Introductory Accounting Study Guide

Accurate accounting is the key to a successful business. But when you’re dealing with assets and liabilities, profit and loss, and debits and credits, juggling all the numbers can quickly get confusing. Introductory Accounting gives you everything you need to know about basic financial accounting to manage your dollars and cents and keep your accounts in order. Ideal for small businesses, as well as any large company bookkeeper, this book covers: • Structuring your business and choosing an accounting method. • Setting up an accounting system and basic operating procedures (tracking sales, determining costs, managing cash, etc.). • Creating employee records, maintaining a payroll system, and accounting for benefits. • Keeping tax and benefit records. • Reporting costs. • Closing out cash journals and employee accounts at month-end and balancing ledgers. • Preparing month-end and year-end statements and reports. • Producing a balance sheet and monthly profit-and-loss (P&L) statements. • Using accounting software.

This book is a self-study guide written for someone who wishes to teach themselves basic financial accounting. It is based on a course by the same author that has been successfully completed by thousands of students worldwide. It explains concepts in simple language with illustrative examples, provides review questions and quizzes after each chapter and section, and contains two full-length practice exams at the end of the book. This book compares and contrasts US GAAP and IFRS for every topic covered in the book.

This Financial Accounting study guide covers the accounting and reporting cycle, current assets, long-term assets, debt, equity, and cash flows. This important material is typically covered in introductory accounting courses. The study guide includes numerous features, such as an abbreviated notes summary of the textbook found at principlesofaccounting.com, sample exam questions in various formats (multiple-choice, etc.), crossword puzzles, and other learning reinforcement tools.The study guide should increase your efficiency in mastering the content and improve exam performance in your class.

This study guide complements Financial Accounting 7e. It provides additional activity-based learning resources designed to reinforce your understanding of the pinciples of introductory accounting. Each chapter of the study guide contains sections that further develop the accounting information presented in the textbook. Features include # study tips - handy hints for home study # chapter review - key concepts and processes from the chapter # true/false questions - test your knowledge of the material in the chapter # multiple-choice questions - numerous questions to test your knowledge # demonstration problems - practical exercises to build confidence # solutions to questions and problems - enable you to check your answers.

Whether taking a single course in elementary accounting or studying to become a chartered accountant, this textbook is designed to make the subject accessible and studying it easy and enjoyable. It is written in a friendly, personal style, and provides many examples with which students can identify. The text achieves this by: • integrating learning objectives so that students are reminded at regular intervals of what they should be able to achieve at that stage of their studies • regularly allowing students to test their theoretical understanding of concepts and principles through the use of self-tests • encouraging students to assess their technical understanding and ability to apply this understanding frequently through the use of activities, for which solutions are provided • providing students with the opportunity to review each chapter by completing revision questions, for which solutions are provided • assisting students with revision questions by providing a suggested approach for each question. Whether the book is used for a single course in introductory accounting or as the basis for further study, it is the author’s hope that students will enjoy using it; that they will find thestudy of accounting fun, dynamic and easy; and that the knowledge that they acquire will benefit them throughout their lives.

Developed especially for the TVET student at Introductory N4 level, Succeed in Introductory Accounting N4 provides students with the necessary theoretical knowledge to write their exams and to progress to the next level.