Accounting for Non-Accountants: The Fast and Easy Way to Learn the Basics

Comprehensive and straight to the point

If you are new to accounting and its terminology then this is the book that u need to boost your managerial skills in the financial field.. a book is never a loss of money (unless it is self-developing hoax books then ya it is loss of money)

Accounting for Non-Accountants by Wayne A. Label is a marvelous little book for getting acquainted with basic financial statements such as, primarily, the Balance Sheet and the Income Statement, in addition to the Statement of Cash Flows and the Statement of Retained Earnings. The book is geared for people new to accounting principles, as it lays out, for instance, different sequential snapshots of the balance sheet to demonstrate how individual adjustments are treated. This is probably the highlight feature of the book for newcomers--its straightforward and sequential layout of accounting transactions. With that said, let it be clear that Label has personality, demonstrated by his occasional use of humor and his engaging writing style. Furthermore, Label covers a large scope of interesting material--not just information on financial statements-- to give beginners a broad overview of the industry. To explain, about half of the book is dedicated to the financial statements, journal, and ledger, while the other half is dedicated to concepts such as fraud prevention, audits, GAAP, and--perhaps most interestingly--ratios (including rate of return on investment, current ration, sales ratios, and many others) for reporting short-term or long-term analysis of financial data. As a specific example of what the book offers, Label expounds on Generally Accepted Accounting Principles (GAAP), which apply to the United States (and Canada, too, so I am told). These principles outline the requirements for accounting, such as both the requirement that financial statements be relayed in monetary terms and the requirement that the depreciation estimates be sufficiently verifiable. As another example, the book provides a somewhat cursory albeit introductory discussion on both the journal and the ledger, while providing a clear definition of the double accounting system, including an accessible definition of the somewhat arbitrary meaning of both credits and debits. Perhaps unique to Label's book is the emphasis on corporations, where he outlines concepts such as preferred versus common stock, cash dividends, stock dividends, and stock splits. This section is more advanced than the rest of the book, but will be especially of interest if the reader either plans to incorporate, of course, or has had prior experience with the stock market. While Label's book is an excellent introduction to accounting principles (with overviews of some advanced concepts such as stocks, corporations, and audits), it is only the first stop for acquiring a solid footing in accounting concepts. A good follow-up (and relatively more advanced and academic) book to Label's that I've started reading is Barron's Accounting by Peter J. Eisen. Eisen's book does not ease the newcomer into accounting principles like Label's does, but it offers a lot more in-depth practice and insight into financial statements. Eisen's book also emphasizes proprietorship, unlike Label's which focuses a great deal on the corporation. Another book recommendation to read in tandem with Label's is Accounting Made Simple: Accounting Explained in 100 Pages or Less by Mike Piper. All in all, I'd recommend starting with Label's book if (1) you have little to no background in accounting, (2) you would like an overview of the industry, or (3) your long-term agenda includes setting up a corporation.

I've had my business for 11 years and have good basic knowledge of accountancy, however your account won't give you the time usually to sit there and go over things. This book (although doesn't make sense from an accounts point of view to me as an owner) puts everything into perspective and is actually a good read for a boring subject. Would recommend this book. I'm on page 120 after less than one week. Will probably finish it next week. I'm in the UK but this is from the US but still highly relevant.

Very use for non accountant professionals.

This book has lots of information and it’s easy to understand it has been a great learning tool

誤字脱字が目立つが、易しく分かりやすいと感じた。初心者向きだと思う