A concise, readable and irreverent introduction to financial accounting. The book uses easy to understand examples that gives the reader the "why" behind accounting principles...not just the "how". The reader is alerted to the limitations of accounting as well as its strengths. The book describes some of the most common forms of accounting frauds.
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"This is a wonderful little book; it is light, funny and very instructive. I especially like the first and last chapter, and the sections within the chapters on how the books are cooked." --Patricia Arnold, Associate Professor of Accounting University of Wisconsin
About the Author
Michael Sack Elmaleh is a Certified Public Accountant and Certiifed Valuation Analyst with nearly thirty years of accounting experience. He has ten years of teaching experience at the undergraduate and graduate level. In addition to teaching accounting and finance courses, he has also taught economics, statistics and mathematics. He holds a B.A. in Psychology and Philosophy, an M.S. in Accounting and an M.A. in Philosophy. Elmaleh has published articles on taxation issues and valuation theory in various professional journals.
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Most Helpful Customer Reviews
5 of 5 people found the following review helpful:
4.0 out of 5 stars
Good Introduction to the basics,
This review is from: Financial Accounting: A Mercifully Brief Introduction (Paperback)
For the person who has no knowledge of accounting and wants to understand the very basics this book is indeed a good brief introduction. The author makes a good point of the fact that most introductory accounting texts spend a great deal of time covering the basics of transaction entry. In today's marketplace the software packages take care of these details of ensuring double entry occurs and the entries balance. When that information is removed you end up with the very basics of accounting including the basic accounting equation, cash and accrual accounting, receivables and payables, fixed assets, inventory, and financial statements. Explained at a level that a reader with no previous knowledge of accounting can follow the author does provide a mercifully brief introduction that is only the basics needed for everyday work.
4 of 4 people found the following review helpful:
5.0 out of 5 stars
Help Is Here,
By M Equinox EA "Seattle EA" (Bothell WA) - See all my reviews
This review is from: Financial Accounting: A Mercifully Brief Introduction (Paperback)
This is a great book for small businesses. I've started recommending it to my clients who are doing their own bookkeeping (and all you professionals know what a nightmare that is!) and to bookkeepers who find themselves doing balance sheet accounting without a good background in the real story of debits and credits. This book covers the basics in an accessible, jargon-less prose yet still covers the essential points. I'm suggesting that this be a reference book my clients keep in their offices. That way they have a quick reference guide for themselves or their employees. Hopefully, when they go through 3 bookkeepers in a year the learning curve will be less steep than usual for the new employees, and I'll get fewer "just a quick question" phone calls during tax season.
3 of 3 people found the following review helpful:
5.0 out of 5 stars
Extraordinarily Informative & Useful,
By
This review is from: Financial Accounting: A Mercifully Brief Introduction (Paperback)
This book is an informative and well-written primer on a range of important concepts necessary to "get a handle on" the financial basics that small business owners and allied professionals frequently confront.
The author successfully employs humor in developing scenarios, examples and explanations which remain in the reader's mind and make these often times abstruse subjects understandable. The Summaries, Exercises and Problems sections of the book are particularly effective teaching tools. I found the most interesting and useful chapters to be Chapter One (Introduction: Difficult Measurement Problems), Chapter 7 (Fixed Assets and Depreciation Methods) and particularly Chapter 10 (Financial Statement Reliability) for its treatment of embezzlement prevention and related issues. I have practiced law for almost 33 years and have represented many small businesses during that time. I am pleased to have encountered this book, which I will highly recommend as a very helpful tool for business owners and others in understanding, approaching and evaluating accounting issues. Sara Clarenbach Attorney, Capitola CA
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Inside This Book
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Key Phrases - Statistically Improbable Phrases (SIPs):
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small business financial statements, inventory flow assumptions, compiling financial statements, ending inventory value, perpetual method, historical cost principle, basic accounting equation, delivery revenue, liquidating value, deferred revenue, cash disbursements journal, income statement account, going concern value, matching concept Key Phrases - Capitalized Phrases (CAPs): (learn more)
Joint Ventures, Mercifully Brief Introduction, Date Acct, Account Description Debit Credit, Taking Care of Business Every Day, Moving the Merch, Professional Fees, Owners Equity, The Balancing Act, Balance Sheet Assets, Continuing Education, Fed Tax, Medicare Payable, Miss Feasance, Service Fees, State Tax, Taxes Payable, Total Expenses, Equipment Lease, Owner's Draw, Owners Draw New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
small business financial statements, inventory flow assumptions, compiling financial statements, ending inventory value, perpetual method, historical cost principle, basic accounting equation, delivery revenue, liquidating value, deferred revenue, cash disbursements journal, income statement account, going concern value, matching concept Key Phrases - Capitalized Phrases (CAPs): (learn more)
Joint Ventures, Mercifully Brief Introduction, Date Acct, Account Description Debit Credit, Taking Care of Business Every Day, Moving the Merch, Professional Fees, Owners Equity, The Balancing Act, Balance Sheet Assets, Continuing Education, Fed Tax, Medicare Payable, Miss Feasance, Service Fees, State Tax, Taxes Payable, Total Expenses, Equipment Lease, Owner's Draw, Owners Draw New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 9
books:
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- Hansel and Gretel (Tiny Tales) by Jacob Grimm on page 95
- Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein in Front Matter
- Hansel and Gretel by Jacob Ludwig Carl Grimm on page 95
- Hansel and Gretel by Jack Grimm on page 95
- Hansel and Gretel by Brothers Grimm on page 95
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