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Overview

This intermediate accounting text links accounting principles to the central activities of a business. A user/decision-making approach combined with the necessary coverage of GAAP and IFRS prepares students to understand accounting in terms of the activities of a business, which reflects the broadening definition of accounting today. With this edition's focus on codification, it will equip students with all that is the modern accounting environment. The text's efficient format does not overwhelm students, and its accessible style provides an alternative to more encyclopedic, reference-book approaches. The book offers a blend of the core concepts of accounting principles with procedural applications. This approach is supplemented with the most expansive set of end-of-chapter material on the market, a thorough integration of today's hot topics (the only intermediate text with an entire chapter on earnings management), and a robust selection of student and instructor print and technology resources.

Earl K. Stice, Brigham Young University

Earl K. Stice is the PricewaterhouseCoopers Professor of Accounting in the School of Accountancy at Brigham Young University, where he has been on the faculty since 1998. He holds bachelor’s and master’s degrees from Brigham Young University and a PhD from Cornell University.

James D. Stice, Brigham Young University

James D. Stice is the Distinguished Teaching Professor in the Marriott School of Management at Brigham Young University. He is currently Associate Dean of the Marriott School. Dr. Stice served for eight years as the director of BYU’s MBA Program. He holds bachelor’s and master’s degrees in accounting from BYU and a PhD in accounting from the University of Washington.
  • The text has been updated to reflect the latest changes in accounting standards, practices, and techniques. The information about real-life companies has been revised to account for recent changes in financial statements and other company reports.
  • Updated International Accounting Coverage: As the business workplace becomes more global, students need to understand how accounting practices may differ depending on the countries involved in a transaction. Nearly every chapter includes updated coverage of this topic, and relevant sections that discuss international standards are flagged in the margin with an IFRS icon.
  • A new FASB Codification feature has been added to each chapter, designed to help students understand how to use the FASB's new codification research. The feature provides an ethical issue for students to discuss and analyze using FASB standards, with the answer provided at the end of the chapter.
  • Additional coverage of fair value accounting has been added in Part 1 to follow Time Value of Money Review.
  • Additional coverage of International Financial Reporting Standards has been added throughout the book (and in Chapter 22 specifically) to reflect the changing nature of the financial reporting environment.
  • Comprehensive Coverage in a Streamlined Format: The more important the topic, the greater detail in which it is covered. The authors have strived to spend more time discussing the most important topics of each chapter and to avoid excess verbiage on issues that are less important.
  • Caution and FYI Boxes: Found throughout each chapter, these boxed features frequently emphasize additional points of interest or provide crucial cautions.
  • AECC Recommended Skills: This text's excellent end-of-chapter materials include a newly streamlined case section that emphasizes critical thinking, communication, and teamwork skills important for success on the CPA exam. In addition to an extensive selection of discussion questions, practice exercises, exercises, and problems, the case activities are written to satisfy the skills-based curriculum endorsed by the AICPA's Core Competency Framework.
  • Opening Scenario Questions: Critical-thinking questions follow each company chapter opener, with solutions provided at the end of the chapter so that students can check their answers as they think about how they would respond to accounting-related issues that businesses face.
  • How and Why Framework: Following each learning objective, the authors provide additional reinforcement of the critical concepts by highlighting the procedural aspects (the "how") as well as the context (or "why") to which the concepts are applied. As students move through the chapter, they gain a greater understanding of both elements and can rationalize why businesses account for things the way they do. To further stress and show this framework as students read the chapter, relevant narrative is flagged by a design element to denote the "why."
  • Statement of Cash Flows "Revisited" Chapter: Chapter 21 accommodates instructors who like extensive or additional coverage of the statement of cash flows in the second semester of the course. Note that the full chapter available in previous editions early in the text is still there (Chapter 5), which provides maximum coverage and flexibility of this important statement for instructors who vary in how and when they prefer to cover this topic.
  • Cumulative Spreadsheet Assignment: Found in the case section and featured at the end of Chapters 2 through 22, the cumulative spreadsheet assignment allows students to demonstrate and reinforce their understanding of the chapter topics by creating a spreadsheet that allows numerous variables to be modified and their effects to be monitored.
1. Financial Reporting.
2. A Review of the Accounting Cycle.
3. The Balance Sheet and Notes to the Financial Statements.
4. The Income Statement.
5. Statement of Cash Flows and Articulation.
6. Earnings Management.
Module: Time Value of Money Review.
Module: Fair Value.
7. The Revenue/Receivables/Cash Cycle.
8. Revenue Recognition.
9. Inventory and Cost of Goods Sold.
10. Investments in Noncurrent Operating Assets--Acquisition.
11. Investments in Noncurrent Operating Assets--Utilization and Retirement.
12. Debt Financing.
13. Equity Financing.
14. Investments in Debt and Equity Securities.
15. Leases.
16. Income Taxes.
17. Employee Compensation--Payroll, Pensions, and Other Compensation Issues.
18. Earnings per Share.
19. Derivatives, Contingencies, Business Segments, and Interim Reports.
20. Accounting Changes and Error Corrections.
21. Statement of Cash Flows Revisited.
22. Accounting in a Global Market.
23. Analysis of Financial Statements.
Appendix: Index of References to APB and FASB Pronouncements.
Check Figures.
Glossary.
Subject Index.
Company Index.

Textbook Only Options

Traditional eBook and Print Options

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  • ISBN-10: 1133459412
  • ISBN-13: 9781133459415
  • STARTING AT $29.99

  • STARTING AT $70.99

  • ISBN-10: 0538479736
  • ISBN-13: 9780538479738
  • Bookstore Wholesale Price $334.50
  • RETAIL $445.95

"[Accounting in a Global Market] is an excellent chapter. The chart highlighting differences between U.S. GAAP and IASB standards is one of the best I've seen."

"I like [the] introduction to the FASB's codification. These practice exercises will go a long way to increase students' mastery of the codification in research."

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.

FOR INSTRUCTORS

Solutions Manual, Volume 1

ISBN: 9781285092898
Prepared by the authors, this manual contains verified answers to all end-of-chapter questions, cases, exercises, and problems.

Solutions Manual, Volume 2

ISBN: 9781285092911
Prepared by the authors, this manual contains verified answers to all end-of-chapter questions, cases, exercises, and problems.