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Cornerstones of Financial Accounting 3rd Edition

Jay Rich, Jeff Jones, Maryanne Mowen, Don Hansen

  • Published
  • Previous Editions 2012, 2010
  • 832 Pages
Starting At 130.00 See pricing and ISBN options


Get your students where they need to be with CORNERSTONES OF FINANCIAL ACCOUNTING. Cornerstones delivers a truly unique learning system that is integrated through the entire introductory managerial accounting journey — ensuring students will leave the course with the knowledge they need to be future business leaders. Students are guided through: Building A Strong Foundation: Students need to build a strong foundation of the fundamentals before they can move forward in this course. The unique Cornerstones approach gets them through the fundamentals FASTER so that they can transition to analyzing and applying concepts. Understanding Relationships: Rather than focusing on concepts in isolation, students should understand accounting as a system and recognize how the end result changes based on how the numbers affect each other. CORNERSTONES aids students in this step as an important part in training them to be good decision makers. Making Decisions: Armed with the knowledge they have gained from working through the other aspects of the Cornerstones approach, students are now given the tools to bring their knowledge full-circle and practice making good business decisions. Students love this approach because it presents materials the way they learn. Instructors love it because it gets students to master the foundations more quickly and allows more time to learn and apply the analysis and decision making of accounting. Get There with Cornerstones! Available with InfoTrac® Student Collections

CengageNOW™ Meets the Needs of All Types of Students

Jay Rich, Illinois State University

Jay Rich is a Professor of Accounting at Illinois State University. He received his B.S., M.S., and Ph.D. from the University of Illinois. Prior to entering the Ph.D. program, he worked as an auditor at Price Waterhouse & Co. in Chicago and earned his C.P.A. in 1985. He has published articles in The Accounting Review, Auditing: A Journal of Practice & Theory, Accounting Horizons, Organizational Behavior and Human Decision Processes, Accounting Organizations and Society, and others. He has also served on the editorial board of Auditing: A Journal of Practice & Theory and Current Issues in Auditing. Dr. Rich has received both the Outstanding Dissertation Award and Notable Contribution to the Literature Award from the Audit Section of the American Accounting Association as well as the Outstanding Educator Award from the Illinois CPA Society. His primary teaching interest is financial accounting and he has taught numerous courses at the undergraduate, masters, and doctoral levels. His outside interests include his family, travel, reading, and watching sports, but he spends most of his free time driving his children to various activities. He also repeatedly develops plans to exercise and diet at some point in the future. By all accounts, he is a master at grilling meat, a mediocre skier, and a shameful golfer.

Jeff Jones, Auburn University

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 Bachelor’s in Accounting and Master of Accountancy 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 (eight 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, holds a CPA certificate in the state of Alabama (inactive), and 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 a variety of 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.

Maryanne Mowen, Oklahoma State University

Maryanne M. Mowen is Associate Professor Emerita of Accounting at Oklahoma State University. She currently teaches online classes in cost and management accounting for Oklahoma State University. She received her Ph.D. from Arizona State University. She brings an interdisciplinary perspective to teaching and writing in cost and management accounting, with degrees in history and economics. She has taught classes in ethics and the impact of the Sarbanes-Oxley Act on accountants. Her scholarly research is in the areas of management accounting, behavioral decision theory, and compliance with the Sarbanes-Oxley Act. She has published articles in journals such as Decision Science, The Journal of Economics and Psychology, and The Journal of Management Accounting Research. Dr. Mowen has served as a consultant to mid-sized and Fortune 100 companies and works with corporate controllers on management accounting issues. She is a member of the Northern New Mexico chapter of SCORE and serves as a counselor, assisting small and start-up businesses. Outside the classroom, she enjoys hiking, traveling, reading mysteries, and working crossword puzzles.

Don Hansen, Oklahoma State University

Don R. Hansen is Arthur Andersen Professor of Accounting and a Regents Service Professor at Oklahoma State University. He received his Ph.D. from the University of Arizona in 1977. He has an undergraduate degree in mathematics from Brigham Young University. His research interests include activity-based costing and mathematical modeling. He has published articles in both accounting and engineering journals including The Accounting Review, The Journal of Management Accounting Research, Accounting Horizons, and IIE Transactions. He has served on the editorial board of The Accounting Review. His outside interests include family, church activities, reading, movies, and watching sports.
  • New company financial statements are included from recognizable companies like Under Armour, Inc. and the VF Corporation, whose brands include The North Face, Timberland, and more. Each chapter includes an assignment that requires students to analyze and interpret actual financial data, better preparing them for their futures in the business world.
  • Author-Revised feedback: CengageNOW helps students get further outside the classroom and keeps them from getting stuck by providing them with meaningful, written feedback as they work. This edition, that feedback has been fully revised by the author team to guide students and to be consistent with material presented in the text.
  • Post-Submission Feedback: Also available in CengageNOW is the ability to show the full solution in addition to newly added source calculations to enhance the learning process. Now students can see where they may have gone wrong so that they can correct it through further practice.
  • NEW ANIMATED ACTIVITIES: Animated Activities in CengageNOW are the perfect pre-lecture assignment to expose students to concepts before class! These illustrations visually guide students through selected core topics using a realistic company example to illustrate how the concepts relate to the everyday activities of a business. Animated Activities are assignable or available for self-study and review.
  • NEW BLUEPRINT CONNECTIONS: Blueprint Connections in CengageNOW are shorter extensions of the Blueprint Problems that build upon concepts covered and introduced within the Blueprint Problems. These scenario-based exercises help reinforce students' knowledge of the concept, strengthen their analytical skills and are useful as in-class activities or as homework/review after lecture and before the exam.
  • NEW CONCEPTUAL CONVERSION QUESTIONS: End-of-chapter questions or requirements within larger questions that were previously short answer have been converted to be assignable & gradable within CengageNOW.
  • End-of-chapter Discussion Questions, Multiple-Choice Exercises, Cornerstone Exercises, Exercises, A & B Problems, and Cases have been updated throughout the text to include new data, reflect the latest developments in accounting, and incorporate current company information. In addition, Conceptual Connection analytical assignments involve going beyond basic computation to evaluate accounting information in a meaningful way, while Illustrating Relationships questions ask students to work backwards to provide missing data or identify how variables impact each other.
  • To ensure that you are up to date with the latest changes, the third edition includes marginal IFRS notes to highlight process differences between U.S. GAAP and IFRS. In addition, an appendix offers a general definition and overview of IFRS, including an outline of how IFRS changes could impact core accounting concepts, as well as multiple-choice questions to evaluate students' conceptual understanding.
  • InfoTrac® Student Collections are specialized databases expertly drawn from the Gale Academic One library. Each InfoTrac® Student Collection enhances the student learning experience in the specific course area related to the product. These specialized databases allow access to hundreds of scholarly and popular publications - all reliable sources - including journals, encyclopedias, and academic reports. Learn more and access at:
  • To be successful accountants or businesspeople, students need to understand accounting as an interrelated system rather than focusing on isolated chapter topics. In order to promote information retention and comprehension, this edition includes a new continuing problem featuring a fictional company: Front Row Entertainment. Students can connect concepts from each chapter by following Front Row Entertainment as it engages in various business transactions. Chapter-spanning Making the Connection assignments present opportunities to analyze financial statement information in a broader context.
  • For instructors who wish to cover investments, the current edition expands on material previously included as an appendix to Chapter 4 and presents this information in a special appendix, complete with homework assignments, at the end of the text.
  • A Standardized Chart of Accounts is used in the examples and end-of-chapter in the financial chapters to increase consistency and alleviate student confusion. Real-world statements are also included so that students will become familiar with alternative account names. The benefits of standardizing the chart of accounts carry over into the online environment as it also fosters consistency and ease-of-use in the CengageNOW online homework system.
  • Additional rounding instructions are included both within the text and within CengageNOW for this edition, giving students even more focus and direction as they work.
  • Additional conceptual material in end-of-chapter: Additional Conceptual Connection questions are identified in the end-of-chapter content. These questions ask students to go beyond the calculations and articulate the conceptual context behind the work they've just completed and how that may impact a company's decision-making.
  • Additional Excel Spreadsheet Templates: To give students additional practice using Excel to complete their homework, each chapter will have an average of two additional templates.
  • Carefully crafted in response to studies on student reading behavior and market research, the innovative Cornerstones approach has been proven to increase student engagement and preparedness while improving grades. Each major concept is illustrated in a Cornerstone, which supports and amplifies accounting concepts with a compelling example, step-by-step calculations to solve a business problem, and a link to a brief video segment that reinforces and summarizes key concepts and procedures. In addition, end-of-chapter Cornerstone Exercises refer to Cornerstone Examples in the chapter, allowing students to consider relevant examples when completing assignments, which can help them become more independent learners.
  • Each chapter opens with an Experience Financial Accounting vignette that shows how real companies like Apple, Verizon, and Google are using accounting information to make better decisions. Real financial statements from leading, recognizable companies are used to illustrate key concepts, and each chapter includes an assignment that requires students to analyze and interpret actual financial data for companies such as Under Armour and VF.
  • To succeed in today's business climate, students need to be able to analyze business situations thoughtfully and make informed, ethical decisions. The text weaves Ethical Decisions features throughout the chapters to encourage students to develop these essential skills and consider the ethical implications of their actions in every situation.
  • CengageNOW is a powerful course management and online homework tool that provides control and customization to optimize the student learning experience and produce desired outcomes. CengageNOW extends the valuable Cornerstones experience to an online environment and offers a variety of advantages, including: Easy-to-use course management options that offer flexibility and continuity from one semester to another; robust assignment options that allow for maximum instructor control; Smart Entry, which reduces typos and errors to help students do their best work and understand the concept behind each answer; and the ability to analyze student work from the gradebook and generate reports on learning outcomes.
1. Accounting and the Financial Statements.
2. The Accounting Information System.
3. Accrual Accounting.
Making the Connection, Integrative Exercise: The Accounting Cycle.
4. Internal Control and Cash.
5. Sales and Receivables.
6. Cost of Goods Sold and Inventory.
7. Operating Assets.
Making the Connection, Integrative Exercise: Integrated Asset Accounting.
8. Current and Contingent Liabilities.
9. Long-Term Liabilities.
10. Stockholders' Equity.
Making the Connection, Integrative Exercise: Integrating Accounting for Liabilities and Equity.
11. The Statement of Cash Flows.
12. Financial Statements Analysis.
Appendix 1. International Financial Reporting Standards.
Appendix 2. Investments.
Appendix 3. Time Value of Money.
Appendix 4. Financial Statement Information: Under Armour.
Appendix 5. Financial Statement Information: VF Corp.
Check Figures.
CengageNOWv2 combines the way students use textbooks and online resources to learn, study and complete homework, allowing them to achieve ultimate success in this course in a digital world.

This Cengage solution can be seamlessly integrated into most Learning Management Systems (Blackboard, Brightspace by D2L, Canvas, Moodle, and more) but does require a different ISBN for access codes. Please work with your Cengage Learning Consultant to ensure the proper course set up and ordering information. For additional information, please visit the LMS Integration site.

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"The cornerstones are the feature that sets this book apart. The explanations of key skills are clear, concise, and easy for students to find."

"I found that after reading the material, the 'Cornerstones' helped reinforce the main points and overall understanding... The professor can spend more time teaching other concepts and different examples."

"I understood the material better after reading Cornerstones. Cornerstones presents information the way it should be learned, in a logical manner. Neat, concise, and all facts are thoroughly explained."

"It was easy to read and get through...with the online practice problems and text, it helps students learn even more efficiently."

"With my current textbook, it is hard to find valuable material. With Cornerstones, finding important material is much quicker and a lot more effective."

"Has a wide variety of exercises and problems. Presents examples in a clearly understood format."

"Most texts make too many 'exhibit' references throughout the body of each chapter which can cause students to lose focus and eventually cause frustration. The Cornerstones approach removes this distraction from the body of the text and instead highlights the computational aspect of each chapter visually by using the Cornerstones."

"It is an admirable approach. Students struggle with understanding and completing accounting homework. The Cornerstones approach acknowledges this fact and squarely takes on this problem."

"Students don't really read the text. They'll go to it and read if they're struggling with something, to look for help in that area. This is the priority of issues with trying to accommodate students' learning. With Cornerstones, it gives the students the easiest option to get help with the step by step approach."

"It supports student learning in the beginning by giving them direction, then as they progress leads them to be more independent and learn to apply the concepts and knowledge. This should prepare them for testing and real-world better than if they are always given the appropriate learning objective to apply."

"The book is used by students as a tool in their quest to complete their homework...As they successfully use these Cornerstones to complete their homework, they gain confidence in the material covered and will end up completing more if not all of the homework assigned!"

"I have recently tried the problems in Cornerstones and found that the step-by-step examples that are placed within the text helped extremely...I compared the chapters in Cornerstones to our textbook and felt that Cornerstones was much easier to understand by just reading the chapter."

"The 'Cornerstones' were very helpful in working through the homework..."

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.


Instructor's Resource CD-ROM

ISBN: 9781285055190
Place all of the key teaching resources you need at your fingertips with this all-in-one resource, which includes everything you need to plan, teach, grade, and assess student understanding and progress. This CD includes the Solutions Manual, Test Bank in Microsoft® Word and ExamView®, Microsoft PowerPoint® slides and Instructor's Manual. All resources on the IRCD are also available on the password protected portion of the text's website.

Solutions Manual

ISBN: 9781285055169
Author-written and carefully verified multiple times to ensure accuracy and consistency with the text, the Solutions Manual contains answers to all Discussion Questions, Multiple-Choice Exercises, Cornerstone Exercises, Exercises, Problems A &B, and Cases that appear in the text. These solutions help you easily plan, assign, and efficiently grade assignments. All solutions are given in simplified Excel spreadsheets and also available in PDF format. The Solutions Manual is available on the Instructor's Resources CD-ROM and on the password protected portion of the text's website.