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Basic Accounting: Concepts, Principles, and Procedures, Vols. 1 & 2, second edition.

Basic Accounting: Concepts, Principles, and Procedures, Vols. 1 & 2, second edition

Gregory R. Mostyn

Worthy & James Publishing

PO Box 362015, Milpitas, CA 95036

Volume 1: 9780991423101, $58.00, PB, 822pp

Volume 2: 9780991423118, $58.00, PB, 950pp

Synopsis: Volume 1 (Building on a Conceptual Foundation) is an introduction to financial accounting using the simple proprietorship framework. This first volume contains both a standard introduction and an optional step-by-step enhanced introduction to key business and financial accounting concepts and procedures the enhanced introduction also contains an optional alternative learning style (integrated story feature). Introducing accounting concepts and procedures using the basic service proprietorship (non- corporate) structure, and this first volume also continues with the following major topics: How to visualize and analyze transactions; What is a basic accounting system; Accountants and accounting organizations; Using debits and credits; Using journals and ledgers; The four required financial statements; The relationship between financial statements; The conceptual framework of accounting; An in-depth discussion of corporate transactions; Partnerships; Financial statement analysis.

Volume 2--This second volume of "Basic Accounting Concepts, Principles, and Procedures" (Applying Principles and Procedures) completes the accounting cycle and discusses how to apply accounting procedures to key accounts. Major topics include: Detailed discussion of how to adjust the books at period-end; How to close the books for all business types; Cash basis accounting compared to accrual basis; Worksheets; Merchandising operations for both major types of inventory systems; Financial statements of merchandising companies; Accounting systems and special journals; Cash and the three cash control procedures (internal control, cash budget, statement of cash flows); Receivables; Inventory costing; Long-term assets; Payroll procedures; How to prepare and analyze a statement of cash flows; The use of accounting software and an accounting software checklist; and Bonds.

Critique: Now in a fully updated and expanded second edition, each of one of this two volume set is a user-friendly, academic-level instructional textbook. Each volume is designed to be used independently according to each user's needs. Each volume is built on a research-based instructional design that improves clarity, learning efficiency, and reduction of reader stress. Together, both volumes are specifically designed to be an easy-to-use comprehensive introduction to financial accounting that bridges the gap between dense academic texts and simplified general trade-level books.

There are more than 900 end-of-chapter questions and problems with answers and solutions fully viewable in text, disk, and online with no access code required. The chapters include cumulative vocabulary reviews and cumulative self-tests with solutions and guidance to relevant content. Templates on disk and online provide a wide variety of accounting forms (working papers) needed for problem solutions and general use. Includes extensive ethics case studies.

Exceptionally well written, organized and presented, "Basic Accounting: Concepts, Principles, and Procedures, Vols. 1 & 2" is unreservedly recommended for professional, community, corporate, college, and university library Accounting instructional reference collections and curriculums.
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Publication:Small Press Bookwatch
Article Type:Book review
Date:Nov 1, 2017
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