Much has happened in the accounting profession since we completed the first edition of this book in 2002. The Sarbanes – Oxley Act has altered the approaches to ethical problems, resulting in the replacement of the Independence Standards Board with the Financial Accounting Standards Board (FASB) and the Public Company Accounting Oversight Board. The financial […]
Each year, Vince Lombardi (the revered coach of the Green Bay Packers) held a pigskin up and said, “This is a football.” And he did so before the best players in the world. Why? He knew that winning is all about basics: blocking, tackling, passing, running. Understanding fundamentals brings clarity and power. And that’s what […]
This is not a rags-to-riches real estate story. We were not poor growing up, and we did not become the next Donald Trump. Real estate is not our passion. Let us say that again—real estate is not our passion. So if you have picked up this book to learn the ins and outs of how […]
Most people are not entirely sure what they want to do or how to go about accomplishing it. So, they resort to getting an education, as if that’s the cure-all to one’s wealth aspiration. Graduating high school or college can be a huge accomplishment for most citizens, permanent residents, and foreign nationals in the United […]
Few of us ever test our powers of deduction, except when filling out an income tax form. —Laurence J. Peter If you are truly serious about preparing your child for the future, don’t teach him to subtract—teach him to deduct. —Fran Lebowitz The goal of this book is to help you, the small business owner, […]
Many people helped make this book possible. My special thanks go to Isay Stemp, who first showed me that knowing a little finance and accounting could be fun; to my agent, Michael Snell, who taught me how to write a book proposal; and to Lisa Berkman, whose encouragement was invaluable as I drafted this revised […]
Accounting may be defined as the process of analyzing, classifying, recording, summarizing, and interpreting business transactions. One of the key aspects of the process is keeping “running totals” of “things.” Examples of items a business might keep track of include the amount of cash the business currently has, what a company has paid for utilities […]
Purpose Comparative International Accounting is intended to be a comprehensive and coherent text on international financial reporting. It is primarily designed for undergraduate and postgraduate courses in comparative and international aspects of financial report-ing. A proper understanding requires broad overviews (as in Part I), but these must be supported by detailed information on real countries […]
You may know individuals who make their living as accountants. You may be thankful that they’re the accountants and you’re not. You may prefer to leave accounting to the accountants and think that you don’t need to know anything about accounting. This attitude reminds us of the old Greyhound Bus advertising slogan: “Leave the Driving […]
On September 26, 2016, in a nationally televised debate between the two major party candidates for U.S. President, Hillary Clinton accused Donald Trump of not paying taxes. In response, Donald Trump famously said, “That’s because I’m smart.” On September 27, 2020, almost exactly four years later, The New York Times printed a story claiming that […]
Data-Driven Pedagogy: A Proven Teaching and Learning Methodology Faculty agree that for students studying financial accounting, the accounting cycle is the most critical topic to learn and master. The approach to this topic in the Phillips text is based on the belief that students struggle with the accounting cycle when transac-tion analysis is covered in […]
Tax News for 2021J.K. Lasser’s Your Income Tax 2022 | xxviiWhat’s New for 2021Some of the tax changes for 2021 noted below were provided by the AmericanRescue Plan Act of 2021 (ARPA), such as the third round economic impactpayment (EIP 3), recovery rebate credit, increases to the child tax credit andchild and dependent care credit, […]