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desertcart.com: Accounting and Finance (Coursebook): 9781587788468: Jackson, Howell: Books Review: Not exactly true to description - Was used : highlighted. Review: Simplistic View, somewhat inaccurrate - This book is meant to be an introduction to accounting and finance for lawyers. I liked the finance section very much, especially the part about present value and future value of money. However, the accounting portion is simplistic, and sometimes even wrong. They define revenue as "increases in equity" and expenses as "decreases in equity." As someone familiar with accounting, these terms are not accurate. Revenue is sales, or money coming in from customers, expenses are monies used to develop, sell, and manage the selling process. Equity has no part in these definitions, and in fact, is downright confusing because equity does come into play, but only once the income statement has been closed out after an accounting period. These instances of linguistic slippage are problematic and will confuse a new student of this subject. If I was in business and a lawyer started using these formalistic definitions, I would think twice about using their services. I would recommend Financial Statements by Thomas R. Ittelson as a much better introduction to accounting.
| Best Sellers Rank | #701,590 in Books ( See Top 100 in Books ) #46 in Business Law (Books) #107 in Corporate Law (Books) |
| Customer Reviews | 4.2 4.2 out of 5 stars (6) |
| Dimensions | 6.25 x 0.5 x 9 inches |
| Edition | 1st |
| ISBN-10 | 1587788462 |
| ISBN-13 | 978-1587788468 |
| Item Weight | 12 ounces |
| Language | English |
| Print length | 192 pages |
| Publication date | November 11, 2004 |
| Publisher | Foundation Press |
M**E
Not exactly true to description
Was used : highlighted.
R**D
Simplistic View, somewhat inaccurrate
This book is meant to be an introduction to accounting and finance for lawyers. I liked the finance section very much, especially the part about present value and future value of money. However, the accounting portion is simplistic, and sometimes even wrong. They define revenue as "increases in equity" and expenses as "decreases in equity." As someone familiar with accounting, these terms are not accurate. Revenue is sales, or money coming in from customers, expenses are monies used to develop, sell, and manage the selling process. Equity has no part in these definitions, and in fact, is downright confusing because equity does come into play, but only once the income statement has been closed out after an accounting period. These instances of linguistic slippage are problematic and will confuse a new student of this subject. If I was in business and a lawyer started using these formalistic definitions, I would think twice about using their services. I would recommend Financial Statements by Thomas R. Ittelson as a much better introduction to accounting.
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