Principles of Accounting, Volume 1: Financial Accounting by OpenStax

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About Principles of Accounting
Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today’s college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the “why” as well as the “how” aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.

Coverage and scope

Our Principles of Accounting textbook adheres to the scope and sequence requirements of accounting courses nationwide. We have endeavored to make the core concepts and practical applications of accounting engaging, relevant, and accessible to students.
Principles of Accounting, Volume 1: Financial Accounting
Chapter 1: The Role of Accounting in Society
Chapter 2: Introduction to Financial Statements
Chapter 3: Analyzing and Recording Transactions
Chapter 4: The Adjustment Process
Chapter 5: Completing the Accounting Cycle
Chapter 6: Merchandising Transactions
Chapter 7: Accounting Information Systems
Chapter 8: Fraud, Internal Controls, and Cash
Chapter 9: Accounting for Receivables
Chapter 10: Inventory
Chapter 11: Long-Term Assets
Chapter 12: Current Liabilities
Chapter 13: Long-Term Liabilities
Chapter 14: Corporation Accounting
Chapter 15: Partnership Accounting
Chapter 16: Statement of Cash Flows
Principles of Accounting, Volume 2: Managerial Accounting
Chapter 1: Accounting as a Tool for Managers
Chapter 2: Building Blocks of Managerial Accounting This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3: Cost-Volume-Profit Analysis
Chapter 4: Job Order Costing
Chapter 5: Process Costing
Chapter 6: Activity-Based, Variable, and Absorption Costing
Chapter 7: Budgeting
Chapter 8: Standard Costs and Variances
Chapter 9: Responsibility Accounting and Decentralization
Chapter 10: Short-Term Decision-Making
Chapter 11: Capital Budgeting Decisions
Chapter 12: Balanced Scorecard and Other Performance Measures
Chapter 13: Sustainability Reporting