One important thing that aspiring accounting students will do before starting any accounting programme is to make sure they have a basic understanding of credit, debt and double entry. This is a sort of foundation on which other knowledge of accounting will be build upon.
There are many accounting books out there. But for a beginner accounting student, the last thing you need is an accounting book that bores you with many advance topics in accounting. So the best bet is an accounting textbook that is sorely written for beginners, concise and easy to understand.
If you are here reading this article, I will presume that you are definitely looking for good accounting textbook that will help you understand what you need to know about accounting foundations and might keep it as a reference book should in case you want to check something out.
Although it takes some time before fresh students can wrap their heads around accounting but you should understand that the kind of textbooks or materials you use to study accounting will affect how fast you will understand the basic concepts in accounting.
This is in no way a complete listing of all the textbooks that you will use from start to finish in your accounting degree program but it is important textbooks that will help you grow in different facets of accounting as a students.
If you already have a degree in accounting you are looking to further your education with a postgraduate degree in accounting, I wrote a comprehensive article about postgraduate accounting degree in Nigeria and approved universities that offer accounting postgraduate degree.
Now lets head back to the list of recommended Accounting Textbooks for Nigerian Accounting Students
Frank Wood’s Business Accounting Volume 1
Used on a wide variety of courses in accounting and business, both at secondary and tertiary level and for those studying for professional qualifications, Business Accounting Volume 1 has become the world’s best-selling textbook on bookkeeping and accounting.
With the addition of a MyAccountingLab, students using this twelfth edition will have even more support when preparing for their exams.
What is MyAccountingLab?
It is an online tutorial and assessment system that has been gaining popularity with students and instructors across the globe for over ten years. With more than 300,000 registered students in 2010 doing 4 million assignments, MyAccountingLab is the most effective and reliable learning solution for accounting available today. Features include:
A personalised study plan for each student
Guided solutions that take students step-by-step through solving a problem
Exam board-style questions
An eBook for quick reference
Frank Wood’s Business Accounting Volume 2
Business Accounting is the world’s best-selling textbook on bookkeeping and accounting. Now in its twelfth edition, it has become the standard introductory text for accounting students and professionals alike.
The book is used on a wide variety of courses in accounting and business, both at secondary and tertiary level and for those studying for professional qualifications. It builds on Business Accounting 1 to cover advanced aspects of financial accounting.
The twelfth edition includes greater emphasis on management accounting, company and group accounts and also examines key accounting concepts such as corporate governance.
Balance Sheet – The Tale of Asset & Liability
Our success is largely dependent on the kind of financial decisions we make, both in our professional as well as personal life.
‘Balance Sheet-The Tale of Assets & Liabilities’ focuses on your understanding of the basics of finance and financial statements. It does not aim towards creating accountants.
The focus is more on how to read, analyze and use financial statements for your benefit. In other words, the idea is learning to drive a car and not learning how a car is made. However, wherever, it is essential for a driver to know certain technical aspects of a car to enable him to drive better, those are covered.
There are many of us who hit the glass ceiling very fast in your life and do not know how to break it and grow.
This book will help to get your financial basics right and will enable to understand complicated financial jargons in a very simplified manner. The principles set out in this book will go a long way to help you take your financial decisions with clarity and sharpness.
As they say, “a great start is half done”. Now the balance half is upto you.
Accounting Made Simple
Find all of the following explained in Plain-English with no technical jargon:
The Accounting Equation and why it’s so significant
How to read and prepare financial statements
How to calculate and interpret several different financial ratios
The concepts and assumptions behind Generally Accepted Accounting Principles (GAAP)
Preparing journal entries with debits and credits
Cash method vs. accrual method
Inventory and Cost of Goods Sold
How to calculate depreciation and amortization expenses
Libby/Libby/Short wrote this text based on their belief that the subject of financial accounting is inherently interesting, but financial accounting textbooks are often not.
They believe most financial accounting textbooks fail to demonstrate that accounting is an exciting field of study and one that is important to future careers in business.
When writing this text, they considered career relevance as their guide when selecting material, and the need to engage the student as their guide to style, pedagogy, and design.
Libby/Libby/Short is the only financial accounting text to successfully implement a real-world, single focus company approach in every chapter.
Students and instructors have responded very favorably to the use of focus companies and the real-world financial statements. The companies chosen are engaging and the decision-making focus shows the relevance of financial accounting regardless of whether or not the student has chosen to major in accounting.
Cost Accounting For Dummies
The easy way to get a grip on cost accounting
Critical in supporting strategic business decisions and improving profitability, cost accounting is arguably one of the most important functions in the accounting field.
For business students, cost accounting is a required course for those seeking an accounting degree and is a popular elective among other business majors.
Cost Accounting For Dummies tracks to a typical cost accounting course and provides in-depth explanations and reviews of the essential concepts you’ll encounter in your studies: how to define costs as direct materials, direct labor, fixed overhead, variable overhead, or period costs; how to use allocation methodology to assign costs to products and services; how to evaluate the need for capital expenditures; how to design a budget model that forecast changes in costs based on expected activity levels; and much more.
Tracks to a typical cost accounting course
Includes practical, real-world examples
Walks you though homework problems with detailed, easy-to-understand answers
If you’re currently enrolled in a cost accounting course, this hands-on, friendly guide gives you everything you need to master this critical aspect of accounting.
If you have any other accounting textbook you wish to recommend that is good for beginner’s accounting students in Nigeria, kindly do so.