Priciples of Financial Accounting

Authors
Jerry J. Weygandt, University of Wisconsin
Keryn Chalmers, Monash University
Lorena Mitrione, CPA Australia
Michelle Fyfe, Monash University
Donald E. Keiso, Nothern Illinois University
Paul D. Kimmel, University of Wisconsin-Milwaukee

In its US edition, Principles of Financial Accounting has been the market leading introductory accounting textbook for over 20 years. The Australasian adaptation of this highly regarded textbook accentuates its relevance to both students and academics alike with its effective pedagogical structure, application of accounting information to a wider business environment and clear, easy to understand writing style.

As accounting is the international language of business, with many students expecting their qualifications to open career opportunities internationally, this text aligns the conceptual framework and financial reporting requirements to IFRS and AIFRS. Throughout all chapters, real company financial data and events are incorporated to illustrate accounting processes and systems.

A unique feature of the textbook is the author profile. For the first time an introductory textbook has been written by authors from both an academic and professional background, ensuring students receive a solid foundation for their university studies and the knowledge and skills expected by the accounting profession.

NEW TO THIS EDITION

• Aligns to IFRS/AIFRS where discussion refers to relevant accounting standards
• Integration of real company financial information to illustrate or reiterate key accounting processes and/or chapter content
• Chapter 14 Companies in line with Corporations Act 2001
• Thorough discussion of reporting requirements, and presentation, for balance sheet, income statement, cash flow statements and statement of changes in equity
• Assumes business end user of accounting information, discussing the impact of accounting on various aspects of the business
• Chapter 5 includes three appendices: periodic inventory system and comparison between periodic and perpetual, worksheet for a retail business, and GST.
• General journal entries presented as accounting equations to illustrate how debits and credits affect either assets, liabilities or the equity position of the business, and inflow or outflow of cash into the business

STRATEGIC FEATURES

• Chapter Scene Setter presents an overview to the chapter and will help the student understand the context of the accounting information presented in the chapter. In many chapters, the Scene Setter is based upon the financial information for a real company with a discussion integrated in the chapter
• Helpful Hint comments in the minor column
• Before You Go On sections follow each key topic
• Review it questions prompt the students to review the key point that has been studied. Designed so that if the question can not be answered then the student will need to go back and read the section again.
• Infographics - These memorable visual reminders help students visualize and apply accounting concepts to the real world.
• Accounting in Action Boxes - These applied boxes give students glimpses into the real world of business -- including Ethics Insights, International Insights, e-Business Insights, and Business Insights.
• Marginal Check Figures - These self-checks appear alongside the A and B problems and provide a key checking number (ie a part solution ie the total of the trial balance) to help students know they\'re on the right track.
• Action Plans - Problem-solving strategies accompany the Before You Go On and Do It exercises and Demonstration Problems in each chapter.
• E-Business Insights - These boxes describe how e-business technology has expanded the services provided by accountants.
• A Comprehensive Problem - Selected chapters (Chs. 4, 7, 10, 12, 16, 17, and 27) feature a problem that pulls together topics students have learned over several chapters
• Interpreting Financial Statements: A Global Focus - These boxes ask students to apply concepts presented in the chapter to specific situations faced by actual foreign companies.