Summary of Wayne Label's Accounting for Non-Accountants

By IRB Media

Please note: This is a companion version & not the original book.

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#1 Accounting is the language of business. It is the process of recording, classifying, and summarizing economic events through certain documents or financial statements. To understand how to interpret and use the information accounting provides, you must first understand this language.

#2 Bookkeeping is the process of recording and keeping track of business transactions. It is a very important part of the accounting process, but it is just the beginning. There is no certification required to become a bookkeeper in the United States.

#3 Accounting is important in the world of business. It helps make critical decisions. Accounting knowledge can help you invest in the stock market, apply for a home loan, evaluate a potential job, and start a personal savings plan.

#4 Accounting is fundamental to bankers' decision-making process. They use accounting information to make decisions such as which line of goods to emphasize, where to produce them, how much money to set aside for new product development, and so on.

• Language: English
• Publisher: IRB Media
• Release date: Apr 1, 2022
• ISBN: 9781669380979

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Insights on Wayne Label's Accounting for Non-Accountants

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 8

Insights from Chapter 9

Insights from Chapter 10

Insights from Chapter 11

Insights from Chapter 12

Insights from Chapter 1

#1

Accounting is the language of business. It is the process of recording, classifying, and summarizing economic events through certain documents or financial statements. To understand how to interpret and use the information accounting provides, you must first understand this language.

#2

Bookkeeping is the process of recording and keeping track of business transactions. It is a very important part of the accounting process, but it is just the beginning. There is no certification required to become a bookkeeper in the United States.

#3

Accounting is important in the world of business. It helps make critical decisions. Accounting knowledge can help you invest in the stock market, apply for a home loan, evaluate a potential job, and start a personal savings plan.

#4

Accounting is fundamental to bankers' decision-making process. They use accounting information to make decisions such as which line of goods to emphasize, where to produce them, how much money to set aside for new product development, and so on.

#5

The financial statements of a business can be of interest to other members of the local or national community. Labor groups might be interested in how management’s financial decisions affect their unions and other employees.

#6

Accountants provide information to people both inside and outside the firm by issuing formal reports called financial statements. The financial statements are usually issued at least once a year.

#7

The basic financial statements include the Balance Sheet, the Income Statement, the Statement of Cash Flows, and the Statement of Retained Earnings. They are not as scary as they seem.

#8

Proprietorships, partnerships, and corporations are all types of businesses that are owned by a single person like you and me. They are all treated as separate and distinct from the personal financial records of the owner in accounting.

#9

The financial records of an individual owner of a business should never be combined with those of the business. They are two separate entities and should be accounted for separately. Taking money from one of these entities for the other must be