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Accounting: Mercifully Brief Explanations of Basic Concepts

A Clear and Concise Explanation of Accounting

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Accounting: Mercifully Brief Explanations of Basic Concepts | understand-accounting.net Reviews

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A Clear and Concise Explanation of Accounting

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1

Glossary

http://www.understand-accounting.net/glossary.html

Glossary of Accounting Terms. Michael Sack Elmaleh, C.P.A., C.V.A. Xa0;A method of depreciation in which a greater amount of depreciation expense is recorded in the earlier years of an assets useful life than in later years. Xa0;A customer’s or client’s promise to pay for goods or services provided. Xa0;Sub-categories of assets, liabilities, equity, revenue and expense. Xa0;A firm’s promise to pay a vendor for goods or services provided. Accrual Basis of Accounting. Books of Original Entry. Xa0;A system ...

2

Wage Withholdings

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Michael Sack Elmaleh, C.P.A., C.V.A. Furthermore an employer is expected to withhold from an employee’s gross wages an amount to cover the expected amount of federal income taxes the employee will owe for the year. Generally the amount withheld will depend upon the amount and frequency of gross wage payments as well as the employee’s filing status and number of personal exemptions claimed on his or her income tax return. Example. Joint Ventures hires a pilot, L. Reed to fly some of deliverie...Notice tha...

3

Michael Sack Elmaleh Biography

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Xa0;Michael Sack Elmaleh. Adjunct Instructor in mathematics, statistics, economics, accounting and finance for ten years in Wisconsin and Maryland. . Partner and sole proprietor of accounting practices in Madison, Wisconsin for 17 years. Certified Public Accountant and Certified Valuation Analyst . My first book,  Financial Accounting: A Mercifully Brief  Introduction. Xa0;was recently released. Many years of community and political activism. If You Like This Web Site,. You Will Love The Book.

4

Inventory and Costs of Goods Sold

http://www.understand-accounting.net/Inventory.html

Inventory and Costs of Goods Sold. Michael Sack Elmaleh, C.P.A., C.V.A. Goods sold to customers are assets called inventory. Inventory measurements can be surprisingly difficult. Different inventory measurement approaches can lead to wide variations in reported profits or losses. Buy Low, Sell High. Example.  Janis buys and sells a silicon gel compound used in the production of cosmetic surgery implants. Assume that Janis can sell an ounce of compound for $500 that costs her $250. Let’s ...Now change the...

5

Bases of Accounting

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Michael Sack Elmaleh, C.P.A., C.V.A. Is it possible to accurately assess how a business performed if only cash transactions are recorded in the general ledger? The answer, to a certain extent, depends upon the nature of the business, but generally recording only cash exchanges will lead to problems in measuring economic performance. An example will illustrate these difficulties. For another thing, that $9,000 payment to Hurts is for three months plane rental. Those mothers make me pay three months in...

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Dress for Success | Accounts and Accountability

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Getting your money's worth from your accounting system. Laquo; Gap Accounting. October 25, 2011 by Jeanne Ormsby. As you shop and dine in the next few weeks, check out how you respond to the businesses you visit. I think you will find that you respond more to freshness than to specific décor. Wouldn’t it be nice to save some of the original capital and plan to spend it two years later on a small renovation? Leave a Reply Cancel reply. Enter your comment here. Address never made public). My CPA Facebook p...

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Quick Storage | Accounts and Accountability

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Getting your money's worth from your accounting system. Laquo; Clipping Coupons. January 10, 2012 by Jeanne Ormsby. Hope your holidays were wonderful and here’s to a happy and profitable 2012! Tagged online file storage. Leave a Reply Cancel reply. Enter your comment here. Fill in your details below or click an icon to log in:. Address never made public). You are commenting using your WordPress.com account. ( Log Out. You are commenting using your Twitter account. ( Log Out. My CPA Facebook page. Email c...

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November 2008 | Career in Accounting.

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Subscribe To My Podcast. Build your career in Accounting. Why Financial Accounting is Neither Simple Nor Precise. Financial accounting strives to answer two basic questions: how did the business. Do last year, and what did the business own and owe at the end of the year? The answers to these questions are summarized in two basic statements, the income statement and the balance sheet. What is Economic Performance and Economic Condition? In terms of economic performance, our simplest criterion for doing we...

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July 2009 | Career in Accounting.

http://career-in-accounting.blogspot.com/2009_07_01_archive.html

Subscribe To My Podcast. Build your career in Accounting. Forensic Accounting The Detective Breed of Accounting Careers. When you ask people to give you a list of exciting careers, accounting. Is never near the top. The accounting career field tends to draw the sedentary folks: steady, analytical types who value security above all else. You're basically there to keep the wheels of business. Turning; a plumber directing the flow of money instead of water. What's the job like? Forensic document examiners, ...

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Clipping Coupons | Accounts and Accountability

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Getting your money's worth from your accounting system. Laquo; Dress for Success. November 15, 2011 by Jeanne Ormsby. There are no absolute statements that can be made about sales tax–well, except that it is a tax collected on the sale of something. Because it is a state and local tax, the differences in law are endless. If you are doing business in a state without sales tax, congratulations! Leave a Reply Cancel reply. Enter your comment here. Fill in your details below or click an icon to log in:.

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Jeanne Ormsby | Accounts and Accountability

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Getting your money's worth from your accounting system. Https:/ accountsandaccountability.wordpress.com. Posts by Jeanne Ormsby:. January 10, 2012. November 15, 2011. October 25, 2011. October 18, 2011. October 11, 2011. I Can’t Believe it! Charlie Was Our BEST Employee. October 7, 2011. Don’t Hide the Good Stuff. October 4, 2011. Older Posts ». My CPA Facebook page. My CPA Facebook page. Use RSS to follow my blog. Sign up here to be notified of new posts. Join 3 other followers. Selections by Brad Saltz.

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Accounting: Mercifully Brief Explanations of Basic Concepts

A Quick Tour of Basic Accounting Concepts:. No Extra Caffeine Required! Written and developed by Michael Sack Elmaleh, C.P.A., C.V.A. The aim of accounting is to provide useful and reliable information about businesses and non-profits. Financial accounting seeks to determine a firm's economic performance and its condition. Did it make a profit or loss last year? What assets and liabilities did the business have at the end of the year? None of the different branches of accounting are rocket science. I...

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