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Financial & Managerial Accounting: Student’s Book, 13th edition



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Author: Carl S. Warren

Publisher: Cengage Learning

Genres:

Publish Date: January 16, 2015

ISBN-10: 1285868773

Pages: 1424

File Type: PDF

Language: English

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Book Preface

New to This Edition

In addition to the many new digital assets created for this edition of Financial and Managerial Accounting, the textbook content itself has also been revised. The most significant changes for this edition involve the inclusion of the new revenue recognition standard and a greater emphasis on service companies in the managerial accounting chapters.

In all chapters, the following improvements have been made:

• Updated dates and real company information for currency

• Added headers and sub-headers to help students navigate through the chapter and easily reference sections when completing homework assignments

• Set unlabeled graphics as numbered exhibits for easier student reference

• Used more bulleted lists to call students’ attention to specific information

• Refreshed end-of-chapter assignments with different numerical values and updated information

The new revenue recognition standard required the following changes:

• Revised the definitions of revenue and revenue recognition in Chapters 1–3, including the glossary.

These revisions are consistent with the new revenue recognition standard, Revenue from Contracts with Customers (Topic 606), FASB, May 2014.

• Revised Chapter 5, Accounting for Merchandising Businesses, to be consistent with the preceding standard.

These revisions include using the net method for all purchase and sales discounts. In addition, the accounting for customer returns and allowances, including cash refunds, has been updated. As a result, sales discounts and sales return and allowances accounts are no longer used.

• Added new Appendix D, Revenue Recognition, which describes and illustrates the new Five-Step process for recognizing revenue. The illustration includes the accounting for a bundled product with different performance obligations.


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