"Mastering Financial Accounting Essentials" is a text for people
who need to use accounting information in their everyday jobs. They
need to be able to understand the language and the law in order to
talk to accountants and clients in an intellectual manner. Part One
of the book uses an extended scenario to present the basics of
financial accounting. McCrary creates a new business from scratch.
By the end of the scenario (and the end of Part 1), readers will
have reinvented double-entry book keeping. Along the way, readers
can delve as deeply as they wish to learn more about inventory
valuation methods (for example, LIFO verse FIFO) and the timing of
erosion of the productive assets (for example, straight line
depreciation verses double declining balance). As before, McCrary
will emphasize a general understanding of the process and the
reports. Part Two will use financial statements. Using the extended
scenario above, McCrary shows how internal managers calculate
ratios and trends to evaluate business efficiency. McCrary shows
how bankers will review the statements to determine solvency.
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