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Overview

FINANCIAL ACCOUNTING, Eleventh Edition continues a distinguished tradition of combining academic needs with professional thought to prepare students for a dynamic business world. Through market-leading integration of International Financial Reporting Standards coverage and real-world data, trusted pedagogy, and a clear writing style that simplifies complex concepts, FINANCIAL ACCOUNTING, Eleventh Edition, develops the judgment and critical-thinking skills students will need to succeed. The new edition is fully updated for IFRS, includes unique elements on ratio analysis, and offers two unique choices for online homework software: CengageNOW and Aplia.

Belverd E. Needles, DePaul University

Belverd E. Needles, Jr., received his BBA and MBA degrees from Texas Tech University and his PhD degree from the University of Illinois at Urbana-Champaign. He teaches financial accounting, managerial accounting, and auditing at DePaul University, where he is an internationally recognized expert in international accounting and education. He has published in leading journals and is the author or editor of more than 20 books and monographs. His current research relates to international financial reporting, performance measurement, and corporate governance of high-performance companies in the United States, Europe, India, and Australia. His textbooks are used throughout the world and have received many awards, including (in 2008) the McGuffey Award from the Text and Academic Authors Association. Active in many academic and professional organizations, he is immediate past vice president-education of the American Accounting Association. He received the Distinguished Alumni Award from Texas Tech University, the Illinois CPA Society Outstanding Educator Award and its Life-Time Achievement Award, the Joseph A. Silvoso Faculty Award of Merit from the Federation of Schools of Accountancy, the Ledger & Quill Award of Merit, and the Ledger & Quill Teaching Excellence Award. He was named Educator of the Year by the American Institute of CPAs, Accountant of the Year for Education by the national honorary society Beta Alpha Psi, and Outstanding International Accounting Educator by the American Accounting Association. He received the Excellence in Teaching Award from DePaul University.

Marian Powers, Northwestern University

Marian Powers received her B.S. degree from Chicago State University and her Ph.D. degree from University of Illinois at Urbana-Champaign. In addition to the Kellogg School of Management at Northwestern University, she has taught financial accounting at the University of Illinois, Chicago, and at the Lake Forest Graduate School of Management. Internationally recognized as a dynamic teacher in executive education, she specializes in teaching nonfinancial managers how to read and understand internal and external financial reports, including the impact of international financial reporting standards (IFRS). Her current research relates to international financial reporting, performance measurement, and corporate governance of high-performance companies in the United States, Europe, India, and Australia. Her research has been published in leading journals. Her textbooks, coauthored with Belverd E. Needles, Jr., are used throughout the world and have received many awards, including the Textbook Excellence Award and the McGuffey Award from the Text and Academic Authors Association. She has also coauthored three interactive multimedia software products. She currently serves on the Board of the CPA Endowment Fund of Illinois and is immediate past-chair of the Board of Governors of the Winnetka Community House. She is a member of International Association of Accounting Education and Research, and Illinois CPA Society. She has served on the Board of Directors of the Illinois CPA Society, the Educational Foundation of Women in Accounting, and both the national as well as Chicago chapters of ASWA.
  • Focus on Financial Statement Elements – In this edition of FINANCIAL ACCOUNTING, the authors present an exciting new framework for teaching ratios based on extensive research regarding high performing companies. A new graphic visually illustrates the relationships among the elements of the financial statements and the entire approach is simplified. Beginning in Chapter 1, students learn that finding six elements on the financial statements and computing four financial ratios will allow them to analyze financial statements and determine how well or poorly a company is performing, which, in turn, is the basis for making good business decisions. In addition, ratios are presented in a unified manner in the Financial Performance Measurement chapter.
  • Extensive International Financial Reporting Standards Coverage – The growing acceptance of International Federal Reporting Standards (IFRS) presents challenges for current and future U.S. accountants. In this edition of FINANCIAL ACCOUNTING, every chapter includes at least one feature that highlights the differences between U.S. GAAP and IFRS. In addition, supplementary material that provides an overview of IFRS and the proposed presentation of financial statements is automatically bundled with every new book.
  • Streamlined Coverage – In order to make FINANCIAL ACCOUNTING more manageable for one-term courses, this edition now includes fourteen chapters instead of fifteen. All topics related to stockholders' equity (previously split between Chapters 11 and 12) have been combined into a single chapter. Other topics previously covered in these chapters (corporate income statement, deferred income taxes, comprehensive income, etc) have been made more concise and are included in chapters covering related topics.
  • Superior Readability through Enhanced Presentation – The revised and refocused content makes this edition accessible to a broad range of interests and levels of reading ability. Building on its proven strengths of making the complex simple, extra care has been taken to clarify the topics that students traditionally struggle with most – including the accounting cycle, bonds, and stocks – to make them easy to comprehend. In addition, whenever possible, detailed information has been made more concise by shortening paragraphs or breaking sentences into bulleted lists
  • Additional End-of-Chapter Assignments – Trusted end-of-chapter short exercises, exercises, problems, and cases provide a rich variety to satisfy any approach and have been updated throughout with new numbers and current data where applicable. Based on market and syllabi research for financial accounting courses, more short exercises have been added for every chapter for this edition. Also new for this edition, Check Figures have been added to the margins for problems, where applicable. Market-leading case material includes plenty of opportunities to engage real business decisions, ethical dilemmas, and Excel® applications.
  • Developing Decision Making and Critical Thinking Skills – The need for students to go beyond learning basic concepts and be able to analyze business situations and make informed decisions is critical for success. FINANCIAL ACCOUNTING is decision-oriented, reflecting how information in the financial statements can be used in investing in, loaning money to, and operating a business and how the consequences of business decisions affect the financial statements. In addition, the "User Insight" requirements of select items develop students' abilities to make sound business decisions based on financial information.
  • Financial Statements – Students are introduced to financial statements in Chapter 1 to ensure they hone their decision-making skills with real-world examples. Beginning with the "How to Read an Annual Report" supplement to Chapter 1, students examine the CVS financial statements and are provided with the annual report for Southwest Airlines as a point of comparison. "The Annual Report Project" after Chapter 4 solidifies this critical skill. In addition, the "Focus on Financial Statements" graphic found at the beginning of each chapter reinforces the connection between the financial statements and each chapter's topics, while the "Focus on Financial Statement Elements" graphic presented with selected ratios shows the relationships among the financial statement numbers. Finally, end-of-chapter Annual Report and Comparison Analysis cases require students to interact with major portions of annual reports.
  • Relevancy in Today's Business World – More than 230 publicly held companies as well as international, governmental, and not-for-profit organizations are used as illustrative examples. In addition, each chapter begins with a "Decision Point" that shows how real companies use accounting information to make decisions. Students will instantly recognize the decision-point companies, each of which is among Business Week's Top Brands, Most Innovative companies, and/or Infotect-100. Examples from the Decision Point companies are integrated throughout the chapters and, at the end of each chapter, "A Look Back" boxes revisit the Decision Point companies and prompt students to hone their critical-thinking skills by examining the impact of the chapter concepts on the focus company. Furthermore, each chapter includes several "Focus on Business Practice" boxes, which illustrate accounting concepts and practices in the context of the general business world.
  • Developing Ethical Business Leaders – The need for students to analyze business situations and make informed, ethical decisions is essential in today's world. FINANCIAL ACCOUNTING weaves ethical considerations throughout the chapter so that students learn to consistently think of the ethical implications of their actions. In addition, Ethical Dilemma cases at the end of the chapter ask students to consider issues they may encounter in their future careers.
  • Solid Student Pedagogy – The pedagogical features in FINANCIAL ACCOUNTING reflect the authors' active teaching and researching experience. Clearly presented learning objectives, which provide students with a framework course concepts, lead students from concepts to applications. These learning objectives are based on Bloom's taxonomy and have been refined over many editions. In addition, in-chapter features help focus students on skills that will be most important to them. For example, accounting equations next to important journal entries reinforce the impact of the transaction on the financial statements and "Study Notes" highlight important information and provide useful tips on ways to avoid common mistakes. Finally, revised and enhanced "Stop and Apply" features following each learning objective section review key concepts and information by providing a discussion questions or solved exercises that reinforce the connection between individual transactions and financial statements.
1: Uses of Accounting Information and the Financial Statements.
Supplement to Chapter 1: How to Read an Annual Report.
2: Analyzing Business Transactions.
3: Measuring Business Income.
Supplement to Chapter 3: Closing Entries and the Work Sheet.
4: Financial Reporting and Analysis.
Supplement to Chapter 4: The Annual Report Project.
5: The Operating Cycle and Merchandising Operations.
6: Inventories.
7: Cash and Receivables.
8: Current Liabilities and Fair Value Accounting.
9: Long-Term Assets.
10: Long-Term Liabilities.
11: Stockholders' Equity.
12: The Statement of Cash Flows.
13: Financial Performance Measurement.
14: Investments.
Appendix A: Accounting for Unincorporated Businesses.
Appendix B: Present Value Tables.
Supplement: Understanding International Federal Reporting Standards.
Aplia
Aplia is an online learning solution that increases student engagement with automatically graded assignments and detailed explanations.

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.

Standalone Digital Access — Ultimate Value

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  • ISBN-10: 1111676364
  • ISBN-13: 9781111676360
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CengageNOW
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.

Standalone Digital Access — Ultimate Value

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  • ISBN-10: 111172587X
  • ISBN-13: 9781111725877
  • Bookstore Wholesale Price $130.00
  • RETAIL $130.00

  • ISBN-10: 1111667802
  • ISBN-13: 9781111667801
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Digital Access + Print — Flexible Value

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  • ISBN-10: 1111977526
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"I would urge [our academic coordinator] to strongly look at this book, as having been changed significantly and positively since the last time he probably looked at it. I would also suggest it to colleagues at other schools, where the course was appropriate, if they asked me for ideas."

"Needles/Powers is the most readable comprehensive text on the market. Even poor readers can and do learn from the text. Most importantly, Needles/Powers allows the instructor flexibility in teaching style and material emphasis. Needles works well whether you teach from a preparer or user approach."

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

Instructor's Resource CD-ROM

ISBN: 9781133943921
Place all of the key teaching resources you need at your fingertips with this all-in-one source. Find everything you need to plan, teach, grade and assess student understanding and progress. This CD includes the Solutions Manual, B Set Exercises and Solutions, Instructor's Manual, Test Bank in Word and ExamView®, Instructor and Student PowerPoint® slides and Experience Accounting Video Integration Guide.

Test Bank, Chapters 1-16

ISBN: 9781133937296
The test bank provides more than 3,000 true/false, multiple-choice, short essay, and critical-thinking questions--as well as exercises and problems--which test students' ability to recall, comprehend, apply, and analyze information. All questions are tagged according to learning objective, level of difficulty, Bloom's Taxonomy, time of completion, AICPA, ACBSP and other business program standards.

Solutions Manual, Chapters 1-16

ISBN: 9781133961536
Author-written and carefully verified multiple times to ensure accuracy and consistency with the text, the Solutions Manual contains answers to the discussion questions, short exercises, exercises, problems, and cases that appear in the text in Excel format. These solutions help you easily plan, assign and efficiently grade assignments. Available on the Instructor's Resource CD and website.

Working Papers, Chapters 1-16

ISBN: 9781133962458
Verified to ensure accuracy and quality consistent with the text, the working papers for the problems are provided in Excel format to provide students with a starting point for completing end-of-chapter problems and journal entries from the textbook.

Instructor's Manual, Chapters 1-16

ISBN: 9781133937197
This manual contains a number of resources designed to aid instructors as they prepare lectures, assign homework, and teach in the classroom.

Instructor's Manual, Chapters 17-25

ISBN: 9781133937210
This manual contains a number of resources designed to aid instructors as they prepare lectures, assign homework, and teach in the classroom.

FOR STUDENTS

Working Papers, Chapters 1-16

ISBN: 9781133962458
You'll find the tools you need to enhance your learning experience with these working papers. The preformatted Excel templates allow you to more easily work on end-of-chapter problems and journal entries from the textbook.