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August 2019
Cover
Publishing: 
August 2019
Page Count: 
818 (est)
ISBN: 
978-1-4533-9290-4

Financial Accounting

Version 3.0 By: Joe Ben Hoyle, C.J. Skender, and Leah Kratz
Homework system included

This book is available with FlatWorld's Homework System at no additional cost to your students. Learn more

Key Features:

  • Employs carefully constructed questions and answers (Socratic method) to stimulate critical thinking skills and cover standard topics in a logical sequence.
  • Each chapter is introduced by a short video recorded by one of the authors and followed by a conversational, but professional authorial voice.
  • Periodic multiple-choice (“Test Yourself”) questions integrated throughout encourage learners to pause and confirm they are understanding the material.
  • Each chapter includes a discussion with a successful investment analyst to provide an open and honest assessment of a key topic based on a real-world perspective.
  • Periodic interviews with a partner from a large, international accounting firm provide insights into how international practices may influence U.S. standards and procedures.
  • Chapter-ending video summaries encourage students to prioritize what they have learned from the chapter in the form of a “top-five” list.

Financial Accounting, Version 3.0 is suitable financial accounting courses at the undergraduate or MBA level).

Financial Accounting leverages an effective question-and-answer format to structure the narrative and engage students in a practical, Socratic form of learning. Carefully developed to follow the standard scope and sequence of the typical financial accounting course, this textbook encourages students to think like accountants, rather than simply memorizing operations. Learners are exposed to the basic principles of financial accounting while also developing an appreciation for its importance and logic so they can make prudent business decisions.

New in This Version:
  • New chapter-opening videos recorded by new coauthor, Leah Kratz.
  • Many of the real-world case examples that bring the book to life are refreshed or replaced.
  • Revised and increased the number of end-of-chapter items, culled dated questions, and generally upgraded item quality.
  • Updated coverage conforms to changes in the U.S. GAAP (e.g. revenue recognition, lease accounting, and equity marketable securities held for sale).

All Instructor Supplements will be available by August 31, 2019.

Homework System for this title will be live by August 31, 2019.

This book is now available with FlatWorld’s Homework System at no additional cost to your students.

With the new, easy-to-use Homework System, you will be able to assign questions and autograde homework. The system includes multi-format questions written specifically for your FlatWorld book, which you can access through our stand-alone interface or integrate with your learning management system (e.g. Canvas, Moodle, Brightspace/D2L, and Blackboard).

Visit the FlatWorld Homework page to learn more.

To schedule a demo for help in setting up FlatWorld Homework for your course, contact your Sales Rep or FlatWorld support.

  • About the Authors
  • Acknowledgments
  • Preface
  • Present Value Tables
  • Summary of Ratios and Financial Indicators
  • Chapter 1: What is Financial Accounting, and Why Is It 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 in Order to Make Good Decisions 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 Accounting Standards
  • 2.4 Four Essential Terms Encountered In Financial Accounting
  • 2.5 End Of Chapter Exercises
  • Chapter 3: How Is Financial Information Delivered to Decision Makers Such as Investors and Creditors?

  • 3.1 Construction Of Financial Statements Beginning With The Income Statement
  • 3.2 Reported Profitability And The Impact 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 Create Financial Statements?

  • 4.1 The Essential Role Of Transaction Analysis
  • 4.2 Understanding The Effects Caused By Common Transactions
  • 4.3 Double Entry Bookkeeping
  • 4.4 Recording Transactions Using Journal Entries
  • 4.5 Connecting The Journal To The Ledger
  • 4.6 End Of Chapter Exercises
  • Chapter 5: Why Is Financial Information Adjusted Prior to the Production of Financial Statements?

  • 5.1 The Need For Adjusting Entries
  • 5.2 Preparing Various Adjusting Entries
  • 5.3 Preparation Of Financial Statements
  • 5.4 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 Financial Reporting, 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 The Actual Estimation Of Uncollectible Accounts
  • 7.5 Reporting 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 Lower Of Cost Or Net Realizable Value
  • 8.5 Determining Inventory On Hand
  • 8.6 End Of Chapter Exercises
  • Chapter 9: Why Does a Company Need a Cost Flow Assumption in Reporting Inventory?

  • 9.1 The Necessity Of Adopting A Cost Flow Assumption
  • 9.2 The Selection Of A Cost Flow Assumption For Reporting Purposes
  • 9.3 Problems With Applying Lifo
  • 9.4 Merging Periodic And Perpetual Inventory Systems With A Cost Flow Assumption
  • 9.5 Applying Lifo And Averaging To Determine Reported Inventory Balances
  • 9.6 Analyzing Reported Inventory Figures
  • 9.7 End Of Chapter Exercises
  • Chapter 10: In a Set of Financial Statements, What Information Is Conveyed about Property and Equipment?

  • 10.1 The Reporting Of Property And Equipment
  • 10.2 Determining Historical Cost And Depreciation Expense
  • 10.3 Recording Depreciation Expense For A Partial Year
  • 10.4 Alternative Depreciation Patterns And The Recording Of A Wasting Asset
  • 10.5 Recording Asset Exchanges And Expenditures That Affect Older Assets
  • 10.6 Reporting Land Improvements And Impairments In The Value Of Property And Equipment
  • 10.7 End Of Chapter Exercises
  • Chapter 11: In a Set of Financial Statements, What Information Is Conveyed about Intangible Assets?

  • 11.1 Identifying And Accounting For Intangible Assets
  • 11.2 Balance Sheet Reporting Of Intangible Assets
  • 11.3 Recognizing Intangible Assets Owned By A Subsidiary
  • 11.4 Accounting For Research And Development
  • 11.5 Acquiring An Asset With Future Cash Payments
  • 11.6 End Of Chapter Exercises
  • Chapter 12: In a Set of Financial Statements, What Information Is Conveyed about Investments?

  • 12.1 Accounting For Investments In Equity Securities
  • 12.2 Accounting For Investments In Debt Securities
  • 12.3 Accounting For Investments By Means Of The Equity Method
  • 12.4 Reporting Consolidated Financial Statements
  • 12.5 End Of Chapter Exercises
  • Chapter 13: In a Set of Financial Statements, What Information Is Conveyed about Current and Contingent Liabilities?

  • 13.1 The Basic Reporting Of Liabilities
  • 13.2 Reporting Current Liabilities Such As Gift Cards
  • 13.3 Accounting For Contingencies
  • 13.4 Accounting For Product Warranties
  • 13.5 End Of Chapter Exercises
  • Chapter 14: In a Set of Financial Statements, What Information Is Conveyed about Noncurrent Liabilities Such as Bonds?

  • 14.1 Debt Financing
  • 14.2 Issuance Of Notes And Bonds
  • 14.3 Accounting For Zero Coupon Bonds
  • 14.4 Pricing And Reporting Term Bonds
  • 14.5 Issuing And Accounting For Serial Bonds
  • 14.6 Bonds With Other Than Annual Interest Payments
  • 14.7 End Of Chapter Exercises
  • Chapter 15: In a Set of Financial Statements, What Information Is Conveyed about Other Noncurrent Liabilities?

  • 15.1 Accounting For Leases
  • 15.2 Operating Leases Versus Finance Leases
  • 15.3 Recognition Of Deferred Income Taxes
  • 15.4 Reporting Postretirement Benefits
  • 15.5 End Of Chapter Exercises
  • Chapter 16: In a Set of Financial Statements, What Information Is Conveyed about Shareholders’ Equity?

  • 16.1 Selecting A Legal Form For A Business
  • 16.2 The Issuance Of Common Stock
  • 16.3 Issuing And Accounting For Preferred Stock And Treasury Stock
  • 16.4 The Issuance Of Cash And Stock Dividends
  • 16.5 The Computation Of Earnings Per Share
  • 16.6 End Of Chapter Exercises
  • Chapter 17: In a Set of Financial Statements, What Information is Conveyed by the Statement of Cash Flows?

  • 17.1 The Structure Of A Statement Of Cash Flows
  • 17.2 Cash Flows From Operating Activities: The Direct Method
  • 17.3 Cash Flows From Operating Activities: The Indirect Method
  • 17.4 Cash Flows From Investing And Financing Activities
  • 17.5 Appendix: Comprehensive Illustration—Statement Of Cash Flows
  • 17.6 End Of Chapter Exercises
  • 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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    All Instructor Supplements will be available by August 31, 2019.

    Homework System for this title will be live by August 31, 2019.

    This book is now available with FlatWorld’s Homework System at no additional cost to your students.

    With the new, easy-to-use Homework System, you will be able to assign questions and autograde homework. The system includes multi-format questions written specifically for your FlatWorld book, which you can access through our stand-alone interface or integrate with your learning management system (e.g. Canvas, Moodle, Brightspace/D2L, and Blackboard).

    Visit the FlatWorld Homework page to learn more.

    To schedule a demo for help in setting up FlatWorld Homework for your course, contact your Sales Rep or FlatWorld support.

    Instructor Manual

    Instructor Manual

    The Instructor 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.

    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.

    Test Generator - powered by Cognero

    Test Generator - powered by Cognero

    FlatWorld has partnered with Cognero, a leading online assessment system, that allows you to create printable tests from FlatWorld provided content.

    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.

    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.

    Joe Ben Hoyle

    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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    Leah Kratz Eastern Mennonite University

    Leah Kratz, CPA, MBA teaches a variety of accounting courses including financial, intermediate, cost, tax and auditing. Leah earned her MBA at James Madison University. Her work experience includes public accounting and government work, including the Assistant Fiscal Director of Woodrow Wilson Rehabilitation Center for the Commonwealth of Virginia. Leah lives in Harrisonburg, VA with her husband, Jeremy and their four children, Madeleine, Sophia, Anderson and Nolan. In her spare time Leah enjoys travel, cooking, reading and exercising.
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