Accounting: Accounting made easy, including basic accounting principles, and how to do your own bookkeeping!
By Robert King
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About this ebook
Do you want to learn how to do your own accounting, but aren't sure where to start? If so, then keep reading...
Most people have a negative view of accounting and accountants in general.
Accounting is perceived to be a difficult subject that should only be left to nerdy number-crunchers who have nothing better
Robert King
Saudi StyleBy Robert E. King - B.A.(Hons.), MCIM, F.inst.SMM. CM.Authors Bio.I played football with Osama Binladen, (Terrorist) went shopping with Idi Amin, (Murderer) had coffee with Mohammed Ali (The Greatest Boxer of all time) Dated the beautiful Air Stewardesses, (Angels) and visited with Princes and Kings, (The wealthiest men on the planet), it was the adventure of a lifetime. Come with me now and I will guide you through a nightmare, though I must warn you, I would go back tomorrow, would you?I enjoyed Saudi Arabia for over a decade, soaking up the culture and customs of a nation, who considered themselves the closest race to God. My travels permitted audiences with a total cross section of the race, from the fantastically wealthy ruling royals, to the last link in the chain of hierarchy, from devout worshipers to beggars, thieves and murderers. I even played football with Osama Binladen, at that time he was just a gangly kid, working in his father’s precast concrete plant during university downtime in the late 70’s but that is another story. Eventually, a simple legal dispute, resulted in an appalling journey deep into the bowels of Saudi and the brutal, physical and mental torture of an innocent man. This nightmare experience revealed the bizarre and sometimes grotesque secrets, that are carefully detailed in the manuscript. Secrets that until now have remained mostly uncharted. It also provided, what I believe, are the qualifications and experience to pen this work. This is not about telling tales, this is about living the dream and experiencing a different culture, in short, I would go back tomorrow with a much better idea of what to expect. This could also be a guide for all potential Saudi expatriates who need a manual for working in vastly differing cultures.I migrated to the Middle East during the mid seventies when OPEC ruled the waves and the oil price had almost reached that magical, forty dollars a barrel high. The euphoria of the Saudis was unreal. Massive wealth was accumulated; money was spent like water and the whole nation celebrated, gorging on the excesses of their newly acquired fortune and who could blame them? I couldn’t, I was enjoying the same fruits of life’s swollen orchards.During the boom years, some would say OPEC's hand had increased the oil price to such an extent, that it was now possible to extract the black gold from just about anywhere in the world and still make a handsome profit. As North Sea supplies came on stream and other major fields were discovered, the oil price stabilized before it started to fall, along with the demand. As new supplies increased, a glut accumulated and the oil price began to plummet, taking with it the dreams and aspirations of a nation.My account will take you inside the palaces of Kings, along the wealth washed corridors of princely domains and down the chain of command to the bottom of its final, abhorrent and brutal abyss.During my time abroad I achieved a rare title, an accolade bestowed by the desert dwellers themselves, an ancient, invisible protector that would eventually see me through an extremely painful ordeal. This is the story of the Khowaja and why I am confident, I have earned the right to tell it.I disclose this information for the ones we left behind and I dedicate this work to their memory, hoping they can forgive my humble efforts and may they all rest in peace:JUERGEN SCHNETZ – Too much Saudi Arabia for his heart a close friend.DEBBIE STONE– Hepatitis with complications I remember her well.PETE MARTIN – Road Accident he was humble, they weren’t, cockney rebel.GINNY – The Tri-Star Incident, burned alive probably, heartbreakingMOHAMMED BINJARI – Road Accident, he was brave, he was a good man.Bryan – Finally your true age overcame you what a mentor, "some of my best customers wear sandals".Paddy – At peace but no more fags or cid. Say hi to Chris for me, Stew with maggots, I was hungry Paddy.Picture - The author in his Red Shirt – Chapter 12, page 270
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Accounting - Robert King
Introduction
Thank you and congratulations on picking up this book, covering the topic of accounting. This book will introduce you to all the basic concepts related to accounting. It is my goal that by the end of this book, you will have a better understanding of the key concepts of accounting, and be able to undertake basic bookkeeping functions.
Most people have a negative view of accounting and accountants in general. Accounting is perceived to be a difficult subject that should only be left to nerdy number-crunchers who have nothing better to do with their time. Nothing could be farther from the truth. Every day we are inundated with all kinds of information, such as home mortgage interest rates, bank balances, and retirement fund statements. If you want to be able to understand financial information and develop your financial literacy skills, you must have some basic knowledge of accounting.
Unfortunately, most people who are interested in developing their accounting skills face immense challenges when searching for good accounting books. A lot of the resource material that is available is simply too complicated for the average reader to understand. Accounting involves a lot of numbers, but most books do not cover the essential theory that should help beginners grasp what these numbers mean. It’s as if you have to be a math genius to learn accounting skills.
That is why I decided to write this book. This book offers you something that you cannot find in other accounting texts. I take the time to explain everything in simple and plain English, with technical details and jargon kept to a minimum. I have structured the book in a way that allows you to establish a solid foundation first, before moving on to more challenging topics. This step-by-step approach will help you gain the confidence necessary to tackle more complex accounting challenges ahead.
This book also focuses on topics that non-accountants can easily understand. I have avoided going to deep into topics that only practicing accountants can appreciate. Additionally, I have included illustrations to help you see how every transaction is recorded in the various financial statements used in accounting.
This book is written with a wide audience in mind. You will gain a huge amount of information, whether you are a business manager, entrepreneur, investor, accounting student, practicing bookkeeper, or just someone who wants to take better care of their finances. Regardless of your accounting background, you will benefit from this book.
I begin the book by introducing you to the basics of accounting. You will learn how the accounting process works, its importance, and the four functions of accounting. I also take the time to explain the differences between accounting and bookkeeping. If you have always thought that these two terms mean the same thing, you need to read this book.
Though I make the assumption that you are somewhat familiar with the business world, I take nothing for granted. Therefore, I have also included a chapter that covers some of the most important terminologies used in accounting. This will help you improve your accounting lingo, especially when you start learning how to prepare the financial statements.
The book covers key bookkeeping concepts such as the accounting equation, the double entry rule, cash-based accounting, and accrual accounting. These are extremely important topics, so make sure you master these concepts before you move on the balance sheet, income statement, and cash flow statement. With all this knowledge in the back of your mind, you