Financial Accounting: In an Economic Context

SUCCESSFUL FEATURES RETAINED FROM PREVIOUS EDITIONS

With few exceptions, the text retains the main features of previous editions. Below is a brief description of the most important ones.

FLEXIBLE MODULES. Chapter 3 (The Measurement Fundamentals of Financial Accounting), Chapter 4 (The Mechanics of Financial Accounting), and Chapter 5 (Using Financial Statement Information) have been written so that they can be covered in any order. This modular structure adds an important dimension of flexibility to the text.

REAL WORLD REVIEW. Throught each chapter real world applications of chapter topics are highlighted and boxed. In the eighth edition, these boxed items also include real-world insights on general international issues, IFRS, and the reconciliation of net income with net cash from operations on the statement of cash flows.

REVERSE T-ACCOUNT ANALYSIS. An important user-oriented, analytical skill, called reverse T-account analysis, is covered in detail in Appendix 4A. This material shows students how to derive transactions from the financial statements, and many exercises and problems throughout the text require students to use it.

ETHICS VIGNETTES. Each chapter closes with a short business scenario that introduces an ethical issue related to the material covered in the chapter. Several questions that follow each scenario are designed to encourage meaningful class discussion.

INTERNATIONAL COVERAGE. At the end of each chapter, we discuss timely, relevant, and important international ...