Financial Accounting

(4 reviews)


Joe Ben Hoyle, University of Richmond
C.J. Skender, University of North Carolina

Pub Date: 2016

ISBN 13: 978-0-9823618-3-2

Publisher: U of M Libraries Publishing

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Reviewed by Bill Joyce, Assistant Professor, Bemidji State University

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



Reviewed by Allan Aspelund, Instructor, Century College, White Bear Lake, Minnesota

Good over-all coverage No glossary Index fair--could be more descriptive… read more



Reviewed by Barbara Prince, Accounting Faculty, Anoka Ramsey Community College

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



Reviewed by Candice (Candy) Heino, Instructor, Anoka Ramsey Community College

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


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

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.

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


Joe Hoyle is an associate professor of accounting at the Robins School of Business at the University of Richmond. In 2006, he was named by BusinessWeek as one of twenty-six favorite undergraduate business professors in the United States. In 2007, he was selected as the Virginia Professor of the Year by the Carnegie Foundation for the Advancement of Teaching and the Council for the Advancement and Support of Education. In 2009, he was judged to be one of the one hundred most influential members of the accounting profession by Accounting Today.

Joe has two market-leading textbooks published with McGraw-Hill—Advanced Accounting (11th edition, 2012) and Essentials of Advanced Accounting (5th edition, 2012), both coauthored with Tom Schaefer of the University of Notre Dame and Tim Doupnik of the University of South Carolina.
At the Robins School of Business, Joe teaches Fundamentals of Financial Accounting, Intermediate Financial Accounting I, Intermediate Financial Accounting II, and Advanced Financial Accounting. He earned his BA degree in accounting from Duke University and his MA degree in business and economics, with a minor in education, from Appalachian State University. He has written numerous articles and continues to make many presentations around the country on teaching excellence. He maintains a blog on teaching at

Joe also has three decades of experience operating his own CPA (Certified Public Accountant) Exam review programs. In 2008, he created CPA Review for Free (, which provides thousands of free questions to help accountants around the world prepare for the CPA Exam.

Joe and his wife, Sarah, have four children and four grandchildren.

C. J. Skender has received two dozen teaching awards at the University of North Carolina’s Kenan-Flagler Business School (fourteen awards), at Duke University’s Fuqua School of Business (five awards), and at North Carolina State University (five awards). He has been included among the outstanding Fuqua faculty in four editions of the Businessweek Guide to the Best Business Schools. His classes were highlighted in Businessweek ( and Sports Illustrated ( in 2006. C. J. was featured in “The Last Word” in the April 2008 Journal of Accountancy. He was voted best professor in The Daily Tar Heel: Carolina’s Finest annual awards issue in 2011.

C. J. has served as a training consultant on three continents for organizations, such as GlaxoSmithKline, IBM, Siemens, Starwood, and Wells Fargo. He was inducted into the Wells Fargo Hall of Fame in 2003 for lifetime achievement. C. J. has developed and delivered various executive education seminars as well as CPA, CMA (Certified Management Accountant), and CIA (Certified Internal Auditor) review courses. For six years, he lectured simultaneously in the state, Carolina, and Duke CPA preparatory classes. For seven years, C. J. taught financial accounting and managerial accounting on cable television in the Research Triangle area. His scholarly work has been published in TAXES and the Journal of Accounting Education.

C. J. Skender was born in Harrisburg, Pennsylvania, in 1954. He captained three sports at Susquehanna Township High School. C. J. holds academic degrees from Lehigh University and Duke University. He attended Lehigh on a basketball scholarship and graduated magna cum laude. C. J. worked as an auditor for Deloitte Haskins & Sells in Philadelphia. He has attained eleven professional designations in accounting, financial planning, insurance, and management. C. J. has taught more than five hundred sections of college courses and more than twenty-five thousand students in his academic career. He was tapped into the Golden Chain Honor Society at North Carolina State University in 1985 and was named Alumni Distinguished Professor there in 1992. C. J. was presented the Outstanding Educator Award by the North Carolina Association of Certified Public Accountants in 1995. At the University of North Carolina, he has received three Weatherspoons (2000, 2004, and 2007) as well as the James M. Johnston Teaching Excellence Award in 2005.

C. J. and his wife, Mary Anne, are the parents of two sons and one daughter: Charles (1979), Timothy (1983), and Corey (1987). They have one granddaughter: Riley (2010). C. J. and his wife reside in Raleigh, North Carolina.