Accounting: An Introduction to Principles and Practice, 9th Edition

Accounting: An Introduction to Principles and Practice, 9th Edition
Edward A. Clarke (et al.) | 2019 | ISBN: 0170403831| English | 642 pages | PDF | 46 MB


When preparing for the first edition of this book from December 1989, technology and electronics were very different from today. At the time, many businesses used manual accounting systems. Computerised accounting systems were very basic and expensive.

In the intervening years, the business and accounting world has been ‘turned up-side down’ with computers and electronic processes that include cloud-based accounting software and storage facilities. Communication choices are considerable and have become inexpensive. Electronic devices including cards and phones may be used as means of payment. Cash money and cheques are being used less, as new technologies are developed and accepted. Technological developments continue to change payment systems at a rapid pace.

The ninth edition of this book includes some of these ongoing major developments in the way business is transacted. This new edition includes the following features:

• The first chapter has been reduced in size and complexity to concentrate on the broad concepts of recording and reporting business transactions.
• A new second chapter incorporates the second half of chapter one in the 8th edition. It includes diagrams to demonstrate electronic forms of documentation and transfer of funds. The importance of thorough authorisation and checking procedures to verify the accuracy and authenticity of a transaction is also incorporated in diagrams and throughout the chapter.
• Further links are developed between manual accounting and computer accounting systems.
• The number of closing journals entries for end of year accounts has been reduced. Students should understand the principles behind the process but not be expected to complete excessive numbers of closing journal entries and general ledger postings.
• The emphasis on service industries has been enhanced throughout book. Service industry questions have been expanded, but financial reporting has been limited to basic income statements reporting to avoid undue complexity.
• Worksheets have been significantly upgraded as the need for having a ‘trading’ account has been incorporated into the profit and loss. This has reduced the worksheet process to an 8-column worksheet. The б-column worksheet has been removed to place more emphasis on learning to prepare financial reports.
• The payroll chapter has been updated in line with current minimum wage rates. The 2017—18 income tax rates are used, being the most current at the time of updating the book.
• The exposition of the principles and methods is supplemented with clear, worked examples.

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