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The Accounting Game: Basic Accounting Fresh from the Lemonade Stand, by Darrell Mullis, Judith Orloff
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"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
- Sales Rank: #17598 in Books
- Brand: Spring Arbor/Ingram
- Published on: 2008-03-01
- Released on: 2008-03-01
- Original language: English
- Number of items: 1
- Dimensions: 10.50" h x 8.25" w x .50" l, 1.35 pounds
- Binding: Paperback
- 179 pages
About the Author
Judith Orloff
For the past 25 years, Judith Orloff has been helping people transform their lives through self-awareness and education. Among her most significant accomplishments is the founding of the Burlington College in Vermont, where she also created a B.A. program in Transpersonal Psychology. In addition, Orloff is the founder of Educational Discoveries, Inc.
Darrell Mullis
Darrell Mullis served as the Director of Training and Development at Educational Discoveries for over twelve years where he taught EDI's learning technology and developed a training program for its trainers. Mullis has also taught over 300 of the phenomenally successful Accounting Game seminars to thousands of Americans. Mullis lives with his four daughters in Louisville, Colorado.
Excerpt. � Reprinted by permission. All rights reserved.
from the Introduction
The Accounting Game is written in a way that creates a specific learning experience for you as it teaches you the basic skills of accounting. We call the learning method accelerative learning. What do you think that means? It is a learning methodology that uses all of your senses as well as your emotions and your critical thinking skills. If you can remember your kindergarten or elementary school classrooms, you will see many colored maps, letters and numbers, bold (even raw) drawings by each child, etc. You learned the alphabet by singing. You learned the multiplication tables by saying them out loud with each other. You laughed a lot. You were creative.
Then, how you were taught began to change when you entered middle school or high school. Learning became more lecture, more black and white, more rote. You studied before tests and probably did well or maybe not. Yet, for all the endless homework and "cramming," most of the information you learned in high school you don't remember now. That's because it went into your short-term memory so that you could pass the tests and move on to the next grade.
Yet, look at all the things you remember from early childhood! While in elementary school, much of the information you learned went directly to your long-term memory, because it was peppered with music, color, movement, smells, emotional experiences and lots of play and fun.
The methodology we use in this book in many ways parallels how you learned in grade school. We do this by accessing the part of your brain where long-term memory lives. Now, the way to reach your long-term memory has to include emotion, because they reside in the same place in your brain--the limbic region.
The truth is, because of the way we humans learn, we have to discover something ourselves to really learn it. This book, based on Educational Discoveries' flagship seminar, is designed so you make dozens of discoveries. In short, you will learn a college semester's worth of accounting in the time it takes you to interact with this book.
This is quite a reversal, because business people and students have over the years found the subject of accounting quite difficult to master. Many have simply given up in frustration, others have decided to leave accounting to the "experts." This book is for all of you who have hated accounting, had difficulty learning it or ever thought you didn't really "get it."
We think that most attempts to teach accounting fail because of too much attention to details and a failure to present the big picture framework of how it all works and fits together. In this book, we promise not to overburden you with details and to focus on what are really the key concepts of accounting that any businessperson needs to know.
You will learn the structure and purpose of the three primary financial statements--the balance sheet, the income statement and the cash flow statement. You will learn how these fit together and their interrelationships. You will also learn the basic language of business--concepts like cost of goods sold, expenses, bad debts, accrual vs. cash methods of accounting, FIFO and LIFO, capitalizing vs. expensing, depreciation and the difference between cash and profit.
Our promise is that you will get all this information in a fun and easy way that allows you to participate, interact and discover all that you need to know. Many people need to have understanding and confidence in working with financial concepts, but are not ever going to be doing accounting details. If that is you, then this book fits that need, too. It is set up so that you can actually do financial statements as you are learning them. We invite you to "play the game" as you interact with this book.
Understanding all this information is nice, but what do you do with it? The final chapter will give you some tools for analyzing financial information and making better decisions for your company and your career.
Most helpful customer reviews
80 of 84 people found the following review helpful.
Much better than I was expecting, This book should give you an overall "Big Picture" of accounting.
By Dan
I bought this book because I am a student and I will be taking Intro. to Financial Accounting this summer. I just wanted a head start before the semester begins as I don't know anything about accounting. This book was very easy to read and comprehend and I actually finished it in just two days. If you have a whole day to spare, you can easily get through this in a day with extra time to spare!
What I liked about this book was that it makes a point or a statement and then re-emphasizes that point or statement many times until you get it. As a result, I did not get lost in this book. There were one or two points that didn't make a whole lot of sense but I scored a 90% on the end of book test. Accounting sounds pretty boring but this book really did make it seem somewhat interesting.
The writing is in big print and heavily spaced with color charts. I would say it is engaging and the chapters are short so you don't get frustrated. The book is definitely not intimidating like a textbook.
After reading the book, the accounting principles make sense to me and I can now understand why things are the way they are. If anything, the fact that I learned that the "Left side has to balance with the right side" has helped me to understand the purpose of financial accounting. Also for a basic book, I was surprised that the book talked about prepaid expenses. The prepaid expenses used as an example in this book will give you an understanding of the adjustment concept. This book also does get into FIFO and LIFO but again, it gives you the overall picture. FIFO and LIFO in a textbook is much more in depth.
This is by no means a full course in accounting. I flipped through my school textbook and there are things in there that you won't learn here. The purpose of this book is to give you the "Big picture." I think after reading this book you will be less intimidated by accounting and you will feel comfortable learning it.
The one part of the book that I wish they could change was that for certain charts, you have to constantly flip back to previous pages or chapters to get the information. That's a little too tedious for me.
I will try to update this review once I finish my class to let you know how much this book has ultimately helped me.
Overall:
I liked the book, I learned something, and I will recommend it.
I'll give the book four stars just because I think the authors could have thrown in some extra material in the book without making it much harder and the fact that you still have to flip back to complete some of the charts.
Other than that, the book is worth buying.
EDIT: July 7, 2011. It is now July and I have completed my Intro to Financial Accounting class. I am happy to report that I received an A in the class. I can honestly say that this book played a part in that because I was prepared for the class before it started. In my initial review I gave it four stars because I thought it was too basic. I'm going to change my review to five stars because I think it is probably better that way. If this book was harder, than you might get confused. I think this book keeps it simple but gives you the main ideas that you need to really understand. After reading this book, either take an accounting class or work through a textbook to understand all the other concepts.
*****I want to strictly emphasize that this book is a great introduction to FINANCIAL ACCOUNTING ONLY. Managerial accounting is totally different. This book has NOTHING to do with managerial accounting just in case you were wondering.*****
Overall, highly recommended.
EDIT: August 4, 2012. After taking Intermediate I and II, I can tell you that this book is in every sense of the word only a "basic" introduction to accounting. Once you get to Intermediate II where you are calculating leases, bonds, etc., you will begin to see how hard accounting really is. I still highly recommend this book but just be aware that accounting is not just simple debits and credits like you see in this book. Once you have to start calculating the debits and credits, that is actually real accounting --and it is not easy.
15 of 15 people found the following review helpful.
I never thought I would say "I kinda like accounting"!
By Alicinwndrlnd
The premise used in this book for teaching basic accounting principles is incredibly creative. A lemonade stand! It reads like a story and that in itself makes it easier to follow than a text book. The authors keep it very simple starting out with a young boy wanting to sell lemonade. He has a few dollars (original investment), he borrows a few dollars from his parents (note payable), sets up an account at the local grocery store to buy lemons and sugar (accts payable), etc. Very clever. I am a little more than 1/2 way through the book and will review again when finished. I always told people that "I hated accounting". I am truly starting to change my mind. That could simply be because I can better understand it now and this book has made it possible. My goal is to go through this book and gain all of the basics then take an actual class. The only drawback so far and one that another reviewer mentioned is going back several pages to look up older info in order to fill in current reports. But that's really not too big of a deal. If you really don't "get it" (the basics) and want to, I highly recommend it.
2 of 2 people found the following review helpful.
WOW
By AIG : Amazon Customer
I have to guide and teach 2 of my family members ( my mother and my sister, we are in business together. I am 46 years old ) , in how to use accounting in order to make decisions about more than 5 different companies we own, or have interests in.
My goal is to teach them, how to read financial statements and how to use that information, in order to be a proactive board member and business director. I often find it difficult to explain concepts to people who have no clue about the topic. What a task!!! So I bought 3 of these books. One for each of them and one for me.
I have a formal education related to those topics. University degree in business management and a masters degree in general management and in finance. And this book is excelent. I have enjoyed reading the first chapter and doing the exercises. Today we will have our first sesion with them, in order to discuss the first chapter.
This book turns something that should be "square and boring", into a very nice learnig process. And is very entertaining. The content is really good. For people who need to learn about the subjetc and how to apply it, it is very usefull. Even for me, you always learn new things.
When you finish this book, I doubt you will be able to get a job as a full time accountant. But you will have a solid understanding of the basic accounting principles, and will be able to "read" the story that your business financial statements tell. To interpret them, and hopefully with some common sense, to be able to ask the right questions.
As business owners, we "see" through the financial statements and ownership should come hand in hand with beeing able to interpret financial statements in order to direct a business. No matter the size. Even our own household.Excellent book!!! Congratutalions to the authors. You should have a spanish language version available, for people whose native language is not english. Perhaps in the future.
Ahh and one more comment. This book , I do recommend that you purchase the print edition. That way you can do the exercises better. 100 points.
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