Kumen H. Jones, Arizona State University (retired); Michael L. Werner, University of Miami; and Katherene Terrell and Robert Terrell, both of the University of Central Oklahoma

Basic Approach

This introduction to financial accounting and its significant role in making sound business decisions teaches students how to be wise users, not necessarily preparers of accounting information–a strong user-based approach that’s endorsed and supported by the AECC. The author’s present accounting information in a broader business context–emphasizing what accounting information is, why it is important, and how it is used to make strategic economic decisions. Optional brief coverage of some accounting procedures is included.

Features

NEW–3 text versions–form one part of the Jones, et al. Accounting Series, offering split or combined introductory text/supplement programs for Survey Accounting, Financial Accounting, Managerial Accounting, and Accounting Principles.

User-driven approach–approaches accounting from the perspective of the user rather than the preparer.

Show students how accounting information can be used to make better business decisions so that they see the immediate relevance and application of accounting concepts.

NEW–streamlined presentation–consolidates coverage from 14 chapters to 12.

NEW–conceptual framework of accounting–Introduced in Chapter I, then expands and deepens their coverage throughout Chapters 2-12.

NEW–wealth of new coverage–introduces topics like units-of-production depreciation, direct method of preparing the cash flow statement, comprehensive income, the four functions of the firm, and a step-by-step guide to financial statement analysis.

NEW–expanded coverage throughout–includes new discussions within coverage of stock market pricing, the cost of borrowing, statement of owner’s equity, revenue recognition, and expense recognition.

NEW–optional Chapter 7 on Accumulating Accounting Date–Brief optional coverage of accounting procedures (debits and credits) starts with Chapter 7 and continues with optional end-of-chapter appendices.

Offers instructions the option to introduce accounting procedures and the accounting cycle or omit this coverage without disrupting the flow of the text.

NEW–Expanded and enhanced exercise/assignment material–includes three totally new categories of assignments.

Continuous Annual Report Project in eleven chapters.

Cycle Cases (linked to the Prentice Hall General Ledger software on the companion Web site) in Chapter 7.

NEW–Gap Inc. Annual report included–Show students how to understand and use the information contained in Gap annual report.

NEW–New chapter-opening vignettes–Opens each chapter with engaging profiles of real-world accounting situations.

Strong focus on business decision making–Provides an introduction to business (Chapter I); outlines basic decision-making concepts and expands on these essentials, moving from a general setting to one specifically relating to economic decision-making (Chapter 2).

Discussion Questions–cultivates critical-thinking and decision-making skills by fully incorporating a number of discussion questions within chapter discussions.

Financial Reporting Cases–encourages students to use the Internet and PHLIP web site to link to real businesses and explore their financial statements.

CONTENTS

F1. Introduction to Business in The United States. Introduction of the

Conceptual Framework of Accounting.

F2. Economic Decision-Making.

F3. The Balance Sheet: Initial Financing–Investments by Owners.

F4. The Balance Sheet (Continued): Additional financing–Borrowing from

Others.

F5. Income Statement and Statement of Owners’ Equity.

F6. Keeping Score: Bases of Economic Measurement.

F7. Accumulating Accounting Date.

F8. Challenging Issues under Accrual Accounting: Long-Lived Depreciable

Assets–A Closer Look.

F9. Challenging Issues Under Accrual Accounting: Merchandise Inventory and

Cost of Goods Sold.

F10.The Balance Sheet and Income Statement: A Closer Look.

F11. Tools of the Trade Part III. The Statement of Cash Flows; Bringing the

Focus Back to Cash.

F12. Financial Statement Analysis.

SUPPLEMENTS

Financial Instructor’s Manual

Financial Solutions Manual

Powerpoint Presentation

Financial Test Item File

Financial Solutions Transparencies

PHLIP/CW Web site: www.prenhall.com/jones