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Financial Accounting, 8th Edition

Financial Accounting, 8th Edition

  • Author:
  • Publisher: Wrightbooks
  • ISBN: 9781742466361
  • Published In: November 2011
  • Format: Paperback , 897 pages
  • Jurisdiction: U.S. ? Disclaimer:
    Countri(es) stated herein are used as reference only

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  • Description 
  • Contents 
  • Author 
  • Details

    Accounting has long been the benchmark by which all other introductory accounting textbooks are measured. It is well known as a comprehensive, authoritative and reliable textbook that has supported students studying introductory accounting for over 20 years.  The clarity of explanation and thorough illustration of the accounting process supports learning and prepares students for future study in commerce, and beyond into professional practice. 

    The new edition is ideally suited to accounting and non-accounting majors alike, illustrating accounting procedures and applying accounting information to business and business decision making. Accordingly, changes required under accounting standards and the regulatory environment as a consequence of International Accounting Standards Board (IASB) initiatives and the Conceptual Framework in Financial Reporting have been thoroughly updated in line with recent changes to AIFRS and the Framework.

    The four-colour design provides students with a more reader-friendly text, enhancing their understanding of concepts and ensuring learning outcomes are achieved.  The text builds on the thorough and reliable explanation of the accounting process through the addition of new ‘Link to business' chapter vignettes that apply the principles to practice.  Previous editions were renowned for the number of exercises and problems, and the new edition builds upon this superior teaching feature. The end-of-chapter activities encourages the development of skills in decision-making, critical thinking, ethical thinking, analysis and communication, building student confidence for success in their course.

    Features:

    • Scene Setter vignettes highlight a business experience that is developed and explained through the chapter. Ideal as a lecture starter or tutorial discussion point
    • Business Knowledge vignettes profile the impact and importance of accounting information in various business settings
    • Clear, comprehensive and easy-to-follow explanations of accounting processes
    • Concepts for Review start every chapter so students can see what content they must master before proceeding
    • Extensive end-of-each chapter activities include discussion questions, exercises, problems and case studies
    • End-of-chapter case studies have been thoroughly updated and almost all are based on real data and real firms. The case studies include:

    o Decision analysis

    o Critical thinking

    o Communication and leadership

    o Ethics and governance

    o Financial reporting

    • End-of-chapter glossary is page referenced to where the terms are first defined.

    New to this Edition:

    • Chapter 1 has more attention on decision-making processes, how accounting practices impact on society, individuals and global business, and the increased attention on corporate governance within organisations
    • Chapter 17 Regulation and the Conceptual Framework is thoroughly revised to reflect the various regulatory reforms as a consequence of FASB and SEC's roadmap for IFRS convergence and theConceptual Framework for financial reporting
    • Sustainability, corporate governance and sustainability reporting are introduced where relevant
    • All chapters have been updated to include latest AIFRS/IFRS accounting standards and the latest changes in Conceptual Framework
    • 30% new end-of-chapter exercises and problems, many supported with an Excel file which can be uploaded into your LMS (Learning Management System)
    • End-of-chapter exercises and problems are clearly identified as service, retail or manufacturing through the use of a margin icon. Activities are also identified as being GST compliant or non-compliant
    • All end-of-chapter activities are coded according to Threshold Learning Outcomes for accounting - Judgement, Knowledge, Skills, Communication and Teamwork, and Self-Management
    • JB HiFi Annual Report used for the financial analysis case study in each chapter.
  • Preface xiii

    How to use this book xvi

    Acknowledgements xx

    Part 1 Accounting for decision making 1

    1 Decision making and the role of accounting 2

    2 Financial statements for decision making 28

    Part 2 Accounting systems and processes 63

    3 Recording transactions 64

    4 Adjusting the accounts and preparing financial statements 122

    5 Completing the accounting cycle — closing and reversing entries 176

    6 Accounting for retailing 228

    7 Accounting systems 274

    Part 3 Equity in business 339

    8 Partnerships: formation, operation and reporting 340

    9 Companies: formation and operations 374

    Part 4 Accounting regulation of assets and liabilities 425

    10 Regulation and the Conceptual Framework 426

    11 Cash management and control 474

    12 Receivables 518

    13 Inventories 554

    14 Non-current assets: acquisition and depreciation 598

    15 Non-current assets: revaluation, disposal and other aspects 636

    16 Liabilities 676

    Part 5 External reporting and performance evaluation 713

    17 Presentation of financial statements 714

    18 Statement of cash flows 746

    19 Analysis and interpretation of financial statements 824

    Appendix Time value of money 869

    Glossary 879

    Index 889

  • John Hoggett, BCom (Hons), BTh, MFM (Qld), AAUQ, FCPA, has taught accounting at several different universities in Western Australia and Queensland during his 40 years as an academic. He has taught introductory accounting, corporate accounting and accounting theory to undergraduate and postgraduate students, and written books and monographs for a variety of organisations including CPA Australia and the Group of 100. He was also involved in secondary accounting education for several years with the Curriculum Council of Western Australia.

    Dr John Medlin, PhD (UniSA), BEc (Adelaide), MEc (UNE), CA, is a senior lecturer in the School of Commerce at the University of South Australia. John began his career with Ernst & Whinney (now Ernst & Young) in the early 1980s. After a few years practical experience, John moved to accounting education where he has lectured in both fi nancial and management accounting, accounting theory, economics and business fi nance. From 1998 until 2010, John coordinated a general fi rst-year accounting subject with an enrolment in excess of 1000 students each year, 80% of whom were non-accounting majors. Since 2010, John has coordinated a second-year fi nancial accounting subject. He has been recognised with teaching awards from the University of South Australia. His research interest is in the area of accounting education in which he has presented conference papers and been published.

    Lew Edwards is Emeritus Professor of the School of Accounting, Queensland University of Technology. Lew’s career includes over 25 years teaching fi nancial and managerial accounting to undergraduate and postgraduate students. He was Head of School (Department) of Accountancy for 18 years. He is a both a chartered accountant and a CPA, and served for many years on education and technical standards committees (both state and national) of the professional accounting bodies. He has also served as a consultant to accounting fi rms, industry and government at both national and international levels. Lew is co-author (with John Hoggett) of the best selling Australian accounting textsFinancial Accounting in Australia and Accounting in Australia. He has also published (as author and co-author) a wide range of manual and computerised accounting practice sets.

    Matthew Tilling, BCom (Flinders), is a senior lecturer in Accounting at the University of Notre Dame, Australia. He has taught a range of accounting topics to both undergraduates and postgraduates in over a decade of university teaching, with a primary focus on issues affecting large corporations. This academic focus has been complemented with the provision of extensive consulting and training services to numerous professional and corporate entities on a wide range of current accounting problems. He has also been involved with syllabus and exam design for high school accounting in Western Australia. Matthew has published articles on accounting education and social and environmental accounting in a range of international journals.

    Evelyn Hogg, BCom, BAcc, CA, CA (SA), ACMA, is a senior lecturer in fi nancial accounting and managerial accounting at the University of Notre Dame, Australia. She is a chartered accountant and a chartered management accountant. She has over 25 years of university teaching, commercial training and consulting experience in accounting and assurance services locally and overseas. She has a keen interest in the development of accounting education and training in secondary, tertiary and commercial environments.

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