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Accounting Demystified
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The success or failure of a business is measured in dollars. And dollars are recorded and reported using accounting. Account- ing is truly the language of business. No matter what your role may be, if you are involved in business, you can benefit from learning accounting. That’s what this book is all about—taking the subject and making it understandable and accessible.
This book makes an excellent companion to any standard text, or it can be used as a stand-alone volume. It is designed to present the subject in a straightforward, approachable manner. Financial accounting is an incremental process. What you learn in earlier chapters is used in later ones. There are no shortcuts to learning financial accounting, but at the same time, if it is taught clearly, it is not difficult.
Financial accounting involves all the steps from the original entries in the accounting records to the preparation of financial statements. There are other types of accounting as well, such as managerial accounting, cost accounting, and tax accounting, to name a few. These other types of accounting are covered in other books. The end user of financial account- ing is the public; therefore, financial accounting has a lot of rules. These rules are necessary to make the information presented in the financial statements consistent and understand- able. In contrast, in managerial accounting, which is used by the managers of a business to improve the business’s operations, efficiency, and profitability, there are relatively few rules. Instead, it primarily consists of techniques that have proved themselves over time.
The organization of this book is intended to present the material in the order in which it needs to be understood. Therefore, we start with the end product of financial account- ing, the financial statements, then jump back to the first step in the accounting process, making journal entries. This may seem out of order, but it follows the way accounting is best understood and learned rather than following the chronology of how accounting is done.
You cannot be a good accountant if you are not a good bookkeeper. Bookkeeping is considered a lower-level profession than accounting, and this perception is accurate because accountants possess skills that bookkeepers do not. However, the first step in learning accounting is to learn bookkeeping. What makes it accounting and not simply bookkeeping is going beyond just recording the entries into such areas as pre- paring the financial statements, analyzing the statements, and making necessary adjusting entries at the end of the account- ing period.
Jeffry R. Haber - Personal Name
1st Edtion
0-8144-0790-0
NONE
Accounting Demystified
Accounting
English
Jeffry R. Haber
2004
USA
1-189
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