The Accounting Game: Basic Accounting Fresh from the Lemonade Stand

The Accounting Game: Basic Accounting Fresh from the Lemonade Stand

Darrell Mullis

Language: English

Pages: 179

ISBN: 1402211864

Format: PDF / Kindle (mobi) / ePub

"Fantastic Learning Tool...Don't let this book title fool you. It is not an oversimplification of accounting and financial principles. It is, however, a serious and very effective examination of a very small but progressively complex business. There are not many books available on the market that make a complex and dry subject understandable and even fun. This book successfully does just that."
-Amazon Reviewer

The Clearest Explanation Ever of the Key Accounting Basics

The world of accounting can be intimidating. Whether you're a manager, business owner or aspiring entrepreneur, you've likely found yourself needing to know basic accounting...but baffled by complicated accounting books. What if learning accounting could be as simple and fun as running a child's lemonade stand? It can.

The Accounting Game presents financial information in a format so simple and so unlike a common accounting textbook, you may forget you're learning key skills that will help you get ahead! Using the world of a child's lemonade stand to teach the basics of managing your finances, this book makes a dry subject fun and understandable. As you run your stand, you'll begin to understand and apply financial terms and concepts like assets, liabilities, earnings, inventory and notes payable, plus:

--Interactive format gives you hands-on experience
--Color-coded charts and worksheets help you remember key terms
--Step-by-step process takes you from novice to expert with ease
--Fun story format speeds retention of essential concepts
--Designed to apply what you learn to the real world

The revolutionary approach of The Accounting Game takes the difficult subjects of accounting and business finance and makes them something you can easily learn, understand, remember and use!

"The game approach makes the subject matter most understandable. I highly recommend it to anyone frightened by either numbers or accountants."
-John Hernandis, Director of Corporate Communications, American Greetings

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kind and wonderful and always on the outlook to increase sales, decide to sell to them? Yes. Admit it, did it make you a little nervous. A bit. Sure. Did you make a record of the sale? Yes. Sure, the kids on credit are your friends and all—but this is business! You got out your little notebook and recorded these sales... Ted, 1 glass,.50, Natalie, 2 glasses, 1.00...etc. What did your friends do? They set up an account with whom? Right, with you! Did those thirsty kids get the lemonade? Sure

that we finally had some sales—and, more importantly, some cash came in, we want to keep our good relationship with Pappy Parker, our grocer. Our original account with the kind old gent is almost 30 days—or close to overdue. So, we decide to pay $4.00 on our account for sugar. We get on our bike and go down to the grocery store. “How’s the lemonade business?” Pappy asks. If he’s worried about getting paid he’s not showing it. “Today, things are definitely looking up,” you say. “So I want to

some friends for advice. One of them says, “You’ve been bragging about all those retained earnings you’ve been rolling up all summer. Why don’t you just spend some of those?” Ah, a true friend! Let’s try this one, you decide. You rush back to the store and say to the first clerk you see, “I want to buy some Truman’s Own, pre-made lemonade.” “Yes, we carry it,” the clerk says. You are so happy and relieved that they have it that you feel like standing on your tiptoes and hugging the clerk.

accounted for as raw materials, goods in process, and finished products. INVESTMENT TAX CREDIT—An incentive offered by the government to encourage capital expenditures. LEASE—A rental contract. LIABILITIES—Debts and accounts that are payable. LIFO—Last In, First Out. A method of valuing for inventory. LIQUIDITY—Ease with which assets can be converted into cash. LONG-TERM LIABILITIES—Money owed that will not be repaid during the current year; for example, a mortgage. NET PROFIT—Same as net

track of Cash Flow. We will develop it in detail in a later chapter.) Phew! It’s the end of the week. Want to work on Sunday? What? And miss a great day to relax, to hit the local swimming hole or pal around with friends? Let’s take Sunday off. What are we going to do with those ten glasses of left over Inventory? Put it in the refrigerator and put a sign on it that says: For commercial use only! Do not touch upon penalty of death! Time for a break. Before you leave, give yourselves a

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