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How to Keep Score in Business


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Table of Contents

Chapter 1 Introduction 1The First Lesson: Scores Are Not Real Dollars 5The Accrual Method 6But Scores Are Important 7Chapter 2 Glossary of Key Financial Accounting Terms 9Glossary 10Chapter 3 The Balance Sheet 31The Balance Sheet Balances 31Acme Widget Company 35Acme Widget's Year-End Balance Sheet 38A "Trial Balance" 43Constructing the Balance Sheet 45Summary 46Chapter 4 More Balance Sheet 47Cost Versus Value 47Intangible Assets 48Goodwill 50Reserves and Allowances 51The Going Concern Assumption 52Estimates Are Everywhere 53Purpose and Perspective 53Current Versus Noncurrent Balance Sheet Items 55Working Capital 55Average Collection Period 58Inventory Turnover 60Chapter 5 Still More Balance Sheet 63The Worksheet for Transactions 65Trial Balance Worksheet 68The Balance Sheet 68Analyzing the Balance Sheet 69Balance Sheet Summary 71Chapter 6 The Income Statement 75The Basic Income Statement 76Acme Widget's First-Year Income Statement 80More on Cost of Sales 83Nonoperating Income and Expense 86Acme Widget's Second-Year Income Statement 87Reconciliation of Retained Earnings 89Analyzing Income Statements 90Complicating Cost of Sales 91Summary of the Income Statement 94Chapter 7 Return on Investment (ROI) 99Return on Equity (ROE) 101Return on Invested Capital (ROIC) 102Return on Assets Used (ROAU) 103Cash-on-Cash Return 105Payback Method 106Discounted Cash Flow or Present Value Method 106Summary 115Chapter 8 Changes in Financial Position 117Summary 121Chapter 9 Cash Flow Budget 123Summary 129Chapter 10 Other Analysis Ratios and Tools 131Profit as a Percentage of Sales 131Breakeven 132Current Ratio 135Acid Test or Quick Ratio 135Debt-Equity Ratio 135Earnings Per Share 136Price-Earnings Ratio 136Chapter 11 A Summary of What You Have Learned 139The Balance Sheet 140The Income Statement 144Statement of Changes in Financial Position 146Cash Flow Budget 147Analyzing Financial Reports 147Conclusion 151Appendix A Acme Widget Company 153Appendix B Present Value Tables 169

Promotional Information

In this classic book, long-time CEO Robert Follett shows you exactly how to "keep score" in business by reading and interpreting company financials. Step by step, Follett helps you capture crucial insights buried in balance sheets, income statements, and other key financial reports. Follett shows how to apply core tools for analyzing financial reports and investment opportunities, and demystifies key accounting terms every manager and investor needs to know. This book won't turn you into an accountant, but it will enable you to work confidently with accountants, auditors, financial analysts, budget directors, controllers, treasurers, bankers, and brokers-and make more informed business decisions every single day. Thoroughly updated for current financial practices, How to Keep Score in Business, Second Edition covers all this, and much more:

  • Discovering a company's true financial position through its balance sheet.
  • Identifying valuable information that isn't shown on the balance sheet.
  • Recognizing what income statements show-and what they hide.
  • Using ROI tools to evaluate performance or analyze potential investments.
  • Building cash flow budgets for effective planning.
  • Using common analysis ratios-and recognizing their limitations.

About the Author

Robert Follett served as President of Follett Publishing Company and as Chairman of Follett Corporation, a company that has
grown to almost $3 billion in annual sales by providing universities, libraries, schools, and school districts with educational tools and services.

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