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Articles & Books From Tage C. Tracy
Number nightmares in accounting? No more! The numbers are clear: the need for accountants is not only strong, but on the rise. With job growth projected to increase by 7% over the next 10 years, there’s no time like the present to join this growing—and profitable—profession. Accounting Workbook For Dummies, 2nd Edition gives you the hands-on instruction you need to understand complicated concepts through demonstration problems, practice worksheets.
Demystify your financial statements and figure out what your accountant is talking about with this straightforward roadmap to the world of accountingFew skills are as useful as a basic understanding of accounting language. And with the right resources, learning the language of business can be intuitive, empowering, and fun.
The only guide to accounting that’s tailor-made for Canadians Accounting For Canadians For Dummies provides comprehensive coverage of all the auditing concepts, practices, and regulations Canadians need to know. This trusted guide is full of great information applicable to accountants and auditors who work throughout private industry and government, as well as salary accountants working for accounting, tax preparation, bookkeeping, and payroll services firms.
Cheat Sheet / Updated 04-05-2022
Managing the finances of a small business is a multi-layered task. You need to become familiar with standard financial documents, pay attention to profits, and make the most of the business’s assets. And you always have to be thinking and planning ahead. You have some work to do, get to it!Important financial documents for your small businessManaging the finances of your small business can be a challenge.
Article / Updated 06-01-2017
The Limited Liability Company or LLC is an alternative type of business entity. A Limited Liability Company or LLC is like a corporation regarding limited liability, and it’s like a partnership regarding the flexibility of dividing profit among the owners. An LLC can elect to be treated either as a partnership or as a corporation for federal income tax purposes.
Article / Updated 03-26-2016
A direct labor variance is caused by differences in either wage rates or hours worked. As with direct materials variances, you can use either formulas or a diagram to compute direct labor variances.
Utilizing formulas to figure out direct labor variances
To estimate how the combination of wages and hours affects total costs, compute the total direct labor variance.
Article / Updated 03-26-2016
Whether you’re starting a new business, launching a new division or a new product line, or simply preparing for the future, you need to develop a strategic plan — your business’s road map to the future. The plan reminds you, your employees, and third parties what you do, how you do it, the customers you do it for, and maybe even how you’ll do it in a superior way.
Article / Updated 03-26-2016
Standard costs need to account for overhead (the miscellaneous costs of running a business) in addition to direct materials and direct labor. Overhead is much more difficult to measure than direct materials or direct labor standards because overhead consists of indirect materials, indirect labor, and other costs not easily traced to units produced.
Article / Updated 03-26-2016
When implementing a new business concept, only one definition captures the real essence of capital: "It takes money to make money." From the aspiring entrepreneur designing new software in a home office to the executive of a multinational corporation looking to expand foreign distribution channels, launching any new business concept requires capital, or money, as a basis to execute the business plan.
Article / Updated 03-26-2016
Managing the finances of your small business can be a challenge. To survive and thrive, you must earn profit consistently, generate cash flow from profit, and control your financial condition. You need a separate financial statement to highlight each aspect:
The P&L Statement (also called the Income, or Earnings Statement) summarizes revenue and expenses and reports your resulting profit or loss — that’s what the P and L stand for.