LONDON, Sept. 13, 2021 /PRNewswire/ — Deacon Media Ltd, releases “Financial Accounting Get it Straight” which is targeted to help students studying accounting, business owners that need to upgrade their knowledge and those that believe that accounting is more difficult than it is in reality. All they need is the basic steps to more ahead
Let’s get straight to the point. Of course, this book has paragraphs of text, but when it comes to “procedures” the book utilizes exhibits that take the reader from the initial capitalization of a company through the month end financial reporting
“Accounting is the Language of Business” and we can’t begin with capitalizing a company and exclude the very foundation of accounting, debits and credits. How do they work? Accrual versus Cash accounting; full time employees that launch their business from home? They need some guidance too. The accounting system doesn’t magically appear out of thin air. What about the Chart of Accounts?
Accounting handles service, manufacturing and retail with slightly different twists and turns. For example, a law firm doesn’t have cost of goods sold, manufacturing can have work-in-process inventory, a retail entity will have inventory for resale and a gym will have paid in advance memberships. The author created Healthy Living which has a storefront (and can sell on-line) which holds inventory (Stock for the UK) for retail and, let’s say, other business which offers memberships to fitness and rents out a conference room for meetings. This other business covers paid in advance memberships, room rental income, etc., Receivables, payables, payroll are included as well as inventory flows; work-in-process inventory and depreciation.
The book begins with a short history of accounting and subsequently, introduces topics, such as what is a limited company, how are they formed, how they are managed, etc
More details are available at www.deaconmedia.co.uk and coming soon, a blog and a newsletter. The book is available in three formats:
Organization: Deacon Media Ltd
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SOURCE Deacon Media Ltd