Volume 2

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Key Accounting Principles

Volume 2

By Neville Joffe

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Copyright ? 2008 AME Learning Inc. All rights reserved. This publication and the online program are protected by federal and international copyright and patent laws. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photo-copying, recording or by any information storage and retrieval system, without prior written permission of the publisher.

ISBN: 978-0-9733051-8-0

Key Accounting Principles Volume 2 Author: Neville Joffe Publisher: AME Learning Inc. Project Coordinator: Anand Karat Cover Design: Gordon Palmer Typesetting: Krista Donnelly and Gordon Palmer Online course design & production: AME multimedia team Online course quality testing: Creative Learn Inc.

Printed and bound in Canada

This book is written to provide accurate information on the covered topics. It is not meant to take the place of professional advice.

For more information contact: AME Learning Inc. 306-9251 Yonge Street Richmond Hill, ON Canada L4C 9T3 Phone: 905.731.2408 Fax: 905.731.8120 Toll-free: 1.888.401.3881 E-mail: info@ Visit our website at: ii

PREFACE

PREFACE

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Acknowledgement:

Contributors: 1. Penny Parker, CGA, Fanshawe College 2. Dennis Wilson, CA, Centennial College 3. Ranjhani Raghunathan, Seneca College

Editors 1. Dennis Furlan 2. Suraiya Hollings

Reviewers 1. Robert VanSomeren, Red Deer College 2. Patty Mackenzie, Fanshawe College 3. John Trembley, Fanshawe College 4. Shauna Roch, Fanshawe College 5. Elizabeth Yih-Hutchison, Fanshawe College 6. David Moreland, Fanshawe College 7. Thea Standish, Fanshawe College 8. Kelly Wilson, Fanshawe College 9. Matthew Meikle, Fanshawe College 10. Meghan Williams, York University 11. Karen Baker, Loyalist College 12. Treena Burns, Seneca College 13. Justin Joffe, Harvard Business School 14. Kerry Hendricks, Fanshawe College

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About the Author

Neville Joffe, founder of AME Learning Inc., was involved for over twenty years in the organizational transformation and restructuring of large and small businesses internationally. It was through this experience that he first recognized the benefits of educating employees about the financial implications of their actions. He realized that people with non-financial backgrounds lacked a shared frame of reference to tackle day-to-day financial issues related to their responsibilities. This motivated him to create a unique hands-on system to teach accounting and financial management, which he patented and called the AME Learning System.

The success of this system was phenomenal and Neville has since trained over 25,000 nonfinance managers, senior executives, sales professionals and operators of Fortune 1000 companies throughout the world, for more than a decade. Measurable results of the program have been amazing. AME Learning is recognized as a world leader in its industry, winning numerous awards, including the prestigious Otter Award from the Canadian Society for Training & Development for the best training program in the country.

Over the years, employees in numerous organizations have remarked: "I wish I had learned accounting like this in college". The next step was to extend this patented system of teaching accounting to educational institutions. With over 5 years of research and development, coupled with surveys conducted on numerous professors and students, AME Learning launched a blended introductory accounting course eight years ago. The success of the Accounting 1 course led to the development of this Accounting 2 blended course.

Traditional methods of teaching accounting concepts lean more toward teaching the mechanics of accounting, but AME focuses on the logic of accounting principles, using patented pedagogical tools that bring the subject to life, simplifying the topic and making it easier to understand. Students have consistently commented that they find the course remarkably easy to follow, using the numerous interactive tools that supplement the textbook and workbook.

Professors on the other hand have described this methodology as "refreshing", "intriguing", "amazing", "never thought it could be this simple", "inspiring to see that someone has changed the rules of teaching accounting" and "you have broken the mould - the way this subject has been taught"!

Neville envisions that in the foreseeable future the perception of accounting will change,

from a subject that is typically considered `intimidating and boring' to one that is inspiring,

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exciting and useful as a crucial life skill.

PREFACE

PREFACE

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Brief Table of Contents

1. Accounting information systems 2. Investments 3. Receivables 4. Inventory 5. Prepaid expenses and other assets 6. Capital assets: tangible assets 7. Capital assets: intangible assets 8. Current liabilities 9. Long-term liabilities 10. Accounting for partnerships 11. Corporations 12. Cash flow statement 13. Financial statement analysis 14. Introduction to International Financial Reporting Standards

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