e-book
Frank Wood’s business accounting 2
This textbook is organised to provide you with what has been found to be the most appropriate sequencing of topics as you build upon the foundations of accounting knowledge that you developed when you studied Business Accounting 1. You will find that a number of features of the book, properly used, will enhance your understanding and extend your ability to cope with what will possibly appear, at first, to be a mystifying array of rules and procedures.
While a lot, but by no means all, of what follows was written in Business Accounting 1, all of the advice given to you in that book will apply to you throughout your studies of accounting, whatever the level. We therefore offer no apologies for repeating some of it here along with new advice appropriate to the level of Business Accounting 2.
In order to make best use of this resource, you should consider the following as being a proven path to success:
* At the start of each chapter, read the Learning Objectives. Then, while you work through the material, try to detect when you have achieved each of these objectives.
* At the end of each chapter check what you have learnt against the Learning Outcomes that follow the main text.
* If you find that you cannot say ‘yes, I have achieved this’ to any of the Learning Outcomes, look back through the chapter and reread the topic you have not yet learnt.
* Learn the meaning of each new term as it appears. Do not leave learning what terms mean until you are revising for an exam. Accounting is best learnt as a series of building blocks. If you don’t remember what terms mean, your knowledge and ability to ‘do’ accounting will be very seriously undermined, in much the same way as a wall built without mortar is likely to collapse the first time someone leans against it.
* Attempt each of the Activities in the book at the point at which they appear. This is very important. The Activities will reinforce your learning and help set in context some of the material that may otherwise appear very artificial and distant from the world you live in. The answers are at the end of each chapter. Do not look at the answers before you attempt the questions; you’ll just be cheating yourself. Once you have answered one, check your answer against the one in the book and be sure you understand it before moving on.
* Above all, remember that accounting is a vehicle for providing financial information in a form that assists decision making. Work hard at presenting your work as neatly as possible and remember that pictures (in this case, financial figures) only carry half the message. When you are asked for them, words of explanation and insight are essential in order to make an examiner appreciate what you know and that you actually understand what the figures mean.
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