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More filters. Sort order. A very accessible material for non-professionals and professionals alike. If you want to get an understanding of how the finance would have sounded like had it had a human face, read this. They record phantom sales. They hide expenses. They sequester some of their properties and debts in a mysterious place known as off balance sheet.
Some of the t A very accessible material for non-professionals and professionals alike. Some of the techniques are pleasantly simple, like the software company a few years back that boosted revenues by shipping its customers empty cartons just before the end of a quarter. The customers sent the cartons back, of course—but not until the following quarter. Other techniques are complex to the point of near-incomprehensibility.
Remember Enron? As long as there are liars and thieves on this earth, some of them will no doubt find ways to commit fraud and embezzlement. Dec 01, Marrije rated it really liked it Shelves: business. Geared a bit more towards larger organisations than mine, but I still learned a lot.
I can finally read my balance sheet, yay. Back when I was in college I learned about the beauty of finance and accounting.
It was a very interesting subject that I almost decided to switch course and be an accountant. Nevertheless, up to this day, I still find accounting not just exciting but very useful. This book by Karen Berman and Joe Knight is an excellent primer for any non-accountant managers who want to understand what the numbers really mean.
It is very easy to understand and full of insightful stories and sometimes jokes tha Back when I was in college I learned about the beauty of finance and accounting. It is very easy to understand and full of insightful stories and sometimes jokes that will make the reading experience worthwhile. I have to confess that I tried to read this book several months before but stop myself because I thought this will demand that I bring out my calculator.
Well I was wrong. The book has full of easy to understand examples and computations that will make us learn how a business works from financial standpoint. I urge everyone who is running a business to read this. The insights here are very useful so one would understand why a business is taking a particular course of action especially those that seemed ridiculous and shaded with office politics. This book will not make you an accountant. This book is carefully written with the non-financial person in mind. Whether you are an manager, a front-line employee, or just someone who wants to learn about business, you will surely get something that you can use right away from this book.
Dec 29, Jon rated it it was amazing. This book is probably the best overall reading material in understanding Managerial Accounting and to be able to understand what people in your finance departments at work, be it your CFO or co-workers to even better understanding your CPA at tax time. This book is the exception to being able to jump in and understand quickly where Ms. Berman is going with her descriptions and definitions. Absolutely amazing! This book really makes finance interesting.
Finance and Accounting for Nonfinancial Managers, 7th Edition : William G. Droms :
Will read again soon. Sumary: There is 3 statements that are basic and helpful when it comes to analyzing any business: income statement, balance sheet and cash flow statement. It should be noted whenever Absolutely amazing! It should be noted whenever a customer makes a purchase. For retail, usually the customer pays immediately when a purchase happens, but when it comes to a big sale or some kind of special custom made product, it takes much more time to get the money from the customer like 30 days.
It 's also called variable expense the more products are made, the bigger the cost is. The indirect expense that keeps your business smoothly operate everyday: electric bills, water bills, cable bills, internet bills, phone bills, rental cost, employee wages Amortization is for intangible assets: patents, intellectual properties, technologies, It tells how good the management and administration is in operating the business.
It 's used as a financial leverage as a tax shield. The final figure, what remains!! Balance sheet: shows everything that the business owns! Cash flow statement: - For investment activities: research, business expanding, buying properties, Market expanding?
New products? How can these statement be assessed, are they good or bad? The conversion ratio from asset to profit.
Usually noticed by the banks, to see if a business has too much debt or not and whether it should get a loan. Usually noticed by the banks, to see the capability of paying debt of a business. It has similar meaning as working capital. It tells how quick a business can pay their debt without even selling the inventory. It tells how quick a business can collect its money from customers. Similarly, Days payable oustanding DPO.
Now what? When starting a business or to invest in a new project, should consider some factors: 1.
Return on Investment: ROI, several ways to calculate this. Always consider all opportunity costs and the time value aspect of money: present value, future value. May 13, Bob Wallner rated it it was amazing Shelves: audible , leadership , finance. That sums it up. I quickly learned I hated debits and credits and swiched to Operations. Since then I have worked my way up in Corporate America.http://mmamensshirts.com/images/99/719.html
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I am constantly bombarded by various financial jargon. Some of which I have picked up, but much of it still could be as foreign as learning Latin. Financial Intelligence cuts through the jargon to provide you a clear definitition of what the various statements, reports and ratios mean and more WOW! Financial Intelligence cuts through the jargon to provide you a clear definitition of what the various statements, reports and ratios mean and more importantly I listened to this via audiobook and found it very easy to follow.
However I do plan on purchasing a hardcopy for future reference. The toolboxes the author's discuss should be handy for immediate reference.
I'm slowly getting myself into studying again --where did summer break go?! The professor at school recommends this for students with no or little experience in Finance --the way the authors intended it to be. The book explains that most corporates are measured by numbers well duh and that is why managers who are working their way up need to understand how their decisions affect these numbers. The authors are trainers themselves and I find their explanations comprehensible eg.
It also provides interesting examples of companies most readers are familiar with such as Apple, Boeing, Hewlett-Packard although when explaining some technicalities, the authors use simple business model eg. Or maybe they just take it for granted that everybody knows that all the different terms mean the same thing.
I am rather conservative in managing my financial budgeting, re-forecasting, reconciling, etc and clearly not the yolo kind. I think this is obvious haha. And from now on, I will ask them to follow this investment strategy from Warren Buffet that I found in the book. It is quite simple but says a lot: "First, he evaluates a business on its long-term rather than its short-term prospects.
Second, he always looks for businesses he understands. This led him to avoid many Internet-related investments.