This edition focuses on concepts that are isolated in a logical sequence. It explains how accountants manipulate financial statements, discusses the three comon features of criminal and ethical misconduct including opportunity, pressure and rationalization, and much more.

Prepared by Phil Olds, Virginia Commonwealth University

Students are often overwhelmed by the amount of information presented in the introductory financial accounting course. Fundamental Financial and Managerial Accounting Concepts gives students the big picture, by focusing on fundamental concepts in a logical sequence. The authors intentionally limit the scope of the material to help students build a solid foundation of the most important concepts.As a result, students are able to fully comprehend the material rather than memorize seemingly unrelated terms and topics. The mechanics of accounting coverage (debits and credits) is delayed until chapter 3 allowing instructors the flexibility in the amount of emphasis they want to place on this topic.

The text and images in this book are in grayscale. A hardback color version is available. Search for ISBN 9781680922929. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today's college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the "why" as well as the "how" aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.

Elements of financial statements - Understanding the accounting cycle - The double-entry accounting system - Accounting for merchandising businesses - Accounting for inventories - Internal control and accounting for cash - Accounting for receivables - Accounting for long-term operational assets - Accounting for current liabilities and payroll - Accounting for long-term notes payable and bond liabilities - Proprietorships, partnerships, and corporation - Statement of cash flows - Financial statement analysis - Management accounting: a value-added discipline - Cost behavior, operating leverage, and profitability analysis - Cost accumulation, tracing, and allocation - Product costing in service and manufacturing companies - Job-order, process, and hybrid cost systems - Analysis of cost, volume, and pricing to increase profitability - Relevant information for special decisions - Planning for profit and cost control - Performance evaluation - Responsibility accounting - Planning for capital ...