Financial Accounting, 5th edition

Published by Pearson (January 16, 2018) © 2019

  • Robert Kemp University of Virginia
  • Jeffrey Waybright Spokane Community College

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For introductory financial accounting courses.

Understanding financial accounting as the language of business

Financial Accounting translates the essentials of accounting, so students understand why and when financially sound decisions are made in business today.

The 5th Edition features updated problems and activities. By using these real-world examples from businesses that students encounter in their everyday lives, the text makes the material relevant and gives them more of those “I get it” moments.

Hallmark features of this title

Strong pedagogy tools

  • Chapter-opening Business, Accounting, and You features discuss The Bold City Brewery, a real-life, successful entrepreneurial venture. They tie the business directly to chapter topics, demonstrating their usefulness and importance.
  • Decision Models summarize concepts and computations in every chapter. They show each decision and how to evaluate the health of it, so students can readily see its value to businesses.

Hands-on practice opportunities

  • End-of-chapter materials progress from simple calculative short exercises to more complex conceptual analysis problems and cases.
  • Self-Check multiple-choice questions quickly audit students' understanding of concepts.

New and updated features of this title

Strong pedagogy tools

  • UPDATED: Stop and Think boxes include a Q&A snapshot about the US Generally Accepted Accounting Principles (GAAP).
  • UPDATED: Try It! have students apply concepts to an accounting problem. New problems feature an error that the accountant for Crazy Curls, Inc., encountered on her financial statements.

Current, real-world examples

  • UPDATED: A perfect balance of small business perspective and larger corporate coverage is relatable to a broader range of students.
  • NEW: 18 Live Examples illustrate the connection between the accounting equation and journalizing transactions, allowing students to keep practicing until they comprehend these critical concepts.
  • UPDATED: A Continuing Financial Statement Analysis Problem uses the Dick's Sporting Goods 2016 annual report to familiarize students with reading and interpreting financial statements.

Visuals illustrate tough concepts

  • UPDATED: Visuals illustrate the connection between accounting equations and big picture concepts.

Features of MyLab Accounting for the 5th Edition

  • The Accounting Cycle Tutorial has students practice each step of the accounting cycle using engaging, interactive content. This helps them master the cycle for early and continued success.
  • Learning Catalytics lets you pose a variety of questions that help students recall ideas, apply concepts, and develop critical-thinking skills. Your students respond using their own device.
  • Pearson eText features worked examples, videos and interactive tutorials that bring learning to life. Algorithmic practice and self-assessment opportunities test students' understanding of the material.
  1. Business, Accounting, and You
  2. Analyzing and Recording Business Transactions
  3. Adjusting and Closing Entries
  4. Accounting for a Merchandising Business
  5. Inventory
  6. The Challenges of Accounting: Standards, Internal Control, Audits, Fraud, and Ethics
  7. Cash and Receivables
  8. Long-Term and Other Assets
  9. Current Liabilities and Long-Term Debt
  10. Corporations: Paid-In Capital and Retained Earnings
  11. The Statement of Cash Flows
  12. Financial Statement Analysis

APPENDICES

  1. Columbia Sportswear Company Annual Report 2016 to Shareholders
  2. Time Value of Money—Future and Present Value Concepts
  3. FASB Update—Revenue Recognition

About our authors

Robert Kemp, DBA, CPA, is the Ramon W. Breeden, Sr., Research Professor at the McIntire School of Commerce in the University of Virginia. He is a certified public accountant and possesses baccalaureate, master's, and doctorate degrees in business administration. Professor Kemp is an accomplished scholar who conducts research and writing in the theory and practice of contemporary business. He currently is conducting research in the funding of pensions, the management of financial institutions, and corporate finance.

His scholarly works include 70 completed projects, including monographs, articles, cases, research presentations, and working papers. His work is published in, among other places, The Financial Review; The Journal of Financial Research; Advances in Accounting, A Research Journal; Benefits Quarterly; The Journal of Mathematics Applied in Business and Industry; The Journal of Accountancy; The Journal of Commercial Bank Lending; The Journal of Bank Accounting and Auditing; and The Journal of Business Economics.

Professor Kemp is an accomplished teacher to university students and executives throughout the world. During his 36 years at the University of Virginia, he has taught numerous undergraduate and graduate courses using lectures, case studies, discussion groups, and distance learning. His consistently high evaluations by students reflect his devotion to the classroom. This high quality is also seen in his teaching of business executives. He has worked with and taught for organizations such as Bank of America, the FDIC, Navigant-Tucker Alan, the Siberian Banking Institute, the Barents Group, KPMG, Gerson Lehrman, Wellington Management, the Russian Bankers Association, the Central Asian American Enterprise Fund, the American Institute of Certified Public Accountants, and the Consumer Bankers Association.

Jeffrey Waybright teaches accounting at Spokane Community College, which is part of a multi-college district in eastern Washington. He has been a full-time, tenured, community college instructor for more than 25 years, and has also taught upper division courses for Linfield College. He is a co-recipient of the Washington Society of CPA's Outstanding Educator Award. Waybright received his bachelor of arts degree in business administration (with an emphasis in accounting) and master's of arts degree from Eastern Washington University.

Before becoming a professor, he spent 8 years as a practicing CPA in Washington state, and still holds his license. During his teaching career, he has taught many disciplines of accounting, including financial, managerial, computerized, and payroll accounting, as well as the disciplines of entrepreneurship, economics, business math, and general business.

Waybright developed online courses in accounting, teaches online and traditional courses for financial and managerial accounting, and advises students. He is passionate about teaching students the subject of accounting.

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