This first edition of Principles of Accounting covers the principles of accounting, written and arranged in such a way by experienced academics, to meet the needs of students who are learning accounting basics for the first time. It also provides a refresher to students who want to revise accounting basics that they have learned. The book is also suitable for the layman who wishes to learn the accounting basics for personal use to manage personal finances better. The basics of double entry, recording in journals and accounts, and preparing simple financial statements are some of the topics covered in this book. A topic on bank reconciliation statement, which is relevant to anyone or any business that uses a checking or current account, is also introduced in this edition. The student will also be introduced to the different types of business organizations that operate in the business world. Towards the end of the book, introductory topics on management accounting provide some background and linkage between financial and management accounting. With many of the authors having more than 20 years of teaching experience, the approach to the organization of the topics as well as the explanation for each one is simple, yet it flows smoothly from one basic principle to the next. This arrangement should make it easy for the users of this edition to understand the principles of accounting and use the knowledge acquired to prepare them for higher tertiary education or simply to manage their personal finances.

About the Authors
Preface
Acknowledgements

Chapter One Introduction to Accounting
Chapter Two Accounting Equation
Chapter Three Double Entry System
Chapter Four The Asset of Inventory
Chapter Five Recording Business Transactions
Chapter Six Errors
Chapter Seven Accruals and Prepayments
Chapter Eight Accounting Principles/Concepts
Chapter Nine Accounting for Receivables
Chapter Ten Depreciation for Non-Current Assets
Chapter Eleven Financial Statements
Chapter Twelve Inventories
Chapter Thirteen Bank Reconciliation Statements
Chapter Fourteen Incomplete Records
Chapter Fifteen Partnership
Chapter Sixteen Corporations (Limited Companies)
Chapter Seventeen Statement of Cash Flows
Chapter Eighteen Introduction to Managerial Accounting
Chapter Nineteen Job Order Costing
Chapter Twenty Process Costing

Bibliography

This first edition of Principles of Accounting covers the principles of accounting, written and arranged in such a way by experienced academics, to meet the needs of students who are learning accounting basics for the first time. It also provides a refresher to students who want to revise accounting basics that they have learned. The book is also suitable for the layman who wishes to learn the accounting basics for personal use to manage personal finances better. The basics of double entry, recording in journals and accounts, and preparing simple financial statements are some of the topics covered in this book. A topic on bank reconciliation statement, which is relevant to anyone or any business that uses a checking or current account, is also introduced in this edition. The student will also be introduced to the different types of business organizations that operate in the business world. Towards the end of the book, introductory topics on management accounting provide some background and linkage between financial and management accounting. With many of the authors having more than 20 years of teaching experience, the approach to the organization of the topics as well as the explanation for each one is simple, yet it flows smoothly from one basic principle to the next. This arrangement should make it easy for the users of this edition to understand the principles of accounting and use the knowledge acquired to prepare them for higher tertiary education or simply to manage their personal finances. The chapters cover the most basic principles of accounting in different types of business organizations. At the end of each chapter, exercises are provided for personal assessment of the users’ progress in the learning process of acquiring basic knowledge of accounting principles.