Understanding Accounts Made Easy

David Rouse FCA

Understanding accounts guide cover image

For the layperson revealing just how easy it is to prepare, read and act on your business accounts.

Format help

Available Formats

Valid in the UK
Price: £13.99
Page Length: 188
ISBN: 9781909104839
Edition: 3rd
Published: 2014
Valid in the UK
Price: £13.99
Page Length: 188
ISBN: 9781909104846
Edition: 3rd
Published: 2014
File Type: PDF
File Size: 734 KB

The secrets of understanding accounts are about to be revealed...

  • Need help understanding accounts?
  • Struggling to interpret what your accounts actually mean for your business?
  • Want to understand creative accounting?

Understanding Accounts Made Easy is a guide for the layperson to understanding and interpreting your accounts. It reveals just how easy it should be to prepare, read and act on your business accounts.

Now in its new 2014 edition, Understanding Accounts Made Easy is an essential guide for non-accountants who need to understand and interpret accounts. It is designed for those who need to quickly grasp the essentials of accounts.... and make effective decisions based on what they have learnt.

If professional accountants prepare your accounts, you need to understand and act on them. And if professional accountants don't prepare your accounts, then it is even more vital that you understand exactly what you are doing (and get to know what you could be doing).

Understanding Accounts Made Easy will quickly teach you how to make informed decisions about the future of your business based on understanding its accounts. It will also ensure that you don't fall foul of tax regulations.

In a simple, easy-to-follow, step-by-step way this book reveals the secrets to understanding accounts. And here's the first secret you should learn: understanding your accounts is really not that hard.

Understanding Accounts Made Easy includes:

  • Trading and Profit and Loss Accounts
  • Balance Sheets
  • Company Accounts
  • Reviewing Accounts
  • Management Accounts
  • Creative Accounting
  • Case Studies revealing how you can review and interpret accounts
  • Example accounts of sole traders, partnerships and small companies
  • Checklists to help you quickly and effectively review accounts, value stock and troubleshoot your business

Understanding accounts may not be rocket science... but Understanding Accounts Made Easy will help sky-rocket the performance of your business. Read it now and start benefiting immediately.

About the author

David Rouse is a chartered accountant with many years’ experience advising businesses and other organisations on accountancy and related financial matters. He has worked for major national and international accountancy firms and he has also run his own small practice. He now provides technical consultancy services and writes in-house manuals for other accountants in practice.

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Understanding Accounts Made Easy Contents:

1. The Trading and Profit and Loss Account

  • Sales 
  • Goods for own use 
  • Cost of sales 
  • Gross profit 
  • Expenses 
  • Net profit/loss 
  • Examples of Trading and Profit and Loss Accounts 
  • Income and Expenditure Account 
  • Receipts and Payments Account 

2. The Balance Sheet 

  • Fixed assets
  • Current assets
  • Current liabilities 
  • Liabilities due after more than one year
  • Provisions 
  • Capital 
  • Revaluations 
  • Going concern 
  • Examples of Balance Sheets 

3. The Cash Flow Statement 

  • Receipts and Payments Account 
  • Cash Flow Statement for smaller entities 
  • Cash Flow Statement for larger companies 

4. Company accounts 

  • The limited company 
  • Limited by guarantee 
  • Company accounts 
  • Signing and filing 
  • The annual audit 
  • Group accounts 
  • Prior year adjustments 
  • Statement of Total Recognised Gains and Losses 
  • Note of Historical Cost Profits and Losses 
  • Ratios for companies 
  • Future developments 

5. Reviewing the accounts 

  • Sales 
  • Cost of sales and gross profit 
  • Expenses 
  • Net profit or loss 
  • Net assets 
  • Fixed assets 
  • Ratios 
  • Case study 

6. Management accounts 

  • Budgets 
  • Cash flow forecast 
  • Computerised management accounts 
  • Management and annual accounts 

7. Creative accounting 

  • Comparing figures 
  • Accounting considerations when buying a business 
  • Group transactions 
  • Window dressing 
  • Off-Balance Sheet financing 
  • Revenue recognition 


  • Sole trader Profit and Loss Account 
  • Sole trader Balance Sheet 
  • Sole trader Notes to the Accounts 
  • Partnership Profit and Loss Account 
  • Partnership Balance Sheet 
  • Partnership Notes to the Accounts 
  • Small company directors’ report 
  • Small company statutory Profit and Loss Account format 
  • Small company Balance Sheet format 
  • Small company Notes to the Accounts 
  • Small company detailed Profit and Loss Account 
  • Small company Profit and Loss Account format 
  • Medium company Cash Flow Statement 
  • Small company Cash Flow Statement 
  • Receipts and Payments Account (vertical) 
  • Receipts and Payments Account (horizontal) 
  • Checklist for reviewing accounts 
  • Troubleshooting checklist 
  • Stocktaking and stock valuation checklist 
  • The treatment of VAT in the accounts

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