Professional

Corporate Financial Accounting, 13th Edition

  • Carl S. Warren University of Georgia
  • James M. Reeve University of Tennessee
  • Jonathan Duchac Wake Forest University
  • ISBN-10: 1285868781  |  ISBN-13: 9781285868783
  • 864 Pages
  • Previous Editions: 2014, 2012, 2009
  • © 2016 | Published
  • List Price = $ 359.95
  • For quantity discounts, Contact your Representative
  • For single copy purchases, visit CengageBrain.com
  • Newer Edition Available

From the Authors

About

Overview

Gain a solid foundation in the core accounting concepts as you develop a true appreciation for why accounting is important to business and a prosperous society with Warren/Reeve/Duchac’s CORPORATE FINANCIAL ACCOUNTING 13E, now available as a bundle option with CengageNOW™v2. This latest edition clearly demonstrates how accounting is more than just data and black and white rules. Instead, you see how accounting provides key information used to make critical business decisions. A new chapter schema provides context that emphasizes how each chapter’s content fits into the big picture. The book focuses on why accounting is important and consistently reinforces connections to the big picture throughout the text and CengageNOW™v2 by connecting journal entries to the accounting equation. You also gain important practice in making business decisions.

Features and Benefits

  • Activation Exercises in CengageNOWv2: These author-written Activation Exercises focus on helping students develop a better understanding of (1) key terms and definitions, (2) the economics of business transactions, (3) how these transactions are recorded in the accounting system, and where relevant, (4) how these transactions are ultimately reflected in the financial statements. The Activation Exercise interactive structure builds the critical thinking skills that are necessary for students to succeed and can be used as an introduction to topics or for review and assessment. Activation Exercises are assignable/gradable in CengageNOWv2.
  • Blueprint Problems in CengageNOWv2: Blueprint Problems are teaching problems that walk students through a single accounting topic. These problems cover the primary learning objectives and are designed to help students understand foundational content and the associated building blocks versus memorizing the formulas or journal entries. Blueprint Problems are assignable/gradable in CengageNOWv2.
  • Blueprint Connections in CengageNOWv2: Blueprint Connections are scenario-based teaching problems that solidify concepts and demonstrate their interrelationships, as well as promote critical thinking. Blueprint Connections combine multiple topics, allowing students to explore a larger concept more fully, and strengthen analytical skills. Blueprint Connections are assignable/gradable in CengageNOWv2.
  • Video: Animated Activities in CengageNOWv2: Animated Activities are engaging animated scenarios that visually guide students through selected core topics in introductory accounting. Each activity uses a realistic company example to illustrate how the concepts relate to the everyday activities of a business. These activities include multiple-choice questions that gauge student understanding of the overarching chapter concepts. Animated Activities are assignable/gradable in CengageNOWv2 and available for self-study and review.
  • EXCEL "Try It" TUTORIALS in CengageNOWv2: Located in the Study Tools Tab in CengageNOWv2, these activities provide students with basic tutorials on how to use Excel to solve accounting problems. Students practice accounting and manipulate spreadsheets using basic Excel® formulas in a simple step-by-step format. The tutorials reinforce the accounting concepts and help build students' Excel competency.

Table of Contents

1. Introduction to Accounting and Business.
2. Analyzing Transactions.
3. The Adjusting Process.
4. Completing the Accounting Cycle.
5. Accounting for Merchandising Businesses.
6. Inventories.
7. Sarbanes-Oxley, Internal Control, and Cash.
8. Receivables.
9. Fixed Assets and Intangible Assets.
10. Current Liabilities and Payroll.
11. Corporations: Organization, Stock Transactions, and Dividends.
12. Long-Term Liabilities: Bonds and Notes.
13. Investments and Fair Value Accounting.
14. Statement of Cash Flows.
15. Financial Statement Analysis.
Appendix A: Interest Tables.
Appendix B: Nike Inc., Form 10-K For the Fiscal Year Ended May 31, 2013.
Appendix C: International Financial Reporting Standards.
Appendix D: Reversing Entries.
Appendix E: Revenue Recognition Update.
Glossary.
Index.

What's New

  • Content Updates: In addition to the many new digital assets created for this edition, the textbook content itself has also been revised. The most significant changes for this edition involve the inclusion of the new revenue recognition standard.
  • CengageNOWv2: NEW CengageNOWv2 helps close the gap between homework and exam performance. The new Multi-Panel View enables students to see all the elements of a problem on one screen, making it easier for them to navigate the problem and understand the accounting system. The new Adaptive Feedback responds to students based upon their unique answers and alerts them to the type of error they have made, keeping students checked-in and progressing. The new Blank Sheet of Paper Experience provides a less leading response system for journal entries and financial statements that discourages over-reliance on the system.
  • Dynamic Exhibits in CengageNOWv2: NEW Dynamic Exhibits allow students to change the variables in a scenario and see how a change ripples through the accounting system. Dynamic Exhibits allow students to see connections and relationships like never before! Identified by an icon in the text, Dynamic Exhibits are embedded within the MindTap eReader in CengageNOWv2. They are assignable/gradable in CengageNOWv2 and available for self-study and review.
  • Video: ConceptClips in CengageNOWv2: NEW ConceptClips address the challenge of understanding the "language of business" that students often face when first introduced to the subject matter. These animations provide students with a memorable auditory and visual representation of the important concepts in each chapter. ConceptClips are embedded throughout the MindTap eReader in CengageNOWv2. They are assignable/gradable in CengageNOWv2 and available for self-study and review.
  • Video: Show Me How in CengageNOWv2: Created for the most frequently assigned end-of-chapter items, hundreds of NEW Show Me How problem demonstrations provide a step-by-step model of a similar problem. Embedded tips and warnings help students avoid common mistakes and pitfalls, keeping them on track and reducing frustration. Identified by an icon in the text margins, Show Me How videos are linked to assignments in CengageNOWv2 and available for self-study and review.
  • Video: Tell Me More in CenageNOWv2: NEW Tell Me More lecture activities explain the core concepts of the chapter through an engaging auditory and visual presentation that is ideal for all class formats--flipped model, online, hybrid, face-to-face. Tell Me More videos are assignable/gradable in CengageNOWv2 and available for self-study and review.
  • Start-Up Center in CengageNOWv2: The NEW CengageNOWv2 Start-Up Center will help students identify what they need to do and where they need to focus in order to be successful with a variety of brand new resources. The Start-Up Center includes the Success Strategies Module, Math Review Module, and How to Use CengageNOWv2 Module.
  • Success Strategies Module with Student Advice videos and a Success Strategies Tip Sheet to ensure that students understand course expectations (and how they may differ from other courses) and how to best plan and prepare so as to be successful in the introductory accounting course. The Student Advice video messages feature real introductory accounting students giving guidance to students who are just starting the course about what it takes to be successful in introductory accounting.
  • Math Review Module, designed to help students get up to speed with necessary math skills, includes math review assignments and Show Me How math demonstration videos to ensure that students have an understanding of basic math skills, including: whole number operations, decimal operations and rounding, percentage operations and conversion, fraction operations, converting numbers expressed in one form to a different form, positive and negative numbers, and ratios and averages.
  • How to Use CengageNOWv2 Module allows students to focus on learning accounting, not on a particular software system. Quickly familiarize your students with CengageNOWv2 and direct them to all of its built-in student resources.
  • Adaptive Study Plan in CengageNOWv2: The NEW Adaptive Study Plan is an assignable/gradable study center that adapts to each student's unique needs and provides a remediation pathway to keep students progressing. Students first take a chapter-level quiz consisting of randomized questions that cover both conceptual and procedural aspects of the chapter. Next, feedback is provided for each answer option explaining why the answer is right or wrong. Based on the quiz results, students are provided a remediation path that includes media assets and algorithmic practice problems to help them improve their understanding of the course material. Instructors may use prerequisites that require students to achieve mastery in the Adaptive Study Plan before moving on to new material. The Adaptive Study Plan is assignable/gradable in CengageNOWv2 and available for self-study and review.
  • Service Focus: NEW Service Focus boxed features highlight the differences between manufacturing companies and service companies and illustrate how managerial accounting concepts apply to service companies such as The Walt Disney Company and Sierra Nevada.

Learning Resource Bundles

Choose the textbook packaged with the resources that best meet your course and student needs. Contact your Learning Consultant for more information.

ePack: Text + CengageNOW™v2, 1 term Instant Access

ISBN-10: 1337075728  | ISBN-13: 9781337075725

List Price = $373.95  | CengageBrain Price = $373.95


ePack: Text + LMS Integrated for CengageNOW™v2, 1 term Instant Access

ISBN-10:  1337081566 | ISBN-13:  9781337081566

List Price = $373.95  | CengageBrain Price = $373.95


Efficacy and Outcomes

Reviews

"These exercises [Activation Exercises in CNOWv2] are interactive and actually allow students to experiment with the data, visually viewing the impact when data is altered. The exercises show not only how a transaction looks in the journal and ledger accounts, but also the impact it ultimately has on financial statements. Finally, students are challenged to analyze the overall impact of a transaction by answering questions related to the topic. This is an excellent learning tool."

— Rita Mintz, Calhoun Community College

"Multi-Panel View [in CNOWv2] makes it much easier for students to see how each piece of the accounting cycle impacts the other pieces. Having it all in one view reduces student frustration and gives them a clearer picture of the complete accounting cycle."

— Kristen Quinn, Northern Essex Community College

"Good tool [Blank Sheet of Paper Experience in CNOWv2] to make students understand concepts without overly relying on technology's help."

— Ramesh Narasimhan, Montclair State University

"I like it [Blank Sheet of Paper Experience in CNOWv2] because it appears to bridge the gap between the homework and my exam."

— Lawrence Chui, University of St. Thomas

"This [Blank Sheet of Paper Experience in CNOWv2] will minimize students' complaints about how the exam looks different from the homework format."

— Rama Ramamurthy, Georgetown University

"I like the adaptive feedback [in CNOWv2]. It will reduce a number of errors that cause students to give up."

— Kevin Jones, Drexel University

Supplements

All supplements have been updated in coordination with the main title. Select the main title's "About" tab, then select "What's New" for updates specific to title's edition.

For more information about these supplements, or to obtain them, contact your Learning Consultant.

Instructor Supplements

Solutions Manual, Volume 1, Chapters 1-15  (ISBN-10: 1285868838 | ISBN-13: 9781285868837)

Author-written and carefully verified multiple times to ensure accuracy and consistency with the text, the Solutions Manual contains answers to the Discussion Questions, Practice Exercises, Exercises, Problems (Series A and Series B), and Cases that appear in each chapter. Solutions for the Continuing Problem and Comprehensive Problems are also included. These solutions help you easily plan, assign, and efficiently grade assignments. Also available on the password –protected instructor website.

Cengage Learning Testing, powered by Cognero® Instant Access for Warren/Reeve/Duchac's Corporate Financial Accounting  (ISBN-10: 1305279700 | ISBN-13: 9781305279704)

NEW for this edition, Test Bank content is now delivered in an online platform. Cengage Learning Testing Powered by Cognero is a flexible, online system that allows you to: Author, edit, and manage test bank content from multiple Cengage Learning solutions. Create multiple test versions in an instant. Deliver tests from your LMS, your classroom, or wherever you want. Also NEW for this edition, 100 new Test Bank questions have been added (in addition to revising numeric values for approximately 20% of the existing questions).

Working Papers, Volume 1, Chapters 1-15  (ISBN-10: 1285869583 | ISBN-13: 9781285869582)

You'll find the tools you need to help work through end-of-chapter assignments with these working papers. The preformatted files provide a starting point by giving you a basic structure for journal entries and problems.

List Price = $60.95  | CengageBrain Price = $60.95  | College Bookstore Wholesale Price = $45.75

Lawn Ranger Landscaping Practice Set with Cengage Learning General Ledger Software, 2 term (12 months) Printed Access Card  (ISBN-10: 1305581474 | ISBN-13: 9781305581470)

This practice set covers the complete accounting cycle for a small service business operated as a proprietorship. You will follow a narrative of transactions and instructions for an optional solution with no debits and credits. This set can be solved manually or with the General Ledger software. The estimated time to complete this practice set is 15-16 hours.

List Price = $109.95  | CengageBrain Price = $109.95  | College Bookstore Wholesale Price = $82.50

Fit and Fashionable Practice Set with Cengage Learning General Ledger Software, 2 term (12 months) Printed Access Card  (ISBN-10: 1305581458 | ISBN-13: 9781305581456)

This practice set is a merchandising business operated as a proprietorship. This business is a retail and wholesale seller of fitness equipment and apparel. This set includes a general journal and special journals: sales journal, purchases journal, cash receipts journal, and cash payments journal. It also includes sub- and general ledgers, a checkbook register, and source documents. This set can be solved manually or with the General Ledger software. The estimated time to complete this practice set is 14-15 hours.

List Price = $73.95  | CengageBrain Price = $73.95  | College Bookstore Wholesale Price = $55.25

Chic Events by Jada Practice Set with Cengage Learning General Ledger Software, 2 term (12 months) Printed Access Card  (ISBN-10: 1305581555 | ISBN-13: 9781305581555)

This practice set includes payroll transactions and purchases and sales for a merchandising business operated as a proprietorship. It includes business documents for a company that plans weddings, anniversaries, birthday parties, and corporate events, as well as sells party supplies. This set can be solved manually or with the General Ledger software. The estimated time to complete this practice set is 12-15 hours.

List Price = $82.95  | CengageBrain Price = $82.95  | College Bookstore Wholesale Price = $62.00

My Place: House of Décor Practice Set with Cengage Learning General Ledger, 2 terms (12 months) Printed Access Card  (ISBN-10: 1305671597 | ISBN-13: 9781305671591)

This practice set is a service and merchandising business operated as a corporation. This set is for an interior design firm providing services to clients for the first months, and then adds a new component to the business for the last months, which is purchasing and selling antique furniture. This set can be solved manually or with the General Ledger software. The estimated time to complete this practice set is 15-17 hours.

List Price = $85.95  | CengageBrain Price = $85.95  | College Bookstore Wholesale Price = $64.25

JP's Tech Solutions with Cengage Learning General Ledger, 2 terms (12 months) Printed Access Card  (ISBN-10: 1305671570 | ISBN-13: 9781305671577)

This practice set covers the complete accounting cycle for a retail merchandising and service business operated as a small corporation. It includes a narrative of transactions, which are to be recorded in special journals. This set can be solved manually or with the General Ledger software. The estimated time to complete this practice set is 15-16 hours.

List Price = $110.95  | CengageBrain Price = $110.95  | College Bookstore Wholesale Price = $83.25

Hydro Paddle Boards Practice Set with Cengage Learning General Ledger, 2 terms (12 months) Printed Access Card  (ISBN-10: 1305671554 | ISBN-13: 9781305671553)

This practice set is for a manufacturing business operated as a corporation. The corporation designs and manufactures custom paddle boards and uses a job-order cost system. This set includes subsidiary ledgers, a schedule of employer payroll taxes, a schedule of unfinished goods, and job cost records. This set can be solved manually or with the General Ledger software. The estimated time to complete this practice set is 13-15 hours.

List Price = $86.95  | CengageBrain Price = $86.95  | College Bookstore Wholesale Price = $65.00

CengageNOW™v2, 1 term Instant Access for Warren/Reeve/Duchac's Corporate Financial Accounting  (ISBN-10: 1305267885 | ISBN-13: 9781305267886)

CengageNOWv2 is an easy-to-use online resource that helps you study in less time to get the grade you want. This integrated system helps you efficiently manage and complete homework assignments from the text. Take quizzes and get feedback to determine the areas which require more practice and direct you to review tutorials, demonstration exercises, videos, eBook content, and fun accounting games to help learn the material. This one-stop, online passport allows access to CengageNOWv2 for all of your courses without having to sign in again.

List Price = $135.00  | CengageBrain Price = $135.00  | College Bookstore Wholesale Price = $135.00

LMS Integrated for CengageNOW™v2, 1 term Instant Access for Warren/Reeve/Duchac's Corporate Financial Accounting  (ISBN-10: 1305662350 | ISBN-13: 9781305662353)

List Price = $135.00  | CengageBrain Price = $135.00  | College Bookstore Wholesale Price = $135.00

Student Supplements

Working Papers, Volume 1, Chapters 1-15  (ISBN-10: 1285869583 | ISBN-13: 9781285869582)

You'll find the tools you need to help work through end-of-chapter assignments with these working papers. The preformatted files provide a starting point by giving you a basic structure for journal entries and problems.

List Price = $60.95  | CengageBrain Price = $60.95  | College Bookstore Wholesale Price = $45.75

Lawn Ranger Landscaping Practice Set with Cengage Learning General Ledger Software, 2 term (12 months) Printed Access Card  (ISBN-10: 1305581474 | ISBN-13: 9781305581470)

This practice set covers the complete accounting cycle for a small service business operated as a proprietorship. You will follow a narrative of transactions and instructions for an optional solution with no debits and credits. This set can be solved manually or with the General Ledger software. The estimated time to complete this practice set is 15-16 hours.

List Price = $109.95  | CengageBrain Price = $109.95  | College Bookstore Wholesale Price = $82.50

Fit and Fashionable Practice Set with Cengage Learning General Ledger Software, 2 term (12 months) Printed Access Card  (ISBN-10: 1305581458 | ISBN-13: 9781305581456)

This practice set is a merchandising business operated as a proprietorship. This business is a retail and wholesale seller of fitness equipment and apparel. This set includes a general journal and special journals: sales journal, purchases journal, cash receipts journal, and cash payments journal. It also includes sub- and general ledgers, a checkbook register, and source documents. This set can be solved manually or with the General Ledger software. The estimated time to complete this practice set is 14-15 hours.

List Price = $73.95  | CengageBrain Price = $73.95  | College Bookstore Wholesale Price = $55.25

Chic Events by Jada Practice Set with Cengage Learning General Ledger Software, 2 term (12 months) Printed Access Card  (ISBN-10: 1305581555 | ISBN-13: 9781305581555)

This practice set includes payroll transactions and purchases and sales for a merchandising business operated as a proprietorship. It includes business documents for a company that plans weddings, anniversaries, birthday parties, and corporate events, as well as sells party supplies. This set can be solved manually or with the General Ledger software. The estimated time to complete this practice set is 12-15 hours.

List Price = $82.95  | CengageBrain Price = $82.95  | College Bookstore Wholesale Price = $62.00

My Place: House of Décor Practice Set with Cengage Learning General Ledger, 2 terms (12 months) Printed Access Card  (ISBN-10: 1305671597 | ISBN-13: 9781305671591)

This practice set is a service and merchandising business operated as a corporation. This set is for an interior design firm providing services to clients for the first months, and then adds a new component to the business for the last months, which is purchasing and selling antique furniture. This set can be solved manually or with the General Ledger software. The estimated time to complete this practice set is 15-17 hours.

List Price = $85.95  | CengageBrain Price = $85.95  | College Bookstore Wholesale Price = $64.25

JP's Tech Solutions with Cengage Learning General Ledger, 2 terms (12 months) Printed Access Card  (ISBN-10: 1305671570 | ISBN-13: 9781305671577)

This practice set covers the complete accounting cycle for a retail merchandising and service business operated as a small corporation. It includes a narrative of transactions, which are to be recorded in special journals. This set can be solved manually or with the General Ledger software. The estimated time to complete this practice set is 15-16 hours.

List Price = $110.95  | CengageBrain Price = $110.95  | College Bookstore Wholesale Price = $83.25

Hydro Paddle Boards Practice Set with Cengage Learning General Ledger, 2 terms (12 months) Printed Access Card  (ISBN-10: 1305671554 | ISBN-13: 9781305671553)

This practice set is for a manufacturing business operated as a corporation. The corporation designs and manufactures custom paddle boards and uses a job-order cost system. This set includes subsidiary ledgers, a schedule of employer payroll taxes, a schedule of unfinished goods, and job cost records. This set can be solved manually or with the General Ledger software. The estimated time to complete this practice set is 13-15 hours.

List Price = $86.95  | CengageBrain Price = $86.95  | College Bookstore Wholesale Price = $65.00

CengageNOW™v2, 1 term Instant Access for Warren/Reeve/Duchac's Corporate Financial Accounting  (ISBN-10: 1305267885 | ISBN-13: 9781305267886)

CengageNOWv2 is an easy-to-use online resource that helps you study in less time to get the grade you want. This integrated system helps you efficiently manage and complete homework assignments from the text. Take quizzes and get feedback to determine the areas which require more practice and direct you to review tutorials, demonstration exercises, videos, eBook content, and fun accounting games to help learn the material. This one-stop, online passport allows access to CengageNOWv2 for all of your courses without having to sign in again.

List Price = $135.00  | CengageBrain Price = $135.00  | College Bookstore Wholesale Price = $135.00

LMS Integrated for CengageNOW™v2, 1 term Instant Access for Warren/Reeve/Duchac's Corporate Financial Accounting  (ISBN-10: 1305662350 | ISBN-13: 9781305662353)

List Price = $135.00  | CengageBrain Price = $135.00  | College Bookstore Wholesale Price = $135.00

Meet the Author

Author Bio

Carl S. Warren

Dr. Carl S. Warren is Professor Emeritus of Accounting at the University of Georgia, Athens. Dr. Warren has taught classes at the University of Georgia, University of Iowa, Michigan State University, and University of Chicago. He focused his teaching efforts on principles of accounting and auditing. Dr. Warren received his PhD from Michigan State University and his BBA and MA from the University of Iowa. During his career, Dr. Warren published numerous articles in professional journals, including The Accounting Review, Journal of Accounting Research, Journal of Accountancy, The CPA Journal, and Auditing: A Journal of Practice and Theory. Dr. Warren has served on numerous committees of the American Accounting Association, the American Institute of Certified Public Accountants, and the Institute of Internal Auditors. He also has consulted with numerous companies and public accounting firms. His outside interests include handball, golf, skiing, backpacking, and fly-fishing.

James M. Reeve

Dr. James M. Reeve is Professor Emeritus of Accounting and Information Management at the University of Tennessee. Dr. Reeve taught full-time as part of the accounting faculty for twenty-five years after graduating with his PhD from Oklahoma State University. He presently teaches part-time at UT. His teaching efforts focused on Senior Executive MBA programs. His research interests are varied and include work in managerial accounting, supply chain management, lean manufacturing, and information management. He has published more than forty articles in academic and professional journals, including Journal of Cost Management, Journal of Management Accounting Research, Accounting Review, Management Accounting Quarterly, Supply Chain Management Review, and Accounting Horizons. He has consulted or provided training around the world for a variety of organizations, including Boeing, Procter & Gamble, Norfolk Southern, Hershey Foods, Coca-Cola, and Sony. When not writing books, Dr. Reeve plays golf and is involved in faith-based activities.

Jonathan Duchac

Dr. Jonathan Duchac is the Wayne Calloway Professor of Accounting and Acting Associate Dean of Accounting Programs at Wake Forest University. He earned his PhD in accounting from the University of Georgia and currently teaches introductory and advanced courses in financial accounting. Dr. Duchac has received a number of awards during his career, including the Wake Forest University Outstanding Graduate Professor Award, the T.B. Rose award for Instructional Innovation, and the University of Georgia Outstanding Teaching Assistant Award. In addition to his teaching responsibilities, Dr. Duchac has served as Accounting Advisor to Merrill Lynch Equity Research, where he worked with research analysts in reviewing and evaluating the financial reporting practices of public companies. He has testified before the U.S. House of Representatives, the Financial Accounting Standards Board, and the Securities and Exchange Commission and has worked with a number of major public companies on financial reporting and accounting policy issues. In addition to his professional interests, Dr. Duchac is an avid mountain biker and snow skier.

The Warren Family