Reading all the chapters in Part 1 & 2 of Let's Learn Basic Financial Accounting helps you to understand, learn and apply the basic concepts in Financial Accounting. In particular, this book enables you to prepare the financial statements on the basis of Generally Accepted Accounting Principles. Several types of questions are included to ascertain readers' knowledge and understanding of each chapter. Self-review questions are case-based scenario and are set in a sequence of accounting life cycle activities and are helpful for hands-on and practices. Part 1 introduces businesses and the needs for accounting system. Understanding the accounting equations, classifications and double entries enables accounting for business transactions. Business transactions are journalised and then posted into ledger accounts. The list of account balances in the trial balance facilitates the preparation of the financial statements. However, preparation of the financial statements must consider the balance day adjustment. Thus, Part 2 discusses treatment for accruals and prepayments, depreciation and allowance for doubtful debt. For a meaningful financial statements, the use of financial ratios is illustrated. Cash in hand is important for a business. But the record of cash balances in hand and at bank can differ. Thus, the final chapter discusses the process of preparing bank reconciliation statement.
NORMAH AHMAD (PhD), taught Financial Accounting during her 31-year service at UiTM. Other taught courses to students of various programmes at Pre-Diploma, Diplomas, Bachelors and Masters levels include Costing, Management Accounting, Auditing, Agribusiness Marketing, Customer Behaviour, Entrepreneurship, Strategic Management, Risk Management and Managerial Accounting.
HAMDAN MAT ISA is a senior lecturer at the Faculty of Accountancy, UiTM Perlis Branch. He obtained his MBA (Accounting) from UKM in 2000. He has served for 27 years. His areas of interest are Accounting Information System and Computerised Accounting. However, he loves teaching basic Financial Accounting for beginners. He has been as associate member of Malaysian Institute of Accountants (MIA) since 2009.
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