Accounting for Dummies by John A Tracy - Book Report/Review Example

Accounting for Dummies Book Analysis Introduction Various authors in the field of accounting and finance have presented numerous books. However, many of them have failed to provide a simple and straightforward approach to the terms and financial studies. In the book Accounting for Dummies by John A. Tracy, is a great handbook for students and professional alike. It’s a simple straightforward handbook that calls-out important information in bold and uses simple terminology for the everyday reader. This paper aims to analyze the book, ‘Accounting for Dummies’ by John A. Tracy. The review will present the organizational structure of the book, an in-depth study of the content, and if this book is appropriate for finance and accounts major students. 1. What is the handbook’s purpose? Who is its intended audience? How effective is it in achieving its purpose? In other words, how useful is the handbook? The handbook is divided into five parts, each part contains 3 chapters. The three chapters break down accounting language in business and financial statements. The second section “Exploring Financial Statements” goes into further detail about how to prepare, organize and utilize different accounting methods in financial accounting. The third section deals with the ‘Accounting in Managing a Business’. It informs the reader how to construct the legal structure for a business and securing the capitals etc. (Tracy, 2013). Anyone who wants to learn the ‘how’ and ‘why’ of Accounting in a simple and basic language then this book is right for them. The purpose of this handbook is very clear; the author wants to clear the puzzling and complex image of accounting from the reader’s perspective. The author has forcefully, yet clearly presented his opinions. The book has received a positive response from the audience and the book is currently in its fifth edition, which shows the usefulness and effectiveness of the book in attaining the purpose. The author has brilliantly presented some very useful techniques in achieving the purpose of addressing the audience regarding the basics of accounting (Tracy, 2013). 2. How is the handbook organized? Are there problems with the handbook’s Organizational structure? The organizational structure of the book is straightforward and simple. The book Accounting for Dummies consists of five parts. The topics included in these sections are ‘Opening the Books on Accounting’, ‘Exploring Financial Statements’, ‘Accounting in Managing a Business’,‘ Preparing and Using Financial Reports’, and ‘The Part of Tens’. The author has wrapped the information in all the four parts to make it easy for the reader to understand the book in just one go. Section One has briefly talked about the basics of accounting, Section two has told about financial statements, the third chapter deals with managerial, manufacturing and capital accounting, the fourth chapter deals with the usage of financial reports. The last section deals with the information on accounting tips and other accounting basics. The book is strategically organized and has effectively used various icons to help readers in understanding accounting. The precise and simple division of chapters in the book has made it easy for the readers to understand it easily and to absorb the content without re-reading it. The glossary in the book is also very influential as it is very rich (Tracy, 2013). However, it can be said, that, there are problems with the overall organizational structure of the book. The author Tracy has undoubtedly divided the book in just five parts, but each section has been sub divided and that the topics are sometimes not covered in those sub-sections. The uncompleted topics are then later discussed in other sub-sections or are never discussed because of the precise organizational structure of the book. This has created a bit of complexities for the readers as the book has been broadly tagged with Accounting (Tracy, 2013). 3. Discuss the breadth and depth of the content. Is this a general handbook or a subject specific handbook? Do key facts, processes, terms, or other types of information seem missing? How detailed is the content? What knowledge does the author assume the reader already has? Keeping in view the breadth and depth of the content of the book, the book is subject-specific handbook on Accounting. Because of the latest methods and techniques that have been discussed and presented in the book regarding accounting and the various standards, the core purpose of the book is to address the minor to major issues that are faced by accounting students / professionals. There are specific guidelines present in the book, which ensures how to avoid fraud in accounting, to reduce the chances of confusion while increasing the benefits. There is certain information on managing inventory and the to manage and operate public and private organization’s expenses. It has talked about the ‘internationalization of accounting standards’, ‘financial reporting fraud’, and the various financial reporting standards for both private / small or large organizations etc. (Tracy, 2013). The author has added information in the current edition of the book, however all the major information has been covered completely in the various chapters of the book. The sub sections have presented a detailed version compared to the past editions. Since, the book is designed solely for the accounting students, professionals, and those who have an interest in the field, therefore, the author has assumed that he should start providing knowledge and facts from the scratch in a simple way to clear the mind of the reader (Tracy, 2013). 4. Would you recommend this handbook to others working in your major and/or career field? Why or why not? Be specific. Is this handbook appropriate for students? Professors? The general workplace? I would definitely recommend this handbook to others working in the majors but at the same time I would also suggest and recommend that they should not use it as a standalone option. It should be used as a reference guide and a compliment with other Accounting handbooks. The reason for recommending the book is because of the basics that have been presented in it and the approaches to manage and organize the financial statements etc. for small as well as big organizations. The simple yet comprehensive tone and style of John A. Tracy has grabbed the attention of many readers including mine, and this is one of the main reasons why I would like to recommend this book to others (Tracy, 2013). The book is perfect for students / freshers in accounting but they should also seek help from other Accounting books and course materials, while organizations can take help from the guidelines that are mentioned in it as they are very effective and helpful. John A. Tracy has the experience of more than forty years in the field of Accounting, thus his knowledge can be tested and his strategies and approaches can be implemented. Reference Tracy, J. A. (2013). Accounting for dummies. New York: Wiley. Read More