The Accounting Picture Book: Part Two: Diagram-Based Intermediate Accounting
A physics professor once told me, “When you sit down to a problem, the first thing to do is draw a picture.” The question is, what to draw? Quantitative problems are not just number soups; they contain underlying relationships. The ideal picture is a display of those relationships, which allows you to see the structure of the problem instead of a bunch of numbers.
There are two main advantages of pictures over text in education: (1) When learning a concept, your eyes take in relationships more efficiently from a picture; and (2) Once you understand the concept, you can operate your mental picture like a machine to solve problems. That’s why diagrams are routinely provided in physics and math books. Many accounting students study textbooks for months, memorizing and forgetting lots of information while having little understanding. What they’re missing is the right picture. When I first sat down to study accounting, the first thing I looked for was a diagram of the fundamental relationships; after scouring the literature, I found the landscape totally void of life! The structure of accounting is simple to display visually. While other books use a word soup to describe a number soup, this book shows you the picture.
The Accounting Picture Book is essentially a diagram-based version of a typical accounting textbook. It aims to deliver higher comprehension than similar textbooks do, in fewer words, due to the advantages of pictures. The learning experience is different: it’s like playing with building blocks in your mind, versus memorizing an encyclopedia. The result is conceptual mastery of basic accounting. This is not a new system of accounting, but a simple way to visualize the common system.
The Accounting Picture Book is divided into two parts, Part 1: Introductory and Part 2: Intermediate. Part 1 provides a practical study of basic financial accounting. Part 2 covers a number of intermediate-level topics. For the topics presented, the intention is not to cover every detail, but to convey the concepts more effectively than any other source. Significant detail is provided on many topics. Standard textbooks are useful for further studies. If you are taking college classes, then studying the first four chapters of Part 1 will illuminate your entire accounting curriculum. Chapters 8 and 10 are important. And, other chapters of this book bring to life many of your textbook topics.
Whatever your interest in accounting, I believe you’ll find that this approach is the most natural and expedient way to develop true understanding of accounting, which is the key to proficiency.
Part 2: Intermediate
1. Bonds 7
2. Leases 20
3. Pensions 39
4. Income Taxes 56
5. Long-Term Contracts 79
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|November 12, 2020|
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