Overview

The long-time teaching experience and tutoring accounting students prompted the author to prepare this book. The language and illustrations used in textbooks language may be little intimidating and challenging to students. However, this book uses simple and understandable to students. So, this book is designed for the individuals, particularly students who take accounting classes for the first time as well as those who are looking for simple clarification of accounting concepts and procedures. A thorough details of the accounting cycle is presented in this book. Preparation of the financial statements (Income Statement, Owners' Equity, Stockholders Equity, the Balance Sheet, and the Statement of Cash Flows) is illustrated in sequence and step by step. The preparation details of the financial statements presented here should give a boost to students' understanding and lessen the challenge to them and others who seek accounting terminology. A select elements of the financial statements are presented and analyzed including Cash, Accounts Receivable, Inventory, and long-term Assets. Inventory analysis and evaluation using FIFO, LIFO, Specific Identification, and Weighted Average methods were illustrated in this book. Furthermore, depreciation methods particularly, Straight Line Method, Units of Production Method, and Declining Balance method are presented with examples. One of the challenges that many accounting students face is related to the issuance of stocks and bonds. This book presented a detailed analysis of the accounting for stocks and bonds. Every topic presented in this book is followed by illustrative exercises with answers. Those exercises will increase students understanding of the topics presented.

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