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The Power of Accounting
Book

The Power of Accounting

Lawrence D. Lewis
Routledge, 2012

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Editorial Rating

7

Qualities

  • Applicable

Recommendation

If you are terrible at math, hate numbers and find financial analysis a bore, this slim volume is for you. Professor Lawrence D. Lewis helps the numerically challenged understand and appreciate how important, instructive and beautiful accounting can be. He explains how managers make strategic decisions using the information accounting provides. Lewis includes summaries and exercises at the end of each short, easy chapter. His enlightening quotes and witty references make debits and credits seem almost fun. getAbstract recommends this basic primer on “the language of business” to students, new managers and anyone seeking accounting know-how.

Take-Aways

  • Accounting is more of an art than a science; it utilizes “reasonable estimates or approximations of real-world economic events.”
  • Financial accounting prepares data for external users, while managerial accounting compiles confidential data that help executives and managers run a company.
  • Accounting reveals the status of current operations and flags potential problems.

About the Author

Lawrence D. Lewis is an author, a consultant and an accounting professor at the University of Portland.

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