Unlocking the Accounting Process

Accounting literature often refers to procedural and conceptual approaches in the teaching of an introductory accounting course. This title integrates these two approaches in a pedagogical philosophy referred to as the concepts model. A strong emphasis is placed on understanding the conceptual framework, and especially on applying definitions of the elements of the financial statements. Readers are able to acquire a conceptual understanding of each topic before considering the procedural aspects. This title has been prepared for use on short courses in introductory accounting, both in the academic environment and in the corporate world. The focus of the title in on the accounting process which begins with the analysis of transactions (external), recording transactions in a journal, posting the journal entries to a ledger and preparing the trial balance. Further transactions (internal) are then recorded before preparing the post-adjustment trial balance followed by the preparation of the financial statements. The accounting process is concluded by the recording of closing entries.