Financial Accounting / Edition 8

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Read Your Book

Your professors have chosen the best-selling financial accounting textbook for your financial accounting course. Read each chapter before class, pay careful attention to the "warm-up" Check Point Exercises, and come prepared to participate actively in the classroom lectures.

Test Your Understanding with the Free
Online Study Guide

  • 4 Quizzes per chapter
  • Hints to help you make the best choices
  • Feedback on correct and incorrect answers

Check out the "Study Hall" area for study tips, research tools, a student chat room, and other resources to help you improve your accounting grade.

Re-Enforce Key Concepts with Free Downloads

PH Re-Enforcer Software
The Windows-based tutorial software enables you to test your understanding of key concepts through a variety of exercise types (multiple-choice, T-account, Financial Statement Analysis) with immediate feedback. A "Quick Tour" tutorial provides an overview of the program.

PHAS General Ledger
This Windows-based software reinforces accounting procedures through hands-on activity. PHAS General Ledger software includes problem templates for you to enter your own problems and complete the entire accounting cycle: journalize, post, print multiple reports, and close. A "Quick Tour" overviews the program and gives online "Help."

Ask for the Help You Need

Don't wait until the night before the exam to ask for help. Talk toy your instructor during and after class about any questions you may have.

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Editorial Reviews

New edition of a text in which Harrison (Baylor U.) and Horngren (Stanford U.) discuss all aspects of financial accounting. The 12 chapters cover financial statements, processing information, accrual accounting, internal control and cash, plant assets, short-term investments and receivables, inventory, stockholders' equity, using the income statement and the statement of stockholders' equity, current and long-term liabilities, long-term investments and international, and the statement of cash flows. New features include short exercises to open the assignment material for each chapter, and Excel application problems. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780136108863
  • Publisher: Prentice Hall
  • Publication date: 9/11/2009
  • Series: MyAccountingLab Series
  • Edition description: Older Edition
  • Edition number: 8
  • Pages: 960
  • Product dimensions: 8.80 (w) x 11.10 (h) x 1.40 (d)

Meet the Author

Walter T. Harrison Jr. is professor emeritus of accounting at the Hankamer School of Business, Baylor University. He received his BBA from Baylor University, his MS
from Oklahoma State University, and his PhD from Michigan State University.
Professor Harrison, recipient of numerous teaching awards from student groups as well as from university administrators, has also taught at Cleveland State Community
College, Michigan State University, the University of Texas, and Stanford

A member of the American Accounting Association and the American Institute of Certified Public Accountants, Professor Harrison has served as chairman of the
Financial Accounting Standards Committee of the American Accounting Association,
on the Teaching/Curriculum Development Award Committee, on the Program
Advisory Committee for Accounting Education and Teaching, and on the Notable
Contributions to Accounting Literature Committee.

Professor Harrison has lectured in several foreign countries and published articles in numerous journals, including Journal of Accounting Research, Journal of Accountancy,
Journal of Accounting and Public Policy, Economic Consequences of Financial Accounting
Standards, Accounting Horizons, Issues in Accounting Education, and Journal of Law and

He is co-author of Financial & Managerial Accounting, second edition, 2009 and
Accounting, eighth edition, 2009 (with Charles T. Horngren and M. Suzanne Oliver),
published by Pearson Prentice Hall. Professor Harrison has received scholarships,
fellowships, and research grants or awards from PricewaterhouseCoopers, Deloitte &
Touche, the Ernst & Young Foundation, and the KPMG Foundation.

Charles T. Horngren
(1926—2011) was the Edmund W. Littlefield professor of accounting, emeritus, at Stanford University. A graduate of Marquette University,
he received his MBA from Harvard University and his PhD from the University of
Chicago. He was also the recipient of honorary doctorates from Marquette University and DePaul University.

A certified public accountant, Horngren served on the Accounting Principles
Board for six years, the Financial Accounting Standards Board Advisory Council for five years, and the Council of the American Institute of Certified Public Accountants for three years. For six years he served as a trustee of the Financial Accounting Foundation,
which oversees the Financial Accounting Standards Board and the Government
Accounting Standards Board.

Horngren is a member of the Accounting Hall of Fame.

A member of the American Accounting Association, Horngren was its president and its director of research.

He received its first annual Outstanding Accounting Educator Award.

The California Certified Public Accountants Foundation gave Horngren its
Faculty Excellence Award and its Distinguished Professor Award. He was the first person to have received both awards.

The American Institute of Certified Public Accountants presented its first
Outstanding Educator Award to Horngren.

Horngren was named Accountant of the Year, in Education, by the national professional accounting fraternity, Beta Alpha Psi.

Professor Horngren was also a member of the Institute of Management Accountants,
from whom he received its Distinguished Service Award. He was a member of the institute’s Board of Regents, which administers the Certified Management
Accountant examinations.

Horngren is the author of these other accounting books published by Pearson:
Cost Accounting: A Managerial Emphasis, Fifteenth Edition, 2015 (with Srikant Datar and George Foster); Introduction to Financial Accounting, Eleventh Edition, 2014
(with Gary L. Sundem, John A. Elliott, and Donna Philbrick); Introduction to Management
Accounting, Sixteenth Edition, 2014 (with Gary L. Sundem, Jeff Schatzberg,
and Dave Burgstahler); Financial & Managerial Accounting, Sixteenth Edition, 2014
and Horngren’s Accounting, Tenth Edition, 2014 (revised by Tracie Nobles, Brenda
Mattison, and Ella Mae Matsumura).

Horngren was the consulting editor for Pearson’s Charles T. Horngren Series in

C. William (Bill) Thomas is the J. E. Bush Professor of Accounting and a Master
Teacher at Baylor University. A Baylor University alumnus, he received both his BBA
and MBA there and went on to earn his PhD from The University of Texas at Austin.

With primary interests in the areas of financial accounting and auditing, Bill
Thomas has served as the J. E. Bush Professor of Accounting since 1995. He has been a member of the faculty of the Accounting and Business Law Department of the
Hankamer School of Business since 1971, and served as chair of the department from
1983 until 1995. He was recognized as an Outstanding Faculty Member of Baylor
University in 1984 and Distinguished Professor for the Hankamer School of Business in 2002. Dr. Thomas has received several awards for outstanding teaching, including the Outstanding Professor in the Executive MBA Programs in 2001, 2002, and 2006.
In 2004, he received the designation as Master Teacher.

Thomas is the author of textbooks in auditing and financial accounting, as well as many articles in auditing, financial accounting and reporting, taxation, ethics and accounting education. His scholarly work focuses on the subject of fraud prevention and detection, as well as ethical issues among accountants in public practice. His most recent publication of national prominence is “The Rise and Fall of the Enron
Empire” which appeared in the April 2002 Journal of Accountancy, and which was selected by Encyclopedia Britannica for inclusion in its Annals of American History. He presently serves as both technical and accounting and auditing editor of Today’s CPA,
the journal of the Texas Society of Certified Public Accountants, with a circulation of approximately 28,000.

Thomas is a certified public accountant in Texas. Prior to becoming a professor,
Thomas was a practicing accountant with the firms of KPMG, LLP, and BDO Seidman,
LLP. He is a member of the American Accounting Association, the American
Institute of Certified Public Accountants, and the Texas Society of Certified Public

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Table of Contents

Ch. 1 The final statements 2
Spotlight : YUM! brands 2
Business decisions 5
Accounting : the language of business 5
Accounting alert : we need an audit to validate the financial statements 7
Accounting's foundation : principles and concepts 9
The accounting equation 12
The financial statements 14
Relationships among the financial statements 22
Making managerial decisions : in evaluating a company, what do decision makers look for? 24
Ch. 2 Transaction analysis 48
Spotlight : Apple Computer, Inc. 48
Transactions 50
The account 50
Accounting alert : single-entry accounting doesn't cut it 53
Accounting for business transactions 53
Double-entry accounting 62
Recording transactions 65
The trial balance 71
Making managerial decisions : how to measure results of operations and financial position 76
Ch. 3 Using accrual accounting to measure income 104
Spotlight : Callaway Golf Company 104
Accrual accounting versus cash-basis accounting 106
Accounting alert : cash-basis accounting doesn't cut it either 107
Accounting alert : earnings management and cookie jar reserves 110
Updating the accounts : the adjustment process 111
Preparing the financial statements 124
Formats for the financial statements 133
Using accounting ratios 134
Making managerial decisions : using the current ratio and the debt ratio 138
Ch. 4 Internal control & cash 172
Spotlight : Merrill Lynch takes a hit 172
Internal control 174
Accounting alert : are the outside auditors really independent? 177
Accounting alert : three faces of internal control 181
The bank account as a control device 182
Controlling and managing cash 189
Ethics and accounting 193
Making managerial decisions : ethical judgments 195
Ch. 5 Short-term investments & receivables 216
Spotlight : how Ford Motor Company makes its money 216
Short-term investments 218
Accounting alert : is that investment really a current asset? 221
Accounts and notes receivable 223
Making managerial decisions : managing and accounting for receivables 225
Accounting for uncollectible receivables 226
Accounting alert : shifting sales into the current period makes you look good now, but you pay for it later 231
Notes receivable 232
Using two key ratios to make decisions 235
Reporting on the statement of cash flows 237
Ch. 6 Merchandise inventory and cost of goods sold 260
Spotlight : Pier 1 Imports 260
Accounting for inventory 262
Inventory costing 267
Accounting principles related to inventory 274
Inventory and the financial statements 276
Additional inventory issues 278
Accounting alert : cooking the books to increase reported income 281
Making managerial decisions : accounting for inventory 283
App. 6A Accounting in the periodic system 309
App. 6B The LIFO reserve - converting a LIFO company's income to the FIFO basis 312
Ch. 7 Plant assets, natural resources, and intangibles 314
Spotlight : UPS to the rescue 314
Types of assets 316
Accounting alert : is that cost really an asset? 320
Measuring plant asset depreciation 320
Other issues in accounting for plant assets 327
Accounting for natural resources 334
Accounting for intangible assets 334
Reporting plant asset transactions on the statement of cash flows 337
Making managerial decisions : plant assets and related expenses 340
Ch. 8 Current & long-term liabilities 362
Spotlight : tough times for the airlines 362
Current liabilities 364
Accounting alert : are all your liabilities reported on the balance sheet? 370
Long-term liabilities : bonds 372
Making managerial decisions : financing with debt or with stock 386
Long-term liabilities : leases and pensions 387
Reporting liabilities 390
Ch. 9 Stockholders' equity 416
Spotlight : IHOP goes public 416
Organizing a corporation 419
Issuing stock 422
Accounting alert : a stock issuance for other than cash can pose an accounting problem 426
Treasury stock transactions 429
Retained earnings, dividends, and splits 431
Measuring the value of stock 435
Reporting stockholders' equity transactions 438
Making managerial decisions : investing in stock 440
Ch. 10 Long-term investments & international operations 468
Spotlight : the two parts of GE 468
Stock investments : a review 470
Available-for-sale investments 471
Accounting alert : when should we sell that investment in Hewlett-Packard stock? 475
Equity-method investments 485
Consolidated subsidiaries 477
Long-term investments in bonds and notes 481
Making managerial decisions : accounting methods for long-term investments 482
Accounting for international operations 484
Investing activities on the statement of cash flows 490
Ch. 11 The income statement & the statement of stockholders' equity 500
Spotlight : is something happening to best buy? 510
Evaluating the quality of earnings 512
Accounting alert : watch out for voluntary accounting changes that increase reported income 516
Accounting alert : beware of pro forma earnings 519
Accounting for corporate income taxes 519
Analyzing retained earnings 521
Analyzing the statement of stockholders' equity 522
Responsibility for the financial statements 524
Making managerial decisions : using the income statement and related notes in investment analysis 526
Ch. 12 The statement of cash flows 546
Spotlight : eBay outlines global business strategy 546
Basic concepts : the statement of cash flows 548
Accounting alert : how's your cash flow? : telltale signs of financial difficulty 549
Preparing the statement of cash flows : indirect method 551
Preparing the statement of cash flows : direct method 564
Measuring cash adequacy : free cash flow 573
Making managerial decisions : investor's and creditors' use of cash flow and related information 574
Ch. 13 Financial statement analysis 606
Spotlight : how well is YUM! doing? 606
Horizontal analysis 608
Vertical analysis 611
Benchmarking 613
Using ratios to make business decisions 617
Accounting alert : the limitations of ratio analysis 620
Other measures 627
Accounting alert : red flags in financial statement analysis 628
Making managerial decisions : using ratios in financial statement analysis 629
App. A YUM! Brands annual report 2003 659
App. B Pier 1 Imports annual report 2004 671
App. C Time value of money : future value and present value 679
App. D Typical charts of accounts for different types of businesses 689
App. E Summary of generally accepted accounting principles (GAAP) 691
App. F Check figures 693
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