The Australian Practical Accounting Guide introduces fundamental accounting principles for decision makers. The aim of the book is to make readers aware of the role and importance of financial information within an organisation, and to set the platform for understanding financial implications of business decisions.

The main purpose of accounting is to provide financial information for users inside an organisation (usually various levels of management) and those external to the organisation (often shareholders, creditors and the government) to assist these stakeholders in making sound economic decisions. Many people with limited knowledge of accounting must interpret financial data. Accounting plays a significant role in society and, in a broad sense, everyone is affected by accounting information.

The book has been deliberately written using simple, easy-to-understand language, so that readers with a non-accounting background will find it easy to understand. The book is practical in nature and contains numerous worked examples, diagrams, flowcharts and commonly asked questions at the end of each chapter. Extracts are taken from listed Australian companies, such as JB Hi-Fi, Qantas, Virgin Australia, Wesfarmers, Myer Holdings, Woolworths, Flight Centre and The Reject Shop to bring to life the accounting concepts discussed throughout the book and to provide a practical application of the accountancy principles contained in each chapter. Also included is a list of useful websites, a year-end checklist for bookkeepers and accountants and a comprehensive glossary of commonly used accounting and tax terms.

Regardless of whether you are an experienced business professional working within a company, a newly qualified accountant embarking on an accountancy career, or a student attempting your first accounting unit, this Guide will be useful, interesting and informative.

Topics covered:

• Introduction to bookkeeping
• Recording transactions
• Adjusting entries and preparation of financial statements
• Accounting for GST
• Accounting for cash, debtors and creditors
• Accounting for inventory
• Accounting for non-current assets
• Financial statement analysis