Introduction to Financial Accounting

Charles T. Horngren / Gary L. Sundem / John A. Elliott / Donna Philbrick  
Total pages
November 2013
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Introduction to Financial Accounting


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For Introductory Financial Accounting courses at the MBA level, and for rigorous undergraduate courses.

A unique blend of theory, practice, and robust financial statement analysis.

Introduction to Financial Accounting describes the most widely accepted accounting theory and practice with an emphasis on using and analyzing the information in financial statements. This text also compares U.S. GAAP to IFRS where relevant.



Coverage of IFRS

We cover critical differences between U.S. generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) without unnecessary details.
  • We include problem materials from companies reporting under IFRS as well as U.S. GAAP.

    Emphasis on Understanding and Analyzing Financial Statements

    • Financial Statement Portfolio, inserted in Chapter 2 and identified by a blue vertical bar on the page edges, provides a visual roadmap to financial statement analysis by highlighting key financial ratios and how to derive them from the financial statements. The Financial Statement Portfolio also refers students to appropriate chapters in the book for in-depth coverage of these ratios. It is included in Chapter 2 to focus students on the usesof accounting information early in the course.
    • Interpreting Financial Statements sections within each chapter permit students to pause and ponder how to use the information they are learning to better understand the financial position and prospects of a company.
    • Analyzing and Interpreting Financial Statements problems at the end of each chapter include financial statement research, analyses of Starbucks financial statements, and analysis of other companies’ financial statements using the Internet.
    • Focus on Starbucks’ Annual Report is used to illustrate various methods for analyzing financial statements. There is a problem based on Starbucks in each chapter, allowing students to get a more complete picture of many financial reporting issues relating to one particular company.

    Other Features:

    • Extensive treatment of ethics, with both text coverage and end-of-chapter problems focusing on this important topic in nearly every chapter.
    • Critical Thinking Exercises in the assignment material of each chapter that ask students to consider conceptual issues that may have no right answer.
    • Business First Boxes in each chapter, many new or completely revised. These boxes provide insights into operations at well-known domestic and international companies, accenting today’s real-world issues.


  • New to this Edition

    • Totally updated text to include current examples from real companies
    • Extensive revisions for clarity
    • Revision of problem material to include examples from corporate outcomes in the last two years
    • Coverage of the current status of FASB and IASB regulatory action
    • Highlights of likely upcoming changes in accounting standards, including revenue recognition and leases
    • Updated Business First Boxes

    Table of Contents

    1. Accounting: The Language of Business
    2. Measuring Income to Assess Performance
    The Portfolio
    3. Recording Transactions
    4. Accrual Accounting and Financial Statements
    5. Statement of Cash Flows
    6. Accounting for Sales
    7. Inventories and Cost of Goods Sold
    8. Long-Lived Assets
    9. Liabilities and Interest
    10. Stockholders’ Equity