Financial Accounting: Tools for Business Decision Making, 6th Edition
December 2011, ©2011
Chapter 2 A Further Look at Financial Statements.
Chapter 3 The Accounting Information System.
Chapter 4 Accrual Accounting Concepts.
Chapter 5 Merchandising Operations and the Multiple-Step Income Statement.
Chapter 6 Reporting and Analyzing Inventory.
Chapter 7 Fraud, Internal Control and Cash.
Chapter 8 Reporting and Analyzing Receivables.
Chapter 9 Reporting and Analyzing Long-Lived Assets.
Chapter 10 Reporting and Analyzing Liabilities.
Chapter 11 Reporting and Analyzing Stockholders’ Equity.
Chapter 12 Statement of Cash Flows.
Chapter 13 Financial Analysis: The Big Picture.
A Specimen Financial Statements: Tootsie Roll Industries, Inc.
B Specimen Financial Statements: The Hershey Company.
C Specimen Financial Statements: Zetar plc.
D Time Value of Money.
E Reporting and Analyzing Investments.
- A Look at IFRS: New section at end of each chapter section includes an IFRS overview, differences between GAAP and IFRS (Key Points), IFRS/GAAP convergence efforts (Looking to the Future), and IFRS Self-Test Questions (plus answers).
- An IFRS Application section is also included with IFRS review exercises (including an International Comparative Analysis Problem: Tootsie Roll vs Zetar (Zetar is U.K. candy company).
- Chart of Accounts: Number of accounts used in textbook, supplements, and WileyPLUS drastically reduced, titles used consistently throughout. We now have a common chart of accounts.
- Terminology: Reflect latest terminology changes, that is:
- Expense recognition principle (previously matching)
- Periodicity assumption (previously time period)
- Fair value replaces market value in many instances
- Updated End-of-Chapter Material:
- Data/Numbers in nearly all Brief Exercises, Exercises, and Problem Set A and B were updated with NEW numbers, names, and dates.
- New Bloom's Taxonomy codes added to EOC Exercises and Problems
- New FASB Codification Activity
- Accounting Cycle Chapter Unification/Updates/Clarification:
- A unification of the Chapters 1-4 accounting cycle by focusing on the new story of Sierra Corporation, a travel adventure corporation. Text and new illustrations further the travel corp theme.
- Accounting Information System (Chapter 3): A new, more graphical and user-friendly analysis of the Accounting Information System transactions in Chapter 3 is provided. Basic analysis and Equation Analysis discussions are more clearly presented through new illustrations.
- Accrual Accounting Concepts (Chapter 4): New illustrations break textual discussing into clearer graphical explanations
- Complete Continuing Cookie Chronicle problem statements provided for Chapters 1-4 in the textbook.
- Anatomy of a Fraud: In the 5th Edition we added the new feature "Anatomy of a Fraud" to illustrate how the lack of specific internal controls resulted in real-world frauds. In this edition, we have expanded it throughout the textbook to demonstrate the importance of internal controls to all assets and liabilities.
- Throughout each chapter, Decision Toolkits summarize the key features of the decision tools discussed in the prior section.
- Using the Decision Toolkit exercise, with a solution, challenges students to use financial information from a financial statement to make a financial decision. This feature appears after the last Before You Go On section in each chapter.
- Keeping an Eye on Cash sections highlight differences between accrual accounting and cash accounting while increasing students' understanding of the statement of cash flows.
- Accounting Across the Organization places accounting issues within the context of marketing, management, IT, and finance.
- "Do It" Problems - increased number of Do It problems throughout the chapter. Students benefit from more examples of worked out problems.
- Comprehensive Do It Problem with Action Plan - gives students an opportunity to see a detailed solution to a representative problem before they do their homework. Coincides with the Do It problems within the chapter.
- International Notes - helps students understand the impact of International trends, topics, etc on Financial Accounting. Discusses the convergence between US GAAP and International GAAP.
- Ethics Notes - discussion of ethics in accounting as it pertains to a particular topic.
- Accounting Equation Analysis - Reinforces the understanding of the impact of an accounting transaction on the journal entries.
- Insight Boxes (Investor Insight, International Insight, Ethics Insight) -Give students glimpses into how real companies use accounting in practice.
- Continuing Cookie Chronicle Online Practice Set - follows the continuing saga of accounting for a small service and manufacturing business for each financial chapter.
- Comprehensive Problem - combines problems across chapters.
- The Navigator - guides students through each chapter by pulling all the learning tools together into a learning system.
- Chapter-Opening Feature Stories show students how key topics of the chapter relate to the real world of business and accounting. Most end with the Internet address of the company cited in the story, encouraging students to further explore the featured business. The authors periodically refer back to Feature Stories, putting ideas back into familiar context for the student.
- EOC (end of chapter) Material - self study questions, questions, brief exercises, 2 sets of exercises (one online), 3 sets of problems (one online).
- Broadening Your Perspective - material at the end of each chapter which allows instructors to broaden the learning experience by bringing in more real-world decision making, analysis and critical thinking activities.
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