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Coop

In: Business and Management

Submitted By chowder2580
Words 8880
Pages 36
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Preface

This guide has been designed to present the very basics in bookkeeping and cooperative financial statements. The format is designed for those that have limited bookkeeping or accounting experience. It is not meant to be all inclusive, but to provide guidance in developing the cooperative’s record keeping system and understanding financial statements. In most cooperatives, trained accountants will take care of the financial reports and more difficult accounts, such as depreciation expense. However, all board members should understand the bookkeeping functions and be able to interpret financial reports. By understanding all components of bookkeeping and the financial documents, the board will be better able to design an accounting system for their cooperative, maintain accurate bookkeeping records, and make prudent business decisions based on the financial reports. Practice exercises are included that should be completed after the sections on the daily journal and the general ledger and a final exercise at the end of the guideline.

June 1998 Price: domestic45.00; foreign-$5.50

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Contents

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Accounting System ............................................... .l FinancialReporting .....................................................

The Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Income Statement ................................................ .2 Statement of Cash Flows. .............................................. .3 Accrual Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Cash Flow Statement ........................................... .4…...

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