You Are About To Learn Accounting Basics That Will Help You To Understand Accounting Principles And How To Prepare, Read And Analyze Financial Statements Like A Pro In No Time Even If You Are A Complete Beginner!
Numbers rule the world. And not just numbers but money drives the world. But when money is represented in numbers in financial statements in the form of balance sheets, income statements, cashflow statements and various accounting ratios, most of us go blind!
We just see gibberish and can't understand why some numbers are in one place and not another, how these figures come about, and how to make sense of these numbers to make decisions and much more.
The truth is; if you cannot read, understand and interpret financial statements, you are likely to go into the investment world blindly. Even if you want to venture into self-employment where you start your own business, it will be hard to know how well or bad you are doing in various aspects if you can't prepare, read, analyze and interpret financial reports.
The IRS will probably also be on your case for tax purposes.
And it is not just about running a business or investing; accounting as a profession is highly lucrative with the average starting salary of entry level accounting jobs being around $40,000-$60,000 and over $100,000 for accountants with over 5 years' experience. If you want to venture into the world of accounting (whether to build a career as an accountant or to understand accounting basics to help you make investing and business decisions), you have to start somewhere.This 'somewhere' is understanding the basics of accounting, including:
What accounting is as well as what it entailsThe different principles that govern accounting practices, why they are important and how to apply these principlesThe different types of accountingThe 3 important elements of accounting that you MUST be aware ofDifferent areas of practiceKey assumptions, concepts and constraints that apply in accountingThe accounting equationAccounting conventions and concepts you should know about when getting startedThe different financial reports that you will need to know how to prepare and how to prepare different financial statementsThe rules that apply when preparing financial statementsHow to prepare financial statements for profit businesses and not for profit businessesHow to fix any errors that arise during the accounting processAnd much more!Lucky for you, this book covers each one of t