* Explores suggestions accountants and different enterprise execs use to arrange studies * info mergers and acquisitions buy and pooling, unfastened money movement, and fiscal assertion analysis
Whether you're a scholar in your technique to incomes a bachelor's measure, MBA, or MAcc, Financial Accounting For Dummies delivers a wealth of knowledge to know the topic and ace the direction.
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Once again, keep in mind that requirements may vary from school to school: • Intermediate Accounting I and II: More in-depth accounting courses than the Financial Accounting or Managerial Accounting courses. Chapter 2 : Making Mom Proud: Financial Accounting Career Options Accounting theory is taught, along with the development of generally accepted accounting principles (GAAP, which I discuss in Chapter 4). • Federal Income Tax I and II: Cover both business and individual taxation. Topics include gross income, deductions, technical tax research, and types of business entities.
For financial accountants, the Financial Accounting Standards Board (FASB) started work on providing a conceptual framework — a structure of financial accounting concepts — back in the 1970s. These days, this conceptual framework is organized into Statements of Financial Accounting Concepts (CONs). The CONs cover the financial accounting topics of objectives, characteristics, elements, and financial statement measurement. Not sure what each of these terms means? I discuss this topic in detail in Chapter 6.
I have good news for computer geeks who are also interested in accounting! In the past, businesses produced paper trails that auditors, investors, and other interested parties could follow to find clues when examining the financial statements. But these days, those trails are increasingly electronic. Electronic data can be manipulated when a company’s internal controls are lacking, and the data is more difficult to track down than a piece of paper in a file cabinet. So financial accountants who are savvy in computer forensics are — and will continue to be — in high demand.
Financial Accounting For Dummies by Maire Loughran