Accounting fundamentals, accounting foundational concepts, and accounting concepts every student, business owner, and business professional needs to know. This audiobook can be used by beginners and by any person at any level because these are the concepts on which all other accounting concepts are built. It is always worth our time to get a better understanding of the core accounting concepts, and it is always possible to understand core accounting concepts better. As an accounting instructor, I discover new thoughts, ideas, and applications every time I teach accounting, which has been a gratifying process. Accounting students, business owners, and business professionals need to know the fundamental accounting concepts because they are the tools to measure performance and to communicate the performance we have measured. Accounting concepts are to business what a stopwatch is to a professional runner. Being able to measure performance and express what we are measuring helps both runners and the businesses achieve their goals. Although businesses will differ by industry and formation, the core accounting concepts will remain the same. In other words, businesses are often categorized by the industry they do business in, meaning the product or service they provide, or by the type of business formation they're using, including a sole proprietor, partnership, or corporation. All business formations and industries will go through the accounting cycle steps laid out in this audiobook. This audiobook is broken into four main parts. The four parts of this audiobook are Part I - Accounting Objectives, the Double Entry Accounting System, & the Accounting Equation; Part II - Recording Financial Transactions Using Debits & Credits; Part III - Adjusting Entries & Financial Statement Creation; and Part IV - The Closing Process. PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your L 1. Language: English. Narrator: Robert (Bob) Steele CPA. Audio sample: http://samples.audible.de/bk/acx0/117736/bk_acx0_117736_sample.mp3. Digital audiobook in aax.
This book covers the adjusting journal process of financial accounting and the creation of financial statements, the creation of financial statements being the end goal of financial accounting, the product that the financial accounting system is designed to produce. Financial statements are the primary tool decision-makers use when making financial decisions. Financial statements are the preferred format for financial data to be compiled. After normal business transactions have been input into the accounting system throughout a period, an adjusting process is often needed before the data is then compiled into financial statements, the adjusting process helping to covert financial data to a more perfect accrual system. The adjusting journal entries are often one of the most difficult areas of the accounting process for learners to understand, and is one of the most important topics needed for fully grasping accrual accounting concepts. A solid understanding of the adjusting process, and the reasons for the adjusting process, provides learners the tools needed to explain the difference between a cash basis and an accrual basis of accounting and the reasons an accrual basis is the preferred format for compiling accounting data. We will start our learning about the adjusting process with a review of topics covered in prior texts, including a description of the overall financial accounting process, and the rules for recording normal transactions. If you do not have an understanding of what financial accounting is, or how to record normal journal entries, it is recommended that you listen to our prior texts first, Accounting Instruction Reference #100 and Accounting Instruction Reference #200. We will then describe what the adjusting process is and how to think about the adjusting process, how the adjusting process fits into the overall financial accounting process, and what makes the adjusting process different. PLEASE NOTE: When you 1. Language: English. Narrator: Bob Steele CPA. Audio sample: http://samples.audible.de/bk/acx0/095121/bk_acx0_095121_sample.mp3. Digital audiobook in aax.
In this audiobook, we will explore the accounting closing process, the final process in the accounting cycle, the critical process needed to prepare for the next accounting period, and a process often misunderstood. The closing process can seem less exciting than other areas of the accounting process. With the main event of the financial statements already having taken place, the closing process is similar to cleaning up peanut shells, popcorn, and candy after a big game. The closing process is very important to understand, however, because it deals with cutoff dates, with the clear lines that need to be drawn from one accounting period to the next. Like a baseball scoreboard, the accounting scoreboard needs to be reset for the new game, the new period, or the new year. Runs scored in the prior game cannot be counted on the current scoreboard, and revenue earned in the prior year cannot be counted on the current year's financial statements. Also, runs scored in the current game should not be counted on the scoreboard of the following game, and expenses incurred this year should not be counted on next year's financial statements. Unlike a baseball game, the line between accounting periods can be less clear. The accounting department needs to be more vigilant in making sure the accounts that keep score, those that track performance, including the temporary accounts of revenue and expenses, are accumulating data related to the correct period. How does an accounting department make sure they are keeping score properly, you might ask? How does an accounting department make sure they are allocating revenue and expenses to the correct period? The accounting department must have a strong understanding of when revenue and expense should be recognized and a firm grasp of accrual concepts, including the revenue recognition principle and the matching principle. The accounting department must also understand the closing process. p 1. Language: English. Narrator: Bob Steele CPA. Audio sample: http://samples.audible.de/bk/acx0/117290/bk_acx0_117290_sample.mp3. Digital audiobook in aax.
This audiobook covers the heart of financial accounting, the building blocks of financial accounting, and the practical skills of recording transactions needed to build financial statements and understand how financial statements are built. Although it is possible to read financial statements without a full understanding of how they are constructed, and it is possible to work in an accounting department performing accounting tasks including data entry, without fully understanding debits and credits, it is not possible to have a complete understanding of the financial statements or financial accounting without an understanding of transactions recorded using debits and credits. An understanding of how the system works is what provides an individual real value in today's marketplace, because it is understanding that is needed to fix problems and know when there are problems that need to be fixed. Financial transactions recorded using debits and credits are the foundation for advanced financial accounting topics; a better understanding of debits and credits make advanced topics much easier to absorb. The best way to learn how to record transactions using debits and credits is by doing, by working practical examples. This audiobook will provide many practical examples and will provide references to free resources offering more examples and explanations including instructional videos, games, and discussion forums. Before we jump into recording transactions, we will cover a process for thinking about debits and credits, starting with a definition of debits and credits, followed by a systematic way to think through the recording of transactions. We will consider each account type including assets, liabilities, equity, income, and expense accounts and discuss their normal balances, whether they have a debit or credit normal balance. 1. Language: English. Narrator: Robert Bob Steele CPA. Audio sample: http://samples.audible.de/bk/acx0/091923/bk_acx0_091923_sample.mp3. Digital audiobook in aax.