Higher Education

Financial and Managerial Accounting, 10th Edition

  • Belverd E. Needles DePaul University
  • Marian Powers Northwestern University
  • Susan V. Crosson Emory University
  • ISBN-10: 1133626998  |  ISBN-13: 9781133626992
  • 1280 Pages
  • Previous Editions: 2011, 2008, 2005
  • © 2014 | Published
  • College Bookstore Wholesale Price = $312.75
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About

Overview

Needles/Powers/Crosson's FINANCIAL AND MANAGERIAL ACCOUNTING continuously evolves to meet the needs of today's learner. This edition's new structure is based on research about how to deliver content to students and how to mirror the way instructors have told us they teach. The chapters have been organized into a Three Section Approach, which helps students more easily digest the content. The first section is Concepts and focuses on the overarching accounting concepts that require consistent reiteration throughout the course. With a clear understanding of the concepts, students can proceed to the second section--Accounting Applications. Here, students practice the application of accounting procedures with features like "Apply It!" and a new transaction analysis model, which breaks down the transaction in a simple, visual format Finally, students move to section three, Business Applications. This section illustrates how concepts and procedures are used to make business decisions. Real company examples are used throughout the chapter to show students the relevance of accounting. This logical progression through the material is further supported in the online environment in CengageNOW with TriLevel Problems. These problems mirror the Three Section Approach and connect the sections to facilitate a more complete understanding. These substantial changes will make students more efficient learners and prepare them to face a business world that is increasingly complicated by ethical issues, globalization, and technology.

Features and Benefits

  • USE OF WELL-KNOWN PUBLIC COMPANIES: This textbook keeps students engaged by providing real business context and examples from highly recognizable public companies such as CVS Caremark, Southwest Airlines, Dell Computer, and Netflix. The latest available data is used in exhibits to incorporate the most recent FASB pronouncements. The authors illustrate current practices in financial reporting by referring to data from Accounting Trends and Techniques (AICPA) and integrating international topics wherever appropriate. The Supplement to Chapter 1, "How to Read an Annual Report", helps students interpret financial information.
  • CHAPTER BOOKENDS: Each chapter opens with a Business Insight that shows how a small company would use accounting information to make decisions. The Business Insight poses three questions--each of which will be answered in one of the three sections of the chapter. At the end of each chapter, a NEW TriLevel Problem revisits the Business Insight company and answers the questions posed there to tie the three sections together.
  • APPLY IT!: Every chapter learning objective within each chapter has an "Apply It!" feature that illustrates and solves a short exercise and then references end-of-chapter assignments where students can go to Try It!. This provides students with an example to reference as they are working to complete homework, making getting started less intimidating.
  • RATIO ANALYSIS: A new framework for teaching how to analyze company information and make informed decisions using ratio analysis has been added. This model simplifies ratio analysis by framing ratios as questions regarding company performance and then focusing on key elements of the financial statements that are needed to compute the ratio. Students see real company examples worked out step-by-step and can compare ratios with industry averages.
  • CENGAGENOW: CengageNow is an easy-to-use online homework solution that helps students study in less time to get the grade they want. CengageNOW has been updated with new content and assignment types.

Table of Contents

1. Uses of Accounting Information and the Financial Statements.
Supplement to Chapter 1: How to Read an Annual Report.
2. Measurement Concepts: Recording Business Transactions.
3. Measuring Business Income: Adjusting the Accounts.
Supplement to Chapter 3: Closing Entries and the Work Sheet.
4. Foundations of Financial Reporting and the Classified Balance Sheet.
5. Accounting for Merchandising Operations.
6. Inventories.
7. Cash and Internal Control.
8. Receivables.
9. Long-Term Assets.
10. Current Liabilities and Fair Value Accounting.
11. Long-Term Liabilities.
12. Stockholders' Equity.
13. The Statement of Cash Flows.
Supplement to Chapter 13: The Direct Method of Preparing the Statement of Cash Flows.
14. Financial Statement Analysis.
15. Managerial Accounting and Cost Concepts.
16. Costing Systems: Job Order Costing.
17. Costing Systems: Process Costing.
18. Value-Based Systems: Activity-Based-Costing and Lean Accounting.
19. Cost-Volume-Profit Analysis.
20. The Budgeting Process.
21. Flexible Budgets and Performance Analysis
22. Standard Costing and Variance Analysis.
23. Short-Run Decision Analysis.
24. Capital Investment Analysis.
25. Pricing Decisions, Including Target Costing and Transfer Pricing.
26. Quality Management and Measurement.
Appendix A: Accounting for Unincorporated Businesses.
Appendix B: Accounting for Investments.
Appendix C: Present Value Tables.

What's New

  • NEW THREE SECTION APPROACH: The authors have organized this edition into a new Three Section approach: 1. The CONCEPTS section focuses on the overarching accounting concepts that require consistent reiteration throughout the course. 2. The ACCOUNTING APPLICATIONS section helps students apply the accounting procedures with features like "Apply It!" and a new transaction analysis model. 3. The BUSINESS APPLICATIONS section illustrates how concepts and procedures are used to make real-world business decisions.
  • NEW STRUCTURE: Based on market feedback, the text was reorganized and the chapters were renamed for better alignment with the balance sheet presentation.
  • NEW CONTENT COVERAGE: This edition now includes coverage of accounting for sole proprietorships and partnerships in Appendix A.
  • SIMPLIFIED COMPLEX ACCOUNTING TOPICS: Extra care has been taken to clarify the topics students struggle with most by using simple language; setting equations, formulas, and steps apart for easier student reference; and revising exhibits. In addition, wherever possible, detailed information has been made more concise by shortening paragraphs and breaking sentences into bulleted lists.
  • NEW TRANSACTION ANALYSIS MODEL: Maintaining a solid foundation in double-entry accounting, there are more in-text journal entries and T-accounts throughout the financial accounting chapters. In Chapter 2 of Business Transactions, the relationship of transaction analysis to the accounting cycle has been clarified. In Chapter 6 on Merchandising Accounting, transaction illustrations exist for all transactions mentioned in the chapter.
  • REVISED IFRS COVERAGE: International Financial Reporting Standards and fair value have been integrated throughout the book where accounting standards have changed and also in the Business Perspective features where applicable. All current events, statistics, and tables have been updated for the latest data.
  • IMPROVED END-OF-CHAPTER ASSIGNMENTS: Based on market and syllabi research for introductory accounting courses, the following changes have been made to end-of-chapter assignments: Added new discussion questions. Added more Short Exercises. Added new B Set for the Exercises (available online). Added new check figures to the margins for Problems, where applicable. Added more Alternate Problems. Added labels for the cases to make it easier to identify appropriate assignments. Updated end-of-chapter assignments with new numbers and current data, where applicable.
  • NEW TRILEVEL PROBLEMS IN CENGAGENOW: TriLevel Problems in CengageNOW follow the Three Section Approach of the chapter by including Concepts, Accounting Applications and Business Applications. The problems reinforce and apply overarching concepts while also tying the three sections together to give students a more complete understanding.
  • NEW ANIMATED ACTIVITIES: Animated Activities in CengageNOW are videos that guide students through selected core topics using a realistic company 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 PROBLEMS: In CengageNOW, these problems cover the primary learning objectives and help students understand the fundamental accounting concepts and their associated building blocks--not just memorize the formulas or journal entries required for a single concept. Blueprint Problems include rich feedback and explanations, providing students with an excellent learning resource. These comprehensive problems tie concepts together and support reinforcement of core accounting fundamentals.
  • NEW BLUEPRINT CONNECTIONS: Blueprint Connections in CengageNOW build on concepts covered and introduced in the Blueprint Problems. These scenario-based, interactive exercises help reinforce students' knowledge of the concepts and strengthen their analytical skills.
  • NEW "CHECK MY WORK" FEEDBACK: Written feedback is now available when students click "Check My Work" in CengageNOW to provide valuable guidance as they work through homework items.

Alternate Formats

Choose the format that best fits your student's budget and course goals

To customize your learning solution, contact your Learning Consultant for more information.

  • Looseleaf Edition

    ISBN-10: 1285441974 | ISBN-13: 9781285441979

    List Price = $265.95  | CengageBrain Price = $265.95  | College Bookstore Wholesale Price = $199.50

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.

Printed Text + CengageNOW 2-Semester Instant Access

ISBN-10: 1305128508  | ISBN-13: 9781305128507

List Price = $435.95  | CengageBrain Price = $435.95  | College Bookstore Wholesale Price = $327.75

This Bundle Includes:

  • Financial and Managerial Accounting
    List Price = $416.95  | CengageBrain Price = $416.95  | College Bookstore Wholesale Price = $312.75
  • CengageNOW 2-Semester, 2 terms (12 months) Instant Access
    List Price = $164.00  | CengageBrain Price = $164.00  | College Bookstore Wholesale Price = $164.00


ePack: Financial and Managerial Accounting, 10th + Excel Applications for Accounting Principles, 4th + CengageNOW 2-Semester, 2 terms (12 months) Instant Access

ISBN-10:  1305712641 | ISBN-13:  9781305712645

List Price = $455.95  | CengageBrain Price = $455.95  | College Bookstore Wholesale Price = $342.75

This Bundle Includes:

  • Financial and Managerial Accounting
    List Price = $416.95  | CengageBrain Price = $416.95  | College Bookstore Wholesale Price = $312.75
  • CengageNOW 2-Semester, 2 terms (12 months) Instant Access
    List Price = $164.00  | CengageBrain Price = $164.00  | College Bookstore Wholesale Price = $164.00
  • Excel Applications for Accounting Principles
    List Price = $154.95  | CengageBrain Price = $154.95  | College Bookstore Wholesale Price = $116.25


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, Chapters 1-14  (ISBN-10: 1133937241 | ISBN-13: 9781133937241)

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. It is available on the Instructor's Resource CD and website.

Solutions Manual, Chapters 15-26  (ISBN-10: 113393725X | ISBN-13: 9781133937258)

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.

Instructor's Manual, Chapters 1-14  (ISBN-10: 1133937268 | ISBN-13: 9781133937265)

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 15-26  (ISBN-10: 1133939279 | ISBN-13: 9781133939276)

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

Test Bank, Chapters 1-14  (ISBN-10: 1133940579 | ISBN-13: 9781133940579)

The test bank provides more than 2,000 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 (when more than 5 minutes), AICPA, ACBSP and other business program standards.

Test Bank, Chapters 15-26  (ISBN-10: 1133940617 | ISBN-13: 9781133940616)

The test bank provides more than 2,000 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 (when more than 5 minutes), IMA, ACBSP and other business program standards

Instructor's Resource CD-ROM  (ISBN-10: 1133940587 | ISBN-13: 9781133940586)

Place all of the key teaching resources you need at your fingertips with this all-in-one source. Find everything you need to plan, to teach, to grade, and to 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, Excel® Templates, and Experience Accounting Video Integration Guide.

CengageNOW with eBook on Blackboard®, 2 terms (12 months) Instant Access  (ISBN-10: 1133945430 | ISBN-13: 9781133945437)

Ensure that students have the understanding they need of accounting procedures and concepts with CengageNOW. This integrated online course management and learning system combines the best of current technology to save you time in planning and managing your course and assignments. You can reinforce comprehension with customized student learning paths and efficiently test and automatically grade assignments with reports that correspond to BUSPROG and AICPA standards. This online instant access code allows students to access CengageNOW on the BlackBoard® platform.

List Price = $164.00  | College Bookstore Wholesale Price = $164.00

CengageNOW 2-Semester, 2 terms (12 months) Instant Access  (ISBN-10: 1133945554 | ISBN-13: 9781133945550)

Ensure that students have the understanding they need of accounting procedures and concepts with CengageNOW. This integrated online course management and learning system combines the best of current technology to save you time in planning and managing your course and assignments. You can reinforce comprehension with customized student learning paths and efficiently test and automatically grade assignments with reports that correspond to BUSPROG and AICPA standards. This online instant access code allows students to access CengageNOW. For your convenience, CengageNOW is also compatible with WebCT® and Blackboard®.

List Price = $164.00  | CengageBrain Price = $164.00  | College Bookstore Wholesale Price = $164.00

CengageNOW with Cengage Learning Write Experience 2.0 Powered by MyAccess, 2 terms (12 months) Instant Access  (ISBN-10: 1285172914 | ISBN-13: 9781285172910)

With its engaging learning and assessment tools, CengageNOW supports the entire student workflow, from motivation to mastery. For instructors, CengageNOW provides control and customization with the opportunity to tailor the learning experience to improve outcomes.

List Price = $174.00  | CengageBrain Price = $174.00  | College Bookstore Wholesale Price = $174.00

Cengage Learning Write Experience 2.0 Powered by MyAccess with eBook, 2 terms (12 months) Instant Access  (ISBN-10: 113394678X | ISBN-13: 9781133946786)

Write Experience is the first solution in higher education to offer you the opportunity to improve your written and critical thinking skills with instant automated feedback. Write Experience provides real-time guidance, in your native language, as you write. After submitting your assignment, Write Experience evaluates your written assignment and provides immediate feedback on your writing while it's fresh in your mind. Write Experience not only scores your writing instantly and accurately, it provides detailed revision goals and detailed feedback on your writing to help you improve.

List Price = $164.00  | CengageBrain Price = $164.00  | College Bookstore Wholesale Price = $164.00

Managerial Accounting  (ISBN-10: 1133940595 | ISBN-13: 9781133940593)

Crosson/Needles' MANAGERIAL ACCOUNTING continuously evolves to meet the needs of today's learner. This edition's new structure is based on research about how to best deliver content to students and how to mirror the way instructors have told us they teach. The chapters have been organized into a Three Section Approach, which helps students more easily digest the content. The first section is Concepts and focuses on the overarching accounting concepts that require consistent reiteration throughout the course. With a clear understanding of the concepts, students can proceed to the second section--Accounting Applications. Here, students practice the application of accounting procedures with features like "Apply It!". Finally, students move to section three, Business Applications. This section illustrates how concepts and procedures are used to make business decisions. Real company examples are used throughout the chapter to show students the relevance of accounting. This logical progression through the material is further supported in the online environment in CengageNOW with TriLevel Problems. These problems mirror the Three Section Approach and connect the sections to facilitate a more complete understanding. These substantial changes will make students more efficient learners and prepare them to face a business world that is increasingly complicated by ethical issues, globalization, and technology.

List Price = $430.95  | CengageBrain Price = $430.95  | College Bookstore Wholesale Price = $323.25

Student Supplements

CengageNOW with eBook on Blackboard®, 2 terms (12 months) Instant Access  (ISBN-10: 1133945430 | ISBN-13: 9781133945437)

Ensure that students have the understanding they need of accounting procedures and concepts with CengageNOW. This integrated online course management and learning system combines the best of current technology to save you time in planning and managing your course and assignments. You can reinforce comprehension with customized student learning paths and efficiently test and automatically grade assignments with reports that correspond to BUSPROG and AICPA standards. This online instant access code allows students to access CengageNOW on the BlackBoard® platform.

List Price = $164.00  | College Bookstore Wholesale Price = $164.00

CengageNOW 2-Semester, 2 terms (12 months) Instant Access  (ISBN-10: 1133945554 | ISBN-13: 9781133945550)

Ensure that students have the understanding they need of accounting procedures and concepts with CengageNOW. This integrated online course management and learning system combines the best of current technology to save you time in planning and managing your course and assignments. You can reinforce comprehension with customized student learning paths and efficiently test and automatically grade assignments with reports that correspond to BUSPROG and AICPA standards. This online instant access code allows students to access CengageNOW. For your convenience, CengageNOW is also compatible with WebCT® and Blackboard®.

List Price = $164.00  | CengageBrain Price = $164.00  | College Bookstore Wholesale Price = $164.00

CengageNOW with Cengage Learning Write Experience 2.0 Powered by MyAccess, 2 terms (12 months) Instant Access  (ISBN-10: 1285172914 | ISBN-13: 9781285172910)

Have the tools you need to be successful A variety of tools are available in CengageNOW™, all combined in one easy-to-use resource designed to improve your grades. Some resources get you prepared for class and help you succeed on homework, and others show you specific areas where you can work to improve. Stay ahead of the course requirements CengageNOW shows you the path through your course—from first day through finals. Once you know what’s expected, it’s easier to complete your assignments. Gain understanding that stays with you Do well on tests as well as the assignments! Bridge the gap between homework and tests by using CengageNOW to truly understand the material. Self-study and review materials keep you on the right track, to make sure your understanding goes beyond memorization. Set yourself up for better grades Why wonder where you stand? CengageNOW includes trackable assignments and grades. It tells you what to do to improve your grade, and gives you the tools to accomplish it! Student Testimonials: “I love the check your work option. Really, when you’re having a hard time figuring out an answer, sometimes working backwards is the best way to understand conceptually what you’re doing wrong.” - Brad Duncan University of Utah “I liked the videos because they were short enough to teach me and because they were short, I was able to find time to watch them again and again if I did not understand the first time.” - Jennifer Wright Northeast Wisconsin Technical College CTA: Ask your instructor about CengageNOW for this course.

List Price = $174.00  | CengageBrain Price = $174.00  | College Bookstore Wholesale Price = $174.00

Cengage Learning Write Experience 2.0 Powered by MyAccess with eBook, 2 terms (12 months) Instant Access  (ISBN-10: 113394678X | ISBN-13: 9781133946786)

Write Experience is the first solution in higher education to offer you the opportunity to improve your written and critical thinking skills with instant automated feedback. Write Experience provides real-time guidance, in your native language, as you write. After submitting your assignment, Write Experience evaluates your written assignment and provides immediate feedback on your writing while it's fresh in your mind. Write Experience not only scores your writing instantly and accurately, it provides detailed revision goals and detailed feedback on your writing to help you improve.

List Price = $164.00  | CengageBrain Price = $164.00  | College Bookstore Wholesale Price = $164.00

Managerial Accounting  (ISBN-10: 1133940595 | ISBN-13: 9781133940593)

Crosson/Needles delivers a new Three Section Approach that mirrors the way instructors have told us they teach and students best learn. Moving students through Concepts, then Accounting Applications, and finally Business Applications, students follow a logical progression through the material and building on what they know. The new Tri-Level Problem in CengageNOW supports this approach.

List Price = $430.95  | CengageBrain Price = $430.95  | College Bookstore Wholesale Price = $323.25

Meet the Author

Author Bio

Belverd E. Needles

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

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.

Susan V. Crosson

Susan V. Crosson received her B.B.A. degree in economics and accounting from Southern Methodist University and her M.S. degree in accounting from Texas Tech University. She is currently teaching in the Goizueta Business School at Emory University in Atlanta, Georgia. Until recently, she was the Accounting Faculty Lead and Professor at Santa Fe College in Gainesville, Florida. She has also been on the faculty of the University of Florida; Washington University in St. Louis; University of Oklahoma; Johnson County Community College in Kansas; and Kansas City Kansas Community College. She is internationally known for her YouTube accounting videos as an innovative application of pedagogical strategies. In recognition of her professional and academic activities, she was a recipient of the Outstanding Service Award from the American Accounting Association (AAA), an Institute of Management Accountants’ Faculty Development Grant to blend technology into the classroom, the Florida Association of Community Colleges Professor of the Year Award for Instructional Excellence, and the University of Oklahoma’s Halliburton Education Award for Excellence. Currently, she serves as President of the Teaching, Learning, and Curriculum section of the AAA. Recently, she served as a Supply Chain Leader for The Commission on Accounting Higher Education which published “Pathways to a Profession” Charting a National Strategy for the Next Generation of Accountants. She has also served on various committees for the AICPA, Florida Institute of CPAs, and the Florida Association of Accounting Educators.