The Accounting Game by Darrell Mullis and Judith Orloff, published by Sourcebooks, Inc., aims to demystify basic accounting principles through an engaging narrative about running a lemonade stand. The text uses a hands-on, interactive approach with color-coded charts to explain fundamental concepts like financial statements (balance sheet, income statement, cash statement), assets, liabilities, owner's equity, revenue, expenses, and profit. It also covers crucial accounting methods such as accrual versus cash accounting and inventory valuation techniques like FIFO and LIFO, alongside topics like depreciation, capitalization, and the critical difference between profit and cash flow. The book simplifies complex ideas, making them accessible to beginners by relating them to everyday business scenarios and emphasizing practical application.Full podcast episode available here: YouTube: https://www.youtube.com/@BusyProfessionall // Spotify: https://open.spotify.com/show/43S8mFi7frIuMtqd0VST7O // Apple Podcasts: https://podcasts.apple.com/us/podcast/busy-accountant-the-best-books-reviews/id1807058693 — Follow us for more insights & updates: Instagram: https://www.instagram.com/busy_proffesional/ — TikTok: https://www.tiktok.com/@busyprofessional

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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