Accounting Principles: A Business Perspective
Roger Hermanson, Georgia State University
James Edwards, University of Georgia
Michael Maher, University of California at Davis
Pub Date: 2011
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The book was comprehensive and covered a wide breadth of topics. There was an extensive table of contents but no index or glossary provided. The read more
The book was comprehensive and covered a wide breadth of topics. There was an extensive table of contents but no index or glossary provided. The comprehensiveness of the book actually was a bit of a negative from my perspective because the on-ramp for students new to the subject was too steep, and I think my students would really struggle with being able to understand the material as deeply as it was presented almost from the very beginning of this text.
I did not notice any errors or biases in the content of the text. Examples and case studies seemed appropriate and correctly laid out and explained.
It seemed like the content was appropriately up to date and examples were relevant. The only thing that I noticed, and it may be a bit nit-picky, is that some really out of date years were used in the text as part of problems and examples. The oldest that I saw referred to 2009, which I guess isn't too bad but I'm used to seeing 201X as the year in the texts I regularly use.
Clarity of the text was OK. I thought the problems and examples were very well done but I did have a problem with the pacing of the material especially in the first few chapters. If these were early level accounting students I think they would have been lost in the first 3 chapters due to the complexity of the concepts introduced early in the text.
This appeared to be done well and I did not notice any inconsistencies.
The text read a lot like the texts I am currently using from major publishers. I thought the modularity of the text was probably its best feature as I found it easy to read, broken up well into sections with ample examples and sidebars. Very well done in my opinion.
This was not terrible, but as I've already noted I thought the flow was off in the early chapters. It seemed too complex in the latter part of chapter 1 and through all of chapter 2 and the beginning of chapter 3. After that point it seemed to settle into a better pattern in terms of the flow, but by then I think many of my students would have been totally lost.
It looked like a very professionally laid out text and I did not notice anything in it that distracted or confused me in any way.
I did not notice any grammatical errors but admittedly I was skimming the material and not closely searching for them.
The text is not culturally insensitive. I did not notice a specific attempt to include a variety of backgrounds, although that can be somewhat difficult to include in accounting problems/scenarios without it seeming very forced. I thought the text was fine in this area.
I really enjoyed reading through this text. It was my first look at any open source material and I was surprised and impressed by the level of professionalism. I would not choose to use this book for my particular classes because of the complexity of the early "ramp-up" chapters, but I thought the problems, examples and overall layout of the material was excellent. It was far better than I expected and I look forward to reviewing and potentially using open source material in my classes in the future.
Table of Contents
- 1. Accounting and its use in business decisions
- 2. Recording business transactions
- 3. Adjustments for financial reporting
- 4. Completing the accounting cycle
- 5. Accounting theory
- 6. Merchandising transactions
- 7. Measuring and reporting inventories
- 8. Control of cash
- 9. Receivables and payables
- 10. Property, plant, and equipment
- 11. Plant asset disposals, natural resources, and intangible assets
- 12. Stockholders' equity: Classes of capital stock
- 13. Corporations: Paid-in capital, retained earnings, dividends, and treasury stock
- 14. Stock investments
- 15. Long-term financing: Bonds
- 16. Analysis using the statement of cash flows
- 17. Analysis and interpretation of financial statements
- 18. Managerial accounting concepts/job costing
- 19. Process: Cost systems
- 20. Using accounting for quality and cost management
- 21. Cost-volume-profit analysis
- 22. Short-term decision making: Differential analysis
- 23. Budgeting for planning and control
- 24. Control through standard costs
- 25. Responsibility accounting: Segmental analysis
- 26. Capital budgeting: Long-range planning
About the Book
Accounting Principles: A Business Perspective uses annual reports of real companies to illustrate many of the accounting concepts in use in business today. Gaining an understanding of accounting terminology and concepts, however, is not enough to ensure your success. You also need to be able to find information on the Internet, analyze various business situations, work effectively as a member of a team, and communicate your ideas clearly. This text was developed to help you develop these skills.
About the Contributors
Professor Roger H. Hermanson, PhD, CPA
Regents Professor Emeritus of Accounting and Ernst & Young-J. W. Holloway Memorial Professor Emeritus at Georgia State University. He received his doctorate at Michigan State University in 1963 and is a CPA in Georgia. Professor Hermanson taught and later served as chairperson of the Division of Accounting at the University of Maryland. He has authored or coauthored approximately one-hundred articles for professional and scholarly journals and has coauthored numerous editions of several textbooks, including Accounting Principles, Financial Accounting, Survey of Financial and Managerial Accounting, Auditing Theory and Practice, Principles of Financial and Managerial Accounting, and Computerized Accounting with Peachtree Complete III. He also has served on the editorial boards of the Journal of Accounting Education, New Accountant, Accounting Horizons, and Management Accounting. Professor Hermanson has served as co-editor of the Trends in Accounting Education column for Management Accounting. He has held the office of vice president of the American Accounting Association and served on its Executive Committee. He was also a member of the Institute of Management Accountants, the American Institute of Certified Public Accountants, and the Financial Executives Institute.
Professor James D. Edwards, PhD, DHC, CPA
J. M. Tull Professor Emeritus of Accounting in the Terry College of Business at the University of Georgia. He is a graduate of Louisiana State University and has been inducted into the Louisiana State University Alumni Federation's Hall of Distinction. He received his MBA from the University of Denver and his PhD from the University of Texas and is a CPA in Texas and Georgia. He has served as a professor and chairman of the Department of Accounting and Financial Administration at Michigan State University, a professor and dean of the Graduate School of Business Administration at the University of Minnesota, and a Visiting Scholar at Oxford University in Oxford, England.
Professor Edwards is a past president of the American Accounting Association and a past national vice president and executive committee member of the Institute of Management Accountants. He has served on the board of directors of the American Institute of Certified Public Accountants and as chairman of the Georgia State Board of Accountancy. He was an original trustee of the Financial Accounting Foundation, the parent organization of the FASB, and a member of the Public Review Board of Arthur Andersen & Co.
Professor Michael W. Maher, PhD, CPA
Professor of management at the University of California at Davis. He is a graduate of Gonzaga University (BBA) and the University of Washington (MBA, PhD). Before going to the University of California at Davis, he taught at the University of Michigan and the University of Chicago. He also worked on the audit staff at Arthur Andersen & Co. and was a self-employed financial consultant for small businesses while attending graduate school.