Pub Date: 2016
ISBN 13: 978-1-9461351-0-0
Publisher: University of Minnesota Libraries Publishing
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All material covered in any entry level accounting textbook is covered, even an introduction to Auditing. The depth is very good for an accounting read more
All material covered in any entry level accounting textbook is covered, even an introduction to Auditing. The depth is very good for an accounting principles textbook, with the technical "fine print" omitted. There is good coverage of the overriding principles of accounting. The index is very detailed, but the glossary is not. The introduction to the bookkeeping mechanics is very good, but I would like to see more early coverage of the overall message financial statements are meant to convey.
The book is very accurate, but does not include more current updates or pending changes in accounting standards. Issues such as changes in rules regarding revenue recognition and leases, for example, are too current for this text to have covered when it was written. It would be necessary for the instructor to introduce these changes.
Some more current revisions in accounting standards are not addressed in this text, but these can be added or mentioned by the classroom instructor. The depth of the content for each subject area is very appropriate for a principles of accounting textbook and the text is very easy to read.
The clarity is one of this book's strongest points. It can be easily comprehended by an entry level accounting student. The videos are easy to watch, and provide a decent introduction to each chapter, but do not add much to the ease of understanding the material.
Very consistent. The framework is very solid and predictable, and the vocabulary is easy to understand. Technical terms are explained in plain English, with few, but good examples.
Topics are will divided and covered without a lot of boring reading about each. Each chapter is short and is well divided into even smaller sections. One of the strengths of this text is that the student is not overwhelmed with pages and pages of extraneous information.
Other than the placement of Chapter 6 on Auditing, the rest of the text is in a very logical order. Each topic is presented in a clear, logical way. The author stars each section with a question, and then proceeds to answer the question. This makes the topic easier to understand. Although I question the placement of chapter 6, I am glad the author includes the topic in the text, and am really not sure exactly where I believe it should be covered.
I did not find any significant interface issues. There are places where the alignment of numbers is a little out of skew, for example a row of "credits" is not perfectly straight, but not in a manner that they were misleading.
I did not find any grammatical errors.
There is no clear effort to be "inclusive", but certainly nothing that is culturally insensitive in the text. This is accounting material. Social issues are not addressed, but nothing offensive was noted.
The only real weakness in the text is just that it is not updated for more recent changes in accounting principles. If the instructor is willing to cover these, the text is very easy for the student to read and to comprehend.
This text covers all of the usual topics in financial accounting, but with a broader business view surrounding the accounting procedures. IFRS is read more
This text covers all of the usual topics in financial accounting, but with a broader business view surrounding the accounting procedures. IFRS is embedded within many chapters providing the general differences from GAAP without being too overwhelming. Alternatives are addressed, such as perpetual and periodic inventory , and direct and indirect statement of cash flows. More advanced topics such as leases and deferred taxes are included in sufficient detail for this level textbook.
The content appears to reflect GAAP and IFRS accurately, no errors were noted.
The basic principles and procedures of accounting are quite timeless, however IFRS is expected to continue impacting financial reporting and so portions of the text will need to be updated periodically. Global business is integrated by the inclusion of currency conversion and IFRS.
The writing style is engaging and easy for the reader to follow. The socrative method is used, a question and answer format. The questions flow as if two people were in a conversation, with each answer triggering the next logical question. Terms and concepts are introduced and explained such that the learner can understand the discussion.
The text employs the question and answer format consistently and clearly denotes sections within each chapter. Conversations in an interview type format with two experts are embedded inside many topics, (an investmenr analyst and an international accountant.) This internal consistency is comfortable for the reader.
The use of sections within each chapter allows the reader to digest one conept at a time. After each section there are self test questions that allow for a pause to reflect on the material. An instructor would find it easy to remove or move sections as desired.
The "soft" start of chapters 1 and 2 sets the stage to ease the learner into an overview of the financial statements, recording transactions and adjusting entries. Topics after this follow the balance sheet order, pulling in the related income statement topics. The text concludes with the Statement of Cash Flow and a comprehensive problem (one of several in the end of chapter items) to pull it all together. The authors have taken care to start with basic scenarios and then add complexity. For example recording transactions starts by using increase/decrease and then progresses to T accounts, journal entries, and the general journal and ledger. Another example is in the inventory discussion. At first the examples use inventory all purchased at the same cost. Then invntory purchased at differing costs is introduced to use for perpetual versus periodic and FIFO versus LIFO.
The text links for self quizzing within each topic must be right-clicked and the user must choose to open each one in a new window or it is difficult to get back to the same place. When a topic in a prior chapter is discussed, a link is provided which makes it easy for the curious reader to look back at that inital material. The textbook is very text heavy, there are few charts or summary boxes. Journal entries are displayed in green bars that are easy to spot for refernece later. Formulas are in a slighly larger font, they will not be easy to reference when the learner is doing a later assignment. The video at the end of each chapter goes over the "top five" , however there is no written summary of key points and no glossary or index at the end of the book.
The text contains no grammatical errors.
The narrative about accounting and business ispresented in a factual manner and does not contain cultural insensitivites.
The approach (using a question /answer format) was very readable and the inclusing of interviews with each of the two experts added interest. The reader will be engaged by the broad and interesting business discussion surrounding each accounting procedure. I found this book thoughtful and practical in its approach to teaching accounting. Even non-accounting majors will find a compelling reason to study this text.
No index or glossary. This seems to be a discussion for non-accounting majors that presents the material from for non-debit/credit emphasis. The read more
No index or glossary. This seems to be a discussion for non-accounting majors that presents the material from for non-debit/credit emphasis. The overall picture is presented well, but not enough emphasis on the basic mechanics of accounting that we need to give our two-year students. In my present course, I do cover several topics,such as interst and compound interest, in more depth. The last eight chapters emphasis the financial statements, where I need to cover the basics of creating the financial statements in more depth.
Very accurate; no errors found
Accounting information changes little from year to year. The examples given could be easily updated as needed. There was good discussion in some areas of what might be changing in the future.
Parts are excellent, but some areas include too much discussion to get to the main points; I prefer a more factual presentation. Some of the questions used to introduce the new topic were very involved; my students would not understand the question or find it helpful. I would need additional exercise material to allow the students more practice on the material presented.
The authors were very consistent in their approach to the topics. Examples given were revlevant to the material presented. I can use their real world examples in my course.
I would prefer more headings and have the headings linked to learning objectives and exercises. This is something that all commercial texts include, and I find it helpful. The questions that start the topics should be easier to pick out. I really had a hard time finding my place in the text each time I returned to it.
The organization mirrors other accounting texts that I have used.
I did donwload the entire text, but I could not find the videos. I did try the multiple choice questions, but each time I completed a question on the separate site, I had trouble returning and finding my place in the text. The figures presented in the text were somewhat fuzzy in my downloaded copy.
No grammar errors were found.
This is hard to measure when discussing corporations. The authors did include excellent international examples.
I would not adopt this as a primary text for my courses, but it would make an excellent supplemental resource because of the excellelnt real-world examples. Two-year students that I teach need an higher emphasis on the basic accounting tools. The videos may have helped, but I did not have access to them. Some of the questions used to introduce a new topic were very high-level and would not be helpful to my students. I have trouble getting students to read the material in the text, and I'm afraid the longer discusssions used in this text would be even more discouraging to the students.
Good over-all coverage No glossary Index fair--could be more descriptive read more
Good over-all coverage No glossary Index fair--could be more descriptive
I found no inaccuracies
Many examples of current financial statements and other material that can easily be up-dated.
Well written but somewhat hard to follow. The flow from one item to the next is somewhat muddled.
Well laid out.
The text does have some self-referencing. Presenting only certain sub-units might require some work.
The presentation of corporations could be better (advantages, disadvantages, sub-chapter S, etc.) Th end of chapter questions should be linked to the sections in the test where the material can be found.
There were no problems with the interfacing.
Fine, except "You have now read."
I saw none.
Overall, well written with excellent points made in the discussion. The "Key Takeaways" and the chapter tests were very good. The lack of a glossary and the need for a better index were the key distractors.
The table of contents is very different than two standard textbooks I am currently using or used recently. It is difficult to understand d exactly read more
The table of contents is very different than two standard textbooks I am currently using or used recently. It is difficult to understand d exactly what topics are being covered using the table of contents. A separate chapter on financial statement analysis should be added, or each chapter should incorporate these concepts. The ethical aspects of decision making need to be more fully addressed. The end of the chapter homework problems need to be increased not only in number but also increased complexity.
While what is presented seems accurate, there seems to be a definite lack of substance. Each topic needs to be developed in depth.
The international financial reporting standards need to be included either in a separate chapter or preferably incorporated incorporated into each chapter.
While the text is clearly written, it fails to address topics in depth .
The text is consistent and provides excellent "take-away" emphasizes.
The modules are fine, but they need to be identified much more clearly.
The text does flow in a logical manner, but it is difficult to get the "big picture" from the way the text and individual chapters are organized. It might be very difficult for someone with no accounting background to learn from the text.
The online quizzes provide and excellent way for students to monitor their learning. However, the number of these quizzes and the complexity of the quizzed need to be increased.
No errors were noted, but this is not my strong point.
The text seems to be written at a level much higher than the principles level. Students likely would have a difficult understanding of the purpose and use of accounting information.
By far, the weakest aspect of this text is the lack ancillary materials. My department relies heavily on the online graded homework systems. While I do not use many of the supporting materials, such as Power Points, many of my colleagues do and this would be a definite reason the text would not be adopted.
Table of Contents
- Chapter 1: Why Is Financial Accounting Important?
- Chapter 2: What Should Decision Makers Know So That Good Decisions Can Be Made about an Organization?
- Chapter 3: In What Form Is Financial Information Actually Delivered to Decision Makers Such as Investors and Creditors?
- Chapter 4: How Does an Organization Accumulate and Organize the Information Necessary to Prepare Financial Statements?
- Chapter 5: Why Must Financial Information Be Adjusted Prior to the Production of Financial Statements?
- Chapter 6: Why Should Decision Makers Trust Financial Statements?
- Chapter 7: In a Set of Financial Statements, What Information Is Conveyed about Receivables?
- Chapter 8: How Does a Company Gather Information about Its Inventory?
- Chapter 9: Why Does a Company Need a Cost Flow Assumption in Reporting Inventory?
- Chapter 10: In a Set of Financial Statements, What Information Is Conveyed about Property and Equipment?
- Chapter 11: In a Set of Financial Statements, What Information Is Conveyed about Intangible Assets?
- Chapter 12: In a Set of Financial Statements, What Information Is Conveyed about Equity Investments?
- Chapter 13: In a Set of Financial Statements, What Information Is Conveyed about Current and Contingent Liabilities?
- Chapter 14: In a Set of Financial Statements, What Information Is Conveyed about Noncurrent Liabilities Such as Bonds?
- Chapter 15: In a Set of Financial Statements, What Information Is Conveyed about Other Noncurrent Liabilities?
- Chapter 16: In a Set of Financial Statements, What Information Is Conveyed about Shareholders’ Equity?
- Chapter 17: In a Set of Financial Statements, What Information Is Conveyed by the Statement of Cash Flows?
About the Book
This book is intended for an undergraduate or MBA level Financial Accounting course. It covers the standard topics in a standard sequence, utilizing the Socratic method of asking and answering questions.
About the Contributors
Financial Accounting is adapted from a work produced by a publisher who has requested that they and the original author not receive attribution. This adapted edition is produced by the University of Minnesota Libraries Publishing through the eLearning Support Initiative.