Professional Documents
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Accounting For Non Accountants
Accounting For Non Accountants
Accounting For Non Accountants
ROAD MAP
QUICK QUESTIONS
Genesis 2:19
..The Lord God formed every beast of the field, and every fowl of the air; and brought them unto
Adam to see what he would call them..
If your business has reached the point where you need to take
in a partner, any prospective partner will want to become
intimately familiar with your financial picture.
If you need capital and are thinking of taking in an outside
investor, you will need to produce a lot of financial
information. Even your suppliers and other creditors may ask
to see certain financial records.
Such information is based on your day-to-day recordkeeping.
If you collect sales tax from your customers, good records will
make it easy for you to compute the tax due and prepare the
required reports.
Distributing profit
BUDGETING
A budget is a plan for revenues, expenses, and profit over a
And then
Summarizing these records into:
Balance Sheet
Income Statement
Cash Flow Statement
Statement of Owners Equity
Current Assets:
Stock, Debtors, Current Investments, Prepaid Expenses, Bills
Receivable, Accrued Income, Bank Balance/Cash
May be.
Long term liabilities:
Debentures, Bank Loans, Loans from Others
Current Liabilities:
Creditors, Accrued Expenses, Prepaid Income, Bank Overdrafts
the business.
Revenue
Revenues are
Expenses
Expenses occur when resources are consumed in order to
generate revenue.
Cash Book
Sales Journal
Purchases Journal
General Journal
Ledgers
Sales Ledger
Purchases Ledger
General Ledger Assets, Liabilities, Income , Expenses,
Equity
A typical Journal
Journal Name
Date
Invoice
Details
Reference
Amount
Debit
Date
Details
Ref
Amount
Credit
Date
Details
Ref
Amount
General Journal
Date
Details
Ref
Debit
Credit
Debit
Date
Details
Ref
Amount
Date
Credit
Details
Ref
Amount
Liabilities
Equity
Revenue
Expenses
Debit
for
increase
Debit
for
decrease
Debit
for
decrease
Debit
for
decrease
Debit
for
Increase
Credit
for
decrease
Credit
for
increase
Credit
for
increase
Credit
for
increase
Credit
for
decrease
product or service.
Accounting Firm
accounting needs.
to
meet
your
business
THANK YOU