Survey of Accounting, 3rd Edition
by:
Thomas Edmonds, Philip Olds, Frances McNair, Bor-Yi Tsay
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ISBN: 0078110858
ISBN13: 9780078110856
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DescriptionSurvey of Accounting, 3rd edition, is designed to cover both financial and managerial accounting in a single 16-week course, presenting the material in a style easy for non-accounting majors to grasp. It incorporates the same pedagogical innovations that have made Edmonds? financial and managerial titles such fast-growing successes in the marketplace, including his unique Horizontal Financial Statements Model and a multiple accounting cycle approach that demonstrates the impact of related events over a series of accounting cycles.
Key Features # The text eliminates debits and credits, permitting the instructor to teach accounting without being slowed down by the process of recording transactions. Debits and credits is often a challenging subject and is not essential to the non-accounting majors taking this course.
# The Horizontal Financial Statements Model helps students visualize the simultaneous impact of business events on all of the key financial statements (the income statement, the balance sheet, and the statement of cash flows). This pedagogical tool is a unique, distinguishing feature of the Edmonds texts.
# The text truly focuses on the fundamentals of accounting by not going into needless detail or covering too many advanced topics. Edmonds facilitates learning by isolating concepts and presenting them in a logical sequence. Avoiding excessive detail reduces length, helps students stay focused, and enables professors to more easily move through all the topics they want to cover.
# While typical financial accounting texts focus on just one accounting cycle at a time, managers of companies rarely make important decisions based on only one accounting cycle. That?s why Edmonds presents the key financial statements in a Vertical Statements Model that demonstrates the impact of related events over multiple accounting cycles.
# Coverage of the statement of cash flows begins in the first financial chapter and continues throughout all remaining financial chapters. Students first analyze the cash account. With the cash account as the data source, preparing a statement of cash flows is simply a matter of classifying events as operating, investing, or financing activities. This approach makes this challenging topic more digestible for students.
# Real-world focus in the end-of-chapter material and examples throughout the chapter enliven the presentation and build a connection between the theory and what is practiced in the business world. ?Reality Bytes? boxes offer more examples of accounting in practice. ?Curious Accountant? openers pose a question regarding a real-world accounting issue. ?Focus on International Issues? boxes present interesting issues that impact countries around the world, not just the U.S.
# A Look Back/A Look Forward: Each chapter ends with a summary of the main points and a preview of the next chapter, with an emphasis on how they interrelate. This approach stresses the stepwise, logical organization of the book and helps students understand how topics connect to one another.
# Business transactions are classified into four logical categories: an asset source, an asset use, an asset exchange, or a claims exchange. This approach encourages students to think like a manager about the effects of events rather than simply memorize the recording procedures.
# Strong conceptual foundation is bolstered by the delay of coverage of depreciation, interest computations, and gains and losses. For example, the introduction to depreciation is presented in Chapter 6, Accounting for Long-Term Operational Assets, thereby allowing students to develop an understanding of accounting for deferrals without the unnecessary complication of contra accounts. Likewise, the introduction of gains and losses is delayed so that students can develop an understanding of cash flow from operating activities in a simplified learning environment.
# Boxes titled ?Focus on International Issues? include content regarding IFRS and other interesting international topics , providing instructors the flexibility to place the desired amount of emphasis on international standards. Exercises allow the instructor to reinforce the international content through homework assignments.
# An ethics framework that includes an ethics case as part of the Analyze, Think, and Communicate (ATC) end-of-chapter material for every chapter in the text. Each chapter?s ATC Problem 5 covers this topic and relates the ethics framework to the specific subjects covered in the each chapter.
# The managerial chapters of the text focus on decision making. Chapter 10 focuses on how product costing affects financing availability, management motivation, and income tax considerations; Chapter 11 demonstrates how cost behavior affects profitability through operating leverage.
# The text reflects the United States? shift from a manufacturing economy to a service-based economy. The text provides an even greater emphasis on service companies; for example, the budgeting chapter (Chapter 14) uses a merchandising business while most traditional texts use a manufacturing company.
# End-of-Chapter problem material includes an ?Analyze, Think, Communicate? section (ATC). Problems in this section feature a strong critical-thinking component and provide good opportunities for writing and group assignments. This gives professors great variety from which to choose when building assignments, and allows them to include more conceptual/decision-making work in the course.
# Reorganized the content to more closely follow a traditional balance sheet sequencing approach: the first three chapters introduce the accounting cycle for service and merchandising businesses. Thereafter, topics are presented in the order they normally appear in a balance sheet: accounting for assets, accounting for liabilities, and accounting for equity.
# Topics associated with corporate governance moved from Chapter 2 to Chapter 4.
# Chapter 4 now includes coverage of Accounting for Cash, Internal Controls, and Ethics.
# Accounting for Inventory Cost Flow was moved from Chapter 4 into Chapter 5.
# Chapter 5 now includes Accounting for Receivables and Inventory Cost Flow.
# Consolidated coverage of Financial Ratios into a single Chapter (Chapter 9).
# Added basic coverage of auditing practices in Chapter 4.
# Added coverage of bond discounts and premiums in Chapter 7.
# Coverage of manufacturing costs flow through raw materials, work-in-process, and finished goods inventory is in Chapter 10.
# The Analyze, Think, Communicate sections now include a business application case, a group assignment, a research assignment, a writing assignment, and an ethics case in each chapter.
# To purchase an eBook version of this title, visit www.CourseSmart.com (ISBN 0077317726). With the CourseSmart eTextbook version of this title, students can save money, reduce their impact on the environment, and access powerful web tools for learning. Faculty can also review and compare the full text online without having to wait for the print desk copy.
# Homework and Assessment
# Connect Accounting Now available with Williams 16e, McGraw-Hill?s Connect Accounting offers a number of powerful tools and features to make managing assignments easier, so you can spend more time teaching. Accounting is learned by practicing and developing problem-solving skills ? the more practice, the better. Connect Accounting provides:
# -Algorithmic functionality ? provides limitless problems.
# -Automated grading ? saves instructor time.
# -Immediate feedback ? teaches students the right way to solve problems.
# -Integrated eBook (Connect Plus feature) ? provides relevant links to the text from the assigned homework problems.
# How do you grade homework in your course?
# Connect/Connect Plus
# Coverage
# Do you cover debits and credits in your course?
# The text eliminates debits and credits, permitting the instructor to teach accounting without being slowed down by the process of recording transactions. Debits and credits is often a challenging subject and is not essential to the non-accounting majors taking this course.
# No debit/credit coverage
# Coverage
# Focused approach
# Do you struggle to cover all the necessary material in your course?
# The text truly focuses on the fundamentals of accounting by not going into needless detail or covering too many advanced topics. Edmonds facilitates learning by isolating concepts and presenting them in a logical sequence. Avoiding excessive detail reduces length, helps students stay focused, and enables professors to more easily move through all the topics they want to cover.
# Coverage
# How well do your students understand how all of the financial statements work together?
# Horizontal Financial Statements Model
# The Horizontal Financial Statements Model helps students visualize the simultaneous impact of business events on all of the key financial statements (the income statement, the balance sheet, and the statement of cash flows). This pedagogical tool is a unique, distinguishing feature of the Edmonds texts.
# IFRS coverage
# How do you plan to cover IFRS in your course?
# Boxes titled ?Focus on International Issues? include content regarding IFRS and other interesting international topics, providing instructors the flexibility to place the desired amount of emphasis on international standards. Exercises allow the instructor to reinforce the international content through homework assignments.
# Flexible coverage
# Accounting Cycle
# Multiple Accounting Cycle Approach
# While typical financial accounting texts focus on just one accounting cycle at a time, managers of companies rarely make important decisions based on only one accounting cycle. That?s why Edmonds presents the key financial statements in a Vertical Statements Model that demonstrates the impact of related events over multiple accounting cycles.
# How do you cover the Accounting Cycle?
# Student Motivation
# How do you keep your students engaged and motivated in your course?
# Real-world focus in the end-of-chapter material and examples throughout the chapter enliven the presentation and build a connection between the theory and what is practiced in the business world. ?Reality Bytes? boxes offer more examples of accounting in practice. ?Curious Accountant? openers pose a question regarding a real-world accounting issue. ?Focus on International Issues? boxes present interesting issues that impact countries around the world, not just the U.S.
# Real-World examples
# Student Motivation
# How do you keep your students engaged and motivated in your course?
# Real-world focus in the end-of-chapter material and examples throughout the chapter enliven the presentation and build a connection between the theory and what is practiced in the business world. ?Reality Bytes? boxes offer more examples of accounting in practice. ?Curious Accountant? openers pose a question regarding a real-world accounting issue. ?Focus on International Issues? boxes present interesting issues that impact countries around the world, not just the U.S.
# Real-World examples
# Student Motivation
# How do you promote critical thinking in your course?
# End-of-Chapter problem material includes an ?Analyze, Think, Communicate? section (ATC). Problems in this section feature a strong critical-thinking component and provide good opportunities for writing and group assignments. This gives professors great variety from which to choose when building assignments, and allows them to include more conceptual/decision-making work in the course.
# Analyze, Think, Communicate Table of Contents Chapter 1 An Introduction to Accounting
Chapter 2 Understanding the Accounting Cycle
Chapter 3 Accounting for Merchandising Businesses
Chapter 4 Internal Controls, Accounting for Cash, and Ethics
Chapter 5 Accounting for Receivables and Inventory Cost Flow
Chapter 6 Accounting for Long-Term Operational Assets
Chapter 7 Accounting for Liabilities
Chapter 8 Proprietorships, Partnerships, and Corporations
Chapter 9 Financial Statement Analysis
Chapter 10 An Introduction to Managerial Accounting
Chapter 11 Cost Behavior, Operating Leverage, and Profitability analysis
Chapter 12 Cost Accumulation, Tracing and Allocation
Chapter 13 Relevant Information for Special Decisions
Chapter 14 Planning for Profit and Cost Control
Chapter 15 Performance Evaluation
Chapter 16 Planning for Capital Investments
Appendix A Accessing the EDGAR Database through the Internet
Appendix B Portion of the Form 10-K for Target Corporation
Appendix C The Double-Entry Accounting System Supplements # Instructor's Resource CD-ROM to accompany Survey of Accounting
ISBN: 0077317696
Author(s): EDMONDS
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