Synopses & Reviews
Needles/Powers/Crosson PRINCIPLES OF ACCOUNTING is continuously evolving to meet the needs of today's learner. This edition's new structure is based on research with students about the best way to deliver content in this course! The chapters in Needles/Powers/Crosson have been organized into the Three Section Approach, which helps you more easily digest the content. The first section is Concepts and focuses on the overarching accounting concepts that require consistent reiteration throughout the course. With a clear understanding of the concepts, you are then ready to experience the second section--Accounting Applications. Here you practice the application of accounting procedures with features like "Apply It" and a new transaction analysis model, which clearly illustrates how transactions are the result of business decisions and recorded in a way to show their effects on the financial statements. Finally, you utilize section three, Business Applications. This section illustrates how the concepts and procedures are used to make business decisions. Real company examples are used throughout the chapter to show students the relevance of the material. This logical progression through the material is further supported in the online environment in CengageNOW with the Tri-Level Problem. This problem mirrors the Three Section Approach and connects the sections to facilitate a more complete understanding. These substantial changes will make you a more efficient learner and are designed to prepare you for a business world increasingly complicated by ethical issues, globalization.
About the Author
Belverd E. Needles, Jr., received his BBA and MBA degrees from Texas Tech University and his PhD degree from the University of Illinois at Urbana-Champaign. He teaches financial accounting, managerial accounting, and auditing at DePaul University, where he is an internationally recognized expert in international accounting and education. He has published in leading journals and is the author or editor of more than 20 books and monographs. His current research relates to international financial reporting, performance measurement, and corporate governance of high-performance companies in the United States, Europe, India, and Australia. His textbooks are used throughout the world and have received many awards, including (in 2008) the McGuffey Award from the Text and Academic Authors Association. Active in many academic and professional organizations, he is immediate past vice president-education of the American Accounting Association. He received the Distinguished Alumni Award from Texas Tech University, the Illinois CPA Society Outstanding Educator Award and its Life-Time Achievement Award, the Joseph A. Silvoso Faculty Award of Merit from the Federation of Schools of Accountancy, the Ledger and Quill Award of Merit, and the Ledger and Quill Teaching Excellence Award. He was named Educator of the Year by the American Institute of CPAs, Accountant of the Year for Education by the national honorary society Beta Alpha Psi, and Outstanding International Accounting Educator by the American Accounting Association. He received the Excellence in Teaching Award from DePaul University. Marian Powers received her BS degree from Chicago State University and PhD degree from University of Illinois at Urbana-Champaign. In addition to the Kellogg School of Management at Northwestern University, she has taught financial accounting at the University of Illinois, Chicago, and at the Lake Forest Graduate School of Management. Internationally recognized as a dynamic teacher in executive education, she specializes in teaching nonfinancial managers how to read and understand internal and external financial reports, including the impact of international financial reporting standards (IFRS). Dr. Powers' current research relates to international financial reporting, performance measurement, and corporate governance of high-performance companies in the United States, Europe, India, and Australia. Her research has been published in leading journals. Her textbooks, coauthored with Belverd E. Needles, Jr., are used throughout the world and have received many awards, including the Textbook Excellence Award and the McGuffey Award from the Text and Academic Authors Association. She has also coauthored three interactive multimedia software products. Dr. Powers currently serves on the Board of the CPA Endowment Fund of Illinois and chairs the Board of Governors of the Winnetka Community House. She is a member of the International Association of Accounting Education and Research and the Illinois CPA Society. She has served on the board of directors of the Illinois CPA Society, the Educational Foundation of Women in Accounting, and the national as well as Chicago chapter of ASWA. Susan V. Crosson teaches at Emory University. Previously, she was the Accounting Program Coordinator and Professor of Accounting at Santa Fe College, Gainesville, FL., and has taught at the University of Florida; Washington University in St. Louis; University of Oklahoma; Johnson County Community College in Kansas; and Kansas City Kansas Community College. Susan is known for her innovative application of pedagogical strategies online and in the classroom, i.e., YouTube videos. She is a recipient of the Outstanding Service Award from the American Accounting Association (AAA), an Institute of Management Accountants' Faculty Development Grant to blend technology into the classroom, the Florida Association of Community Colleges Professor of the Year Award for Instructional Excellence, and the University of Oklahoma's Halliburton Education Award for Excellence. She is President of the Teaching, Learning, and Curriculum section of the AAA; was a Supply Chain Leader for The Commission on Accounting Higher Education: "Pathways to a Profession" Charting a National Higher Education Strategy for the Next Generation of Accountants established by the AAA and the American Institute of CPAs (AICPA); and led AAA's annual Conference on Teaching and Learning in Accounting for several years. Previously she served on various committees for the AICPA, Florida Institute of CPAs, and the Florida Association of Accounting Educators. For AAA, Susan has served as the American Accounting Association's Vice President for Sections and Regions and as a Council Member, Chairperson of the Membership Committee, and was Chairperson of the Two-Year Accounting Section. Susan holds a B.B.A. in economics and accounting from Southern Methodist University and a M.S. in accounting from Texas Tech. She is a CPA.
Table of Contents
1. Accounting Principles and the Financial Statements. 2. Analyzing and Recording Business Transactions. 3. Adjusting the Accounts. 4. Completing the Accounting Cycle. 5. Foundations of Financial Reporting and the Classified Balance Sheet. 6. Accounting for Merchandising Operations. Supplement to Chapter 6. Special Purpose Journals. 7. Inventories. 8. Cash and Internal Control. 9. Receivables. 10. Long-Term Assets. 11. Current Liabilities and Fair Value Accounting. 12. Accounting for Partnerships. 13. Accounting for Corporations. 14. Long-Term Liabilities. 15. The Statement of Cash Flows. 16. Financial Statement Analysis. Supplement to Chapter 16. How to Read an Annual Report. 17. Managerial Accounting and Cost Concepts. 18. Costing Systems: Job Order Costing. 19. Costing Systems: Process Costing. 20. Value-Based Systems: Activity-Based-Costing and Lean Accounting. 21. Cost-Volume-Profit Analysis. 22. The Budgeting Process. 23. Flexible Budgets and Performance Analysis. 24. Standard Costing and Variance Analysis. 25. Short-Run Decision Analysis and Capital Budgeting. Appendix A. Investments. Appendix B. Present Value Tables.