Top 10 Basic Accounting Books for Beginners
The objective of accounting is to record financial transactions systematically in the books of accounts to find out the financial position of any organization. It helps the managers to take decisions for increasing their profits. Although the purpose of bookkeeping is recordkeeping and systemizing the business it often becomes complex to understand for people with a non-accounting background or for students taking up accounting courses for the first time.
Here’s a list of 10 basic accounting books that can help in understanding the accounting terminologies and concepts in an easier way:
#1 – Accounting Made Simple
Author of this Accounting Book: Mike Piper
Basic Accounting Book Review:
This short book offers a basic introduction to accounting principles and terminologies. The author’s brief explanations and numerous concise examples make it the perfect reference book for people from a non-accounting background.
Key Takeaways from This Basic Accounting Book
Few of the major takeaways from this book are as listed below:
- Accounting Equation and its significance
- Concepts and assumptions behind Generally Accepted Accounting Principles (GAAP)
- Calculating and interpreting several different financial ratios
- Preparing journal entries with debits and credits
- Calculating depreciation and amortization expenses
#2 – Accounting for Non-Accountants
Author: Wayne Label
Basic Accounting Book Review:
This well-written book is focused on people who are new to accounts principles, as it lays out, for instance, different sequential snapshots of the balance sheet to demonstrate how individual adjustments should be treated.
Key Takeaways from This Basic Accounting Book
Apart from providing basics of the books of accounts, the author focuses on a few major topics like:
- Dealing with audits and auditors interpret financial statements
- Managing budgets
- Controlling cash flows
- Using accounting ratios
#3 – Financial Statements
Author: Thomas Ittelson
Accounting Book for Beginners Review:
Every term is defined in the simple, understandable language. Concepts are explained with basic, straightforward transaction examples. The author aims to provide a solid foundation for its readers to understand the concepts.
4.8 (388 ratings)
Key Takeaways from This Accounting Book for Beginners
Few takeaways from this book:
- How the balance sheet, income statement and cash flow statement work together to present any company’s financial health
- The visual approach, to see exactly how each transaction affects the three key financial statement of the enterprise
#4 – Accounting Handbook
Author: Jae K. Shim
Accounting Book for Beginners Review:
A very informative and relevant book which takes an interesting approach to account. The author aims to focus the accountants, bookkeepers and business students as it provides perfect examples and material for referring.
Key Takeaways from This Accounting Book for Beginners
Few of the topics that the book addresses are as follows:
- Short-entry definitions of everything
- A detailed explanation of accounting terms
- Cost management, taxation forms, and their preparation
- Financial reporting requirements and compliance, and U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards)
#5 – Schaum’s Outline of Principles of Accounting
Author: Joel J. Lerner
This Accounting Book Review:
The book comprises a collection of solved problems in principles of accounting so that readers can easily connect the dots.
Key Takeaways from This Best Accounting Book
Few of the major topics covered in this book are as follows:
- Debits, credits, the chart of accounts, the ledger, inventory measurement, net realizable value, recovery of bad debts, and methods for computing interest
- Fixed assets, depreciation and scrap value, methods of depreciation
- Payroll, and payroll taxes
#6 – Accounting All-in-One For Dummies
Author: Kenneth W. Boyd
This Accounting Book Review:
As the book promises on its cover with its title, it offers to impart learnings in simple and layman terms. The author consistently uses examples and analogies to make the topics interesting and relatable.
Key Takeaways from This Best Accounting Book
Some of the aspects of accounting that the book covers are as follows:
- Setting up accounting system; recording accounting transactions
- Adjusting and closing entries
- Auditing and detecting financial fraud
- Planning and budgeting for businesses
#7 – Accounting
The Ultimate Guide to Accounting for Beginners
Author: Greg Shields
Accounting Book for Beginners Review:
Providing a general overview of financial statements, analysis, and principles followed by the accounting practice, this book offers simple explanations that are easy to follow in order to relate the accounting terms and concepts in business usage.
Key Takeaways from This Accounting Book for Beginners
Few major topics that the book covers are as below:
- The Cash Flow Statement
- The CPA and Public Accounting
- Tax Accounting
- Accounting Reports: The Income Statement
#8 – Accounting QuickStart Guide
Author: Josh Bauerle CPA
Accounting Book for Beginners Review:
A very thorough book which covers almost all majors topics and terms in accounting. The book is very helpful for small business owners as it outlines the procedures to handle accounting for a small business.
Key Takeaways from This Accounting Book for Beginners
Few of the major topics covered in the book are as follows:
- The Principles of Financial Accounting, Managerial Accounting, and Tax Accounting
- Business Entity Types; Their Pros, Cons and Their Financial Statements
- GAAP Standards and their relevance to Accountants
- The Logic and Methods of Classic Double-Entry Accounting
#9 – The Accounting Game
Author: Darrell Mullis
Basic Accounting Book Review:
Using the world of a child’s lemonade stand to teach the basics of managing finances, this book makes the subject enjoyable and understandable. The author makes readers use their senses, emotions, and critical thinking skills to learn. The book is mainly focused on business owners/managers, budding entrepreneurs.
Key Takeaways from This Best Accounting Book
Few of the key learnings that the book imparts are as follows:
- Business accounting procedures and creating financial reports
- Financial Accounting
- Step-by-step processes for managing to account in business
#10 – Bookkeepers’ Boot Camp
Author: Angie Mohr
Basic Accounting Book Review:
This book shows small business owners the essentials of record keeping, and why it’s crucial to a business’s success to track financial data. The author shows the business owners how to sort through the information and paperwork, record what is important, and how to use that information to grow a business for success.
Key Takeaways from This Basic Accounting Book
Some of the main learnings that the book imparts are as follows:
- Purpose of record/bookkeeping
- Analyzing and tracking financial information
- Starting a business, growing a business, and exiting a business
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Here is the guide to Accounting Books for Beginners. Here we provide the list of Top 10 Basic Accounting Books & a sneak peek in what those books propose & takeaways. You may refer to the following books to learn more –
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