Read more about Principles of Accounting Volume 1 Financial Accounting

Principles of Accounting Volume 1 Financial Accounting

(4 reviews)

Contributing Authors

Copyright Year: 2019

ISBN 13: 9781947172678

Publisher: OpenStax

Language: English

Formats Available

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Reviewed by Dianne Poulos, Adjunct Professor, Bunker Hill Community College on 6/30/20

The textbook provides a thorough overview of the accounting system. It delves quite a bit into the "why" of accounting which is sometimes glossed over in favor of mechanics in other texts. read more

Reviewed by William Holmes, Instructor, LSUE on 4/15/20

The text covers all the important aspects that should be covered in the introduction to financial accounting. The text covers an overview of accounting information systems which I have not seen in textbooks I've used. It looks like the content... read more

Reviewed by Darin Bell, Business Instructor, Treasure Valley Community College on 1/4/20

This textbook has all of the content that I cover with the publisher textbook that I have used for the past 6 years. read more

Reviewed by Andrew Hartzler, Professor of Accounting, Goshen College on 7/15/19

This book is perhaps the most comprehensive text I have seen for financial accounting. For those who are familiar with Financial Accounting, the index and glossary are sufficiently detailed. The fact that the text is so comprehensive is both a... read more

Table of Contents

  • 1. Role of Accounting in Society
  • 2. Introduction to Financial Statements
  • 3. Analyzing and Recording Transactions
  • 4. The Adjustment Process
  • 5. Completing the Accounting Cycle
  • 6. Merchandising Transactions
  • 7. Accounting Information Systems
  • 8. Fraud, Internal Controls, and Cash
  • 9. Accounting for Receivables
  • 10. Inventory
  • 11. Long-Term Assets
  • 12. Current Liabilities
  • 13. Long-Term Liabilities
  • 14. Corporation Accounting
  • 15. Partnership Accounting
  • 16. Statement of Cash Flows
  • 17. Answer Key

Ancillary Material

  • OpenStax
  • About the Book

    Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. Due to the comprehensive nature of the material, we are offering the book in two volumes. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today’s college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the “why” as well as the “how” aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.

    About the Contributors


    Senior Contributing Authors
    Mitchell Franklin, LeMoyne College (Financial Accounting)
    Patty Graybeal, University of Michigan-Dearborn (Managerial Accounting)
    Dixon Cooper, Ouachita Baptist University