Financial Accounting

(5 reviews)


Pub Date: 2016

ISBN 13:

Publisher: University of Minnesota Libraries Publishing

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Reviewed by Bill Joyce, Assistant Professor, Bemidji State University, on 6/11/2015.

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, on 6/11/2015.

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



Reviewed by Barbara Prince, Accounting Faculty, Anoka Ramsey Community College, on 6/11/2015.

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, on 6/11/2015.

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



Reviewed by David Sulzen, Associate Professor of Accountng, Ferrum College, on 2/9/2017.

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


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


Unnamed Author 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 named 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 selected as one of the one hundred most influential members of the accounting profession by Accounting Today.

Unnamed Author has two market-leading textbooks published with McGraw-Hill—Advanced Accounting (10th edition, 2010) and Essentials of Advanced Accounting (4th edition, 2010), 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, Unnamed Author 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 made many presentations around the country on teaching excellence.

Unnamed Author also has three decades of experience operating his own CPA 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.

Unnamed Author and his wife, Sarah, have four children and four grandchildren.

Unnamed Author has received multiple teaching awards at the University of North Carolina’s Kenan-Flagler Business School (ten), at Duke University’s Fuqua School of Business (five), and at North Carolina State University (five). He has been included among the outstanding Fuqua faculty in four editions of the BusinessWeek Guide to the Best Business Schools. Unnamed Author also received the James M. Johnston Teaching Excellence Award at the University of North Carolina in 2005. His classes were featured on and in 2006.

Unnamed Author has served as a training consultant on three continents for Glaxo Wellcome, IBM, Nortel Networks, Paragon Trade Brands, Siemens, Starwood, and Wells Fargo. He has developed and delivered various executive education seminars as well as CPA, CMA, and CIA review courses. For six years, he lectured simultaneously in the State, Carolina, and Duke CPA preparatory classes. For seven years, Unnamed Author taught Financial Accounting and Managerial Accounting on cable television in the Research Triangle area. His scholarly work has been published in TAXES and Journal of Accounting Education.

Unnamed Author was born in Harrisburg, Pennsylvania, in 1954. He captained three sports at Susquehanna Township High School. Unnamed Author holds academic degrees from Lehigh University and Duke University. He attended Lehigh on a basketball scholarship and graduated magna cum laude. Unnamed Auhtor worked as an auditor for Deloitte Haskins and Sells in Philadelphia. He has attained eleven professional designations in accounting, financial planning, insurance, and management: CPA (certified public accountant), CMA (certified management accountant), CCA (certified cost analyst), CIA (certified internal auditor), ChFC (chartered financial consultant), CLU (chartered life underwriter), CFP (certified financial planner), AIAF (associate in insurance accounting and finance), CFE (certified fraud examiner), CFM (certified in financial management), and CBM (certified business manager).

Unnamed Author and his wife, Mary Anne, are the parents of two sons and one daughter: Charles (1979), Timothy (1983), and Corey (1987). They reside in Raleigh, North Carolina.