Meet the author

Peter Scott, Former Principal Lecturer in Accounting and Finance, De Montfort University

Peter Scott held the position of Principal Lecturer in Accounting and Finance at De Montfort University until 2016, teaching at both undergraduate and postgraduate level. He was an undergraduate personal tutor and was awarded a Vice Chancellor's Distinguished Teaching Award on four occasions following nominations by his students. Prior to De Montfort, Peter trained with Grant Thornton, Chartered Accountants, where he also gained post qualification experience, before moving into industry at Ashfield Holdings Plc. Peter has presented various academic papers on the subject of auditing at several conferences in the UK, and has jointly authored published papers in refereed journals. He has also undertaken writing assignments for the ACCA, CIMA and the CIES International University Network (University of Neuchatel, Switzerland).

Q&A with Peter Scott about Introduction to Accounting

How does Introduction to Accounting approach double-entry bookkeeping differently to other textbooks at the same level?

Most current text books skim over double-entry bookkeeping and treat this in a very cursory manner, which fails to give students the in depth skills and abilities in this fundamental area. Therefore, much more detailed coverage is provided in this book. After introducing double entry with a case study in chapter 4 based on the case study in chapter 3, chapter 5 covers the books of prime entry and how these generate the data that is posted to the books of account using double-entry. The terminology is traditional, but will form the basis of future studies in subjects, such as Auditing so knowledge of the books of prime entry and the sales and purchase ledgers is critical to the study of auditing at a later stage. A deep understanding of double-entry is an assumed skill in all employees in accounting practices even though computers do most of this work. An appreciation of the effects of transactions on the income statement and the statement of financial position is fundamental to accounting and so has to be developed from an early stage of students’ studies.

What made you decide to approach double-entry bookkeeping in this way?

I had found that students on my final year auditing module at DMU were unaware of the books of prime entry, sales and purchase ledgers, payroll deductions and VAT, and the fundamentals of how figures in the financial statements were generated from transactions and the books of account. Therefore, it was clearly important that these subjects be introduced early on into the students’ knowledge bank (including even apparently basic information such as what an invoice is). VAT and payroll deductions accounting are also included so that students have an awareness of how the accounting for taxes and national insurance work, knowledge which they can apply in their placements in their third year, should they undertake one. It is better to be aware of VAT and payroll taxes at the start of the placement rather than learning about these subjects as the placement develops. ACCA covers sales taxes in F3 so knowledge of this tax is clearly expected of ACCA students at this first level. PAYE and NIC are not covered in ACCA F3 but the accounting for these deductions should be required knowledge on the part of students as part of basic double entry bookkeeping.

What online resources will be provided to support students in their learning of double-entry bookkeeping?

The double-entry chapters present exercises and questions at regular intervals to enable students to reinforce their knowledge and practice the techniques involved in some depth. Online videos present explanations of double-entry transactions and how the entries are made in the books of account. Students will be able to test their knowledge and the grasp of the relevant techniques through multiple choice questions and a large number of questions available on Dashboard.  Together with the questions at the end of the chapters and the extensive case study at the end of Chapter 5, students have a very broad resource base with which to reinforce their understanding and to gain a very solid foundation in double-entry bookkeeping to equip themselves fully when tackling advanced accounting problems, not only in the second and final years of their degree programmes, but also throughout their professional careers as accountants in industry, practice and not for profit roles.    

What else does Introduction to Accounting have to offer?

The major double entry bookkeeping case study at the end of Chapter 5 takes students through all the stages of the double entry processes from books of prime entry to the trial balance and final accounts. Further case studies are planned for the online resource centre. Completing these case studies during the academic year and over the summer vacation will provide students with all the practice they need to gain a firm grasp of double entry and how it works.

What experiences have you relied on whilst writing this textbook?

Over the course of my career teaching Accounting and Finance at university, I dealt with many student queries relating to both double entry and the contents of the books of prime entry.  Students studying Audit and Assurance on the final year of degree programmes lacked a foundation in the basics of recording entries in the books of prime entry and the sales and purchase ledgers as well as the role of the nominal ledger as the foundation of the figures in the final financial statements. One of my aims in writing this textbook was to provide a very solid grounding in these areas and to show students how the financial statements are built up from the initial recording of transactions and how these transactions form the basis of the figures that are presented in the income statement and statement of financial position. I also found that students struggled when thinking through the required double entry for transactions in the second and final years. Therefore, the book aims to provide students with sufficient practice and experience of double entry to enable them to approach more advanced accounting problems with confidence and to see how the double entry should be completed as well as the effects of accounting for transactions in different ways. 


Introduction to Accounting |   First Edition   |   Peter Scott |   February 2018   |   556 pages   |   Paperback   |   ISBN: 9780198783282