Higher Education

Using Financial Accounting Information: The Alternative to Debits and Credits, 9th Edition

  • Gary A. Porter Drake University
  • Curtis L. Norton Arizona State University
  • ISBN-10: 1285183231  |  ISBN-13: 9781285183237
  • 848 Pages
  • Previous Editions: 2013, 2011, 2010
  • © 2015 | Published
  • College Bookstore Wholesale Price = $288.75
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About

Overview

USING FINANCIAL ACCOUNTING INFORMATION, 9E is a non-debit/credit text known for its strong decision-making focus and its incorporation of flagship companies for increased relevance. This text provides the appropriate blend of academic rigor with step-by-step learning and decision-making models that reach today's students and equip them with the skills they need to be effective decision makers and future business leaders. Instead of an abstract approach to accounting, USING FINANCIAL ACCOUNTING INFORMATION takes students through recognizable focus companies and their specific financial data and business strategies, imparting students with real-life experience and a model to hone the skills necessary to making important decisions. This edition features three key models that provide students with a more structured approach to understanding financial data and explains how it is used to make sound business decisions. The Transaction Analysis Model helps students see the effects an economic event has on the accounting equation and financial statements, the Financial Decision Framework focuses on ratio analysis and financial decisions, and the Ethical Decision Model helps students use ethical judgment when applying accounting principles. USING FINANCIAL ACCOUNTING INFORMATION, 9E will help students learn and understand core accounting rules. It also will give them a framework through which they can apply their knowledge to make effective business decisions.

Features and Benefits

  • The Transaction Model in USING FINANCIAL ACCOUNTING INFORMATION 9E extends a decision-making framework into understanding transactions and recording decisions that accountants regularly make. The model asks students to state the event, understand the accounts being used and how they're impacted, and know what effect transactions will have on the accounting equation and ultimately on the financial statements. This model is extended into CengageNOW with questions that measure students' understanding of the effects of transactions they're asked to record.
  • Students are given a framework to teach them to identify relevant information, analyze it, and make better business decisions. The two-part Financial Decision Framework includes a Ratio Decision Model and a Business Decision Model. This framework, integrated throughout the text, provides students with models for honing their analysis and decision-making skills using real company information in a relevant, applicable context. The models are extended into the end-of-chapter questions so that students not only learn these models for making financial decisions but also have a chance to apply them in practice.
  • Part of the Financial Decision Framework, the Ratio Decision Model guides students through formulating a question about a real company and then calculating, comparing, and interpreting ratios.
  • Moving a step beyond the Ratio Decision Model, the Financial Decision Framework also guides students through a Business Decision Model. This model leads students through the process of asking a question as a user of financial information, gathering and analyzing the necessary information, making a decision, and then monitoring that decision.
  • Author-created end-of-chapter questions written to require students to apply the models they've learned have been extended into the online experience in CengageNOW. These interactive decision problems and cases further reinforce the Financial Decision Framework with a hands-on analysis and decision-making experience.
  • The Ethical Decision Model has been integrated into requirement steps in selected problems and Ethical Decision Cases in the end of chapter. Ethical issues are introduced within selected chapters, and end-of-chapter cases ask students to apply an Ethical Decision Model introduced in Chapter 1 to evaluate the situation and learn how to make ethical decisions. This integration follows through on the ethical model's stepped method of reaching ethical decisions through identification, analysis, and resolution.
  • Real company financial statements have been updated to provide current financial reporting and business conditions as well as accurate company descriptions and ratios based on the latest 10-K financials.
  • Ten interviews with selected businesspeople discussing the use of accounting in their careers are included in boxed vignettes within the text and are available by video in CenageNOW to help students understand the relevance of accounting in their future careers.
  • CengageNOW includes a MindTap™ Reader for an enhanced eBook experience, additional algorithmic questions, and updated Blueprint Problems. CengageNOW also includes "What If" Problems that ask students to modify the question data and observe and evaluate its effects.
  • "Working-backward" exercises in the end-of-chapter homework give students a "result"--journal entries, account balances, balance sheet, income statement presentations/amounts, or ratios. With this information, students are asked to work backward to arrive at an answer to the exercise. This type of problem solving helps students think critically about key accounting concepts.
  • Transactions discussed in the text are notated using a Transaction-Effects Equation that graphically shows how the transaction affects the balance sheet, the income statement, and the relationship between changes in net income and changes in equity.
  • IFRS coverage, called out by an icon, appears in selected sections of the text. These references provide a brief background for the upcoming changes in financial standards that are fully covered in the book's IFRS appendix.
  • Key annual report excerpts from Under Armour and Columbia Sportswear bring the role of accounting in business into focus for students and provide an interesting industry comparison.
  • Early introduction of the statement of cash flows exposes students to the delicate balance between operations and a company's investing and financing activities and shows how its management impacts an organization's viability.
  • Found at the end of each chapter, the Alternate Terms Section illustrates variations in terminology across companies, regions, and users. Furthermore, Alternate Problems Sections include additional problems to assign. They are modeled after problems in regular Problems Sections and are designed to deepen students' understanding.

Table of Contents

1. Accounting as a Form of Communication.
2. Financial Statements and the Annual Report.
3. Processing Accounting Information.
4. Income Measurement and Accrual Accounting.
5. Inventories and Cost of Goods Sold.
6. Cash and Internal Control.
7. Receivables and Investments.
8. Operating Assets: Property, Plant, and Equipment, and Intangibles.
9. Current Liabilities, Contingencies, and the Time Value of Money.
10. Long-Term Liabilities.
11. Stockholders' Equity.
12. The Statement of Cash Flows.
13. Financial Statement Analysis.
Appendix A: International Financial Reporting Standards.
Appendix B: Excerpts from Under Armour's Form 10-K.
Appendix C: Excerpts from Columbia Sportswear's Form 10-K.
Glossary.
Index.

What's New

  • The Transaction Model in USING FINANCIAL ACCOUNTING INFORMATION 9E extends a decision-making framework into understanding transactions and recording decisions that accountants regularly make. The model asks students to state the event, understand the accounts being used and how they're impacted, and know what effect transactions will have on the accounting equation and ultimately on the financial statements. This model is extended into CengageNOW with questions that measure students' understanding of the effects of transactions they're asked to record.
  • Students are given a framework to teach them to identify relevant information, analyze it, and make better business decisions. The two-part Financial Decision Framework includes a Ratio Decision Model and a Business Decision Model. This framework, integrated throughout the text, provides students with models for honing their analysis and decision-making skills using real company information in a relevant, applicable context. The models are extended into the end-of-chapter questions so that students not only learn these models for making financial decisions but also have a chance to apply them in practice.
  • Part of the Financial Decision Framework, the Ratio Decision Model guides students through formulating a question about a real company and then calculating, comparing, and interpreting ratios.
  • Moving a step beyond the Ratio Decision Model, the Financial Decision Framework also guides students through a Business Decision Model. This model leads students through the process of asking a question as a user of financial information, gathering and analyzing the necessary information, making a decision, and then monitoring that decision.
  • Author-created end-of-chapter questions written to require students to apply the models they've learned have been extended into the online experience in CengageNOW. These interactive decision problems and cases further reinforce the Financial Decision Framework with a hands-on analysis and decision-making experience.
  • The Ethical Decision Model has been integrated into requirement steps in selected problems and Ethical Decision Cases in the end of chapter. Ethical issues are introduced within selected chapters, and end-of-chapter cases ask students to apply an Ethical Decision Model introduced in Chapter 1 to evaluate the situation and learn how to make ethical decisions. This integration follows through on the ethical model's stepped method of reaching ethical decisions through identification, analysis, and resolution.
  • Two new flagship focus companies, Under Armour and Columbia Sportswear, are used as examples throughout the text, allowing students to apply the models they're learning to real financial data from two companies in the same industry.
  • New chapter focus companies are introduced--Walgreen Co. for Chapter 12 and lululemon athletica, inc. for Chapter 13.
  • The authors have streamlined the chapter text without oversimplifying or removing topics; so the presentation of the content is clearer, more concise, and easier for students to absorb.
  • 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; and deliver tests from your LMS, your classroom, or wherever you want. Revised to reflect the eighth edition, the Cognero Test Bank contains the same questions that are in the Microsoft® Word Test Bank. All question content is tagged according to standards topic, Bloom's Taxonomy, and difficulty level.
  • At least 100 new algorithmic homework problems in CengageNOW ensure that students have plenty of chances to drill and practice while applying what they're learning to different problems.

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Solutions Manual  (ISBN-10: 1285183274 | ISBN-13: 9781285183275)

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Meet the Author

Author Bio

Gary A. Porter

Dr. Gary A. Porter earned M.B.A. and Ph.D. degrees from the University of Colorado. Dr. Porter taught at several universities, including San Diego State; Loyola University Chicago; and the University of Montana; and has served as a department chair. He is currently Distinguished Lecturer at Drake University. Widely published and the recipient of numerous teaching awards, Dr. Porter has conducted workshops on introductory accounting education and corporate financial reporting, has worked as a staff accountant with Deloitte & Touche, and has actively served the Illinois CPA Society, American Accounting Association, and Financial Executives International.

Curtis L. Norton

Dr. Curtis L. Norton received his Ph.D. from Arizona State University and an M.B.A. from the University of South Dakota. He is currently Clinical Professor of Accounting at Arizona State University. As Professor of Accounting at Northern Illinois University for more than 30 years, Dr. Norton earned the University Excellence Teaching Award and has published in THE ACCOUNTING REVIEW, THE JOURNAL OF ACCOUNTING EDUCATION, CPA JOURNAL, as well as other journals. A member of the American Accounting Association and Financial Executives International, he also consults and conducts training for private and governmental authorities, banks, and utilities.