Accounting: A Practical Approach (3e)

This 3rd edition of Accounting: A Practical Approach continues to provide an easy to read, practical introduction to accounting concepts. The many worked examples and illustrations put the theory into context. Students can then apply their knowledge with a wide variety of self test questions.

Section 1 Accounting to trial balance
Chapter 1 Introduction to accounting – theory and principles
Chapter 2 Account identification, transaction analysis and the accounting equation
Chapter 3 Service industry accounting – general ledger, trial balance and introduction to financial reports
Chapter 4 Retail industry accounting using perpetual and periodic inventory – general journal, general ledger, trial balance and introduction to financial reports
Chapter 5 Special transactions
Chapter 6 Accounting to trial balance – cash and credit journals using perpetual inventory
Chapter 7 Subsidiary ledgers – accounts receivable (debtors) and accounts payable (creditors)
Chapter 8 Petty cash
Chapter 9 Banking procedures and bank reconciliations

Section 2 Prepare financial reports
Chapter 10 Finding profit in the general ledger and basic financial reports – for service and retail industries
Chapter 11 End of period adjustments
Chapter 12 Worksheets for final reports
Chapter 13 Final reports including end of period adjustments
Chapter 14 Correction of errors
Chapter 15 Depreciation and disposal of non-current assets

Section 3 Solutions to self-test questions
Chapter 16 Solutions

• Supports delivery of competencies from the FNS10 Training Package 
• Includes coverage of both periodic and perpetual inventory systems 
• Now covers GST Paid and GST Collected in Supplier and Customer Statement Reconciliations, plus debtor management 
• Enhanced coverage of depreciation and disposal of non current assets, including Gain or Loss on disposal 
• Coverage of receipting and banking has been expanded to include credit cards.

• Worked Examples illustrate how to put the theory into practice 
• Self Test questions test student understanding of the theory

Valerie Wilson has more than 25 years experience in Vocational Education and Training (VET), teaching in the areas of introductory, financial and corporate accounting, and has experience in internal audit organisations.

Suellen Freeman is a head teacher of accounting, banking and finance with many years of teaching experience in VET.

John Freeman has been teaching accounting and finance in the VET sector since 2002 after a long career as an accountant in government and commercial organisations.

BSBFIA401A     Prepare financial reports
FNSACC301A  Process financial transactions and extract interim reports
FNSACC302A  Administer subsidiary accounts and ledgers
FNSACC303A  Perform financial calculations
FNSACM301A  Administer financial accounts
FNSACM302A  Prepare, match and process receipts
FNSACM303A  Process payment documentation
FNSACM401A  Evaluate and authorise payment requests
FNSBKG402A  Establish and maintain a cash accounting system
FNSBKG403A  Establish and maintain an accrual accounting system
FNSCRD302A  Monitor and control accounts receivable
FNSCRD403A  Manage and recover bad and doubtful debts
FNSCRD405A  Manage overdue customer accounts
FNSORG301A  Administer fixed asset register