Financial and Managerial Accounting, 12th Edition

Book Preface

Generations of business students have learned accounting from the Warren, Reeve, and Duchac textbook. This tradition of success goes back twenty-five editions. Financial and Managerial Accounting is successful because it continues to innovate and respond to changing student learning styles while introducing students to accounting through a variety of learning models and multimedia.

This tradition of innovation continues today. Countless conversations with accounting instructors and the authors’ own experiences in the classroom have revealed how much the teaching and learning environment has changed. Today’s internet generation has grown up on the computer. The online and digital universe is both a natural learning environment for students and a learning medium they expect beyond the textbook.

In response to changes in student learning, the authors have ensured their text is an integrated print/digital learning experience for students. In crafting the philosophy for this edition, the authors extended the time-tested integrated learning experience of their text to the technology in interactive ways.

For this 12th edition, new online Activation Exercises were created by the authors. These foundational learning activities are the perfect introduction to the major concepts in each chapter. By using the online environment to demonstrate concepts through activities, the authors have gone beyond what is possible in a printed text. Students who complete these activities will come to class with a deeper understanding of key terminology, economic events, the accounting system, and the impact on the financial statements. With a better foundational knowledge of accounting concepts, class sessions can be utilized to help students delve even further in their understanding.

These activities are a result of much collaboration with many accounting instructors over the past two years. They reflect the suggestions and feedback we receive from instructors and students on an ongoing basis. We are very happy with the results and think you will be pleased with the new activities as well.

The original author of Accounting (the two-semester version of this book), James McKinsey, could not have imagined the success and influence this text has enjoyed over the past 25 editions—or that his original vision would lead the market into the online world through subsequent authors’ expertise. As the current authors, we appreciate the responsibility of protecting and enhancing this vision, while continuing to refine it to meet the changing needs of students and instructors. Always in touch with a tradition of excellence, but never satisfied with yesterday’s success, this edition enthusiastically embraces a changing environment and continues to proudly lead the way in activating student learning and success. We sincerely thank our many colleagues who have helped to make it happen.