Synopses & Reviews
Accounting is about decision making using financial information. The focus of this text is on developing within students the ability to critically analyze accounting information and make informed business decisions. Students are exposed to a lot of real-world examples where they can see the effect that accounting information has on the decisions made by real companies. Also chapters are split into basic and expanded material so that the professor can easily cover the basics of a topic or, if he or she prefers, delve deeper into a selected topic. Finally, analysis is incorporated throughout the text so that students can learn to use accounting information as they learn how that information is prepared.
Synopsis
Accounting: Concepts and Applications, 8E introduces its readers to basic accounting concepts, captures their interest with an abundance of real world examples, and provides them with some basic accounting knowledge. Then, it shows them how accounting is used and analyzed in actual case situations.
-- The book contains numerous real-world examples, adapted from financial newspapers and business publications that illustrate important concepts being discussed, enabling the reader to see how the accounting topics are applied and interpreted in real-world situations.
-- Most chapters are divided into two parts. The first part includes material that needs to be covered to understand essential accounting concepts, while the second part features "expanded material" dealing with nonessential topics or additional complexities to be covered at the readers discretion.
-- There is a focus on business activities in this edition.
About the Author
W. Steve Albrecht is the Associate Dean of the Marriott School of Management and Arthur Andersen Professor at Brigham Young University. Dr. Albrecht, a certified public accountant, certified internal auditor, and certified fraud examiner, came to BYU in 1977 after teaching at Stanford and at the University of Illinois. Earlier, he worked as a staff accountant for DeloitteandTouche. Prior to becoming associate dean of the Marriott School, Dr. Albrecht served for eight years as the director of the School of Accountancy and Information Systems at BYU. During that time, BYU's undergraduate and graduate accounting programs were ranked second and third in the United States. Dr. Albrecht received a bachelor's degree in accounting from Brigham Young University and his M.B.A. and Ph.D. degrees from the University of Wisconsin at Madison. He currently serves on the audit committees and boards of directors of three public and two private companies. Dr. Albrecht is married to the former LeAnn Christiansen and they have six children and six grandchildren.James D. Stice is the Distinguished Teaching Professor in the Marriott School of Management at Brigham Young University. He is currently the Director of the Marriott School's MBA Program. He holds bachelors and master's degrees in accounting from BYU and a Ph.D. in accounting from the University of Washington. Professor Stice has been on the faculty at BYU since 1988. During that time, he has been selected by graduating accounting students as "Teacher of the Year" on numerous occasions, he was selected by his peers in the Marriott School at BYU to receive the "Outstanding Teaching Award" in 1995, and in 1999 he was selected by the University to receive its highest teaching award, the Maeser Excellence in Teaching Award. Professor Stice is also a visiting professor for INSEAD's MBA Program in France. Professor Stice has published articles in The Journal of Accounting Research, The Accounting Review, Decision Sciences, Issues in Accounting Education, The CPA Journal, and other academic and professional journals and has written several accounting textbooks. In addition to his teaching and research, Dr. Stice has been involved in executive education for such companies as IBM, Bank of America, and ErnstandYoung and currently serves on the board of directors of Nutraceutical Corporation. Dr. Stice and his wife, Kaye, have seven children: Crystal, J.D., Ashley, Whitney, Kara, Skyler, and Cierra.Earl K. Stice is the PricewaterhouseCoopers Professor of Accounting in the School of Accountancy and Information Systems at Brigham Young University where he has been on the faculty since 1998. He holds bachelor's and master's degrees from Brigham Young University and a Ph.D. from Cornell University. Dr. Stice has taught at Rice University, the University of Arizona, Cornell University, and the Hong Kong University of Science and Technology (HKUST). He won the Phi Beta Kappa teaching award at Rice University and was twice selected as one of the ten best lecturers on campus at HKUST. Dr. Stice has also taught in a variety of executive education and corporate training programs in the United States, Hong Kong, and South Africa, and he is currently on the executive MBA faculty of the China Europe International Business School in Shanghai. He has published papers in the Journal of Financial and Quantitative Analysis, The Accounting Review, Review of Accounting Studies, and Issues in Accounting Education, and his research on stock splits has been cited in Business Week, Money, and Forbes. Dr. Stice has presented his research results at seminars in the United States, Finland, Taiwan, Australia, and Hong Kong. He has co-authored several accounting texts. Dr. Stice and his wife, Ramona, have seven children: Derrald, Han, Ryan Marie, Lorien, Lily, Taraz, and Kamila.Dr. Swain received his Ph.D. in managerial accounting and information systems from Michigan State University. His dissertation, which examined the impact of information load on capital budgeting decision processes, was awarded an Institute of Management Accountants Dissertation Grant. At BYU, Dr. Swain has received the Teaching Excellence Award for Management Skills in 1994, 1995, and 1997, the Marriott School of Management Outstanding Teacher in 1999, and was selected as the DeloitteandTouche Research Fellow in 2001. His research area includes the development and use of computer programs that capture and analyze the interaction of human decision processes and computerized information systems. Additionally, he uses the events-driven business solutions to study the incorporation of activity-based costing, the Balanced Scorecard, and the Theory of Constraints in management information systems. He has published numerous papers in leading academic and practitioner journals, sits on the editorial board for two academic journals, and is a coauthor on a management accounting textbook. Dr. Swain has spent significant time working with or researching organizations such as IBM, Clorox, Deere and Company, the Church of Jesus Christ of Latter-Day Saints, and Habitat for Humanity. He is a certified public accountant and a certified management accountant. Dr. Swain took an academic leave from BYU from July 1999 to July 2000 to serve as the Chief Financial Officer for Authorize.Net (payment-processing service for e-commerce), a wholly owned subsidiary of InfoSpace, Inc. He currently serves as the Associate Director of the School of Accountancy and Information Systems where he is the DeloitteandTouche Professor of Accounting. He and his wife, Shannon, have seven children.
Table of Contents
PART F1: FINANCIAL REPORTING AND THE ACCOUNTING CYCLE. 1. Accounting Information: Users and Uses. 2. Financial Statements: An Overview. 3. The Mechanics of Accounting. 4. Completing the Accounting Cycle. 5. Introduction to Financial Statement Analysis. 6. Ensuring the Integrity of Financial Information. PART F2: OPERATING ACTIVITIES. 7. Selling a Product or a Service. 8. Inventory. 9. Completing the Operating Cycle. PART F3: INVESTING AND FINANCING ACTIVITIES. 10. Investments in Property, Plant, and Equipment and in Intangible Assets. 11. Long-Term Debt Financing. 12. Equity Financing. 13. Investments in Debt and Equity Securities. PART F4: OTHER DIMENSIONS OF FINANCIAL REPORTING. 14. Statement of Cash Flows. PART F5: FOUNDATIONS. 15. Introduction to Management Accounting. 16. Analyzing Cost-Volume-Profit Relationships. 17. Product Cost Flows and Business Organizations. PART F6. PLANNING. 18. Capital Investment Decisions. 19. Operational Budgeting. PART F7. CONTROL. 20. Monitoring Performance in Cost, Profit, and Investment Centers. 21. Managing Inventory and Service Costs 22. Activity Based Costing and Quality Management. PART F8. EVALUATION. 23. Making Decisions Using Relevant Information. 24. Continuous Improvement in Management Accounting.