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Cover of Financial Accounting v1.0.1
Published: 
December 2009
ISBN (Digital): 
978-1-4533-2847-7

Financial Accounting

Custom Version 1.0.1
By Joe Ben Hoyle and C. J. Skender
Adapted by Paula Wilson

Included Supplements

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Adopt award-winning professors Joe Hoyle and C.J. Skender’s Financial Accounting textbook as is or personalize it online at Flat World. Change chapter titles, move content with ease, and delight in how much less your students pay.

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This financial accounting textbook is written for an undergraduate or MBA level Financial Accounting course.


Joe Ben Hoyle and CJ Skender are nationally recognized as outstanding teachers. In fact, BusinessWeek recently recognized both as top undergraduate professors. Their collective teaching wisdom shines in this book as their approach stresses understanding over memorization. This financial accounting textbook covers standard topics in a standard sequence, but does so through asking a carefully constructed series of questions along with their individual answers.


5 Reasons this Textbook Works:


1. Topics are broken down: Each question and its answer look at a specific piece of material. Material is presented as a clearly established series of steps rather than as a long flowing monologue.

2. It’s conversational: Virtually all experts agree that individuals learn better through give and take than they do through one-directional lectures.

3. Its logical sequence: Because students are being exposed to each new topic for the first time, they often have trouble making leaps of understanding that appear easy to a teacher (or a textbook author). The question and answer format provides an orderly method for creating an appropriate sequencing of material.

4. Its Q&A approach: ”Why did this technique work?“ ”Why is the calculation performed this way?“ ”Who really cares about this?“ A question and answer format leads to this type of educational presentation.

5. It’s clutter-free: Reducing the extraneous boxes and sidebars means students know exactly where to focus. At the end of each question and answer, there are links for students who wish to explore further.

  • About the Authors
  • Acknowledgments
  • Preface

    • Chapter 1: Why Is Financial Accounting Important?

  • 1.1 Making Good Financial Decisions about an Organization
  • 1.2 Incorporation and the Trading of Capital Shares
  • 1.3 Using Financial Accounting for Wise Decision Making
  • 1.4 End-of-Chapter Exercises

    • Chapter 2: What Should Decision-makers Know So That Good Decisions Can Be Made about an Organization?

  • 2.1 Creating a Portrait of an Organization That Can Be Used by Decision Makers
  • 2.2 Dealing with Uncertainty
  • 2.3 The Need for Generally Accepted Accounting Principles
  • 2.4 Four Basic Terms Found in Financial Accounting
  • 2.5 End-of-Chapter Exercises

    • Chapter 3: In What Form Is Financial Information Actually Delivered to Decision Makers Such as Investors and Creditors?

  • 3.1 The Construction of an Income Statement
  • 3.2 Reported Profitability and the Principle of Conservatism
  • 3.3 Increasing the Net Assets of a Company
  • 3.4 Reporting a Balance Sheet and a Statement of Cash Flows
  • 3.5 End-of-Chapter Exercises

    • Chapter 4: How Does an Organization Accumulate and Organize the Information Necessary to Prepare Financial Statements?

  • 4.1 The Essential Role of Transaction Analysis
  • 4.2 The Effects Caused by Common Transactions
  • 4.3 An Introduction to Double-Entry Bookkeeping
  • 4.4 Preparing Journal Entries
  • 4.5 The Connection of the Journal and the Ledger
  • 4.6 End-of-Chapter Exercises

    • Chapter 5: Why Must Financial Information Be Adjusted Prior to the Production of Financial Statements?

  • 5.1 The Need for Adjusting Entries
  • 5.2 Preparing Various Adjusting Entries
  • 5.3 Preparing Financial Statements Based on Adjusted Balances
  • 5.4 Chapter Appendix
  • 5.5 End-of-Chapter Exercises

    • Chapter 6: Why Should Decision Makers Trust Financial Statements?

  • 6.1 The Need for the Securities and Exchange Commission
  • 6.2 The Role of the Independent Auditor in Financial Reporting
  • 6.3 Performing an Audit
  • 6.4 The Need for Internal Control
  • 6.5 The Purpose and Content of an Independent Auditor’s Report
  • 6.6 End-of-Chapter Exercises

    • Chapter 7: In a Set of Financial Statements, What Information Is Conveyed about Receivables?

  • 7.1 Accounts Receivable and Net Realizable Value
  • 7.2 Accounting for Uncollectible Accounts
  • 7.3 The Problem with Estimations
  • 7.4 Estimating the Amount of Uncollectible Accounts
  • 7.5 Remeasuring Foreign Currency Balances
  • 7.6 A Company’s Vital Signs—Accounts Receivable
  • 7.7 End-of-Chapter Exercises

    • Chapter 8: How Does a Company Gather Information about Its Inventory?

  • 8.1 Determining and Reporting the Cost of Inventory
  • 8.2 Perpetual and Periodic Inventory Systems
  • 8.3 The Calculation of Cost of Goods Sold
  • 8.4 Reporting Inventory at the Lower-of-Cost-or-Market
  • 8.5 Determining Inventory on Hand
  • 8.6 End-of-Chapter Exercises

    • Chapter 9: In a Set of Financial Statements, What Information Is Conveyed about Intangible Assets?

  • 9.1 Identifying and Accounting for Intangible Assets
  • 9.2 The Balance Sheet Reporting of Intangible Assets
  • 9.3 Recognizing Intangible Assets Owned by a Subsidiary
  • 9.4 Accounting for Research and Development
  • 9.5 Acquiring an Asset with Future Cash Payments
  • 9.6 End-of-Chapter Exercises

    • Chapter 10: In a Set of Financial Statements, What Information Is Conveyed by the Statement of Cash Flows?

  • 10.1 The Structure of a Statement of Cash Flows
  • 10.2 Cash Flows from Operating Activities: The Direct Method
  • 10.3 Cash Flows from Operating Activities: The Indirect Method
  • 10.4 Cash Flows from Investing and Financing Activities
  • 10.5 Appendix
  • 10.6 End-of-Chapter Exercises

    • Appendix A: Appendix: Present Value Tables

    Instructor’s Manual

    Instructor’s Manual

    The Instructor’s Manual guides you through the main concepts of each chapter and important elements such as learning objectives, key terms, and key takeaways. Can include answers to chapter exercises, group activity suggestions, and discussion questions.

    Instructor’s Manual

    PowerPoint Lecture Notes

    PowerPoint Lecture Notes

    A PowerPoint presentation highlighting key learning objectives and the main concepts for each chapter are available for you to use in your classroom. You can either cut and paste sections or use the presentation as a whole.

    PowerPoint Lecture Notes

    Test Generator

    Test Generator

    Prefer printable tests? Download our test generator and start creating printable tests today! We offer a test generator for both PC and Mac users.

    Test Bank Files for Import to Learning Management Systems

    Test Bank Files for Import to Learning Management Systems

    For your convenience, we've packaged our test items for easy import into Learning Management Systems like Blackboard, Brightspace/D2L, Canvas, Moodle, or Respondus.

    Solutions Manual

    Solutions Manual

    For exercises that need a little more explanation, our Solutions Manual will take you step by step through solving the problem and offer explanations on the answer.

    Solutions Manual

    Test Item File

    Test Item File

    Need assistance in supplementing your quizzes and tests? Our test-item files (in Word format) contain many multiple-choice, fill-in-the-blank, and short-answer questions.

    At FlatWorld, we take pride in providing a range of high-quality supplements alongside our titles, to help instructors teach effectively. Supplements are available for instructors who have registered their adoption with us. If you need to review or preview something specific, please contact us.


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    Joe Ben Hoyle University of Richmond

    Joe Hoyle is an Associate Professor of Accounting at the Robins School of Business at the University of Richmond. In 2006, he was named by Businessweek as one of 26 favorite undergraduate business professors in the United States. In 2007, he was selected as the Virginia Professor of the Year by the Carnegie Foundation for the Advancement of Teaching and the Council for the Advancement and Support of Education. In 2009, he was judged to be one of the 100 most influential members of the accounting profession by Accounting Today. In 2015, he was the inaugural recipient of the J. Michael and Mary Anne Cook Prize, recognized for consistently demonstrating the attributes of a superior teacher in the accounting discipline at an undergraduate level. Hoyle earned his BA degree in accounting from Duke University and his MA degree in business and economics, with a minor in education, from Appalachian State University. Hoyle also has three decades of experience operating his own CPA (Certified Public Accountant) Exam review programs. In 2008, he created CPA Review for Free (http://www.CPAreviewforFREE.com), which provides thousands of free questions to help accountants around the world prepare for the CPA Exam.

    C. J. Skender University of North Carolina at Chapel Hill

    C.J. Skender has received multiple teaching awards at the University of North Carolina's Kenan-Flagler Business School (10), at Duke University's Fuqua School of Business (5), and at North Carolina State University (5). He has been included among the outstanding Fuqua faculty in four editions of the Business Week Guide to the Best Business Schools. Skender also received the James M. Johnston Teaching Excellence Award at the University of North Carolina in 2005. His classes were featured in businessweek.com and sportsillustrated.cnn.com in 2006. Skender has served as a training consultant on three continents for Glaxo Wellcome, IBM, Nortel Networks, Paragon Trade Brands, Siemens, Starwood, and Wells Fargo. Skender holds academic degrees from Lehigh University and Duke University. He attended Lehigh on a basketball scholarship and graduated magna cum laude. He has attained eleven professional designations in accounting, financial planning, insurance, and management: CPA (Certified Public Accountant), CMA (Certified Management Accountant), CCA (Certified Cost Analyst), CIA (Certified Internal Auditor), ChFC (Chartered Financial Consultant), CLU (Chartered Life Underwriter), CFP (Certified Financial Planner), AIAF (Associate in Insurance Accounting and Finance), CFE (Certified Fraud Examiner), CFM (Certified in Financial Management), and CBM (Certified Business Manager).

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