Short, Authoritative, Useful eBooks
Short, Authoritative, Useful eBooks
$5
‘Learn Accounting in 30 Minutes’ is a concise, concept-driven guide that demystifies accounting for busy non-accountants who need to work with financial information but do not have formal training. Instead of overwhelming readers with debits, credits, and dense rules, it starts from first principles: what accounting really is, why it exists, and how it answers a few fundamental business questions such as whether money was made, where it came from, where it went, and what the business owns and owes. Throughout, the book emphasises accounting as a structured explanation of business reality rather than a technical hurdle.
The core chapters build a mental framework before introducing any mechanics, using the accounting equation, accrual versus cash basis, and the three main financial statements to show how transactions flow through a business. Readers are then introduced to key concepts like matching, revenue recognition, prudence, materiality, and substance over form, and shown how these ideas explain why numbers appear when and where they do. A focused set of formulas and ratios is presented as interpretive tools, not as a memorisation exercise, with constant reminders that every indicator rests on judgments, estimates, and classification choices.
In the second half, the book turns explicitly to practice: it exposes common mistakes (such as confusing profit with cash or treating equity as spendable money), then shows how to think like an accountant by connecting performance, position, and cash into a single story. A practical checklist teaches readers how to review reports step by step—starting with the time frame, then comparing profit and cash, scanning the balance sheet for pressure points, and probing estimates, one-off items, and trends over time. By the end, non-accountant managers, founders, professionals, and students are equipped to read numbers like decision-makers, asking better questions and using accounting as a foundation for clearer thinking.
Most accounting mistakes are not caused by poor arithmetic. They are caused by misunderstandings about what the numbers represent. Beginners often assume accounting works like a personal bank account, where cash in and cash out tell the whole story. Business accounting works differently.
This chapter focuses on real-world misunderstandings that repeatedly cause confusion. If these ideas ‘click’, accounting will start to feel logical rather than technical.
Mistake 1: Assuming a Trial Balance Means Everything Is Correct
A trial balance simply checks whether total debits equal total credits. It does not confirm that the right things were recorded, at the right time, in the right place. A business can
• Forget to record an expense
• Record revenue in the wrong period
• Classify an item incorrectly
And still have a perfectly balanced trial balance.
Balancing only proves mathematical symmetry, not economic accuracy.
Why This Happens
Beginners assume balance equals truth. In reality, balance only means the accounting equation still holds.
Eric Ngibuini is an accounting professional with over six years of practical experience gained across East Africa. His background combines formal study in Economics and accounting with hands-on work in business environments, including system implementation, reporting, and operational finance.
He has worked closely with senior practitioners and supported companies through growth, system changes, and cross-border operations. Erick’s experience has shaped a practical, judgment-based approach to accounting, focused on helping non-accountants understand what the numbers mean and how to use them sensibly.
Eric Ngibuini is an accounting professional with over six years of practical experience gained across East Africa. His background combines formal study in Economics and accounting with hands-on work in business environments, including system implementation, reporting, and operational finance.
He has worked closely with senior practitioners and supported companies through growth, system changes, and cross-border operations. Erick’s experience has shaped a practical, judgment-based approach to accounting, focused on helping non-accountants understand what the numbers mean and how to use them sensibly.