Finance for Non-Financial Managers by Gene Siciliano

By Gene Siciliano

Monetary reviews communicate their very own language, and executives and not using a powerful finance history usually locate themselves bewildered through what's being said.

Finance for NonFinancial Managers is helping managers get to grips with crucial monetary details, displaying them the best way to "speak the language of numbers" and enforce monetary info of their day-by-day enterprise decisions.

In addition, it clarifies how and why monetary judgements effect company and operational targets.

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Sample text

Cash 26 Finance for Non-Financial Managers basis accounting is not considered indicative of economic realities, thus the requirement for accrual accounting except for certain kinds of companies, such as very small businesses and some not-for-profit organizations. When the Sales Department obtains an order from one of your customers and the product is shipped to the customer, a sale has been consummated and it is recorded. This transaction will appear on the income statement even though not a single dollar may have passed from the customer to your company, because the customer has an open account with the company.

In addition to stability, one of the key characteristics of the accounting process is repetition. The accounting process 16 Finance for Non-Financial Managers achieves the highest degree of accuracy, relevance, and timeliness by use of its repetitive processes, enabling accountants to process the most data at the least cost. The most common repetitive process in the world of accounting is the monthly closing cycle. A company goes through the traditional monthly process of “closing the books” in order to see how the company is doing in terms of its objectives, including profitability.

Since such assets are used for a number of years and are not held for resale to customers, they are not considered 40 Finance for Non-Financial Managers sources of liquidity or cash flow. They are, well, “fixed” in place, until they are no longer useful to the business. At that point, they are either sold or discarded and then replaced. Fixed assets may not move around much, but during their period of use, their value declines substantially, often to zero by the end of their service. The sole exception to this is land, which does not decline in value, but is more likely to increase in value over time.

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