Step 2 records the transaction using journal entries, and Step 3 requires students to post the journal entries to T-accounts. For the balance sheet, we differentiate between cash and noncash assets to identify the cash effects of transactions.
Likewise, equity is separated into the contributed and earned capital components the latter includes retained earnings as its major element.
Finally, income statement effects are separated into revenues, expenses, and net income the updating of retained earnings is denoted with an arrow line running from net income to earned capital. This template provides a convenient means to represent financial accounting transactions and events in a simple, concise manner for assessing their effects on financial statements. The convergence of U. Our introductory students should be prepared for this eventuality with a basic understanding of the similarities and differences in the current reporting requirements and methods under U.
Consequently, we incorporate discussions that examine these similarities and differences where appropriate throughout the book in Global Perspective boxes, as illustrated here:. We also include exercises and problems throughout the text, where appropriate, to stimulate a discussion of international reporting differences. Our approach is conceptual-we purposefully avoid the detailed mechanics that are more appropriate for an intermediate level accounting course at either the undergraduate or graduate level.
We feel strongly that our IFRS coverage exposes students to the similarities and differences without overwhelming them. Students appreciate and become more engaged when they can see the real world relevance of what they are learning in the classoom. We have included a generous number of current, real world examples throughout each chapter in Business Insight boxes. The following is a representative example:. One primary goal of a financial accounting course is to teach students the skills needed to apply their accounting knowledge to solving real business problems.
With that goal in mind, You Make the Call boxes in each chapter encourage students to apply the material presented to solving actual business scenarios. Financial accounting can be challenging - especially for students lacking business experience or previous exposure to business courses. To reinforce concepts presented in each chapter and to ensure student comprehension, we include mid-chapter and chapter-end reviews that require students to recall and apply the financial accounting techniques and concepts described in each chapter.
Academic research plays an important role in the way business is conducted, accounting is performed, and students are taught.
It is important for students to recognize how modern research and modern business practice interact. Therefore, we periodically incorporate relevant research to help students understand the important relation between research and modern business. Many instructors have approached us to ask about suggested chapter coverage based on courses of varying length. To that end, we provide the following table of possible course designs:. There is nothing to download or install; it is accessible through any modern web browser and most mobile devices.
Request a One-on-One Demo. Describe and construct the income statement and discuss how it can be used to evaluate management performance. Compute net working capital, the current ratio, and the quick ratio, and explain how they reflect liquidity. Michelle L. Hanlon is the Howard W. She earned her doctorate at the University of Washington. Her recent work examines the capital market effects of the accounting for income tax, the reputational effects of corporate tax avoidance, and the economic consequences of U.
She has won several awards for her research and has presented her work at numerous universities and conferences. Professor Hanlon has served on several editorial boards and currently serves as an editor at the Journal of Accounting and Economics.
Professor Hanlon has testified in front of the U. Senate Committee on Finance and the U. House of Representatives Committee on Ways and Means about the interaction of financial accounting and tax policy. She served as a U. House Ways and Means Committee in Robert P. Magee is Keith I. He received his A. Prior to joining the Kellogg faculty in , he was a faculty member at the University of Chicago's Graduate School of Business. Professor Magee's research focuses on the use of accounting information to facilitate decision-making and control within organizations.
Dyckman and David H. Glenn M. Pfeiffer is Professor of Accounting at the George L. He received his M. He has investigated issues relating to lease accounting, LIFO inventory liquidation, earnings per share, employee stock options, corporate reorganization, and technology investments. In addition, he has published numerous case studies in financial accounting and reporting. Professor Pfeiffer teaches financial accounting and financial analysis to undergraduate, MBA, and Executive students. He has also taught managerial accounting for MBAs.
He has won several teaching awards at both the undergraduate and graduate levels. Thomas R. He earned his doctorate degree from the University of Michigan. Professor Dyckman has extensive industrial experience that includes work with the U. Navy and IBM. Professor Dyckman has coauthored eleven books and written over 50 journal articles on topics from financial markets to the application of quantitative and behavioral theory to administrative decision making.
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For the best experience, please upgrade to the latest version of your browser. We suggest using Google Chrome. Cookies must be enabled in your browser while using our system. Toggle navigation. Catalog Financial Accounting, 6e. Please Log In or Register to Continue. Register New Account. Log Into Existing Account. Request More Information. Additional Information. Leave this field empty. Welcome to the sixth edition of Financial Accounting. Focus Companies for Each Chapter Each chapter's content is explained through the accounting and reporting activities of real companies.
Footnotes and Management Disclosures We incorporate footnote and other management disclosures, where appropriate, throughout the book.
We explain the significance of the footnote and then demonstrate how to use the disclosed information to make managerial inferences and decisions. A representative sample follows. Financial Analysis Discussions Each chapter includes a financial analysis discussion that introduces key ratios and applies them to the financial statements of the chapter's focus company.
Assignments that Draw on Real Data It is essential for students to be able to apply what they have learned to real financial statements.
Consequently, we incorporate discussions that examine these similarities and differences where appropriate throughout the book in Global Perspective boxes, as illustrated here: We also include exercises and problems throughout the text, where appropriate, to stimulate a discussion of international reporting differences. Business Insights Students appreciate and become more engaged when they can see the real world relevance of what they are learning in the classoom.
The following is a representative example: Decision Making Orientation One primary goal of a financial accounting course is to teach students the skills needed to apply their accounting knowledge to solving real business problems. Mid-Chapter and Chapter-End Reviews Financial accounting can be challenging - especially for students lacking business experience or previous exposure to business courses.
Research Insights for Business Students Academic research plays an important role in the way business is conducted, accounting is performed, and students are taught. The authors have added a brief introduction to Data Analytics in Chapter 1 and Appendix B at the end of the book, which provides a more in-depth exploration of Data Analytics.
Updated Standards: As appropriate, the text and assignments have been updated to reflect the latest FASB standards: The new Revenue Recognition standard is reflected in Chapter 6 and throughout the book where appropriate. Inventory coverage in Chapter 7 was revised to reflect the new standard on lower-of-cost-or-net realizable value. Chapter 10 reflects the new Lease standard. Chapter 12 reflects the new Investments standard. The tax section in Chapter 10 reflects the new tax law. Microsoft replaced Cisco as the focus company of Chapter 6.
The parent company of Google, Alphabet , is now the focus company of Chapter In addition to the chapter-specific changes, there have been several changes that span the entire book. Some of these global changes include: Updated numbers for examples, illustrations, and assignments that use real data Updated footnotes and other nonfinancial disclosures Updated excerpts from the business and popular press Numerous assignments in each chapter have been revised or replaced with new assignments.
Introducing myBusinessCourse myBusinessCourse is a complete, secure, web-based training and e-Learning solution. Guided Example Videos Created by the authors of the textbook Provide problem solving strategies as well as solutions Offer clear, step-by-step demonstrations of how to solve select problems from the textbook. Auto-graded Assignments Provides immediate feedback Create assignments using problems from the textbook Additional randomized versions of assignments provide extra practice Ideal for remediation Include select questions from test banks.
Watch an Overview Video. Detailed Reporting Tools Quickly review the performance of individual students Quickly review the performance of entire class Use reports on student performance to customize your lectures to fit student needs.
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Click on a Chapter 2 eLecture or Guided Example to preview the related video. You Make the Call pg. Forecast Sales Revenue pg. Forecast Operating Expenses pg. Forecast Operating Assets and Liabilities pg. Forecast Cash pg. Prepare the Cash Flow Statement Forecast pg. You Make The Call pg. A-1 Future Value Concepts pg. A-2 Present Value Concepts pg. A-3 Present Value of a Single Amount pg. A-3 Present Value of an Annuity pg. A-4 Installment Loans pg. A-5 Bond Valuation pg. A-5 Calculating Bond Yields pg.
A-6 Future Value of Annuities pg. A-7 Future Value Calculations pg. A-7 Present Value Calculations pg. A Key Terms pg.
A Exercises pg. A Appendix B Data Analytics pg. B-1 Index pg. Hanlon Michelle L. Magee Robert P. Pfeiffer Glenn M. Dyckman Thomas R. Student Errata Last Updated: Dec 3 Attached are corrections identified after the book's printing. Appendix B to the text. You must have an instructor account and submit a request to access instructor materials for this book. Go paperless today! Available online anytime, nothing to download or install. I have an access code.
Printed Textbook. Are you looking to purchase a new book? Buy direct and save! Course Access only. Do you have a Section ID from your instructor? Enter the Course ID from your instructor. Have a used copy of the textbook? You can just buy course access. Prices can vary Click Enroll Now to proceed. Instructors Instructor Registration User Guide. Students Student Registration User Guide. Are you a new instructor to Cambridge Business Publishers? Yes, I need to register. 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.
Most faculty agree that mastery of the accounting cycle is critical to success in financial accounting. And yet all other financial books introduce and develop transaction analysis in one chapter, bombarding a student early in the course with an overload of new concepts and terms.
The authors believe that most faculty take more time with the accounting cycle, but other financial accounting textbooks don't. By slowing down the introduction of transactions and giving students time to practice and gain mastery, this building-block approach leads to greater student success in their study of later topics in financial accounting such as adjusting entries. New Data Analytics Features: Introduces students to business and accounting applications, while adding engaging examples from real focus companies.
New Video and General Ledger Problems added, covering key learning objectives, exercise walk-throughs, and the premier real-world accounting cycle tool.
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Check with your instructor to see if Connect is used in your course. Program Details. Patricia Libby Patricia Libby is chair of the department of accounting and an associate professor of accounting at Ithaca College, where she teaches the undergraduate financial accounting course.
Affordability Find out more about our affordable course material programs. Want more information? Our Learning Technology Representatives can help. View the Full List Of Changes. View The Sample Chapter Brochure. Learn more. Concept Overview Videos teach each chapter's learning objectives, providing a video overview that is engaging and fresh.
Expanded Guided Example hint videos provide an animated walk-through with narration of select exercises similar to those assigned. Guided Help Videos now in Connect providing narrated, animated, step-by-step videos expanding on topics related to Self-Study Quizzes in each chapter. Data Analytics features, added where appropriate to introduce students to business and accounting applications they may study in later courses.
Focus Companies including IBM, a leading tech company focusing on data analytics, artificial intelligence, and quantum computing; Skechers USA, a fast-growing casual and athletic footwear company; and The Walt Disney Company, a diversified worldwide entertainment company with significant investments in other companies. ReadAnywhere eBook app enables offline and data-free reading with a down-loadable text, including notetaking, highlighting, and cross-platform syncing capabilities.
How to Access Instructor Tools for your Course. Your text has great instructor tools — like presentation slides, instructor manuals, test banks and more. Follow the steps below to access your instructor resources or watch the step-by-step video. To get started, you'll need to visit connect. If you do not have an account, you'll need to request one from your MH rep. To find your rep — visit the Find Your Rep page. Then, under "Find a Title," you'll search by title, author or subject.
Select your desired title and create a course. Note — you do not have to create assignments, just a course instance Then go to your Connect course homepage. In the top navigation, select library to access the instructor resources that accompany the title. In future editions, this rubric will be reformatted to increase accessibility and usability. Program Features.
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