Synopsis:
The material in Accounting 101: Easy Accounting and Bookkeeping for Beginners, is based on a simple framework for teaching and learning accounting and bookkeeping, using activities related to the elements of a Simple Combined Chart of Accounting and Trial Balance shown throughout the book. Beginners tend to get overwhelmed at the number of concepts and principles to be learned in accounting textbooks and lose sight of the main reasons for each chapter. Therefore, a reminder, “What is the purpose of this chapter?” is included in the first few lines of each chapter so readers can see the purpose (of each chapter). Accountants and bookkeepers use a systematic step-by-step set of activities to record, update, and report on the financial activities of an organization, maintained in three main sets of financial records: (1) Journals (JEs), to initially record financial or economic business transactions; (2) General Ledger accounts (GL), to post the journal entries to the appropriate accounts; and (3) Financial statements including the balance sheet, income statement, statement of retained earnings, statement of changes in the owners’ equity account, and statement of cash flows, to summarize the GL accounts and report on the operations and financial health of the organization. The terms firm, company, and organization are used interchangeably throughout the book. An easy step-by-step guide filled with examples ideal for beginners, including high-school seniors, new college students and other learners. Illustrations include: (a) The Chart of Accounts, General Journals, Special Journals, General Ledger Accounts, and Trial Balance. (b) Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Changes in Owner’s Equity. (c) Payroll & Payroll Accounting including publicly available IRS payroll forms from IRS.gov website, Cash Flows Statements, Bank Reconciliation, and Financial Ratios and Trend Analyses. (d) Can be used as a supplemental resource to introductory college accounting textbooks. As the famous far-eastern saying goes “a picture is worth ten thousand words,” many examples, diagrams, and figures are used in the book to demonstrate simple accounting and bookkeeping concepts and practices used in the accounting and bookkeeping profession in the real world (Barnard, 1927). Creating journal transactions in a manual accounting system is emphasized to get readers familiar with the double-entry concept of accounting and the accounting equation, as this provides the foundation for all modern integrated computerized accounting systems. Dr. Pettigrew
About the Author:
Denver Pettigrew, PhD, CPA, MBA Dr. Pettigrew is a licensed Certified Public Accountant accountant with over 30 years experience and accounting and business professor for many years at various colleges and universities—in-seat and online. He earned his PhD in Business Administration (specialty advanced accounting, GPA 3.84/4.0) at Northcentral University, Arizona; Master's in Business Administration (MBA) at the University of Phoenix (GPA 3.95/4.0; and graduated valedictorian, summa cum laude in his Bachelor of Science (BSc) in Accounting (GPA 4.0/4.0). He has been a licensed Certified Public Accountant (CPA) since 1999. Dr. Pettigrew is a student-centric educator who believes in life-long learning and continuously studies the effects of globalization on international business, international economics, and competitive advantage of nations, and authored Investigating Differences in Annual Profitability Rates in Developed and Emerging markets: A Multiple Case Study published by ProQuest and The Zen of Bookkeeping and Accounting: Basic Accounting for Pre-College and New Learners available on Amazon.com. Dr. Pettigrew coined the phrase "I read to learn; I read more to learn more" and "Collaborative Learning: Superior learners seek at least two to six additional sources of information" to encourage and motivate students to develop the habit of reading and exploring knowledge through multiple sources.
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