Would you like to improve your entrepreneurial skills? Do you want to create a solid accounting system for your business?
If you're seeking success in the realm of accounting, this is the perfect book for you. Keep reading!
Every business needs a sound accounting system to be successful. However, creating a simple account is not so simple.
Generally Accepted Accounting Principles (GAAP) were implemented after the Great Depression, and they aim to avoid another economic crisis in the US. GAAP is a compilation of guidelines that aim to enhance financial transparency. Lenders and creditors view GAAP favorably. When offering business loans, most financial institutions need annual GAAP-compliant financial statements as part of their debt covenants. Due to this, the majority of U.S. businesses obey GAAP.
The existing set of standards followed by accountants relies on some fundamental premises. The core principles and concepts outlined in this book are considered to be GAAP. By the end of ACCOUNTING PRINCIPLES MADE SIMPLE: The Ultimate Beginner's Guide for Entrepreneurs, you will learn:
How to take control of your company's accountAll about the accounting cycle and how to 'close the books'
What GAAP is and why it was formedThe benefits GAAP providesBasic concepts of GAAP, including double-entry journal, T-account, trial balance & general ledgerHow to record assets that have depreciated, etc. And much more!
If you're looking for easy-to-follow strategies for handling your company's accounting like an expert, this book is a great fit.
Even if you've never learned accounting, following the guidelines in this book can teach you all you need to know about how Generally Accepted Accounting Principles work.
