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Tracy Accounting Workbook For Dummies, 2nd Edition TK

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About This Course

Skills You’ll Get

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1

Introduction

  • About This Course
  • Foolish Assumptions
  • Icons Used in This Course
  • Beyond the Course
  • Where to Go from Here
2

Business Accounting Fundamentals

  • Keeping the Accounting Equation in Balance
  • Distinguishing Between Cash- and Accrual-Basis Accounting
  • Summarizing Profit Activities in the Income (Profit & Loss) Statement
  • Assembling a Balance Sheet
  • Partitioning the Statement of Cash Flows
  • Tracing How Dishonest Accounting Distorts Financial Statements
  • Answers to Problems on Elements of Business Accounting
3

Financial Effects of Transactions

  • Classifying Business Transactions
  • Seeing Both Sides of Business Transactions
  • Concentrating on Sales
  • Concentrating on Expenses
  • Determining the Composite Effect of Profit
  • Answers to Problems on Financial Effects of Transactions
4

Getting Started in the Bookkeeping Cycle

  • Constructing the Chart of Accounts
  • Distinguishing Real and Nominal Accounts
  • Knowing Your Debits from Your Credits
  • Making Original Journal Entries
  • Recording Revenue and Income
  • Recording Expenses and Losses
  • Recording Set-Up and Follow-Up Transactions for Revenue and Expenses
  • Recording Investing and Financing Transactions
  • Answers to Problems on the Bookkeeping Cycle
5

The Bookkeeping Cycle: Adjusting and Closing Entries

  • Getting Accurate with Adjusting Entries
  • Breaking Down the End-of-Year Adjusting Entries
  • Closing the Books on the Year
  • Instituting Internal Controls
  • Answers to Problems on the Bookkeeping Cycle
6

Accounting in the Digital Age

  • Keeping a Few Foundational Accounting Concepts in Mind
  • Using Accounting Software and the Services of an Expert
  • Controlling and Protecting Money Flows in the Electronic Age
  • Managing the Accounting Function in the On-Demand World
  • Answers to Problems on Accounting in the Digital Age
7

Understanding Basic Accounting Concepts and Methods

  • Touching on Basic Accounting Theories and Concepts
  • Providing Some Examples of Choosing Accounting Methods
  • Getting Off to a Good Start
  • Determining Whether Products Are Unique or Fungible
  • Contrasting Cost of Goods Sold Expense Methods (for Fungible Products)
  • Appreciating Depreciation Methods
  • Timing Bad Debts Expense
  • Answers to Problems on Choosing Accounting Methods
8

The Effects and Reporting of Profit

  • Understanding the Nature of Profit
  • Choosing the Income Statement Format
  • Deciding on Disclosure in the Income Statement
  • Examining How Sales and Expenses Change Assets and Liabilities
  • Summing Up the Manifold Effects of Profit
  • Answers to Problems on the Effects and Reporting of Profit
9

Reporting Financial Condition in the Balance Sheet

  • Getting Started on the Balance Sheet
  • Building a Balance Sheet
  • Fleshing Out the Balance Sheet
  • Clarifying the Values of Assets in Balance Sheets
  • Answers to Problems on Reporting Financial Condition in the Balance Sheet
10

Coupling the Income Statement and Balance Sheet

  • Rejoining the Income Statement and Balance Sheet
  • Filling in Key Pieces of the Balance Sheet from the Income Statement
  • Putting Fixed Assets in the Picture
  • Completing the Balance Sheet with Debt and Equity
  • Answers to Problems on Coupling the Income Statement and Balance Sheet
11

Reporting Cash Flows and Changes in Owners’ Equity

  • Figuring Profit from the Balance Sheet
  • Reporting the Statement of Changes in Stockholders’ Equity
  • Determining Cash Effect from Profit Generating Activities
  • Presenting the Statement of Cash Flows
  • Answers for Problems on Reporting Cash Flows and Changes in Owners’ Equity
12

Analyzing Profit Behavior

  • Mapping Profit for Managers
  • Analyzing Operating Profit
  • Analyzing Return on Capital
  • Improving Profit Performance
  • Answers to Problems on Analyzing Profit Behavior
13

Tackling Managerial Cost Accounting

  • Minding Manufacturing Costs
  • Taking a Short Tour of Manufacturing Entries
  • Calculating Product Cost: Basic Methods and Problems
  • Calculating Product Cost in Unusual Situations
  • Answers to Problems on Manufacturing Cost Accounting
14

Business Planning and Raising Capital

  • Starting with the Business Plan
  • Realizing the Importance of Business Forecasts
  • Identifying Types of Available Capital
  • Answers to Problems on Managing Business Capital
15

Ten Things You Should Know About Business Financial Statements

  • Rules and Standards Matter
  • Exactitude Would Be Nice, but Estimates Are Key
  • Financial Statements Fit Together Hand in Glove
  • Accrual Basis Is Used to Record Profit, Assets, and Liabilities
  • Cash Flow Differs from Accrual Basis Profit
  • Profit and Balance Sheet Values Can Be and Often Are Manipulated
  • Financial Statements May Be Revised Later to Correct Errors and Fraud
  • Some Asset Values Are Current, but Others May Be Old
  • Financial Statements Leave Interpretation to Readers
  • Financial Statements Tell the Story of a Business, Not Its Individual Shareowners
16

A Ten-Point Checklist for Management Accountants

  • Designing Internal Accounting Reports
  • Helping Managers Understand Their Accounting Reports
  • Involving Managers in Choosing Accounting Methods
  • Designing Profit Performance Reports for Managers
  • Designing Cash Flow Reports for Managers
  • Designing Management Control Reports
  • Developing Financial Forecast Models for Management Decision-Making Analysis
  • Working Closely with Managers in Planning
  • Establishing and Enforcing Internal Controls
  • Staying Current in the Digital Age and Global Economy

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