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The Accounting Game : Basic Accounting Fresh from the Lemonade Stand Paperback – November 1, 1998
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About the Author
For the past 25 years, Judith Orloff has been helping people transform their lives through self-awareness and education. Among her most significant accomplishments is the founding of the Burlington College in Vermont, where she also created a B.A. program in Transpersonal Psychology. In addition, Orloff is the founder of Educational Discoveries, Inc., which not only produces The Accounting Game, but also is the training industry leader in accelerative learning and instructional design. EDI's The Accounting Game is the most successful financial seminar in the world, with over 100,000 graduates.
For the past decade, Darrell Mullis, the Director of Training and Development at Educational Discoveries, has taught EDI's learning technology and developed a training program for its trainers. Mullis has also taught over 300 of the phenomenally successful Accounting Game seminars to thousands of Americans. Mullis lives with his four daughters in Louisville, Colorado.
Excerpt. © Reprinted by permission. All rights reserved.
from the Introduction
The Accounting Game is written in a way that creates a specific learning experience for you as it teaches you the basic skills of accounting. We call the learning method accelerative learning. What do you think that means? It is a learning methodology that uses all of your senses as well as your emotions and your critical thinking skills. If you can remember your kindergarten or elementary school classrooms, you will see many colored maps, letters and numbers, bold (even raw) drawings by each child, etc. You learned the alphabet by singing. You learned the multiplication tables by saying them out loud with each other. You laughed a lot. You were creative.
Then, how you were taught began to change when you entered middle school or high school. Learning became more lecture, more black and white, more rote. You studied before tests and probably did well or maybe not. Yet, for all the endless homework and "cramming," most of the information you learned in high school you don't remember now. That's because it went into your short-term memory so that you could pass the tests and move on to the next grade.
Yet, look at all the things you remember from early childhood! While in elementary school, much of the information you learned went directly to your long-term memory, because it was peppered with music, color, movement, smells, emotional experiences and lots of play and fun.
The methodology we use in this book in many ways parallels how you learned in grade school. We do this by accessing the part of your brain where long-term memory lives. Now, the way to reach your long-term memory has to include emotion, because they reside in the same place in your brain--the limbic region.
The truth is, because of the way we humans learn, we have to discover something ourselves to really learn it. This book, based on Educational Discoveries' flagship seminar, is designed so you make dozens of discoveries. In short, you will learn a college semester's worth of accounting in the time it takes you to interact with this book.
This is quite a reversal, because business people and students have over the years found the subject of accounting quite difficult to master. Many have simply given up in frustration, others have decided to leave accounting to the "experts." This book is for all of you who have hated accounting, had difficulty learning it or ever thought you didn't really "get it."
We think that most attempts to teach accounting fail because of too much attention to details and a failure to present the big picture framework of how it all works and fits together. In this book, we promise not to overburden you with details and to focus on what are really the key concepts of accounting that any businessperson needs to know.
You will learn the structure and purpose of the three primary financial statements--the balance sheet, the income statement and the cash flow statement. You will learn how these fit together and their interrelationships. You will also learn the basic language of business--concepts like cost of goods sold, expenses, bad debts, accrual vs. cash methods of accounting, FIFO and LIFO, capitalizing vs. expensing, depreciation and the difference between cash and profit.
Our promise is that you will get all this information in a fun and easy way that allows you to participate, interact and discover all that you need to know. Many people need to have understanding and confidence in working with financial concepts, but are not ever going to be doing accounting details. If that is you, then this book fits that need, too. It is set up so that you can actually do financial statements as you are learning them. We invite you to "play the game" as you interact with this book.
Understanding all this information is nice, but what do you do with it? The final chapter will give you some tools for analyzing financial information and making better decisions for your company and your career.
Top customer reviews
Other topics covered are accounting for a service based company vs. company that has inventory, how to account for equipment (expense it vs. capitalize it), depreciating assets etc.
The book has blanks in it where we can fill up the transactions (inventory bought, products sold, profits made, loans made and repaid etc.). An even better way to follow along is to use an accounting software such as GnuCash to produce the financial statements and compare to the one in the book.
I highly recommend this book to anyone (including engineers like me, who never dreamed of reading an accounting book) who wants to get a basic and working knowledge of accounting.
And to try and pick up accounting principles while you’re running a whole entire business – that’s laughable.
Enter The Accounting Game by Darrell Mullis and Judith Orloff. It looks like it belongs in my 8-year-old’s backpack, but as I read and worked through it the past few days I discovered the fact that it looks like a children’s book (and reads like one) is exactly why it’s so powerful. It uses the quintessential lemonade stand to show exactly how what you do in business each and every day shows up in those mysterious:
Income Statements; and
What was once blurry becomes clear. Three hours is about all it takes to get through the book and your business life will be forever changed. Not bad for $12. A word of advice – get the paperback version, a pencil and eraser. This is one book not best read on the Kindle.
I recommend this book to anyone wanting to be good at business, especially non financial managers in corporations and small to medium sized business owners.
I think I understand these concepts better now than I ever have. It's an easy read but gets the information into your head in a way that sticks. The example of a kid starting and running a lemonade stand is one anyone can understand, and it's a great way of showing that accounting principles are basic to every enterprise, no matter how simple.
These principles are ones everyone alive needs to understand. This book is not about those aspects of accounting which relate to taxes, but rather the timeless monetary principles which would be applicable even if there were no such thing as taxation.
Whoever thought reading a book on accounting could be so fun?
Blank worksheets for each chapter would be convenient, but you'll probably retain more from the exercise of creating each one from scratch & filling it in as the complexity of information recorded grows along with the lemonade stand business.
If you have kids or teens who are interested in learning about this topic, you probably won't find a more accessible introduction, since the storytelling aspect is more engaging than a traditional textbook approach.
I was able to put together the databases and reports primarily based on this book and a few references on Bing to charts of accounts.
For anyone who needs a fast refresher in accounting, this book should fit the bill with lots of what-ifs that happen every day in the life of bookkeepers (accountants :).