Much discussion of accounting and money involves a heavy overlay of priestly incantation, t use JK Galbraith’s words. Some of this is deliberate. Those who talk of money and teach about it and make their living by it gain prestige, esteem and pecuniary return, as does a doctor or a witch doctor, from cultivating the belief that they are in privileged association with occult – that they have insights that are not available to the ordinary person. Underlying complexity is simplicity. There is nothing about accounting and auditing that cannot be understood by the person of reasonable curiosity, diligence and intelligence.
On 530 pages, this book provides a good view of the essentials of being a CPA. Definitions are abundant along with concepts, tables and a complete glossary of accounting terms for the reader’s ready reference.
If you decide to acquire this book, take very seriously the learning opportunities it offers. Proceed with rigor and focus. Highlight key points and take notes along the way, then review them at the conclusion of each "Day." Stick to the study schedule of two chapters a day, or one you deem most appropriate for you. Maintain a journal in which you record your reactions and reflections as you learn. Perhaps one day we the authors will write a "field book" of case studies to accompany this one. Meanwhile, let a journal become your own "field book." Record in it your experiences when applying what you have learned. In doing so, you may well create for yourself a decisive advantage when competing with those who so proudly possess a CPA.
The authors are licensed CPAs in the States of Washington and North Carolina, former banking and corporate executives, and university professors and chairs of accounting and finance.