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Textbook
Accounting Principles, 11th EditionJanuary 2013, ©2013
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Accounting Principles 11th edition, by Weygandt, Kimmel, Kieso provides students with a clear introduction to financial accounting that is full of real world and relevant examples to students lives. The Team for Success authors understand where students struggle in this course and have developed a learning system that illustrates the accounting cycle and key transactions, while giving them the tools to apply their learning through sample exercises throughout the chapter. By expanding coverage of IFRS, this edition keeps students at the forefront of global issues that impact their future careers in business and accounting.
Students get accounting when using Weygandt Accounting Principles with WileyPLUS because we make learning accounting easy and accessible for today’s different types of learners. Written in a concise, clear, and conversation way, Weygandt Accounting Principles provides just the right amount of information students need to come to class prepared, while powerful visuals and Interactive Tutorials make complex accounting concepts possible to absorb quickly.
Starting with the building blocks debits and credit of the accounting cycle through a sole proprietorship, Weygandt Accounting Principles creates a solid foundation for later success in the course and subsequent business and accounting courses. This accounting principles text is known for the most relevant and easy to understand examples, while teaching students the accounting cycle through the lens of one consistent story of Pioneer Advertising Agency.Students using WileyPLUS do real accounting, get real results. WileyPLUS is a student-centered learning and assessment online environment.
Students come to class prepared because the program is a designed to meet the needs of today’s accounting classroom with an innovative question design that facilitates effective learning of accounting concepts, skills, and procedures.
More students get accounting when using Weygandt, Accounting Principles with WileyPLUS, because they can Read It, See It, Do It – Get It.
Chapter 1 Accounting in Action 2
Feature Story: Knowing the Numbers 2
What Is Accounting? 4
Three Activities 4
Who Uses Accounting Data? 5
The Building Blocks of Accounting 7
Ethics in Financial Reporting 7
Generally Accepted Accounting Principles 8
Measurement Principles 9
Assumptions 10
The Basic Accounting Equation 12
Assets 13
Liabilities 13
Owner’s Equity 13
Using the Accounting Equation 15
Transaction Analysis 15
Summary of Transactions 20
Financial Statements 21
Income Statement 23
Owner’s Equity Statement 23
Balance Sheet 24
Statement of Cash Flows 24
APPENDIX 1A Accounting Career Opportunities 29
Public Accounting 29
Private Accounting 30
Governmental Accounting 30
Forensic Accounting 30
“Show Me the Money” 30
A Look at IFRS 48
Chapter 2 The Recording Process 52
Feature Story: Accidents Happen 52
The Account 54
Debits and Credits 54
Summary of Debit/Credit Rules 58
Steps in the Recording Process 58
The Journal 59
The Ledger 62
The Recording Process Illustrated 65
Summary Illustration of Journalizing and Posting 71
The Trial Balance 72
Limitations of a Trial Balance 73
Locating Errors 74
Use of Dollar Signs 74
A Look at IFRS 96
Chapter 3 Adjusting the Accounts 98
Feature Story: Keeping Track of Groupons 98
Timing Issues 100
Fiscal and Calendar Years 100
Accrual- vs. Cash-Basis Accounting 100
Recognizing Revenues and Expenses 100
The Basics of Adjusting Entries 102
Types of Adjusting Entries 103
Adjusting Entries for Deferrals 104
Adjusting Entries for Accruals 110
Summary of Basic Relationships 116
The Adjusted Trial Balance and Financial Statements 119
Preparing the Adjusted Trial Balance 119
Preparing Financial Statements 119
APPENDIX 3A Alternative Treatment of Prepaid
Expenses and Unearned Revenues 124
Prepaid Expenses 125
Unearned Revenues 126
Summary of Additional Adjustment Relationships 127
A Look at IFRS 157
Chapter 4 Completing the Accounting Cycle 160
Feature Story: Everyone Likes to Win 160
Using a Worksheet 162
Steps in Preparing a Worksheet 163
Preparing Financial Statements from a Worksheet 165
Preparing Adjusting Entries from a Worksheet 167
Closing the Books 167
Preparing Closing Entries 168
Posting Closing Entries 170
Preparing a Post-Closing Trial Balance 172
Summary of the Accounting Cycle 174
Reversing Entries—An Optional Step 175
Correcting Entries—An Avoidable Step 176
The Classified Balance Sheet 177
Current Assets 178
Long-Term Investments 179
Property, Plant, and Equipment 180
Intangible Assets 180
Current Liabilities 182
Long-Term Liabilities 183
Owner’s Equity 183
APPENDIX 4A Reversing Entries 188
Reversing Entries Example 188
A Look at IFRS 212
Chapter 5 Accounting for Merchandising Operations 216
Feature Story: Buy Now, Vote Later 216
Merchandising Operations 218
Operating Cycles 218
Flow of Costs 219
Recording Purchases of Merchandise 221
Freight Costs 222
Purchase Returns and Allowances 223
Purchase Discounts 224
Summary of Purchasing Transactions 225
Recording Sales of Merchandise 226
Sales Returns and Allowances 227
Sales Discounts 228
Completing the Accounting Cycle 230
Adjusting Entries 230
Closing Entries 230
Summary of Merchandising Entries 231
Forms of Financial Statements 232
Multiple-Step Income Statement 232
Single-Step Income Statement 236
Classified Balance Sheet 236
APPENDIX 5A Worksheet for a Merchandising Company—Perpetual Inventory 240
Using a Worksheet 240
APPENDIX 5B Periodic Inventory System 241
Determining Cost of Goods Sold Under a
Periodic System 242
Recording Merchandise Transactions 243
Recording Purchases of Merchandise 243
Recording Sales of Merchandise 244
Journalizing and Posting Closing Entries 245
Using a Worksheet 246
A Look at IFRS 271
Chapter 6 Inventories 274
Feature Story: “Where Is That Spare Bulldozer Blade?” 274
Classifying and Determining Inventory 276
Classifying Inventory 276
Determining Inventory Quantities 277
Inventory Costing 280
Specific Identification 281
Cost Flow Assumptions 281
Financial Statement and Tax Effects of Cost Flow Methods 286
Using Inventory Cost Flow Methods Consistently 288
Lower-of-Cost-or-Market 289
Inventory Errors 290
Income Statement Effects 290
Balance Sheet Effects 291
Statement Presentation and Analysis 292
Presentation 292
Analysis 293
APPENDIX 6A Inventory Cost Flow Methods in Perpetual Inventory Systems 297
First-In, First-Out (FIFO) 297
Last-In, First-Out (LIFO) 298
Average-Cost 298
APPENDIX 6B Estimating Inventories 300
Gross Profit Method 301
Retail Inventory Method 302
A Look at IFRS 324
Chapter 7 Accounting Information Systems 328
Feature Story: QuickBooks Helps This Retailer Sell Guitars 328
Basic Concepts of Accounting Information Systems 330
Computerized Accounting Systems 330
Manual Accounting Systems 332
Subsidiary Ledgers 332
Subsidiary Ledger Example 333
Advantages of Subsidiary Ledgers 334
Special Journals 335
Sales Journal 336
Cash Receipts Journal 339
Purchases Journal 342
Cash Payments Journal 344
Effects of Special Journals on the General Journal 347
A Look at IFRS 371
Chapter 8 Fraud, Internal Control, and Cash 374
Feature Story: Minding the Money in Moose Jaw 374
Fraud and Internal Control 376
Fraud 376
The Sarbanes-Oxley Act 376
Internal Control 377
Principles of Internal Control Activities 378
Limitations of Internal Control 384
Cash Controls 386
Cash Receipts Controls 386
Cash Disbursements Controls 389
Petty Cash Fund 390
Control Features: Use of a Bank 394
Making Bank Deposits 394
Writing Checks 394
Bank Statements 395
Reconciling the Bank Account 397
Electronic Funds Transfer (EFT) System 401
Reporting Cash 402
Cash Equivalents 402
Restricted Cash 403
A Look at IFRS 425
Chapter 9 Accounting for Receivables 428
Feature Story: A Dose of Careful Management Keeps Receivables Healthy 428
Types of Receivables 430
Accounts Receivable 430
Recognizing Accounts Receivable 431
Valuing Accounts Receivable 432
Disposing of Accounts Receivable 438
Notes Receivable 441
Determining the Maturity Date 442
Computing Interest 443
Recognizing Notes Receivable 443
Valuing Notes Receivable 443
Disposing of Notes Receivable 444
Statement Presentation and Analysis 447
Presentation 447
Analysis 447
A Look at IFRS 468
Chapter 10 Plant Assets, Natural Resources, and Intangible Assets 470
Feature Story: How Much for a Ride to the Beach? 470
Plant Assets 472
Determining the Cost of Plant Assets 472
Depreciation 475
Expenditures During Useful Life 483
Plant Assets Disposals 484
Natural Resources 486
Depletion 487
Presentation 487
Intangible Assets 488
Accounting for Intangible Assets 489
Research and Development Costs 491
Statement Presentation and Analysis 492
Presentation 492
Analysis 493
APPENDIX 10A Exchange of Plant Assets 497
Loss Treatment 497
Gain Treatment 498
A Look at IFRS 517
Chapter 11 Current Liabilities and Payroll Accounting 522
Feature Story: Financing His Dreams 522
Current Liabilities 524
Notes Payable 524
Sales Taxes Payable 525
Unearned Revenues 526
Current Maturities of Long-Term Debt 526
Statement Presentation and Analysis 527
Contingent Liabilities 529
Recording a Contingent Liability 529
Disclosure of Contingent Liabilities 530
Payroll Accounting 532
Determining the Payroll 532
Recording the Payroll 535
Employer Payroll Taxes 539
Filing and Remitting Payroll Taxes 541
Internal Control for Payroll 542
APPENDIX 11A Additional Fringe Benefits 545
Paid Absences 545
Postretirement Benefits 546
A Look at IFRS 564
Chapter 12 Accounting for Partnerships 566
Feature Story: From Trials to the Top Ten 566
Partnership Form of Organization 568
Characteristics of Partnerships 568
Organizations with Partnership Characteristics 569
Advantages and Disadvantages of Partnerships 571
The Partnership Agreement 571
Basic Partnership Accounting 572
Forming a Partnership 572
Dividing Net Income or Net Loss 574
Partnership Financial Statements 576
Liquidation of a Partnership 578
No Capital Deficiency 579
Capital Deficiency 581
APPENDIX 12A Admission and Withdrawal of Partners 585
Admission of a Partner 585
Withdrawal of a Partner 589
Chapter 13 Corporations: Organization and Capital Stock Transactions 606
Feature Story: What’s Cooking? 606
The Corporate Form of Organization 608
Characteristics of a Corporation 608
Forming a Corporation 610
Stockholder Rights 612
Stock Issue Considerations 612
Corporate Capital 615
Accounting for Issues of Common Stock 617
Issuing Par Value Common Stock for Cash 618
Issuing No-Par Common Stock for Cash 618
Issuing Common Stock for Services or Noncash Assets 619
Accounting for Treasury Stock 620
Purchase of Treasury Stock 621
Disposal of Treasury Stock 622
Accounting for Preferred Stock 624
Dividend Preferences 625
Liquidation Preference 625
Statement Presentation 626
A Look at IFRS 644
Chapter 14 Corporations: Dividends, Retained Earnings, and Income Reporting 648
Feature Story: Owning a Piece of the Action 648
Dividends 650
Cash Dividends 650
Stock Dividends 654
Stock Splits 656
Retained Earnings 658
Retained Earnings Restrictions 658
Prior Period Adjustments 659
Retained Earnings Statement 660
Statement Presentation and Analysis 661
Presentation 661
Analysis 662
Income Statement Presentation 663
Income Statement Analysis 663
A Look at IFRS 682
Chapter 15 Long-Term Liabilities 684
Feature Story: And Then There Were Two 684
Bond Basics 686
Types of Bonds 687
Issuing Procedures 687
Determining the Market Price of a Bond 688
Accounting for Bond Issues 690
Issuing Bonds at Face Value 690
Discount or Premium on Bonds 691
Issuing Bonds at a Discount 692
Issuing Bonds at a Premium 693
Accounting for Bond Redemptions 694
Redeeming Bonds at Maturity 695
Redeeming Bonds before Maturity 695
Converting Bonds into Common Stock 695
Accounting for Other Long-Term Liabilities 696
Long-Term Notes Payable 696
Lease Liabilities 699
Statement Presentation and Analysis 700
Presentation 700
Analysis 701
APPENDIX 15A Present Value Concepts Related to Bond Pricing 705
Present Value of a Single Amount 706
Present Value of Interest Payments (Annuities) 707
Time Periods and Discounting 709
Computing the Present Value of a Bond 709
APPENDIX 15B Effective-Interest Method of Bond Amortization 711
Amortizing Bond Discount 711
Amortizing Bond Premium 713
APPENDIX 15C
Straight-Line Amortization 715
Amortizing Bond Discount 715
Amortizing Bond Premium 716
A Look at IFRS 735
Chapter 16 Investments 738
Feature Story: “Is There Anything Else We Can Buy?” 738
Why Corporations Invest 740
Accounting for Debt Investments 741
Recording Acquisition of Bonds 741
Recording Bond Interest 741
Recording Sale of Bonds 742
Accounting for Stock Investments 743
Holdings of Less than 20% 743
Holdings Between 20% and 50% 743
Holdings of More than 50% 743
Valuing and Reporting Investments 748
Categories of Securities 748
Balance Sheet Presentation 752
Presentation of Realized and Unrealized Gain or Loss 753
Classified Balance Sheet 754
A Look at IFRS 773
Chapter 17 Statement of Cash Flows 776
Feature Story: Got Cash? 776
The Statement of Cash Flows: Usefulness and Format 778
Usefulness of the Statement of Cash Flows 778
Classification of Cash Flows 778
Significant Noncash Activities 780
Format of the Statement of Cash Flows 780
Preparing the Statement of Cash Flows 782
Indirect and Direct Methods 782
Preparing the Statement of Cash Flows—Indirect Method 783
Step 1: Operating Activities 784
Summary of Conversion to Net Cash Provided by Operating Activities—Indirect Method 788
Step 2: Investing and Financing Activities 789
Step 3: Net Change in Cash 790
Using Cash Flows to Evaluate a Company 793
Free Cash Flow 793
APPENDIX 17A Statement of Cash Flows—Direct Method 798
Step 1: Operating Activities 799
Step 2: Investing and Financing Activities 803
Step 3: Net Change in Cash 805
APPENDIX 17B Using a Worksheet to Prepare the Statement of Cash Flows—Indirect Method 806
Preparing the Worksheet 807
A Look at IFRS 837
Chapter 18 Financial Statement Analysis 840
Feature Story: It Pays to Be Patient 840
Basics of Financial Statement Analysis 842
Need for Comparative Analysis 842
Tools of Analysis 842
Horizontal Analysis 843
Balance Sheet 844
Income Statement 844
Retained Earnings Statement 845
Vertical Analysis 846
Balance Sheet 846
Income Statement 847
Ratio Analysis 848
Liquidity Ratios 850
Profitability Ratios 853
Solvency Ratios 857
Summary of Ratios 858
Earning Power and Irregular Items 861
Discontinued Operations 861
Extraordinary Items 862
Changes in Accounting Principle 863
Comprehensive Income 864
Quality of Earnings 865
Alternative Accounting Methods 865
Pro Forma Income 865
Improper Recognition 866
A Look at IFRS 889
Chapter 19 Managerial Accounting 892
Feature Story: Just Add Water . . . and Paddle 892
Managerial Accounting Basics 894
Comparing Managerial and Financial Accounting 894
Management Functions 894
Organizational Structure 896
Business Ethics 897
Managerial Cost Concepts 899
Manufacturing Costs 899
Product versus Period Costs 901
Manufacturing Costs in Financial Statements 902
Income Statement 902
Cost of Goods Manufactured 903
Cost of Goods Manufactured Schedule 904
Balance Sheet 905
Cost Concepts—A Review 906
Product Costing for Service Industries 908
Managerial Accounting Today 909
Focus on the Value Chain 909
Balanced Scorecard 910
Corporate Social Responsibility 911
Chapter 20 Job Order Costing 938
Feature Story: She Succeeds Where Others Have Failed 938
Cost Accounting Systems 940
Job Order Cost System 940
Process Cost System 940
Job Order Cost Flow 941
Accumulating Manufacturing Costs 942
Assigning Manufacturing Costs to Work in Process 944
Manufacturing Overhead Costs 948
Assigning Costs to Finished Goods 952
Assigning Costs to Cost of Goods Sold 953
Summary of Job Order Cost Flows 954
Job Order Costing for Service Companies 955
Advantages and Disadvantages of Job Order Costing 957
Reporting Job Cost Data 958
Under- or Overapplied Manufacturing Overhead 958
Chapter 21 Process Costing 982
Feature Story: Ben & Jerry’s Tracks Its Mix-Ups 982
The Nature of Process Cost Systems 984
Uses of Process Cost Systems 984
Process Costing for Service Companies 985
Similarities and Differences Between Job Order Cost and Process Cost Systems 985
Process Cost Flow 987
Assigning Manufacturing Costs—Journal Entries 987
Equivalent Units 990
Weighted-Average Method 990
Refinements on the Weighted-Average Method 991
Production Cost Report 993
Compute the Physical Unit Flow (Step 1) 994
Compute Equivalent Units of Production (Step 2) 994
Compute Unit Production Costs (Step 3) 995
Prepare a Cost Reconciliation Schedule (Step 4) 995
Preparing the Production Cost Report 996
Costing Systems—Final Comments 998
Contemporary Developments 998
Just-in-Time Processing 998
Activity-Based Costing 1000
APPENDIX 21A Example of Traditional Costing versus Activity-Based Costing 1006
Production and Cost Data 1006
Unit Costs Under Traditional Costing 1006
Unit Costs Under ABC 1006
Comparing Unit Costs 1007
Benefits of ABC 1008
Limitations of ABC 1008
Chapter 22 Cost-Volume-Profit 1030
Feature Story: Don’t Worry—Just Get Big 1030
Cost Behavior Analysis 1032
Variable Costs 1032
Fixed Costs 1033
Relevant Range 1034
Mixed Costs 1035
Importance of Identifying Variable and Fixed Costs 1039
Cost-Volume-Profit Analysis 1040
Basic Components 1040
CVP Income Statement 1040
Break-Even Analysis 1043
Target Net Income 1047
Margin of Safety 1048
CVP and Changes in the Business Environment 1050
CVP Income Statement Revisited 1052
APPENDIX 22A Variable Costing 1055
Example Comparing Absorption Costing with Variable Costing 1055
Absorption Costing Example 1056
Variable Costing Example 1056
Rationale for Variable Costing 1058
Chapter 23 Budgetary Planning 1074
Feature Story: Was This the Next Amazon.com? Not Quite 1074
Budgeting Basics 1076
Budgeting and Accounting 1076
The Benefits of Budgeting 1076
Essentials of Effective Budgeting 1076
Length of the Budget Period 1077
The Budgeting Process 1077
Budgeting and Human Behavior 1078
Budgeting and Long-Range Planning 1079
The Master Budget 1079
Preparing the Operating Budgets 1081
Sales Budget 1081
Production Budget 1082
Direct Materials Budget 1084
Direct Labor Budget 1086
Manufacturing Overhead Budget 1087
Selling and Administrative Expense Budget 1087
Budgeted Income Statement 1089
Preparing the Financial Budgets 1090
Cash Budget 1090
Budgeted Balance Sheet 1093
Budgeting in Nonmanufacturing Companies 1095
Merchandisers 1095
Service Enterprises 1096
Not-for-Profit Organizations 1096
Chapter 24 Budgetary Control and Responsibility Accounting 1122
Feature Story: Turning Trash into Treasure 1122
Budgetary Control 1124
Static Budget Reports 1125
Examples 1125
Uses and Limitations 1126
Flexible Budgets 1126
Why Flexible Budgets? 1127
Developing the Flexible Budget 1128
Flexible Budget—A Case Study 1130
Flexible Budget Reports 1133
Responsibility Accounting 1135
Controllable versus Noncontrollable Revenues and Costs 1137
Principles of Performance Evaluation 1137
Responsibility Reporting System 1139
Types of Responsibility Centers 1142
Responsibility Accounting for Cost Centers 1143
Responsibility Accounting for Profit Centers 1143
Responsibility Accounting for Investment Centers 1145
Chapter 25 Standard Costs and Balanced Scorecard 1176
Feature Story: 80,000 Different Caffeinated Combinations 1176
The Need for Standards 1178
Distinguishing Between Standards and Budgets 1178
Why Standard Costs? 1178
Setting Standard Costs 1178
Ideal versus Normal Standards 1179
A Case Study 1180
Analyzing and Reporting Variances from Standards 1184
Direct Materials Variances 1185
Direct Labor Variances 1188
Manufacturing Overhead Variances 1190
Reporting Variances 1193
Statement Presentation of Variances 1193
Balanced Scorecard 1194
APPENDIX 25A Standard Cost Accounting System 1200
Journal Entries 1200
Ledger Accounts 1202
APPENDIX 25B A Closer Look at Overhead Variances 1203
Overhead Controllable Variance 1203
Overhead Volume Variance 1204
Chapter 26 Incremental Analysis and Capital Budgeting 1226
Feature Story: Make It or Buy It? 1226
Incremental Analysis 1228
Management’s Decision-Making Process 1228
Incremental Analysis Approach 1228
How Incremental Analysis Works 1229
Accept an Order at a Special Price 1230
Make or Buy 1232
Sell or Process Further 1234
Repair, Retain, or Replace Equipment 1235
Eliminate an Unprofitable Segment or Product 1236
Allocate Limited Resources 1239
Capital Budgeting 1240
Evaluation Process 1240
Annual Rate of Return 1241
Cash Payback 1243
Discounted Cash Flow 1245
Comparing Discounted Cash Flow Methods 1249
Appendix A Specimen Financial Statements: Apple Inc. A1
Appendix B Specimen Financial Statements: PepsiCo, Inc. B1
Appendix C Specimen Financial Statements: The Coca-Cola Company C1
Appendix D Specimen Financial Statements: Amazon.com, Inc. D1
Appendix E Specimen Financial Statements: Wal-Mart Stores, Inc. E1
Appendix F Specimen Financial Statements: Zetar plc F1
Appendix G Time Value of Money G1
Nature of Interest G1
Simple Interest G1
Compound Interest G2
Present Value Variables G3
Present Value of a Single Amount G3
Present Value of an Annuity G5
Time Periods and Discounting G7
Computing the Present Value of a Long-Term Note or Bond G7
Appendix H (available online at www.wiley.com/college/weygandt)
Using Financial Calculators H1
Present Value of a Single Sum H1
Plus and Minus H2
Compounding Periods H2
Rounding H2
Present Value of an Annuity H2
Useful Applications of the Financial Calculator H3
Auto Loan H3
Mortgage Loan Amount H3
Appendix I (available online at www.wiley.com/college/weygandt)
Standards of Ethical Conduct for Management Accountants I1
IMA Statement of Ethical Professional Practice I1
Principles I1
Standards I1
Resolution of Ethical Conflict I2
company index IN-1
subject index IN-3
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- Brand new opening stories engage students and include companies students know and whose products and services they use, like Groupon, Clif Bar, REI, and Sketchers
- New Financialy Analysis and Reporting Problem based on Apple Inc.
- New analysis problem presents managerial accounting situations that are based on the operations of a real company called Current Designs (kayak-making company), which is introduced in Managerial Accounting chapter opener.
- New sustainability coverage throughout the book called People, Planet, Profit and reinforced with a People Planet Profit end of chapter question
- New research cases based on business world events give students the opportunities to critical apply their knowledge to real world business scenarios.
- Updated Fraud, Internal Control, and Cash chapter includes use of more recent technology, such as point-of-sale terminals instead of cash registers.
- New Problem Set B for additional practice
New in WileyPLUS
- Additional and Updated Problem Walkthrough Videos
- Test bank brief exercises and exercises
- Continuing Cookie Chronicle
- Comprehensive Problems
- Broadening Your Perspective Problems
More students get accounting when using Weygandt Accounting Principleswith WileyPLUS, because they can Read It, See It, Do It – Get It.
Read It! Real World Context
Championed by users as easy to read and providing just the right amount of information students need to come to class prepared and succeed in the two semester principles of accounting course. Real-world companies and business situations give students a glimpse into how real companies use accounting.
- Feature Stories introduce chapter topics in fun ways using real-world companies that are engaging.
- Issues that affect today’s business world are highlighted in the textbook.
- Insight Boxes frame real-world company issues through international, ethical, and investor and sustainability perspectives.
See It! Content for All Learning Styles
Sometimes a picture is worth a thousand words. Weygandt, Accounting Principles conveys complex accounting ideas through powerful visuals making it possible to absorb accounting concepts quickly and see the connections between journal entries and financial statements. In addition to a textbook consistently reviewed as very readable, over 50% of the textbook provides visual presentations and interpretations of content.
- Equation Analysis Illustrations visually walk students through the steps of journal transactions.
- Cash Flow Analyses visually summarize the effects of transactions on cash flows.
- Infographics reinforce important textual concepts. Infographics were revised in the Fifth Edition.
- Illustrations are clearly identified and often present data in a real-world format.
Do It! Know the Fundamentals
Students need to do accounting to get accounting. Do it! exercises throughout the textbook help students practice their understanding of accounting, while market leading end-of-chapter material in the book and available in WileyPLUS gives instructors the flexibility to assign the problems that align with specific learning objectives.
- Clear Do it! exercises in the textbook narrative provide step-by-step applications of a concept at the precise moment you acquire the knowledge. Each Do it! in the textbook narrative includes a solution, an Action Plan, and a path of related homework exercises.
- Comprehensive Do it!’s at the end of each chapter apply the Do it! and address multiple topics.
- End-of-Chapter Do it! exercises provide further practice with alternate versions of the in-chapter Do It! exercises.
- Market Leading End-of-Chapter Material – End of chapter material includes self-test questions, questions, brief exercises, exercises (Online Exercise Set B), Problem Set A &B (Online Problem Set C).
- Comprehensive Problems – Beginning with chapter 5, Comprehensive Problems offer the perfect accounting cycle review at the end of each chapter.
- Continuing Cookie Chronicle Serial Problem– designed for the financial chapters, the Continuing Cookie Chronicle is a serial problem that continues through every chapter and follows the story and business events of accounting for a cookie making school.
- Waterways Continuing Problem –designed for the managerial accounting chapters follows the continuing story of the managerial accounting decisions made by Waterways Corporation, that provides products and services needed to irrigate parks, farms, commercial projects, and private lawns.
- Broadening Your Perspective Section – is designed to help develop students’ analysis and critical thinking skills with these elements:
- Financial Reporting and Analysis (financial chapters only)
- Financial Reporting Problem: Tootsie Roll Industries
- Comparative Analysis Problem: Tootsie Roll vs. Hershey
- Research Case
- Interpreting Financial Statements
- Management Decision Making (managerial chapters only)
- New Decision Making at Current Designs
- Decision-Making Across the Organization
- Managerial Analysis
- Critical Thinking
- Communication Activity
- Ethics Cases
- All About You
- FASB Codification Activity (financial chapters only)
- New Considering People, Planet, and Profit
- Considering Your Costs and Benefits.
- A Look at IFRS (financial chapters only)
- Key Points
- Looking Into the Future
- IFRS Practice
- IFRS Concepts and Application
- International Financial Statement Analysis
Get It! Tools for Decision Making
As an employee, manager, or even a director of students’ personal finances, with Weygandt, Accounting Principles students will make better decisions by learning how to analyze and solve business problems using tools provided throughout each chapter.
- Broadening Your Perspective questions help you pull together concepts from a particular chapter and apply them to real-world business situations. Critical thinking, communication, ethics, and other questions are included in this section at the end of each textbook chapter.
- Continuing Cookie Chronicle, Waterways Continuing Problem, and Comprehensive Problems pull together concepts from multiple chapters and provide a macro perspective of accounting in action.
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