Time Tracer Ltd - Publishing

ACCOUNTING INSIGHT

2nd Edition by Edwin Olima FCCA

ISBN 0-9543820-1-3

 

 

 

 

 

 

 

 

 

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Introduction

 

If you find accounting and keeping accounts complicated, you are about to be enlightened. Even trained accountants can get stuck sometimes.

 

The secret to understanding accounts is to work from a series of intuitive record keeping methods through to the integrated practice of accounting. That way one can easily understand a set of accounts and know where the figures come from and how they were compiled.

 

By doing all the exercises in this book you can create a simple set of accounts and truly understand the cornerstone of one of the highly paid professions in the world.

 

Who this book is for

This book is suitable for:

         New and veteran entrepreneurs

         Trainee students of accountancy

         Managers who need to understand accounts

         Book-keeping firms (employees  & clients)

         Accountancy firms (employees  & clients)

         Anyone baffled by accounts and/or accountants

 

Time required and Benefits to be gained

 

About 1 hour per chapter that is 15 hours in total, by which time you will have learnt how to keep your accounting records for life.

 

In the case of trainee accountants this time will put you firmly on the path to a clear-headed career in accountancy.

 

A working knowledge of accounting is not only useful knowledge in itself, it is a useful skill to trade in. This is what this book attempts to give you.

 

Requirements

Pencil or Pen

Paper

Calculator

 

The Sample Business and Assumptions

            Current Time:         Assume you are in April 3001 and preparing last years accounts

Name:                    The Company Limited

Activity:                  Buying and selling computers

Products:                1333 GHZ Computers

Accounting Period: Year to 31st December 3000

Employees            1

Value Added Tax:   17.5%

 

Work Pack (See APPENDIX A ).

6 Sales Invoices

1 Credit Note

12 Purchase Invoices

5 Paying in book stubs

9 Cheque book stubs

1 Bank Statement 

4 Sheets of preprinted analysis paper to be photocopied for your use and reuse.

Note that as we are using methods that appeal to ones intuition the individual exercises of the book are easy to follow. However, remember that the integrated practice of accounting is not obvious. So let us begin piecing together the easy to follow components of accounting and thereby gain an integrated practical working accounting knowledge!


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