Summary of Wayne Label's Accounting for Non-Accountants

Please note: This is a companion version & not the original book.

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#1 Accounting is the language of business. It is the process of recording, classifying, and summarizing economic events through certain documents or financial statements. To understand how to interpret and use the information accounting provides, you must first understand this language.

#2 Bookkeeping is the process of recording and keeping track of business transactions. It is a very important part of the accounting process, but it is just the beginning. There is no certification required to become a bookkeeper in the United States.

#3 Accounting is important in the world of business. It helps make critical decisions. Accounting knowledge can help you invest in the stock market, apply for a home loan, evaluate a potential job, and start a personal savings plan.

#4 Accounting is fundamental to bankers' decision-making process. They use accounting information to make decisions such as which line of goods to emphasize, where to produce them, how much money to set aside for new product development, and so on.

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