Whether youâ€™re a small business owner or just want to understand your 401(k) statements, a basic understanding of accounting practices is important for anyone who handles money. Knowing how to balance the books and stay in the black is vital for keeping a business afloat or keeping your checkbook balanced.If you need to keep the books in order, this new edition of Accounting For Dummies helps you get a handle on all those columns of numbers. It offers fully up-to-date coverage of accounting basics and includes all the tools and tips you need to:Make sense of bookkeeping basicsRead a financial statementManage budgets for a better bottom lineAnalyze business strengths and weaknessesEvaluate accounting methods and business structuresJohn Tracy, Certified Public Accountant and former professor of accounting, presents everything you need to know to master modern accounting. Packed with practical guidance and real-world scenarios, this handy guide covers it all:Making and reporting profitReporting a companyâ€™s financial conditionPreparing financial reportsBudgeting profit and cash flowChoosing and implementing accounting methodsHow to read a financial reportAudits, accounting fraud, and audit failureHow to decipher accounting jargonAnd savvy ways businesses use accountingFrom balance sheets, to income statements, to inventory, almost every aspect of modern business requires basic accounting techniques. Youâ€™ll learn it all here. Plus, this new edition covers the impact of the Sarbanes-Oxley Act of 2002, recent accounting fraud scandals, the establishment of the Public Company Accounting Oversight Board, and the new financial reporting standards for stock options and financial derivatives.