Business accounting basics
Notes for teacher and lecturers
This textbook has been written to provide a concise but comprehensive introduction
to financial accounting.
It is suitable for beginners to this subject area and provides an introduction to the
major topics covered within an introductory bookkeeping or financial accounting
course. The textbook would be ideal for those studying for A and AS level, IGCSE,
Scottish Higher Qualifications, Association of Accounting Technicians, university
undergraduate degree courses and professional accountancy qualifications.
The textbook is based on the International Financial Reporting Standard (IFRS) and
the International Accounting Standard (IAS) framework, meaning it can be used by
students across the world rather than any one country in particular.
Each chapter begins with learning objectivities which outline what skills and
techniques will be acquired by completion of the chapter. The chapter will explore
each topic in sufficient detail with explanation of each topic accompanied by fully
worked-out examples accompanied by explanations and reference to the relevant
international accounting standards throughout.
Frequent learning checks appear throughout each chapter in the form of review
questions. These are included in each chapter and follow a scale of increasing
challenge. This provides accessibility for all students whilst providing the relevant
challenge for the student who is keen to practice further as the chapter progresses.
Answers for each of the review questions appear at the end of the textbook.
The textbook is written on the assumption that the user of the book has limited
or no knowledge of accounting. Although each chapter is largely self-contained, the
chapters are arranged in a sequential order. This means that review questions in later
chapters will require the completion of the subject metier in the earlier chapters.
Where review questions require prior knowledge, this is highlighted.
Although the textbook is written to comply with international standards so as to
maximise its usefulness for students of accounting across the globe, the chapter on
Value Added Tax is based on the UK rate as at May 2010 of 17.5%.
An Instructor’s Manual, which contains further guidance on the how to use the textbook, how to approach particular topics, as well as addition