SELF IMPROVEMENT

Jeffrey R. Haber's book 'Accounting Demystified' is successful in fulfilling its purpose in demystifying the accounting literature to be understood by a nonprofessional. The book earns success for it can be used as a study guide in understanding any difficult accounting text or can also be used solely to learn accounts. An exceptional feature of the book is that the chapters are placed in the sequence to help grasp the accounting system and hence has not followed the sequence of accounting procedures. (Haber, 2004: 1-3).
It proceeds by citing examples used by the author in different chapters to elucidate understanding on the complex accounting concepts and terminologies.
Financial Statements over the Accounting Process
Haber (2004) has not conducted the sequencing of chapters following the process or chronology of maintaining accounts. It is because Accounting Process takes care of the way entries are made into the books of accounts consisting of Journals, Ledgers, and the preparation of Trial Balances. The trial balance been prepared calls for the preparation of Financial Statements. However, providing firsthand knowledge of financial statements, which includes Income Statements, Statement of Retained Earnings, Statement of Cash Flows and Balance Sheet, helps to create an interest on the Accounting Literature than starting with the age-old notions of bookkeeping.
In dealing with the financial statements, Haber has dedicated a section on "notes to financial statements" or has given "footnotes" to provide concise understanding of some relevant portions. For example, he mentions the name Statement of Income instead of Income Statement and the Statement of Changes on Owner's Equity instead of Statement of Retained Earnings for familiarity of use.
While moving along the chapter if Financial Statements Haber has also mentioned a host of synonymous terminologies like Wage Expense or Payroll Expense instead of Salary Expense to help the reader from not getting confused. While discussing assets and liabilities Haber has introduced a thumb rule for better understanding of the concept by beginners. He mentions that any account containing receivables as a word will signify asset and containing payables a liability. Diagrammatic presentation of the methodology behind preparation of financial statements is also given at the end of the financial statements chapter to let the beginner understand the importance of sequence