The Elements of Accounting: An Introduction
A concise introduction to the content and structure of accounting statements and the double entry system that underlies them. This book is intended as a first introduction to the subject and assumes no previous knowledge or experience of accounting. Worked numerical examples are an integral part of the exposition, and exercises (with solutions) are provided. There are also chapters on the interpretation of accounts, on accounting for price changes, and on broader aspects of accounting. The emphasis throughout is on understanding fundamental principles rather than on detailed practical procedures.
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The accounting framework
The accounting system elements of double entry accounting
The accounting system revenues and expenses
The accounting system accruals prepayments and depreciation
The interpretation of accounts
Accounting for price changes
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accounting data accounting system accrual accrued Accumulated depreciation adjustment amount assets and claims balance sheet identity Bank overdraft basic calculation Capital introduced capital maintenance cash flow chapter closing balance sheet control account cost of sales Creative Accounting Current assets current cost current liabilities Trade debit Depreciation charge double entry accounting double entry system economic example expense account financial accounting financial statements firm Firstly fixed assets flow of funds funds statement future gain on borrowing gross profit illustration important increase inflation Inflation Accounting interest ledger liabilities Trade creditors loss account management accounting measure method paid payments period prepayments price change accounting problem profit and loss proprietor's capital account R. T. Zan ratio real holding gains real terms recorded relevant rent revaluation revenue and expense shareholders sold specific price Trade debtors transactions transferred trial balance users valuation wages Work-in-progress