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Financial Accounting
ISBN-10: 0131492012
ISBN-13: 9780131492011
Publisher: Prentice Hall
Copyright: 2007
Format: Cloth; 840 pp
Published: 12/29/2005
Status: Out of Print
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Description
For an Introduction to Financial Accounting course. Traditional organization for a course combining both "preparer" and "user" approaches. Integrates recent changes in the post-Enron business environment AND presents strong accounting fundamentals.
Reimers Financial Accounting 1/e: How Accounting is Driving Change in Business.
Features
For an Introduction to Financial Accounting course. Traditional organization for a course combining both "preparer" and "user" approaches. Integrates recent changes in the post-Enron business environment AND presents strong accounting fundamentals.
Reimers, Financial Accounting 1/e: How Accounting is Driving Change in Business.
Until accounting scandals rocked the business world in the early 2000's, there was little motivation to change how financial accounting was taught. But then, accounting hit the deadlines, igniting a healthy debate about what today's financial accounting course should be...
From Columbia University's Hermes Magazine:
“The Accounting scandals have become a catalyst for change and improvement in Financial Reporting by public companies--this is the biggest thing to happen in business since the stock market crash of 1929”
- How would YOU describe the changes in today's business and accounting environment?
From the May 2005 CPA Journal:
“According to AACSB, it is strongly recommended that accounting students receive ethics education, at the general education level, the Business Administration level and in every accounting course.”
- Are you feeling pressure to include ethics in your course? What are the sources of that pressure?
From the August 2005 AACSB BizEd Magazine:
“With Sarbanes-Oxley in full swing, it is producing a significant shift in business and in business education…creating a need for all business students to have a better understanding of internal controls, ethics and governance.”
- What do you think of this statement? How are you going to expose your students to these issues?
With thorough integration of risk, control, ethics, and governance AND strong accounting fundamentals, Financial Accounting by Jane Reimers is the book for today's financial accounting course. Let's take a closer look at the coverage of risk, control, ethics, and governance.
- The Introduction: this starts the course off on the right foot through two unique elements: "BusinessIQ" and "Ethics Matter". The Business IQ feature gets students up to speed and on the same page about what businesses do, and the vocabulary of business. Then, recent events in the changing business environment are introduced and discussed. Students are explicitly exposed to why "Ethics Matter" in accounting.
- Example: Business IQ - Introduction pg. 2
- Example: Ethics Matter - Introduction pg. 12
- Risk and Control in Every Chapter: Every chapter includes a unique section on Risk and Control. The risks associated with the topic of the chapter are introduced and discussed, along with the related controls for that risk. This is done in an easily understandable way for students. For example, in Chapter 4, students learn why they often see a sign in retail establishments saying: "If your cashier doesn't give you a receipt, your purchase is free". Reimers explains that this is a simple, non-technical example of a control. The customer (the student) is the control, reducing the risk that the cashier will pocket the cash.
- Example: pg. 189
- Corporate Governance Capstone Chapter: the book ends with a unique chapter dedicated to the importance of corporate governance in today's business environment. It takes advantage of the integrated coverage of risk, control, and ethics in earlier parts of the book, and provides students with a clear understanding of good governance and their role in maintaining it. They will take this knowledge into their academic and professional careers, ultimately making them better corporate citizens.
- Example: Ch. 13, pg. 670
Sure, we've integrated important changes from the current business environment, but we haven't lost sight of the critical importance of the fundamentals. After all, that's still where most of the course is focused. Jane Reimers has over 20 years of teaching experience, and really understands the needs of students and teachers. The following two examples are illustrations of the many teaching innovations you'll see throughout the book:
"Do you find that students struggle with understanding where the numbers go while they are working through the accounting equation?"
- Color-Coded Accounting Equation: The information for the four basic financial statements can all be found within the accounting equation. Reimers identifies each statement with a unique color in Exhibit 2.10, and uses these colors throughout the chapters. This simple innovation makes it far easier for students to quickly recognize where the numbers in the accounting equation are coming from.
- Example: Exhibit 2.10, pg. 61
- Example of Continuing Use: pg. 66
"Do you work exercises in class and assign similar exercises for homework?"
- Matched Exercise and Problem Sets: most books provide "A" and "B" Problem Sets to provide problems to work in class and assign at home. No book takes the simple step of also providing matching "A" and "B" Exercise Sets. Until now. Now, instructors can work a large number of single-concept exercises in class, and be confident that they have an exact mirror set of exercises to include on homework assignments. A simple, but useful, innovation.
- Example: pgs. 79-88
-
OTHER POINTS OF DISTINCTION
"As questions about the quality of earnings have increased in the past several years, what is the impact on your coverage of Statement of Cash Flows?"
- Early and Intuitive Coverage of Statement of Cash Flows: More and more managers and analysts believe it is the most important financial statement. Reimers introduces the statement of cash flows briefly and intuitively in chapters 1,2,4,7 and 8, before providing full coverage in a dedicated chapter (ch.11). The integrated coverage of the cash flow statement will make students comfortable with the meaning of the statements early on in the course.
- Example: pg. 15-16
- Example: pg. 560-561
-
"Like most publishers, we offer an online homework manager, but do you wish these systems were easier to use?"
- The PHGA Service Plan: The online homework management systems provided by publishers are all alike. But, the Prentice Hall Grade Assist (PHGA) Service Plan takes online homework to a new level. In addition to all of our "B" problems being readily available in PHGA, we are now offering a service that builds your online homework assignments for you. Here's how it works: From the "B" problems set menu, you select on paper (or online) only the problems you want to assign online homework. Once you submit the selected problems, we'll set up the assignment for you with the selected problems and email a link to the assignment to you. Or to make it even easier, you can forward your syllabus to us and we'll build your assignments for you. This is the fastest and easiest way to get up and running with an online homework management system.
"With a larger number and a wider variety of students now taking your course, are you more interested in using a text with superior student-friendly writing, that will appeal to majors and non-majors equally?"
- Conversational Writing Style: Jane Reimers is a trained educator, with a a PhD in Accounting from the University of Michigan, and a wealth of teaching experience ranging from high-school mathematics, to accounting at Duke and Florida State Univerisities to online courses to IRS empolyees. In addition, she has also worked as a CPA for a national accounting firm and has earned numerous teaching awards. Her vast experience shows in her conversational writing style which reads as if the author is talking directly to the student. Our reviewers have commented strongly on the tone used:
"The writing style of Reimers is excellent. It is a major feature to this book. She is extrememly student friendly and is appropriately clear" Tim Baker, Cal State Fresno.
"This is a well-balanced text that will meet the needs of all of our students--accounting and non-accounting majors. This is a text that helps students see the "whole picture," the challenges of the profession, and the importance of accounting to business. The writing is both interesting and easy to understand." Marianne James, CAL State LA
- Example: pg. 4 What is Accounting and Why is it Important?
"Do you like to use a continuous running case in your course? Are you looking for ways to introduce and improve on students' Excel skills?"
MP3 STORE CONTINUING CASE & BUILDING YOUR EXCEL SKILLS: This is a very student friendly continuous case beginning in Chapter 1 with a fictional MP 3 Store's first month of business, each successive chapter will show the next month of business. This is a great way to help students see how the financial statements for one period relate to the subsequent months' statements and it also helps students build and improve their Excel skills. A case problem with Excel screen shots is included in each chapter.
- Example pg. 40-41
PRACTICE. PRACTICE. PRACTICE.
"Is having a wealth of various types of end of chapter problems germane to keeping your course challenging and current?"
- Quality and Quantity of End of Chapter Material: Reimers has a comprehsive host of end of chapter material designed to provide extensive practice, challenge and assesment. Example pgs. 75-94
- Questions: Assess comprehension of basic concepts. Example pg. 75
- Multiple Choice: test comprehension of key terms and the student’s ability to handle simple computation. Example pg. 76
- Short Exercises: test and reinforce understanding of the mechanics of the chapter. Example pg. 77
- Exercises, Sets A and B: provide more in-depth exercises that test and reinforce understanding of the mechanics of the chapter. Problems, Set A, provide problems to solve in class. Problems, Set B, are parallel to Problems, Set A, and may be assigned as homework. Example pgs.79-91
- Financial Statement Analysis Problems: apply the chapter’s concepts to financial statements from real-world companies such as Amazon.com, Tootsie Roll, and Bed Bath & Beyond. Example: 92
- Select problems: ask students to analyze the Wal-Mart annual report or the Target 10K statement that appears in the back of the book. Example p.94
- Critical Thinking Problems: promote and teach creative thinking beyond the mechanics so students to learn to apply what they’ve learned in diverse business situations they may face when entering the workforce. These problems are divided into three categories: Risk and Control, Ethics, and Group. Example p.94
- Internet Exercises: encourage students to research information from specific company Web sites. Example p.94
Table of Contents
FINANCIAL ACCOUNTING
Getting Started: Your Business IQ
What’s Your Business IQ?
Chapter 1: The Link Between Business and Accounting
1.1 What is Accounting and Why is it Important to Business?
1.2 Using Financial Reports to Make Decisions
1.3 The Accounting Equation and the Basic Financial Statements
1.4 Financial Statement Analysis
1.5 Business Risks and Controls
1.6 Let’s Go for a Test Drive
1.7 Rapid Review
Chapter 2: Preparing Financial Statements and Analyzing Business Transactions
2.1 Objectives, Assumptions, and Qualifies of Financial Reporting
2.2 A Closer Look at the Balance Sheet
2.3 A Closer Look at the Income Statement
2.4 A Closer Look at the Statement of Changes in Shareholders’ Equity
2.5 Cash Flows
2.6 Notes to the Financial Statements
2.7 A Summary of the Assumptions, Principles, and Constraints in Financial Reporting
2.8 Business Transactions and the Financial Statements
2.9 Financial Statement Analysis: The Current Ratio
2.10 Business Risk and Internal Controls
2.11 Let’s Go for a Test Drive
2.12 Rapid Review
Chapter 3: The Accounting Information System and the Accounting Cycle
3.1 Keeping Track of Business Transactions
3.2 Using Debits and Credits to Record Transactions
3.3 The Accounting Cycle
3.4 Recording and Posting Transactions and Preparing a Trial Balance
3.5 Financial Statement Analysis
3.6 Business Risks and Controls
3.7 Let’s Go for a Test Drive
3.8 Rapid Review
Chapter 4: Accrual Basis Accounting and the Accounting Cycle
4.1 Measuring Income – Recording Revenues and Expense
4.2 Timing Differences
4.3 Making Adjusting Entries and Preparing the Financial Statements
4.4 Closing the Revenue and Expense Accounts
4.5 Financial Statement Analysis
4.6 Business Risks and Controls
4.7 Let’s Go for a Test Drive
4.8 Rapid Review
Chapter 5: Accounting for Merchandising Operations
5.1 Merchandising firms
5.2 Acquiring Merchandise for Sale
5.3 Sale of Merchandise
5.4 Recording Inventory: Perpetual versus Periodic Recordkeeping
5.5 Multi-step Income Statement
5.6 Financial Statement Analysis—Gross Profit Ratio and Profit Margin Ratio
5.7 Business Risks and Internal Controls
5.8 Let’s Go for a Test Drive.
5.9 Rapid Review
Chapter 6: Reporting and Analyzing Inventory
6.1 Determining What Belongs in the Inventory
6.2 Inventory Cost Flow Assumptions
6.3 How Cost Flow Assumptions Affect Financial Statements
6.4 Complications in Valuing Inventory—Lower-of-cost-or-market Rule
6.5 Financial Statement Analysis: Inventory Turnover
6.6 Business Risk and Control: Inventory
6.7 Let’s Go for a Test Drive
6.8 Rapid Review
6.9 The mechanics
Chapter 7: Cash, Accounts Receivable, and Bad Debt Expense
7.1 Accounts Receivable and Bad Debt Expense
7.2 Accounting for Credit Card Sales
7.3 Notes Receivable
7.4 Controlling Cash
7.5 Reporting Case
7.6 Analyzing Accounts Receivable with Ratio Analysis
7.7 Business Risk and Control
7.8 Let’s Go for a Test Drive
7.9 Rapid Review
Chapter 8: Reporting and Interpreting Long-term Operational Assets
8.1 Acquiring Plant Assets
8.2 Using Long-term Tangible Assets: Depreciation and Depletion
8.3 Using Intangible Assets: Amortization
8.4 Changes after the Purchase of the Asset
8.5 Selling Long-term Assets
8.6 Presentation of Long-term Assets of the Financial Statements
8.7 Financial Statement Analysis – Return on Assets and Asset Turnover
8.8 Business Risk and Control
8.9 Let’s Go for a Test Drive
8.10 Rapid Review
Chapter 9: Reporting and Understanding Liabilities
9.1 Definitely Determinable Liabilities
9.2 Estimated Liabilities
9.3 Long-term Notes Payable and Mortgages
9.4 Long-Term Liabilities: Raising Money by Issuing Bonds
9.6 Financial Statement Analysis – Financial Leverage and Debt Ratios
9.8 Business Risk and Controls – Long-Term Debt
9.9 Let’s Go for a Test Drive
9.10 Rapid Review
Chapter 10: Reporting and Understanding Shareholders’ Equity
10.1 Components of Shareholders’ Equity in a Corporation – Contributed Capital
10.2 Cash Dividends
10.3 Treasury Stock
10.4 Stock Dividends and Stock Splits
10.5 Retained Earnings
10.6 Financial Statement Analysis
10.7 Business Risk and Control 10.7a. Owners’ Risks
10.8 Let’s Go for a Test Drive
Chapter 11: More About the Statement of Cash Flows
11.1 Categories of Cash Flows
11.2 Accrual-Basis Accounting Versus Cash-Basis Accounting
11.3 Overview of the Two Methods of Preparing and Presenting the Statement of ash Flows
11.4 Statement of Cash Flows – Indirect Method
11.5 Cash Flows from Operating Activities – Direct Method
11.6 Cash from Investing and Financing Activities
11.7 Putting it all Together to Prepare the Statement of Cash Flows
11.8 Financial Statement Analysis – Using Cash Flows to Evaluate Performance
11.9 Business Risk and Control
11.10 Let’s Go for a Test Drive
11.11 Rapid Review
Chapter 12: More About Financial Statement Analysis
12.1 Accounting as an element of strategy
12.2 General analysis
12.3 Comparative analysis
12.4 Ratio analysis
12.5 Financial Statement Analysis Comprehensive Problem
12.6 Let’s Go for a Test Drive
12.7 Rapid Review
Chapter 13: Quality of Earnings and Corporate Governance
13.1 Why are Earnings Important?
13.2 The Quality of Earnings
13.3 Common Ways to Manipulate Earnings
13.4 What We Learned from the Scandals of the Early 2000s
13.5 The Sarbanes-Oxley Act of 2002
13.6 Evaluating Corporate Governance
13.7 Let’s Take a Test Drive
13.8 Rapid Review
Author Bios
Jane Reimers has taught introductory financial accounting for over 20 years, to students with a wide range of abilities and backgrounds. After earning her Ph.D. from the University of Michigan, where she first taught financial accounting, she spent four years at Duke, fourteen years at Florida State, and the past three years at Rollins College in Winter Park, Florida. Her students have been traditional and non-traditional, and they have been accounting and other business majors, economics majors, fashion design majors, sports management majors, and even IRS employees who needed an introductory course in financial accounting. She has lectured in auditoriums, taught in small- and medium sized-classrooms, and coordinated an on-line course for hundreds of students. With an undergraduate degree in education and graduate degrees in accounting and a wealth of teaching experience, she has written a book for this exact time in the history of accounting education. She hopes both students and instructors come away with the enthusiasm and respect she has for accounting.
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