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Financial Accounting (What’s New in Accounting) 12th Edition

Financial Accounting (What’s New in Accounting) 12th Edition PDF

Author: C. Thomas, Wendy Tietz

Publisher: Pearson


Publish Date: January 3, 2018

ISBN-10: 0134725980

Pages: 864

File Type: PDF

Language: English

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Book Preface

Financial Accounting gives readers a solid foundation in the fundamentals of accounting and the basics of financial statements, and then builds upon that foundation to offer more advanced and challenging concepts and problems. This scaffolded approach helps students to better understand the meaning and relevance of financial information and see its significance within a real-world context, as well as develop the skills needed to analyze financial information in both their courses and career.

Financial Accounting has a long-standing reputation in the marketplace for being readable and easy to understand. It drives home fundamental concepts using relevant examples from real-world companies in a reader-friendly way without adding unnecessary complexity. While maintaining hallmark features of accuracy, readability, and ease of understanding, the Twelfth Edition includes updated explanations, coverage, and ratio analysis with decision-making guidelines. These time-tested methodologies with the latest technology ensure that students learn basic concepts in accounting in a way that is relevant, stimulating, and fun, while exercises and examples from real-world companies help students gain a better grasp of the course material.

All Chapters
■ New serial case on The Cheesecake Factory appears in every chapter in the endof-chapter material.
■ Throughout the book, an emphasis has been placed on making content flexible and modular to suit individual instructor preferences.
■ Chapter content has been streamlined throughout the book to focus on the major concepts. References to material beyond the scope of an introductory financial accounting course have been eliminated to reduce “noise” in the learning process. Chapter 1
■ Updated and shortened the Disney case significantly, as well as the introduction, so students can more easily understand the major points.
■ Shortened and eliminated many references to upcoming chapters and material (e.g., removed material on the board of directors and how corporate governance works since this is covered later in the text; “carrying value” and “high-quality earnings” were also removed since these concepts were too high level in the introductory chapter).
■ Significantly shortened the discourse on GAAP versus IRFS.
■ Updated Ethisphere’s list of the World’s Most Ethical Companies. Chapter 2
■ Combined learning objectives 1 and 2.
■ Updated the Disney case.
■ Streamlined the coverage of the different types of accounts.
■ Deleted the “Account Formats” section.
■ Deleted “Analyzing Transactions Using Only T-Accounts” section. Chapter 3
■ Significantly shortened the Global View box on the rules for recognizing revenue under U.S. GAAP versus IRFS. Chapter 4
■ Reversed Learning Objectives 3 and 4; “Evaluate Internal Controls” now comes before “Preparing a Bank Reconciliation.”
■ Eliminated Learning Objective 5, “Construct and Use a Cash Budget” and the associated materials in the chapter.
■ Significantly shortened the Green Valley introductory case.
■ Streamlined the coverage on the details of SOX.
■ Streamlined the sections related to internal controls.
■ Updated the section on computer controls to include malware, spyware, and ransomware.
■ Streamlined the bank reconciliation and journal transactions sections. Chapter 5
■ This chapter underwent a major revision, so the Learning Objectives are significantly different.
■ Short-term investments were moved from Chapter 5 to Appendix E.
■ Updated the Apple introductory case.
■ Sales Returns and Allowances and Sales Discounts are now separate learning objectives to allow for flexibility in coverage.
■ Sales Returns and Allowances and Sales Discounts sections have been updated to reflect changes in revenue recognition standards.
■ Sales Returns and Allowances section has been significantly pared down.
■ New “Cooking the Books” on OCZ Technology Groups discusses misleading revenue recognition techniques.
■ Several topics were eliminated, including internal controls over cash collections on account, credit card and debit card sales, and factoring. Chapter 6
■ Under Armour, Inc. case is updated and significantly streamlined.
■ Discussion on consignment inventory has been pared down and focused.
■ Updated and streamlined the section on periodic versus perpetual inventory systems.
■ Section on keeping track of perpetual inventories under the LIFO and the weighted-average cost methods was eliminated.
■ Streamlined the material on the disclosure principle.
■ New “Cooking the Books” on LogiTech International’s write down of inventory of parts related to its unsuccessful streaming device. Chapter 7
■ Updated the FedEx introductory case.
■ Pared down the “Cooking the Books” feature on Waste Management.
■ Significantly pared down the conditions and details related to asset impairment rules under U.S. GAAP versus IFRS. Chapter 8
■ Current and Contingent Liabilities, which were previously covered in Chapter 9, are now covered in this chapter.
■ Long Term Investments is now covered in Appendix E.
■ Time Value of Money is now covered in Appendix F.
■ Updated the Amazon introductory case.
■ New “Cooking the Engines” feature on the Volkswagen scandal as an example of disclosure principles for contingent liabilities. Chapter 9
■ Current and contingent liabilities are now in Chapter 8.
■ Learning Objective 4, “Analyze and Differentiate Financing with Debt vs. Equity,” has been moved to Chapter 10, which covers stockholders’ equity.
■ Shortened and updated Southwest Airlines introductory case.
■ Clarified and streamlined the lease section to correspond with the FASB’s revised standard.
■ Added new Learning Objective on the impact of leverage on financial statements. Chapter 10
■ Learning Objective 5 has been changed from “Use Stock Values in Decision Making” to “Evaluate a Company’s Performance Using New Ratios.”
■ Moved discussion of EPS calculations and PE ratio previously covered in Chapter 11 (Income Statement) to this chapter.
■ Emphasized the coverage of EPS and removed coverage of the book value per share.
■ Coverage of debt versus equity financing has been moved to this chapter (it was previously covered in Chapter 9, Liabilities).
■ Updated and shortened the Home Depot introductory case.
■ Tightened up the coverage of corporations and corporate governance.
■ Eliminated several topics, including: redeemable preferred stock, redemption value, and liquidation value. Chapter 11
■ Some material previously found in Chapter 11 moved to Chapter 12, including earnings quality, footnotes, and differentiating between management and auditor responsibilities; revenue recognition moved to Chapter 5; earnings per share moved to Chapter 10.
■ Coverage of Statement of Cash Flows moved from Chapter 12 in previous edition to Chapter 11.
■ Updated and shortened the Google introductory case.
■ Condensed the material on noncash activities. Chapter 12
■ Coverage of material previously found in Chapter 11 can now be found in this chapter, including: earnings quality, discussion on footnotes, and differentiating between management and auditor responsibilities.
■ Under Armour’s competitive position extensively updated.
■ Several topics were eliminated, including: discussion of classes of stock (A, B, etc.), book value per share, Economic Value Added (EVA), and weighted average cost of capital.
■ This new appendix combines and greatly condenses the coverage of all the investments in marketable securities, both short- and long-term (formerly in Chapters 5 and 8). All related problem materials were correspondingly shortened.
■ This new appendix covers the time value of money, which was formerly located in Chapter 8. All related problem materials were correspondingly shortened.


Preface xvi
1 The Financial Statements 1
2 Transaction Analysis 60
3 Accrual Accounting and Income 120
4 Internal Control and Cash 201
5 Receivables and Revenue 248
6 Inventory and Cost of Goods Sold 305
7 Plant Assets, Natural Resources, and Intangibles 367
8 Current and Contingent Liabilities 436
9 Long-Term Liabilities 468
10 Stockholders’ Equity 522
11 The Statement of Cash Flows 594
12 Financial Statement Analysis 668
APPENDIX A: Apple Inc. Annual Report 2016 745
APPENDIX B: Typical Charts of Accounts for Different Types of Businesses 766
APPENDIX C: Summary of Generally Accepted Accounting Principles (GAAP) 768
APPENDIX D: Summary of Differences Between U.S. GAAP and IFRS Cross
Referenced to Chapter 770
APPENDIX E: Investments 772
APPENDIX F: Time Value of Money 798

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