Higher Education

Financial and Managerial Accounting, 9th Edition

  • Belverd E. Needles DePaul University
  • Marian Powers Northwestern University
  • Susan V. Crosson Emory University
  • ISBN-10: 1439037809  |  ISBN-13: 9781439037805
  • 1392 Pages
  • Previous Editions: 2008, 2005, 2002
  • © 2011 | Published
  • College Bookstore Wholesale Price = $355.25
  • Newer Edition Available
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About

Overview

Needles/Powers/Crosson delivers interactive pedagogy by illustrating accounting principles and real-world examples to encourage critical thinking. This revision is based on an understanding of the nature, culture, and motivations of today's students and on extensive feedback from instructors. These substantial changes meet the needs of students, who not only face a business world increasingly complicated by ethical issues, globalization, and technology but also have more demands on their time. To help them meet these challenges, this textbook shows students how business transactions, which are the result of business decisions, are recorded in a way to show their effects on the financial statements. Built on historically strong pedagogy, this edition demonstrates strengthened transaction analysis and its link to the accounting cycle. Proven Presentation: Students learn from a trusted approach built on proper accounting principles and technical detail to ensure mastery of core accounting concepts. Relevant Coverage: Chapter-opening Decision Points have been enhanced to expose students to the changing financial reporting environment and IFRS. Critical-Thinking Tools: New Stop & Think features help students develop the judgment skills they need in the modern business world. Needles/Powers/Crosson demonstrates accounting in motion!

Features and Benefits

  • Use of well-known public companies: This textbook also offers examples from highly recognizable public companies, such as CVS Caremark, Southwest Airlines, Dell Computer, and Netflix to relate basic accounting concepts and techniques to the real world. Chapter 5, How to Read an Annual Report, helps students interpret financial information. 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.
  • Every learning objective within each chapter has a "Stop & Apply" feature that illustrates and solves a short exercise. This helps students apply their knowledge in a step-by-step manner.
  • Focus on Business Practice features have been added or updated to reflect what is going on in the real world, such as IFRS.
  • Study Notes appear in the margins of the textbook and alert students to common misunderstandings of concepts and techniques; key ratio and cash flow icons, which highlight discussions of profitability and liquidity; and accounting equations. Icons and equations appear in the financial chapters.

Table of Contents

1. Uses of Accounting Information and the Financial Statements.
Supplement: How To Read An Annual Report. CVS Corporation Annual Report. Southwest Airline Co. Financial Statements.
2. Analyzing Business Transactions.
3. Measuring Business Income.
Supplement: Closing Entries and the Work Sheet.
4. Financial Reporting and Analysis.
Supplement: 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. Contributed Capital.
12. Investments
13. The Corporate Income Statement and the Statement of Stockholders' Equity.
14. The Statement of Cash Flows.
15. The Changing Business Environment: A Manager's Perspective.
16. Cost Concepts and Cost Allocation.
17. Costing Systems: Job Order.
18. Costing Systems: Process Costing.
19. Value-Based Systems: ABM and Lean.
20. Cost Behavior Analysis.
21. The Budgeting Process.
22. Performance Management and Evaluation.
23. Standard Costing and Variance Analysis.
24. Short-Run Decision Analysis.
25. Capital Investment Analysis.
26. Pricing Decisions, Including Target Costing and Transfer Pricing.
27. Quality Management and Measurement.
28. Financial Analysis of Performance.
Appendix A: Accounting for Investments.
Appendix B: Present Value Tables.

What's New

  • 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 on 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. The authors have reduced excessive detail, shortened headings, simplified explanations, and increased readability.
  • Partnerships, Special Journals, and T-Accounts have returned to the eleventh edition! A completely new, streamlined textbook design emphasizes the pedagogy. T-accounts and journals have assigned colors to help new accounting students identify them easily.
  • International Financial Reporting Standards and fair value have been integrated throughout the book where accounting standards have changed and also in the Business Focus features where applicable. All current events, statistics, and tables have been updated for the latest data.
  • Assignments have been carefully scrutinized for direct relevancy to the learning objectives in the chapters. Names and numbers on all Short Exercises, Exercises, and Problems have been changed except those used on videos. Alternate and main problems have been reversed. Most importantly, alternative problems have been expanded so there are ample problems for any school.
  • CengageNOW is an easy-to-use online homework solution that helps you study in less time to get the grade you want.

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.

Bundle: Text + Working Papers, Chapters 15-28

ISBN-10: 1111698147  | ISBN-13: 9781111698140

List Price = $522.95  | College Bookstore Wholesale Price = $387.00

This Bundle Includes:

  • Financial and Managerial Accounting
    List Price = $472.95  | CengageBrain Price = $472.95  | College Bookstore Wholesale Price = $355.25
  • Working Papers, Chapters 15-28
    List Price = $68.95  | College Bookstore Wholesale Price = $51.75


ePack: Text + CengageNOW 2-Semester Instant Access Code

ISBN-10:  1111766320 | ISBN-13:  9781111766320

List Price = $463.95  | College Bookstore Wholesale Price = $343.50

This Bundle Includes:

  • Financial and Managerial Accounting
    List Price = $472.95  | CengageBrain Price = $472.95  | College Bookstore Wholesale Price = $355.25
  • CengageNOW 2-Semester Instant Access Code
    List Price = $165.00  | CengageBrain Price = $165.00  | College Bookstore Wholesale Price = $165.00


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

WebTutor™ on WebCT™, 2 terms (12 months) Instant Access  (ISBN-10: 0538495065 | ISBN-13: 9780538495066)

List Price = $52.00  | CengageBrain Price = $52.00  | College Bookstore Wholesale Price = $52.00

CengageNOW on WebCT™, 2 terms (12 months) Instant Access  (ISBN-10: 0538494859 | ISBN-13: 9780538494854)

Succeed in your accounting course with CengageNOW, a powerful online homework tool that optimizes your learning experience. This interactive system generates a diagnostic Personalized Study Plan (with a chapter-specific Pre-test, Study Plan, and Post-test) to help you master concepts, prepare for exams, and get a better grade.

List Price = $165.00  | CengageBrain Price = $165.00  | College Bookstore Wholesale Price = $165.00

CengageNOW 2-Semester Instant Access Code  (ISBN-10: 0538494913 | ISBN-13: 9780538494915)

CengageNOW is an online teaching and learning resource that gives you more control in less time and delivers better outcomes NOW. Only CengageNOW for Accounting identifies and reports content as it relates to AACSB, AICPA, IMA, and specific course outcomes, allowing you to track student assessment outcomes throughout your accounting course.

List Price = $165.00  | CengageBrain Price = $165.00  | College Bookstore Wholesale Price = $165.00

CengageNOW on Blackboard® 2-Semester Instant Access Code  (ISBN-10: 053849493X | ISBN-13: 9780538494939)

Succeed in your accounting course with CengageNOW, a powerful online homework tool that optimizes your learning experience. This interactive system generates a diagnostic Personalized Study Plan (with a chapter-specific Pre-test, Study Plan, and Post-test) to help you master concepts, prepare for exams, and get a better grade.

List Price = $165.00  | CengageBrain Price = $165.00  | College Bookstore Wholesale Price = $165.00

WebTutor™ on Blackboard®, 2 terms (12 months) Instant Access  (ISBN-10: 0538494999 | ISBN-13: 9780538494991)

List Price = $52.00  | CengageBrain Price = $52.00  | College Bookstore Wholesale Price = $52.00

Financial Accounting  (ISBN-10: 053847601X | ISBN-13: 9780538476010)

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.

List Price = $424.95  | CengageBrain Price = $424.95  | College Bookstore Wholesale Price = $319.75

Bundle: Text + CengageNOW 2-Semester Printed Access Card  (ISBN-10: 1111424160 | ISBN-13: 9781111424169)

Needles/Powers/Crosson delivers interactive pedagogy by illustrating accounting principles and real-world examples to encourage critical thinking. This revision is based on an understanding of the nature, culture, and motivations of today's students and on extensive feedback from instructors. These substantial changes meet the needs of students, who not only face a business world increasingly complicated by ethical issues, globalization, and technology but also have more demands on their time. To help them meet these challenges, this textbook shows students how business transactions, which are the result of business decisions, are recorded in a way to show their effects on the financial statements. Built on historically strong pedagogy, this edition demonstrates strengthened transaction analysis and its link to the accounting cycle. Proven Presentation: Students learn from a trusted approach built on proper accounting principles and technical detail to ensure mastery of core accounting concepts. Relevant Coverage: Chapter-opening Decision Points have been enhanced to expose students to the changing financial reporting environment and IFRS. Critical-Thinking Tools: New Stop & Think features help students develop the judgment skills they need in the modern business world. Needles/Powers/Crosson demonstrates accounting in motion!

List Price = $491.95  | College Bookstore Wholesale Price = $370.25

Student Supplements

WebTutor™ on WebCT™, 2 terms (12 months) Instant Access  (ISBN-10: 0538495065 | ISBN-13: 9780538495066)

Succeed in your accounting course with this anytime, anywhere customized learning solution that reinforces and clarifies complex concepts, provides online quizzes with instant feedback and other online learning tools, and keeps you connected to your textbook, instructor, and classmates.

List Price = $52.00  | CengageBrain Price = $52.00  | College Bookstore Wholesale Price = $52.00

CengageNOW on WebCT™, 2 terms (12 months) Instant Access  (ISBN-10: 0538494859 | ISBN-13: 9780538494854)

Succeed in your accounting course with CengageNOW™, a powerful online homework tool that optimizes your learning experience. This interactive system generates a diagnostic Personalized Study Plan (with a chapter-specific Pre-test, Study Plan, and Post-test) to help you master concepts, prepare for exams, and get a better grade.

List Price = $165.00  | CengageBrain Price = $165.00  | College Bookstore Wholesale Price = $165.00

CengageNOW 2-Semester Instant Access Code  (ISBN-10: 0538494913 | ISBN-13: 9780538494915)

CengageNOW is an online homework solution in accounting that delivers better student outcomes--NOW! CengageNOW Express encourages practice with the textbook homework that is central to success in accounting with author-written homework from the textbook, automatic grading, and course management tools including gradebook.

List Price = $165.00  | CengageBrain Price = $165.00  | College Bookstore Wholesale Price = $165.00

CengageNOW on Blackboard® 2-Semester Instant Access Code  (ISBN-10: 053849493X | ISBN-13: 9780538494939)

Succeed in your accounting course with CengageNOW™, a powerful online homework tool that optimizes your learning experience. This interactive system generates a diagnostic Personalized Study Plan (with a chapter-specific Pre-test, Study Plan, and Post-test) to help you master concepts, prepare for exams, and get a better grade.

List Price = $165.00  | CengageBrain Price = $165.00  | College Bookstore Wholesale Price = $165.00

WebTutor™ on Blackboard®, 2 terms (12 months) Instant Access  (ISBN-10: 0538494999 | ISBN-13: 9780538494991)

Succeed in your accounting course with this anytime, anywhere customized learning solution that reinforces and clarifies complex concepts, provides online quizzes with instant feedback and other online learning tools, and keeps you connected to your textbook, instructor, and classmates.

List Price = $52.00  | CengageBrain Price = $52.00  | College Bookstore Wholesale Price = $52.00

Financial Accounting  (ISBN-10: 053847601X | ISBN-13: 9780538476010)

FINANCIAL ACCOUNTING, Eleventh Edition, delivers the information you need to adapt to a dynamic business world. Through market-leading integration of real-world data, trusted pedagogy, and a clear writing style that simplifies complex concepts, FINANCIAL ACCOUNTING, Eleventh Edition, presents the basics of accounting and then takes you a step further by developing the judgment and critical-thinking skills you will need to succeed. The new edition is fully updated for IFRS, includes some unique elements on ratio analysis, and many online resources to help you succeed.

List Price = $424.95  | CengageBrain Price = $424.95  | College Bookstore Wholesale Price = $319.75

Bundle: Text + CengageNOW 2-Semester Printed Access Card  (ISBN-10: 1111424160 | ISBN-13: 9781111424169)

Needles/Powers/Crosson delivers interactive pedagogy by illustrating accounting principles and real-world examples to encourage critical thinking. This revision is based on an understanding of the nature, culture, and motivations of today's students and on extensive feedback from instructors. These substantial changes meet the needs of students, who not only face a business world increasingly complicated by ethical issues, globalization, and technology but also have more demands on their time. To help them meet these challenges, this textbook shows students how business transactions, which are the result of business decisions, are recorded in a way to show their effects on the financial statements. Built on historically strong pedagogy, this edition demonstrates strengthened transaction analysis and its link to the accounting cycle. Proven Presentation: Students learn from a trusted approach built on proper accounting principles and technical detail to ensure mastery of core accounting concepts. Relevant Coverage: Chapter-opening Decision Points have been enhanced to expose students to the changing financial reporting environment and IFRS. Critical-Thinking Tools: New Stop & Think features help students develop the judgment skills they need in the modern business world. Needles/Powers/Crosson demonstrates accounting in motion!

List Price = $491.95  | College Bookstore Wholesale Price = $370.25

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.