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Prentice Hall
Financial Accounting / Edition 5

Financial Accounting / Edition 5


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Product Details

ISBN-13: 9780130082138
Publisher: Prentice Hall
Publication date: 01/06/2003
Edition description: Older Edition
Pages: 850

About 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 University.

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 Commerce.

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 6 years, the Financial Accounting Standards Board Advisory Council for 5 years, and the Council of the American Institute of Certified Public Accountants for 3 years. For 6 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.

As 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 an author of these other accounting books published by Pearson: Cost Accounting: A Managerial Emphasis, Fifteenth Edition, 2015 (with Srikant M. Datar and Madhav V. Rajan); 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); Horngren’s Financial & Managerial Accounting, Fifth Edition, 2016 (with Tracie L. Miller-Nobles, Brenda L. Mattison, and Ella Mae Matsumura), and Horngren’s Accounting, Eleventh Edition, 2016 (with Tracie L. Miller-Nobles, Brenda L. Mattison, and Ella Mae Matsumura).

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

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 for twelve years. He has been recognized as an Outstanding Faculty Member of Baylor University as well as a and Distinguished Professor for the Hankamer School of Business. Dr. Thomas has received many awards for outstanding teaching, including the Outstanding Professor in the Executive MBA Programs as well as 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. He presently serves as the 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 Accountants.

Wendy M. Tietz is a professor for the Department of Accounting in the College of Business Administration at Kent State University, where she has taught since 2000. She teaches introductory financial and managerial accounting in a variety of formats, including large sections, small sections, and web-based sections. She has received numerous college and university teaching awards while at Kent State University. Most recently she was named the Beta Gamma Sigma Professor of the Year for the College of Business Administration.

Dr. Tietz is a Certified Public Accountant, a Certified Management Accountant, and a Chartered Global Management Accountant. She is a member of the American Accounting Association (AAA), the Institute of Management Accountants (IMA), and the American Institute of Certified Public Accountants (AICPA). She has published in Issues in Accounting Education, Accounting Education: An International Journal, and Journal of Accounting & Public Policy. She received the 2014 Bea Sanders/AICPA Innovation in Teaching Award for her accounting educator blog entitled, Accounting in the Headlines. She regularly presents at AAA regional and national meetings. Dr. Tietz is also the co-author of a managerial accounting textbook, Managerial Accounting, with Dr. Karen Braun.

Dr. Tietz received her PhD from Kent State University. She received both her MBA and BSA from the University of Akron. She worked in industry for several years, both as a controller for a financial institution and as the operations manager and controller for a recycled plastics manufacturer.

Dr. Tietz and her husband, Russ, have two grown sons. In her spare time, she enjoys walking, reading, and exploring new technology. She is passionate about using technology to expand the boundaries of the traditional classroom.

Table of Contents

1. The Financial Statements.
New Chapter Opening Vignette on The GAP Inc. New information on cash flows.

2. Processing Information.
New Chapter Opening Vignette on PepsiCo. New Section on “Effects of Transactions on the Financial Statements.” Streamlined bookkeeping section on “Using Journals and Ledgers to Trace Information.”

3. Accrual Accounting.
New section on “Cash Flows and Accrual Accounting” Based on It's Just Lunch. New section on “Deferrals and Accruals.” New diagram on the accounting cycle.

4. Internal Control and Cash.
Streamlined bank reconciliation material and a new diagram on “The Paths That Two Checks Take.” The diagram makes accounting for insufficient funds checks easier to understand.

5. Short-Term Investments and Receivables.
New Chapter Opening Vignette on Oracle Corporation. The new chapter opener shows how the New York Jets use Oracle's software to teach their linemen how to block opponents. Streamlined material on accounting for marketable securities, accounting for uncollectible receivables, and accounting for notes receivable.

6. Inventory.
New Chapter Opening Vignette on Teva Sandals. Chapter is now based on the perpetual inventory system. The periodic inventory system is in a new chapter appendix. Journal entries are moved back to Exhibit 6-13. LIFO,FIFO, average-cost computations are now simplified. New sections added on “Transition from Service Entities to Merchandisers,” “What Goes into Inventory Cost?” , “The Cost-of-Goods-Sold Model Brings All the Inventory Data Together,” “How Managers Decide the Amount of Inventory to Purchase,” and “A Complex Income Statement.”

7. Plant Assets.
Shortened and simplified “Capitalizing the Cost of Interest.” Simplified “Lump-Sum (Basket) Purchases of Assets.” Moved “Capital Expenditures vs. Revenue Expenditures” up to where it belongs—near “Measuring the Cost of a Plant Asset.” Streamlined “Changing the Useful Life of a Depreciable Asset.”

8. Current and Long-Term Liabilities.
Streamlined “Issuing Bonds Payable between Interest Dates” to remove a journal entry. Deleted sections on “Notes Payable Issued at a Discount,” “Vacation Pay Liability,” and “Off-Balance-Sheet Financing.”

9. Stockholders' Equity.
Deleted “Accounting for Stock Conversions,” “Donations Received by Corporations,” “Closing Net Income to Retained Earnings,” “Liquidation Value of Preferred Stock” (but kept “Redemption Value of Preferred Stock.” ) Shortened and Simplified “Accounting for Treasury Stock.” Streamlined “Accounting for Stock Dividends” and “Retirement of Stock.” Deleted the Stock Dividends Distributable account altogether (this reduces the number of journal entries to account for a stock dividend).

10. Long-Term Investments and International.
Shortened the sections on “Equity-Method Investments,” “Accounting for Consolidated Subsidiaries,” “Consolidation of Foreign Subsidiaries,” and “Using the Cash-Flow Statement to Interpret Financial Statements.”

11. Using the Income Statement and the Statement of Stockholders' Equity.
Deleted the section on “Using the Financial Statement Notes.” Streamlined the section on “Accounting for Income Taxes by Corporations” by deleting some journal entries.

12. The Statement of Cash Flows.
Focused more attention on the equation-approach to computing amounts for the statement of cash flows. The delivery is equation-approach first, followed by the T-account approach second.

13. Financial Statement Analysis.

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