Book-keeping and Accounts for Entrepreneurs

Martin Quinn is a full-time Lecturer in Accounting at Dublin City University, Dublin, Ireland. Previous to this he has eleven years experience in accounting and IT roles in the manufacturing sector. He is an Associate member of CIMA. He is also a registered PhD student at the University of Dundee aiming to complete his PhD in early 2009. He has contributed to two academic texts in the past two years:Drury, C. Management & Cost accounting, 7 edition – 14 half page “real world views”McLaney & Atrill, Accounting, an introduction, 4 edition – a series of key concepts for the MAL tool and a review of questions within MAL.

• Chapter 1 – Accounting fundamentals The nature, purpose and role of accounting Branches of accounting Accounting terms – assets, liabilities, income, expenditure etc Basic concepts – the business entity, underlying assumptions, accounting equation Users of accounting information and their needs – to include qualitative characteristics Chapter 2 – The business plan- Preparing a plan to present to a bank/financier Appreciation of costs and cost structures The concept of breakeven The basics of budgeting and planningChapter 3 – Financing Sources of finance Financing options, costs, advantages/disadvantagesChapter 4 – Keeping the books Source documents and records Books of original entry Computerised entry Chapter 5 – Double entry accounting system Principles of the double-entry system Nominal and personal ledgers Control accounts – explanation and purpose The trial balance – preparation and purpose Chapter 6 – Income statement and Balance Sheet (sole trader) Preparation of basic income statement and balance sheet  from trial balance Would introduce revenues, expenditures, accruals, depreciation, stock valuationLayout of the financial statements Chapter 7 – Accounts of limited companies Differences, additional requirements Chapter 8 – Cash Flow Statement Preparation of  a cash flow statementChapter 9 – Interpretation of financial statements Need to interpret accounts Usefulness and application of ratio analysis Main accounting ratios; relationships between ratios Chapter 10 – valuation of companies Book v market value Some simple valuation methods