FinancialAccounting
Financial Accounting and Reporting, 2nd Edition
(Updated and available for Summer 2018)
L. Murphy Smith, D.B.A., CPA, Murray State University Katherine Taken Smith, D.B.A., Murray State University Shannon Knight Deer, CPA, Texas A&M UniversityCCH a Wolters Kluwer business(Shortened URL: https://goo.gl/9bnpEz)*Click HERE to order!Order info: Financial Accounting & Reporting 2e, 2015, by Smith, Smith & Deer, Chicago: CCH, ISBN 978-0-8080-37873.
Index: Features, Authors, More Features, PowerPoint, Student Working Papers, Links, Online Homework
This textbook is especially designed to present financial accounting in a one-sequence course in junior colleges and universities. The book can also be effectively used in a graduate-level accounting course for MBA students who are from non-business major backgrounds.
Features:
FINANCIAL ACCOUNTING AND REPORTING covers the fundamentals of financial accounting that are essential to preparers and users of accounting information. Topics include basic accounting principles, accounting transaction processing, financial statements, assets, liabilities, accounting for the corporation, financial statement analysis, internal control, and ethics. Students will learn how to use accounting information to answer key questions about a company’s financial situation and prospects. In addition, the book addresses contemporary accounting issues related to ethics, international financial reporting, information technology, and global commerce. Many outstanding features make FINANCIAL ACCOUNTING AND REPORTING the go-to source for understanding financial accounting and reporting concepts and issues.
CROSS-FUNCTIONAL APPROACH: While presenting the fundamentals of financial accounting and reporting, a cross-functional approach is used to demonstrate the relevance of accounting information to the various business functional areas (e.g. marketing, finance, and production). This approach motivates learning by making the subject matter relevant to all majors. Accounting majors will appreciate how accounting information contributes to the success of the firm and the decision-making of every member of the management team. Non-accounting majors will understand how they will use accounting information in their future jobs.
FOCUSED ON BUSINESS: To complement the cross-functional aspects of the book, each chapter is focused on general business issues. Each chapter opens with a “Focus on Business” box that applies the chapter’s topics to a real company. The box is designed to pique the student’s interest and preview what will be learned in the chapter. For example, Chapter 1’s Focus on Business brings up the debate for taste preference between Pepsi and Coca-Cola and uses that as a segue to explain how an investor would use financial reports to choose which company to invest in.
About the Authors:
Dr. L. Murphy Smith, CPA is a Professor of Accounting at Texas A&M University-Corpus Christi. Dr. Smith's academic record includes numerous professional journal articles, books, research grants, meeting presentations, and awards for teaching and research. Among his awards are the Outstanding Educator Award from the Texas Society of CPAs and Outstanding Researcher Award from the American Accounting Association Strategic and Emerging Technologies Section. He ranks in the top one percent of authors on Social Sciences Research Network (SSRN.com) by downloaded articles (over 58,000). His work is highly referenced, with over 2,200 citations to his work shown on Google Scholar. His work has been reported in various news media, including National Public Radio, Fortune, USA Today, and The Wall Street Journal. During his career, he has held a number of leadership positions in academic and professional organizations, such as American Accounting Association Professionalism & Ethics Committee and Institute of Internal Auditors Academic Relations Committee.
Dr. Katherine T. Smith is a business professor at Texas A&M University-Corpus Christi. Previously, she taught at Murray State University, Texas A&M University-College Station, University of Mississippi, and Louisiana Tech University. She has been recognized for both outstanding teaching and outstanding research. Her research has appeared in major academic journals. Her work is widely recognized; she is in the top 1 percent of authors on Social Sciences Research Network, based on downloaded articles. She serves on six journal editorial boards. She has co-authored several books. In addition, she has made numerous presentations at professional meetings in the U.S. and abroad. In 2010 she received the Outstanding Educator Award from the Academy of Educational Leadership.
Shannon Knight Deer, CPA is the Assistant Department Head in the Accounting Department at Texas A&M University. She gained experience in public accounting prior to entering academia. She teaches financial reporting at the principles and intermediate levels and stays abreast of emerging issues through consulting work and teaching a CPA review course. Her accomplishments include departmental and university level teaching awards.
More Features:
· Student-Friendly: Chapters are organized in an easy-to-follow manner and contain features to create an interest in accounting. The colloquial writing style is appealing to students and easy to read.
· Teacher-Friendly: Detailed PowerPoint slides facilitate a smooth and structured flow of concepts in teaching. A variety of homework assignments are provided along with a test bank. An ‘A’ and ‘B’ set of assignments are provided for use in alternating semesters.
· Real-World Examples: Throughout the text, well-known companies are used as examples to clarify and reinforce accounting concepts. Interesting and relevant company information is presented to engage the student.
· Small Company: A small company is created and used throughout the book. Seeing a company start from scratch and apply financial accounting in the process enables students to connect better with some accounting concepts.
· Application: Each major section within a chapter ends with a thought question that encourages students to apply a chapter topic to their real-life situation.
· Ethics: In addition to Chapter 5 that focuses on ethics and internal control, ethics issues are incorporated into the book when ethical dilemmas arise in connection to the chapter content.
· Global Commerce: Modern business is international in scope. Thanks to the Web and e-business, all firms compete in a global marketplace. This concept is interwoven throughout the book where applicable.
· International Accounting: Differences between US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Principles (IFRS) are described in the book’s final chapter. In addition, IFRS are mentioned, where appropriate, in other chapters of the book.
· Information Technology: Except for Chapter 1, each chapter includes a boxed-insert explaining an Excel function that relates to the chapter. Students will recognize the efficiency of Excel in preparing financial analyses. Optional Excel assignments are provided at the end of each chapter. In addition to Excel, other technology issues will be presented, such as use of Web resources, computer security, and e-commerce.
· Website: A website (https://goo.gl/9bnpEz) contains optional student working paper files.
· Tying it All Together: Each chapter's opening box, entitled 'Focus on Business,' contains an accounting question or problem that will be answered in that chapter. At the end of the chapter is a section entitled 'Concluding Remarks' that refers back to the initial question and the student's new knowledge pertaining to it. This section also links chapter material with upcoming information in the next chapter in order to give the student an understanding of how the information ties together.
End of Chapter Material:
Each chapter typically includes the following:
· 16-26 discussion questions
· 12-28 short exercises designed to build accounting skills*
· 12-24 problems designed to apply accounting knowledge*
· 3-6 cross-functional discussion questions and one cross-functional case designed for individual or team projects
· 5-10 optional Excel assignments
· 3-8 Web assignments
· Test Prepper containing 10 true/false questions and 10 multiple-choice questions.
* The exercises and problems are split into Sets A and B so that the sets can be assigned in alternating semesters.
Chapters:
CHAPTER 1 THE ACCOUNTING INFORMATION SYSTEM
CHAPTER 2 THE FINANCIAL STATEMENTS
CHAPTER 3 ACCOUNTING TRANSACTION PROCESSING
CHAPTER 4 MEASURING PROFITABILITY AND FINANCIAL POSITION ON THE FINANCIAL STATEMENTS
CHAPTER 5 CASH, INTERNAL CONTROL, AND ETHICS
CHAPTER 6 ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE
CHAPTER 7 ACCOUNTING FOR THE MERCHANDISING FIRM
CHAPTER 8 PLANT ASSETS, INTANGIBLES, AND LONG-TERM INVESTMENTS
CHAPTER 9 LIABILITIES
CHAPTER 10 ACCOUNTING FOR THE CORPORATION
CHAPTER 11 MORE ABOUT THE INCOME STATEMENT AND STATEMENT OF STOCKHOLDERS’ EQUITY
CHAPTER 12 THE STATEMENT OF CASH FLOWS
CHAPTER 13 FINANCIAL STATEMENT ANALYSIS
CHAPTER 14 ACCOUNTING FOR GLOBAL COMMERCE
Chapter PowerPoint Files: Click on filenames below.
Student Working Papers (Workbook) Files: Click on FAR_workpapers.zip below.
WebAssign Online Homework:
Click here to go to the WebAssign online homework.
The WebAssign component for the text features:
• Question links to appropriate sections of the eBook
• Test Prepper questions to prepare students for exams
• A test bank of true/false, multiple choice, and matching questions from each chapter
• Problem Sets that let students apply their accounting knowledge with two separate sets for different semesters
• Short Exercises from the first chapter to help students build accounting skills
Links:
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