Synopses & Reviews
Students are often overwhelmed by the amount of information presented in the introductory financial accounting course. By focusing on fundamental concepts in a logical sequence, students are able to fully comprehend the material rather than memorize seemingly unrelated terms and topics. The goal of Fundamental Financial Accounting Concepts is to enable students to understand how any given business event affects the financial statements. The “Financial Statements Model” is a highly praised feature because it allows students to visualize the simultaneous impact of business events on all of the key financial statements (the income statement, the balance sheet, and the statement of cash flows). The mechanics of accounting coverage (debits and credits) is delayed until chapter 4, providing faculty the flexibility as to the amount of emphasis they want to place on this topic.
Table of Contents
1. Elements of Financial Statements 2. Accounting for Accruals 3. Accounting for Deferrals 4. The Recording Process 5. Accounting for Merchandising Business 6. Internal Control and Accounting for Cash 7. Accounting for Accruals - Advanced Topics: Receivables and Payables 8. Asset Valuation: Accounting for Inventories 9. Long-Term Operational Assets 10. Accounting for Long-Term Debt 11. Accounting for Equity Transactions 12. Statement of Cash Flows