Everyone needs to budget money and manage costs, whether for groceries and everyday purchases, rent or mortgage, education, retirement, or even a business. Like it or not, accounting infuses most everything in life. From credits, debits, and basic bookkeeping to getting the most out of tax deductions and from reading or creating a business' financial statement to better understanding accounting lingo.

Table of Contents

• Acknowledgements
• Photo Sources
• Introduction
• What is Accounting?
• Accounting Defined
• Users of Accounting Information
• Early Accounting
• A Very Brief History of Financial Accounting in the United States
• FASB'S Conceptual Framework
• The FASB
• The Conceptual Framework
• Qualitative Characteristics
• Elements of Financial Statements
• Recognition, Measurement, and Disclosure Concepts
• Financial Statement Elements
• Elements
• Assets
• Liabilities
• Equity, Investments by Owners, and Distributions to Owners
• Revenues and Expenses
• Gains, Losses, and Comprehensive Income
• Four Basic Financial Statements
• Financial Statements
• The Basic Accounting Equation
• The Income Statement
• The Statement of Retained Earnings
• The Balance Sheet
• The Statement of Cash Flows
• Other Financial Reporting
• Financial Statement Analysis
• Analysis Basics
• Horizontal Analysis
• Vertical Analysis
• Ratio Analysis Basics
• Liquidity Ratios
• Solvency Ratios
• Profitability Ratios
• Asset Management Ratios
• Market Performance Ratios
• The Balanced Scorecard
• Bookkeeping and the Accounting Cycle
• The Accounting Cycle
• Steps 1–3: Analyze, Record, and Post
• Steps 4–8: The Month-End Close
• Steps 9–11: The Year End Close
• Source Documents in the Accounting System
• Specific Accounting Issues
• Fraud and Internal Controls
• Merchandisers
• Inventory Accounting
• Accounts Receivable and Bad Debt
• Fixed Assets and Intangibles
• Payroll Accounting
• Cost Accounting Basics
• The Operating Cycle
• Cost Classifications
• Job-Order Costing
• Activity Based Costing
• Process Costing
• Other Costing Systems
• Budgeting, Planning, and Controlling
• Why Budget?
• The Master Budget
• Flexible Budgets
• Standard Costs and Variances
• Managerial Accounting Basics
• The Contribution Format Income Statement
• Cost-Volume-Profit Analysis
• Managerial Decision Making
• Drop or Retain a Segment
• Make or Buy
• Special Order
• Constrained Resources
• Responsibility Accounting
• Capital Budgeting
• Starting a Small Business
• Choosing a Business Structure
• Creating a Business Plan
• Setting Up an Accounting Information System
• Profit and Cash Flow
• Employees and Payroll
• Tax Issues
• Accountants and the Future of Accounting
• Accounting Careers
• Credentials
• Major Players
• Notable Accountants
• Accounting Scandals
• The Future of Accounting
• Appendices
• Journal Entries
• Partnership Accounting
• Financial Statements
• Annual Report Example
• Glossary
• Further Reading
• About the Author
• Also From Visible Ink Press