Introduction to Financial Accounting: U.S. GAAP Adaptation
David Annand, Athabasca University
Donna Marchand, Emmanuel College
Copyright Year: 2019
Conditions of Use
The book contains 13 chapters - more than enough for a college semester of 10-15 weeks. It covers the accounting process, accounts, journal entries, ledgers, financial statements, financial statement analysis, and types of business entities, among... read more
The book contains 13 chapters - more than enough for a college semester of 10-15 weeks. It covers the accounting process, accounts, journal entries, ledgers, financial statements, financial statement analysis, and types of business entities, among others. These are topics usually seen in any other financial accounting textbook. There are chapter summaries, discussion questions, exercises, and problems with solutions for each chapter.
I did not notice any inaccuracies.
The book is very relevant (2019). It is current in its discussion of accrual accounting, accounting standards, etc.
The book is clear and uses colors and symbols appropriately.
I did not notice any inconsistencies.
The chapters follow in a logical order, with appropriate sections and sub-sections.
It follows the order of most other similar texts - accounting cycle, accounts, financial statements, and lastly - financial statement ratios and analysis.
The tabular analysis of transactions (bird's eye view on the effect of transactions on assets, liabilities, and equity accounts) is used in color. Plus and minus signs are well used as visuals, arrows as well.
Excellent use of English grammar and style.
The focus is on U.S. GAAP, as the title states, not on IFRS or other country-specific GAAP.
I really liked this book upon my review of its PDF format. There is plenty of material to select from. Students are likely to like the visuals and find the many solutions to exercises and problems very helpful.
The textbook covers all the important areas for a financial accounting class. There is no index or glossary in the PDF version of the book, but the table of contents is descriptive enough to allow navigation of the material. The online version... read more
The textbook covers all the important areas for a financial accounting class. There is no index or glossary in the PDF version of the book, but the table of contents is descriptive enough to allow navigation of the material. The online version shows a glossary, but does not allow access. Apparently, additional registration is required for the online version, since much of the text is not accessible from that link. The link to the paper version on Amazon is a bonus for this book. Material was presented in a clear, concise manner with examples that more closely resemble real-life presentation than is normally seen in textbooks. End of chapter discussions, exercises, and problems were clear and straight-forward and should be easily used by the student. One negative, for some instructors, may be the complete solutions to end of chapter work at the end of the book. Students, on the other hand, often like to see the solutions to help them work through difficult material.
A cursory review of the text, examples and end of chapter material did not reveal any inaccuracies or errors.
All material appeared to be current. The material was organized in a manner that should make any changes, updates, corrections, or additions easy to implement.
Material is very readable and written in a clear, concise manner that should be easy accessible to students. In-chapter examples and exhibits enhanced the material.
Material was seamlessly presented. Terminology was consistent. Use of bullet points made concepts easy to understand. Especially important for students is the consistency of the chapter presentation of the material and the same use of methods and terminology in the end of chapter work.
Although some of the chapters seemed dense in terms of new material, each chapter was presented in sections that can be easily segmented into individual class period presentations. Several chapters had appendix sections which can be used for optional assignments as needed by the instructor.
The organization logically worked through the accounting cycle and financial statements. The chapter on partnerships included a section on sole proprietorship that included accounting for the three types of business formation.
The PDF version was accessible and very easy to read. All images, charts and examples were free from distortion and very legible. The Online version did not seem to have all the links available. The B&W Print link connected directly to the Amazon purchase site showing a very reasonable price for the print copy.
No grammatical errors were discovered in a review of the relevant material.
Examples were primarily objective references to companies with few references to individual cultures.
An email to lyryx.com requesting additional information regarding online student assessment and instructor resources received a reply within 30 minutes with instructor access information to additional resources. Although the additional site has not yet been evaluated, the response time indicates an excellent level of instructor support. After review of the support material, the book is definitely a possibility for the Financial Accounting course.
Table of Contents
- Chapter 1: Introduction to Financial Accounting
- Chapter 2: The Accounting Process
- Chapter 3: Financial Accounting and Adjusting Entries
- Chapter 4: The Classified Balance Sheet and Related Disclosures
- Chapter 5: Accounting for the Sale of Goods
- Chapter 6: Assigning Costs to Merchandise
- Chapter 7: Cash and Receivables
- Chapter 8: Long-lived Assets
- Chapter 9: Debt Financing: Current and Long-term Liabilities
- Chapter 10: Equity Financing
- Chapter 11: The Statement of Cash Flows
- Chapter 12: Financial Statement Analysis
- Chapter 13: Proprietorships and Partnerships
About the Book
This textbook is an adaptation by D. Marchand and Athabasca University of the original text written by D. Annand and H. Dauderis. It is intended for use in entry-level college and university courses in financial accounting. A corporate approach is utilized consistently throughout the book.
The adapted textbook includes multiple ancillary student and instructor resources. Student aids include solutions to all end-of-chapter questions and problems, and randomly-generated spreadsheet problems that cover key concepts of each chapter. These provide unlimited practice and feedback for students. Instructor aids include an exam bank, lecture slides, and a comprehensive end-of-term case assignment. This requires students to prepare 18 different year-end adjusting entries and all four types of financial statements, and to calculate and analyze 16 different financial statement ratios. Unique versions can be created for any number of individual students or groups. Tailored solutions are provided for instructors.
Another version of the textbook written by D. Annand and adapted by T. Thompson, including .docx files and ancillary material, can be obtained upon request to D. Annand (email@example.com).
About the Contributors
David Annand, EdD, MBA, CPA (CA), is a Professor of Accounting in the Faculty of Business at Athabasca University. His research interests include the analysis of costs and organizational structure on distance-based universities. He has written several accounting-related undergraduate- and graduate-level texts, all available as open educational resources. David completed his Doctorate in Education in 1998. His thesis deals with the experiences of instructors in graduate-level computer conferences.
Donna L. Marchand, CPA, is an Assistant Professor of Accounting at Emmanuel College in Boston. Prior to taking this position she worked as a full-time instructor at Wheaton College in Norton, MA, and played a key role in transitioning the Business and Management program into a fully open source program for students. Prior to this, she worked as Director of the Academic Achievement Center and full-time instructor at Bridgewater State University in Bridgewater, MA. Before transitioning into higher education she worked in public accounting. However, her career initially began in K-12 education, playing an integral role in launching a fully inclusive education program that became a state-wide model in New York State.