Perhaps you meet with accountants regularly or very occasionally when you needed a financial report, solving your tax issues. You place your requirements and may want the feedback immediately but you may not have the idea about their work load. Fact is they are busy to fulfill your requirements and they work year round.
Accountants help to to business people how to conceive the goals, how to make plan to achieve them and what would be their actions.
However, to do their work accountants also needed some books that may enhance their idea, help to produce a quality reports. We would like to list here some books that are considered as the amazon best selling books.
Accounting Made Simple – By Mike Piper,CPA
“Accounting Made Simple” is Written by Mike Piper, a Certified Public Accountant (CPA). As a Certified Accountant, he knew how to write a book that may help to the students as well as the accounts professionals of the company. The presentation of this book is very simple to understand.
Accounting Made Simple has two parts consisting of 14 chapters. This book is very practically presented that may help to the accounting background and non-accounting background people.
Below are the list of Contents that may help you to decide to collect this books:
PART – 01 : Financial Statements
| Chapter Ref. | Contents |
| 1. Accounting Equation | Always true, no exception Owners’ is just a plug My asset is your liability |
| 2. Balance Sheet | It’s a snapshot Assets Liabilities Equity Current Assets and Liabilities Vs. Long-term Assets and Liabilities Two Period Balance Sheet |
| 3. Income Statement | Shows period of time rather than point in time Gross Profit & Cost of Goods sold Operating Income vs net income |
| 4. Statement of Retained Earnings | Bridge between financial statements Dividends are not an expenses! Retained earnings : not the same as cash |
| 5. Cash Flow Statement | As opposed to income statement Cash flow from operating activities cash flow from investing activities Cash flow from financing activities |
| 6. Financial Ratios | Liquidity Ratios Profitability Ratios Financial Leverage Ratios Asset Turnover Ratios |
PART – 2: Generally Accepted Accounting Principles (GAAP)
| 7. What is GAAP? | Who has to follow GAAP? |
| 8. Debits & Credits | Double entry system The General Ledger T-Accounts The Trial Balance |
| 9. Cash vs Accrual | Cash Method Accrual Method Prepaid Expenses Unearned Revenue |
| 10. The Accounting Closing Process | Closing Journal Entries |
| 11. Other GAAP Concepts & Assumptions | Historical Cost Materiality Money Unit Assumption Entity Assumption Matching Principle |
| 12. Depreciation of Fixed Assets | Straight Line Depreciation Accumulated Depreciation Salvage Value Gain or loss on sale Other Depreciation Methods Expenses immaterial purchases |
| 13. Amortization of Intangible Assets | What are intangible assets Straight Line Amortization Legal Life vs Expected useful life |
| 14. Inventory & COGS | Perpetual Method Period Method Calculating Cost of Goods Sold FIFO vs. LIFO Average Cost Method |