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Basics of Accounting & Information Processing

The Accounting Cycle

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Language:  English
This book is the first of fifteen books which introduces the basic principles of accounting.
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Formally defined, accounting is a set of concepts and techniques that are used to measure and report financial information about an economic unit. While this may seem relatively straightforward, accounting is actually a very complex field that requires both technical proficiency and also a certain amount of artistry. This text introduces new practitioners to accounting fundamentals and helps prepare them for further studies in the field. It is available to download as a free e-book.

In Part 1, the reader is shown the difference between financial and managerial accounting, and introduced to professional ethics and the fundamental accounting equation (Assets = Liabilities + Owners’ Equity). Using concrete examples based on everyday scenarios, the text then outlines how a corporation collects account receivable, makes purchases using loan proceeds, and distinguishes between revenue and income. Additional topics covered include financial statements, retained earnings, articulation, debit and credit rules, asset and expenses dividends, the accounting journal, and T-accounting. Diagrams and charts are used throughout the text to help explain important concepts.

Readers interested in continuing their study should refer to author Larry M. Walther’s additional titles in the Accounting Cycle series, including Income Measurement and the Reporting Cycle, which is also available for free download on bookboon.com.

  1. Part 1: Welcome to the World of Accounting
  2. Accounting Information
    1. Accounting Defined
    2. Financial Accounting
    3. Managerial Accounting
    4. A Quality Information System
    5. Inherent Limitations
  3. The Accounting Profession and Careers
    1. Accounting and Professional Ethics
  4. The Fundamental Accounting Equation
    1. Assets
    2. Liabilities
    3. Owners’ Equity
    4. Balance Sheet
  5. How Transactions Impact the Accounting Equation
    1. Edelweiss Collects an Account Receivable
    2. Edelweiss Buys Equipment With Loan Proceeds
    3. Edelweiss Provides Services to a Costumer on Account
    4. Edelweiss Pays Expenses With Cash
    5. Generalizing About the Impact of Transactions
    6. Distinguishing Between Revenue and Income
  6. The Core Financial Statements
    1. Financial Statements
    2. Income Statement
    3. The Statement of Retained Earnings
    4. Balance Sheet
    5. Statement of Cash Flows
    6. Articulation
    7. Unlocking the Mystery of Articulation
  7. Part 2: Information Processing
  8. Accounts, Debits, and Credits
    1. Accounts
    2. Debits and Credits
    3. The Fallacy of ”+/-“ Nomenclature
    4. The Debit/Credit Rules
    5. Assets/Expanses Dividends
    6. Liabilities/Revenues/Equity
    7. Analysis of Transactions and Events
    8. Determining an Account’s Balance
    9. A Common Misunderstanding About Credits
  9. The Journal
    1. Illustrating the Accounting Journal
    2. Special Journals
    3. Page Numbering
    4. But, What are the Account Balances?
  10. The General Ledger
    1. Posting
    2. To Review
  11. The Trial Balance
    1. Debits Equal Credits
    2. Financial Statements From the Trial Balance
  12. Computerized Processing Systems
    1. What do they Look Like
  13. T-accounts
    1. Comprehensive T-Accounting Illustration
    2. Chart of Account
    3. Control and Subsidiary Accounts
Excellent... very detailed!!!
About the Authors
Christopher

Christopher J. Skousen

Chris Skousen, Ph.D. is a Professor and Head of the School of Accountancy at Utah State University. He obtained his Ph.D. at Oklahoma State University and earned MBA and BA degrees from Utah State University. Dr. Skousen gained public accounting auditing experience with KPMG in their Portland, Oregon office, and as an intern in their in Düsseldorf, Germany office, and at Squire & Co. Dr. Skousen has taught accounting at Utah State University, The University of Texas at Arlington, Oklahoma State University, and Brigham Young University-Idaho. He has published in Accounting Horizons, Behavior Research in Accounting, Issues in Accounting Education, Accounting and the Public Interest, and other journals.

Larry

Larry M. Walther

Larry Walther, Ph.D., CPA, CMA, is the EY Professor of Accounting and Senior Associate Dean of the Jon M. Huntsman School of Business at Utah State University. Dr. Walther has authored numerous books and articles on accounting, and he has served as director and/or consultant to a number of public and nonpublic companies. Dr. Walther earned his Ph.D. in accounting from Oklahoma State University and has public accounting experience with the audit firm of Ernst & Young. He is past President of the Federation of Schools of Accountancy and served on the Accounting Accreditation Committee of the Association to Advance Collegiate Schools of Business (AACSB). Dr. Walther is the 2013 recipient of the prestigious Joseph A. Silvoso Faculty Merit Award from the Federation of Schools of Accountancy.