Authors: Lita Epstein, MBA & Shellie Moore, CPA

Publisher: ALPHA (Penguin);

ISBN: 1-59257-530-7

This accounting installment of the Idiot’s series is 331 pages in length.  The 26 chapters are organized into 6 parts in this softbound book, followed by an appendix (glossary, key business forms and small business tax and form calendar index).

            The first question, when reading the title and cover of the book, is what is meant by the title.  Does “accounting” mean financial accounting?  …managerial or cost accounting?  …tax accounting?  At a cost of less than $20, it is not likely that the content or coverage extends to all of these areas.

            This book covers financial accounting, but also provides some guidance on a few of the most important tax issues (e.g., payroll and employee versus independent contractor status).  It has (1) definitions, (2) accounting answers, (3) biz tips, (4) audit alarms, and (5) business bites, referred to as “extras,” and contained in little boxes throughout the book.  It even introduces a topic that would be introduced in an auditing course (e.g., segregation of duties on pp. 62-63).

The loan amortization schedule (pp. 104-106) is a very helpful addition, and one not likely to be included in a financial accounting text designed for the college or university level.  I also liked the introductory coverage of employer payroll taxes in chapter 13.  This topic is not likely to be covered in a financial accounting text designed for the college or university level.  These are but two examples of the very practical content of this book, which, again, serves only as the first step in learning about recordkeeping and financial accounting.

            I would characterize this book as a very simplified version of an introductory bookkeeping or financial accounting textbook, with some tax and internal control topical coverage, and designed, primarily, for the sole proprietor.  This might be a good choice for a first book, by those considering starting their own very small business, but it will be only that, as additional, supplemental books will have to be purchased, read and even studied, for those wishing to acquire any reasonable level of recordkeeping or financial accounting expertise.

Possible (more advanced) supplements might include an introductory financial accounting textbook, written for the college or university level.  These texts may cost more than $100 if purchased new, so the purchase of a used copy may be desirable.  Perhaps a copy acquired at a used bookstore or on the Internet, as this topic does not change rapidly and financial accounting texts tend to have a shelf life of a decade or more, at least for the needs likely to be encountered for the non-accountant, CPA, or financial expert.

This book provides broad brush strokes or introductory coverage on the variety of topics likely to be of interest to those with no prior knowledge of accounting.  This is exactly what the Idiot’s series promises to those purchasing these books, so, for this target audience, I recommend it as a very suitable choice for the first book on the topics of recordkeeping, bookkeeping and/or financial accounting.

The above review was contributed by:  Anthony (A.J.) Cataldo II.    Dr. Cataldo holds a PhD from Virginia Polytechnic Institute and State University , MAc ( University of Arizona)  unofficial minor in Marketing , BSBA  (University of Arizona). He is a Certified Management Accountant and a Certified Public Accountant:  Click Here to view Anthony's Reviews