Chapter 3

Special Accounting Problems


check Sorting out accounts receivable and accounts payable

check Keeping track of inventory

check Figuring out fixed assets

check Finding out about asset write-downs

check Recognizing liability

check Handling revenue and expense account closings

Even if you understand the principles of accounting (which I describe in Book 1, Chapter 1) and the basics of double-entry bookkeeping (which I describe in Book 1, Chapter 2), you still may not have all the information that you need to keep good records. Tracking the amounts that customers owe you and the amounts that you owe vendors can be a bit tricky, for example. Inventory can also present challenging record-keeping problems — a fact that’s not surprising to you as a retailer. And things like fixed assets — oh, don’t even get me started.

For these reasons, this chapter describes the most common complexities that business ...

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