Financial Accounting and Reporting, 2nd Edition

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Financial Accounting and Reporting, 2nd Edition

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The textbook, Financial Accounting and Reporting (2014), by Murphy Smith, Katherine Taken Smith and Shannon Knight Deer, is especially designed to present financial accounting in a one-sequence course in 2-year or 4-year colleges. The book can also effectively be used in a graduate-level financial accounting course for MBA students, who are from non-business major backgrounds.

The text presents the fundamentals of financial accounting using a unique cross-functional approach that demonstrates the relevance of accounting information to the various business functional areas (e.g., marketing, finance, and production). This approach motivates learning by both preparers and users of accounting information.

Accounting majors will appreciate how accounting information contributes to the success of the firm and the decision-making of every member of the management team. Non-accounting majors will understand how accounting information contributes to their future job performance. Cross-functional applications are interwoven into the presentation of accounting fundamentals in each chapter. In addition, the book contains contemporary accounting issues related to ethics, information technology, and global commerce. The textbook features a chapter, as well as observations throughout the book, on International Financial Reporting Standards (IFRS) and how they differ from U.S. generally accepted accounting principles (GAAP).

The textbook covers the key topics in financial accounting like most books in this field. The significant difference is the book’s cross- functional perspective that engages students by showing them how they will use financial accounting in their careers. The book is also unique in its integration of accounting ethics, global commerce, and technology.

The textbook includes a CD-ROM containing ancillary materials such as a Solution Manual, Test Bank, Study Guide (including chapter summaries and sample questions and problems), Working Papers in Excel, and Power Point Slides.
- Chapter 1: The Accounting Information System
- Chapter 2: The Financial Statements
- Chapter 3: Accounting Transaction Processing
- Chapter 4: Measuring Profitability and Financial Position on the Financial Statements
- Chapter 5: Cash, Internal Control, and Ethics
- Chapter 6: Accounts and Notes Receivable
- Chapter 7: Accounting for the Merchandising Firm
- Chapter 8: Plant Assets, Intangibles, and Long-Term Investments
- Chapter 9: Liabilities
- Chapter 10: Accounting for the Corporation
- Chapter 11: More About the Income Statement and Statement of Stockholders’ Equity
- Chapter 12: The Statement of Cash Flows
- Chapter 13: Financial Statement Analysis
- Chapter 14: Accounting for Global Commerce
Dr. L. Murphy Smith, CPA, is the David and Ashley Dill Distinguished Professor of Accounting at Murray State University. Dr. Smith's academic record includes numerous professional journal articles, research grants, books, and professional meeting presentations in the U.S. and abroad. His work has been cited in various news media, including Fortune, USA Today, and The Wall Street Journal. He has received numerous teaching and research awards, including the Outstanding Educator Award from the Texas Society of CPAs and Outstanding Researcher Award from the American Accounting Association Strategic and Emerging Technologies Section. He ranks in the top one percent of authors on Social Sciences Research Network (SSRN.com) by downloaded articles. During his career, he has held a number of leadership positions in academic and professional organizations, such as American Accounting Association Professionalism & Ethics Committee and Institute of Internal Auditors Academic Relations Committee.