The key goal of Survival Math for Marketers is a solution to a common problem in business - namely, the lack of mathematics know-how among many business students and practitioners. There is an untapped ‘latent demand’ in the marketing world from many people whose careers have been - or will be - thwarted because the math ‘haves’ dominate the ‘have nots’. This book as an easy, fun, and inexpensive solution to this age-old problem.
Survival Math for Marketers is designed to be a useful book for introductory marketing courses. It is clearly written, filled with good examples, illustrations and makes entertaining reading.
Chapter Three: Making a (Financial) Statement
Making a (Financial) Statement
How Are We Doing?
All the accounts in the Chart of Accounts, regardless of how many there are, can be (and must be) summarized into the basic formatted statements that we are about to study. The idea is to present information that will show (in the best possible light) how the firm is performing under its noble and enlightened managers (especially if that's us).
At a given time, usually 5:00 p.m. on the last working day of an accounting period, the books are closed. That is, the transactions relating to that period are summarized and totaled, and those numbers are transferred to financial statements. The accounting period can be a month, a quarter, a year, or whatever period is determined ...