Financial Accounting plus MyAccountingLab with Pearson eText, Global Edition

Series
Pearson
Author
Themin Suwardy / Walter T. Harrison / Wendy M Tietz / Charles T. Horngren / C. William Thomas  
Publisher
Pearson
Cover
Softcover
Edition
11
Language
English
Pub.-date
March 2018
ISBN13
9781292211251
ISBN
1292211253
Related Titles



Description

For introductory courses in Financial Accounting.

This package includes MyLab.

 

A User-Focused Approach and Solid Foundation in the Construction and Analysis of Financial Statements for Use in Future Courses and Careers

Financial Accounting gives readers a solid foundation in the fundamentals of accounting and the basics of Financial Statements, and then builds upon that foundation to offer more advanced/challenging concepts and problems. This scaffolded approach helps students to better understand the meaning and relevance of financial information, see its relevance within a real-world context, as well as develop the skills needed to analyze financial information in both their course and career.

 

While maintaining hallmark features of accuracy, readability, ease of understanding, and a wealth of accessible algorithmic problems, the Eleventh Edition includes updated explanations, coverage, and ratio analysis with decision-making guidelines. These latest methodologies and technology ensure that students learn basic concepts in accounting in a way that is relevant, stimulating, and fun, while exercises and examples from real-world companies help students gain a better grasp of the course material.

 

This package includes MyLabTM Accounting, an online homework, tutorial, and assessment program designed to work with this text to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.

 

MyLab should only be purchased when required by an instructor. Please be sure you have the correct ISBN and Course ID. Instructors, contact your Pearson rep for more information.

Features

This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content which is especially relevant to students outside the United States.

 

About the Book

 

Use Consistency, Repetition, and a High Level of Detail

  • NEW! Scaffolding Approach: Chapter content and end-of-chapter material build from a basic, short exercise featuring one basic single concept, to more advanced problems featuring multiple learning objectives, encouraging practice and skill development among students.
  • Core concepts and mechanics are brought together using consistent language, format, and formulas.
  • Students also receive thorough explanations and details that show the meaning behind each concept and how to do the computation following it. So whether it’s the first transaction or the last, students perform the analysis in the same way, reinforcing their understanding, reducing the level of confusion and frustration, and helping them capture those “I get it!” moments.
  • UPDATED! Illustrations of electronic bank statements (Chapter 4).

 

Teach with Better Coverage of Accounting Concepts and Standards

  • UPDATED! Accounting cycle is now covered in a more chronological sequence:
    • Chapter 1 introduces the accounting cycle with a brief financial statement overview, using the financial statements of The Walt Disney Company. This first exposure to accounting explores financial statements in depth, familiarizes students with using real business data, and points out basic relationships between the different types of statements.
    • Chapter 2 continues the discussion of the accounting cycle by explaining how to journalize, post, and summarize basic transactions, and builds in repetition to ensure that students understand the fundamentals when they prepare the trial balance.
    • Chapter 3 concludes the discussion of the accounting cycle with adjusting and closing entries, and preparation of the related trial balances to close the loop for students.
  • A User-oriented Approach focuses students’ attention on the meaning and relevance of information in financial statements by adding new ratios to assist in evaluating liquidity, turnover, and profitability.
  • NEW! Coverage of AICPA’s Code of Professional Conduct includes the code’s principles, explaining CPA’s responsibility to act in the public’s interest, to have integrity and objectivity, and to exercise due professional care.   
  • Excel Integration: Excel-based financial statements are included so that students can familiarize themselves with the accounting information format actually used in the business world.
  • International Financial Reporting Standards (IFRS) coverage makes students aware of important issues. In order to increase student awareness of the most important potential shift in the future of financial accounting, information on IFRS is introduced in Chapter 1, can be found where appropriate throughout the chapters in the new Global View feature, and in an appendix. When students practice or complete their homework in MyLab Accounting, they will also be exposed to IFRS. Any time that IFRS could influence a decision, it’s highlighted and explained within MyLab Accounting.
  • UPDATED! Up-to-the-minute coverage of the revised FASB accounting standard on revenue recognition, impacting accounting for sales returns and sales discounts, is included in Chapters 3, 5, and 11.
  • Enhanced coverage of cash flows lets students understand how money is viewed. The current economy has created a shift in how we view money–specifically, cash. Cash flow is the lifeblood of any business so the coverage of Cash Flows in this edition has been increased and highlighted in Chapters 4-10, where students can easily see the connections and understand the significance.
  • Fraud coverage is highlighted throughout the text. In an age of public scandals, understanding fraud is a key component of Financial Accounting. Chapter 4 includes the concept of fraud, and introduces students to the “fraud triangle” (motivation, opportunity, and rationalization) and discusses internal controls as the primary way companies prevent fraud.
  • UPDATED! The Days’ Sales Outstanding (DSO) ratio in Chapter 5 has been improved and made more consistent with the coverage of Days’ Inventory Outstanding (DIO) in Chapter 6 and Days’ Payable Outstanding (DPO) in Chapter 9.  
  • UPDATED! Coverage of inventory and cost of goods sold in Chapter 6 has been updated using Under Armour, Inc., a company highly familiar to college students, and one whose details makes the study of inventory more interesting.
  • NEW! Ethics coverage is a vital part of accounting. Sound ethical judgment is important for every major financial decision–which is why this text provides consistent ethical reinforcement in every chapter.
    • Several sections of the text are dedicated to discussing potential ethical problems that can arise when dealing with the corresponding topic, and how they should be properly handled.
    • Additional End-of-Chapter questions allow for short open response questions and/or discussion. These End-of-Chapter questions connect back to AICPA’s Code of Professional Conduct and the overall topic of ethics.
  • Coverage on time value of money is incorporated into Chapter 8: Long-Term Investments, highlighting its importance in measuring fair value of certain long-term assets and liabilities.
  • NEW! A self-contained section on straight-line amortization for bond premium or discount in Chapter 9 allows instructors to pick and choose what topics they want to cover.

 

Reinforce Learning by Using Exercises

  • “Try It” text boxes are now included in every chapter after relevant concepts, so that students can read them, try them, and practice them.
    • Some chapters include “Try It in EXCEL,” which illustrates usage of EXCEL as a business problem-solving tool by describing line-by-line how to retrieve and prepare accounting information (such as adjusted trial balance worksheets, ratio computations, depreciation schedules, bond discount and premium amortization schedules, and financial statement analysis) in the program.
  • A Mid-Chapter Summary Problem provides a stopping point for students; it gives them an opportunity to repeat the entire process again, using data from a different company, to make sure they’ve “got it.”
  • An End-of-Chapter Summary Problem closes out the chapter and allows the student to practice the process again and really “nail” these fundamental skills.
  • UPDATED! Short exercises, exercises, and problems are more clearly labeled by learning objectives (LO). Short exercises have been condensed and simplified in this edition to explain only one learning objective each (to better cover single concepts as illustrations or class exercises) while exercises cover two or three LOs and problems cover multiple LOs.
  • Focus on Financials Cases are based on the consolidated financial statements of Apple, Inc. and will help students develop the ability to use the financial statements of an actual company.
  • NEW! A hypothetical Case Study in Chapter 4 introduces fraud concepts and how fraud can be prevented by internal control. This fictionalized case study is based on an actual company in Texas whose highly-trusted and loyal controller and his wife systematically stole $16 million over the space of 10 years by issuing company checks to pay off their personal credit card bills.
  • UPDATED! A Focus on Analysis company, Under Armour, Inc. The author team developed relevant analytical problems using Under Armour’s financial information.
  • UPDATED! Challenge Problems have been increased and added to every chapter, helping students develop higher-order critical thinking and problem-solving skills.
  • Decision Guidelines present day-to-day business decisions and can be used as a summary in the end-of-chapter material where they highlight key terms, information, and formulas. The Decision Guidelines can also be used as a basis for students’ future business decisions.

 

New Authorship

  • UPDATED! New Author, Wendy M. Tietz is an associate professor for the Department of Accounting in the College of Business Administration at Kent State University, where she has taught since 2000. Prior to Kent State University, she was on the faculty at the University of Akron. She teaches in a variety of formats, including large, small, and web-based sections. Dr. Tietz is a co-author on Pearson's Managerial Accounting title with Karen Braun, and in addition, has been teaching and using Harrison and MyLab Accounting in her course for the last 5 years, making her the perfect addition to the Harrison author team!

 

This package includes MyLabTM Accounting, an online homework, tutorial, and assessment program designed to work with this text to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.

 

  • NEW! Accounting Cycle Tutorial. MyLab Accounting’s new interactive tutorial helps students master the Accounting Cycle for early and continued success in the Introduction to Accounting Course. The tutorial, accessed by computer, smartphone, or tablet, provides students with brief, interactive activities covering each of the accounting cycle concepts. Using embedded assessments, student performance is scored and recorded in the MyLab Accounting Gradebook. Learn more at https://www.youtube.com/watch?v=fyHs9SjlqDo.
  • NEW! Accounting in the Headlines. Spark interest and increase engagement in introductory accounting with relevant and real-life examples that speak to students. With the award-winning blog, Accounting in the Headlines, by Wendy Tietz, instructors can incorporate recent news articles featuring real companies and events into their course material to effectively illustrate introductory financial and managerial accounting concepts. Concise, tailorable, and updated on a weekly basis, these articles can be assigned through MyLab Accounting and Learning Catalytics. Instructors are provided with additional discussion questions, PowerPoint slides, and handout files, to support learning initiatives.
  • Try It exercises give students practice of accounting problems while accompanying videos guide students step-by-step through the solution to the problem. Offered only in MyLab Accounting.
  • Learning Catalytics™. Generate class discussion, guide your lecture, and promote peer-to-peer learning with real-time analytics. MyLab with eText now provides Learning Catalytics—an interactive student response tool that uses students’ smartphones, tablets, or laptops to engage them in more sophisticated tasks and thinking. Instructors, you can:
    • Pose a variety of open-ended questions that help your students develop critical thinking skills
    • Monitor responses to find out where students are struggling
    • Use real-time data to adjust your instructional strategy and try other ways of engaging your students during class
    • Manage student interactions by automatically grouping students for discussion, teamwork, and peer-to-peer learning
  • Worked Out Solutions provide step-by-step explanations of specific problems using the exact numbers and data that were presented, helping students understand how to arrive at the correct answers themselves.
Real World Accounting Videos demonstrate course material in action, and show how accounting will apply to students’ future careers.

New to this Edition

About the Book

 

Use Consistency, Repetition, and a High Level of Detail

  • Scaffolding Approach: Chapter content and end-of-chapter material build from a basic, short exercise featuring one basic single concept, to more advanced problems featuring multiple learning objectives, encouraging practice and skill development among students.
  • UPDATED! Illustrations of electronic bank statements (Chapter 4).

 

Teach with Better Coverage of Accounting Concepts and Standards

  • UPDATED! Accounting cycle is now covered in a more chronological sequence:
    • Chapter 1 introduces the accounting cycle with a brief financial statement overview, using the financial statements of The Walt Disney Company. This first exposure to accounting explores financial statements in depth, familiarizes students with using real business data, and points out basic relationships between the different types of statements.
    • Chapter 2 continues the discussion of the accounting cycle by explaining how to journalize, post, and summarize basic transactions, and builds in repetition to ensure that students understand the fundamentals when they prepare the trial balance.
    • Chapter 3 concludes the discussion of the accounting cycle with adjusting and closing entries, and preparation of the related trial balances to close the loop for students.
  • Coverage of AICPA’s Code of Professional Conduct includes the code’s principles, explaining CPA’s responsibility to act in the public’s interest, to have integrity and objectivity, and to exercise due professional care.   
  • UPDATED! Up-to-the-minute coverage of the revised FASB accounting standard on revenue recognition, impacting accounting for sales returns and sales discounts, is included in Chapters 3, 5, and 11.
  • UPDATED! The Days’ Sales Outstanding (DSO) ratio in Chapter 5 has been improved and made more consistent with the coverage of Days’ Inventory Outstanding (DIO) in Chapter 6 and Days’ Payable Outstanding (DPO) in Chapter 9.  
  • UPDATED! Coverage of inventory and cost of goods sold in Chapter 6 has been updated using Under Armour, Inc., a company highly familiar to college students, and one whose details makes the study of inventory more interesting.
  • Ethics coverage is a vital part of accounting. Sound ethical judgment is important for every major financial decision—which is why this text provides consistent ethical reinforcement in every chapter.
    • Several sections of the text are dedicated to discussing potential ethical problems that can arise when dealing with the corresponding topic, and how they should be properly handled.
    • Additional End-of-Chapter questions allow for short open response questions and/or discussion. These End-of-Chapter questions connect back to AICPA’s Code of Professional Conduct and the overall topic of ethics.
  • A self-contained section on straight-line amortization for bond premium or discount in Chapter 9 allows instructors to pick and choose what topics they want to cover.

 

Reinforce Learning by Using Exercises

  • UPDATED! Short exercises, exercises, and problems are more clearly labeled by learning objectives (LO). Short exercises have been condensed and simplified in this edition to explain only one learning objective each (to better cover single concepts as illustrations or class exercises) while exercises cover two or three LOs and problems cover multiple LOs.
  • A hypothetical Case Study in Chapter 4 introduces fraud concepts and how fraud can be prevented by internal control. This fictionalized case study is based on an actual company in Texas whose highly-trusted and loyal controller and his wife systematically stole $16 million over the space of 10 years by issuing company checks to pay off their personal credit card bills.
  • UPDATED! A Focus on Analysis company, Under Armour, Inc. The author team developed relevant analytical problems using Under Armour’s financial information.
  • UPDATED! Challenge Problems have been increased and added to every chapter, helping students develop higher-order critical thinking and problem-solving skills.

 

New Authorship

  • UPDATED! New Author, Wendy M. Tietz is an associate professor for the Department of Accounting in the College of Business Administration at Kent State University, where she has taught since 2000. Prior to Kent State University, she was on the faculty at the University of Akron. She teaches in a variety of formats, including large, small, and web-based sections. Dr. Tietz is a co-author on Pearson's Managerial Accounting title with Karen Braun, and in addition, has been teaching and using Harrison and MyLab Accounting in her course for the last 5 years, making her the perfect addition to the Harrison author team!

 

This package includes MyLabTM Accounting, an online homework, tutorial, and assessment program designed to work with this text to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.

 

  • Accounting Cycle Tutorial. MyLab Accounting’s new interactive tutorial helps students master the Accounting Cycle for early and continued success in the Introduction to Accounting Course. The tutorial, accessed by computer, smartphone, or tablet, provides students with brief, interactive activities covering each of the accounting cycle concepts. Using embedded assessments, student performance is scored and recorded in the MyLab Accounting Gradebook.
  • Accounting in the Headlines. Spark interest and increase engagement in introductory accounting with relevant and real-life examples that speak to students. With the award-winning blog, Accounting in the Headlines, by Wendy Tietz, instructors can incorporate recent news articles featuring real companies and events into their course material to effectively illustrate introductory financial and managerial accounting concepts. Concise, tailorable, and updated on a weekly basis, these articles can be assigned through MyLab Accounting and Learning Catalytics. Instructors are provided with additional discussion questions, PowerPoint slides, and handout files, to support learning initiatives.

Table of Contents

1. The Financial Statements

2. Transaction Analysis

3. Accrual Accounting & Income

4. Internal Control & Cash

5. Short-Term Investments & Receivables

6. Inventory & Cost of Goods Sold

7. Plant Assets, Natural Resources, & Intangibles

8. Long-Term Investments & the Time Value of Money

9. Liabilities

10. Stockholders’ Equity

11. Evaluating Performance: Earnings Quality, the Income Statement, & the Statement of Comprehensive Income

12. The Statement of Cash Flows

13. Financial Statement Analysis

 

Appendix A. Apple Inc. Annual Report 2014

Appendix B. Under Armour, Inc. Annual Report 2014

Appendix C. Typical Charts of Accounts for Different Types of Businesses

Appendix D. Summary of Generally Accepted Accounting Principles (GAAP)

Appendix E. Summary of Differences Between U.S. GAAP and IFRS Cross-Referenced to Chapter