Corporate Financial Accounting,
15th Edition

1. Introduction to Accounting and Business.
2. Analyzing Transactions.
3. The Adjusting Process.
4.The Accounting Cycle.
5. Accounting for Retail Businesses.
6. Inventories.
7. Internal Control and Cash.
8. Receivables.
9. Long Term Assets: Fixed and Intangible.
10. Liabilities: Current, Installment Notes, and Contingencies.
11. Liabilities: Bonds Payable.
12. Corporations: Organization, Stock Transactions, and Dividends.
13. Statement of Cash Flows.
14. Financial Statement Analysis.
Appendix A: Interest Tables.
Appendix B: Revenue Recognition: Five-Step Process
Appendix C: International Financial Reporting Standards.
Appendix D: Investments.
Appendix E: Nike Inc.
Appendix F: Special Journals (online)
Glossary.
Index.

• Carl S. Warren

  Dr. Carl S. Warren is professor emeritus of accounting at the University of Georgia, Athens. For more than 25 years, Dr. Warren has taught all levels of accounting courses with a primary focus on introductory of accounting and auditing. Dr. Warren has taught classes at the University of Iowa, Michigan State University and the University of Chicago. He received his Ph.D. from Michigan State University and his B.A.A. and M.A. from the University of Iowa. During his career, Dr. Warren published numerous articles in professional journals, including The Accounting Review, Journal of Accounting Research, Journal of Accountancy, The CPA Journal and Auditing: A Journal of Practice and Theory. Dr. Warren’s outside interests include handball, backpacking, skiing, hiking, fly-fishing and golf. He also spends as much time as possible visting with his five grandchildren (two sets of twins) and riding his motorcycle. Dr. Warren resides in Montana.

• Jeff Jones

  Dr. Jefferson P. Jones is an associate professor of accounting in the School of Accountancy at Auburn University, where he teaches financial accounting and applied financial research courses. He received his B.A. and M.A. degrees from Auburn University and his Ph.D. from Florida State University. Dr. Jones has received numerous teaching awards, including the Auburn University Beta Alpha Psi Outstanding Teaching Award (eleven times), the Auburn University Outstanding Master of Accountancy Professor Teaching Award (five times), the Auburn University Outstanding Distance Master of Accountancy Teaching Award (three times) and the Auburn University College of Business McCartney Teaching Award. In addition, he has made numerous presentations around the country on research and pedagogical issues. Dr. Jones has public accounting experience as an auditor with Deloitte and Touche and holds a C.P.A. certificate in the state of Alabama (inactive). He is a member of the American Accounting Association, the American Institute of Certified Public Accountants (AICPA) and the Alabama Society of CPAs (ASCPA). His research interests focus on financial accounting, specifically investigating the quality of reported accounting information and accounting education. He has published articles in numerous journals, including Advances in Accounting, Review of Quantitative Finance and Accounting, Issues in Accounting Education, International Journal of Forecasting and The CPA Journal. When not at work, Dr. Jones enjoys playing golf and watching college football.

• NEW "PATHWAYS CHALLENGE" FEATURE IN EACH CHAPTER ILLUSTRATES THE IMPORTANCE OF ACCOUNTING TO BUSINESS AND SOCIETY. Each "Pathways Challenge" emphasizes the critical thinking required by accountants. The Challenge describes an economic activity and requires students to answer several critical-thinking/judgment questions. Suggested answers appear at the end of the chapter. These "Pathways Challenges" are consistent with The Pathways Commission’s study, “Charting a National Strategy for the Next Generation of Accountants.”

• NEW “WHY IT MATTERS” CONCEPTCLIPS IN CNOWv2 EXPOSE STUDENTS TO WHY ACCOUNTING MATTERS. Brief captivating video clips that expose students to why the concept is important and how the concept is used in the real world. This is especially helpful information for students who are not accounting majors. ConceptClips are assignable and gradable in CNOWv2.

• REORGANIZED CHAPTER 3 NOW DISCUSSES ADJUSTMENTS FROM SIMPLE TO COMPLEX. Students review adjustments in the order of accrued revenues, accrued expenses, unearned revenue to prepaid expenses, and depreciation. Accrued revenues and expenses are easiest to learn because no journal entry has yet been made. Students record a journal entry similar to journal entries already recorded. In contrast, with unearned revenues and prepaid expenses a journal entry has already been made, but accounts must be updated at the end of the period. This reorganization enables students to master this difficult topic.

• SIMPLIFIED PRESENTATION (CH. 4) CLARIFIES THE CLOSING PROCESS. The Closing Entry Process now uses two closing entries, rather than four, for consistency with today’s computerized accounting systems. The first closing entry closes revenues and expenses (net income or loss) to retained earnings. The second closing entry does not change and closes the dividends account to retained earnings. The temporary account, Income Summary, is no longer used, which simplifies the process. Also, the first closing entry is similar to the income statement, which students prepare before the closing process.

• REVISED AND IMPROVED DISCUSSION EXPLAINS THE NEW REVENUE RECOGNITION STANDARD IN CHAPTER 5. The Chart of Accounts for a retail business now appears at the beginning of the chapter. This enhances student understanding of the distinction between a service and retail business. It also exposes students to new accounts that they will see throughout the chapter.

• REVISED DISCUSSION OF SALES REFUNDS, ALLOWANCES, AND RETURNS ALLOWS STUDENTS TO PROGRESS FROM SIMPLE TO COMPLEX. Material now progresses from cash refund with no return to credit memo with no return and cash or credit memo with return. A new end-of-chapter appendix emphasizes the "Gross Method of Accounting for Sales Discounts."

• NEW LEARNING OBJECTIVES IN CHAPTER 5 GUIDE STUDENTS THROUGH THE ADJUSTING PROCESS FOR A RETAIL BUSINESS. The adjusting entries for estimated refunds, allowances, and returns now appear after the simpler adjusting entry for inventory shrinkage. This section concludes with an adjusted trial balance that connects to illustrated financial statements for a retail business. Like revisions to the closing process for a service business, the closing process for a retail business now includes two rather than four closing entries. The closing process also concludes with a post-closing trial balance.

• ACCOUNTING CYCLE COVERAGE PROVIDES UNMATCHED FOUNDATION FOR LATER SUCCESS. The accounting cycle is presented in a simple-to-complex format over four chapters, using one company example throughout (NetSolutions) and illustrating two months of transactions (November and December). The authors repeat and reinforce the accounting cycle with a capstone illustration (Kelly Consulting) of the accounting cycle for one period. A Comprehensive Problem further reinforces the accounting cycle with transactions for Kelly Consulting for the next period (May).

• SIMPLE-TO-COMPLEX PEDAGOGY ENSURES STUDENT COMPREHENSION. Experienced authors use their own knowledge and input from leading accounting faculty to present a proven simple-to-complex pedagogy that facilitates student learning as they progress through the text. This edition’s Chapter 3, The Adjusting Process, is now revised to reflect this pedagogy.

• ANALYSIS FOR DECISION MAKING SECTIONS PUT PROCEDURES INTO CONTEXT. Each chapter ends with a new section that uses real company illustrations to emphasize how businesses use accounting information to make decisions or evaluate the health of the company. Readers gain an understanding of how chapter content fits within extended business settings, such as franchising and sustainability activities. Related Analysis for Decision Making assignments allow students to improve analytical skills using real world company data.

• PRESENTATION STYLE APPEALS TO CONTEMPORARY LEARNERS: Built for today's students, this edition's approach highlights content in a way that reflects how today's students read and assimilate information. Concise paragraphs and bullets, stepwise progression, and meaningful illustrations engage students and ensure retention.

• CENGAGENOWV2 CLOSES THE GAP BETWEEN HOMEWORK AND EXAM PERFORMANCE. A new multi-panel view enables students to see all elements of a problem on one screen. This makes it easier to navigate the problem and understand the accounting system. New Adaptive Feedback responds to students' unique answers and alerts them to the type of error they have made, to keep students progressing. A new Blank Sheet of Paper Experience provides a less leading response system for journal entries and financial statements that discourages over-reliance on the system.

• ACCOUNTING EQUATION IMPACT TOOL AIDS STUDENT COMPREHENSION: To demonstrate the impact of the transaction on the business, each journal entry includes the net effect of the transaction on the accounting equation. This link between the journal entry and the accounting equation is also emphasized in the accompanying CNOWv2. As student enters transactions into the journal, the impact on the accounting equation automatically populates to helps students see the link between transactions and their impact on the accounting equation.

• "SHOW ME HOW" VIDEOS IN CENGAGENOWV2 CLARIFY PROCESSES. Hundreds of "Show Me How" problem demonstration videos provide step-by-step models of similar problems. Embedded tips and warnings help students avoid common mistakes and reduce frustration. Identified by an icon in the text margins, "Show Me How" videos correspond to specific assignments in CengageNOW™v2 and offer ideal opportunities for self-study and review.

• "DYNAMIC EXHIBITS" IN CENGAGENOWV2 DEMONSTRATE ACCOUNTING IN ACTION. Dynamic Exhibits allow students to change the variables in a scenario and see how a change ripples through the accounting system. Students understand connections and relationships like never before. Clearly identified by icons in the text, Dynamic Exhibits are embedded within the MindTap® eReader in CengageNOW™v2. They are assignable and gradable in CengageNOW™v2 and offer valuable tools for study and review.

• "CHECK UP CORNER" OFFERS ADDITIONAL VISUAL EXPLANATIONS. To aid learning and encourage problem solving, "Check Up Corner" features provides an illustrated overview with call-out explanations for key topics or more challenging concepts. The call-outs further detail the steps in developing the solution. This feature helps students improve problem-solving skills with a hands-on, effective tool for reviewing and reinforcing what they have read.

• AUTHOR WRITTEN END-OF-CHAPTER MATERIALS PROVIDE AN ACCURACY YOU AND YOUR STUDENTS CAN TRUST. The authors apply their vast experience to develop and revise this edition’s end-of-chapter materials. In addition, all end-of-chapter content is verified by dedicated Subject Matter Experts.

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

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