Financial Accounting, 13th edition

Published by Pearson (February 2, 2021) © 2022

  • C William Thomas Baylor University
  • Wendy M. Tietz Kent State University

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For introductory financial accounting courses.

A student-centered approach to financial accounting

Financial Accounting gives readers a solid foundation in the fundamentals of accounting and financial statements. It then builds upon that groundwork by offering more challenging concepts and problems. This approach helps students to better understand and analyze financial information and see its significance within a real-world context.

The 13th Edition features author-created videos, examples, cases, and the award-winning Accounting in the Headlines blog. Together, they help students grasp the practical concepts of accounting, so that they can apply them in both their courses and career.

Hallmark features of this title

Consistency, repetition, and a high level of detail

  • Serial Cases consist of several smaller cases (1 per chapter) and focus on the same real-world companies (Caesars Palace and Cheesecake Factory). These continuing cases inspire critical thinking and connect the content with real life by following a company through all of the chapters.

Resources to help students think like accountants

  • Try Its, found at various points in the chapter, include a Q&A snapshot asking students to apply what they've just learned.
  • Try It in Excel® describe line-by-line how to retrieve and prepare accounting info in Excel.
  • Decision Guidelines teach students how financial statements are used and how accounting information aids companies in decision making.

New and updated features of this title

Coverage of the latest developments in the field

  • NEW: Discussions with particular emphasis on technology and analytics in accounting help prepare students for their future careers.
  • UPDATED: All financial statements in the text have been updated to include the featured companies' most recent financial information.

Activities and exercises to reinforce learning

  • NEW: Learning Objectives introduce emerging technologies and data analytics that impact accounting. They show how these technologies can increase the value and understandability of accounting info.
  • NEW: Review Questions map to specific learning objectives and help students effectively review material that they may find difficult.
  • UPDATED: Ethics Check boxes present students with several ethical business situations and ask them to identify which of the principles from the AICPA Code of Professional Conduct is violated.
  • UPDATED: Ethical Issue boxes present students with ethical situations and have them work through the decision framework for making ethical judgments.

Features of MyLab Accounting for the 13th Edition

  • Homework and practice exercises in MyLab are correlated to the exercises in the text, reflecting each author's approach and learning style. They regenerate algorithmically to give students unlimited opportunity for practice and mastery.
  • Accounting in the Headlines, an award-winning blog by Wendy Tietz, features real companies and events, helping you to effectively illustrate introductory financial and managerial accounting concepts.
  • NEW: Data Analytics Projects lets students analyze and manipulate real company data to make important decisions.
  • Using proven, field-tested technology, auto-graded Excel Projects let you seamlessly integrate Microsoft® Excel® content into your course without having to manually grade spreadsheets.
  • The Accounting Cycle Tutorial lets students practice each step of the accounting cycle using engaging, interactive content. It helps them master the cycle for early and continued success in their course.
  • The Time Value of Money Tutorial (TVM) ensures students understand the basic theory and formulas of the TVM and can apply them to accounting concepts.

1. The Financial Statements
2. Transaction Analysis
3. Accrual Accounting and Income
4. Internal Control and Cash
5. Receivables and Revenue
6. Inventory and Cost of Goods Sold
7. Plant Assets, Natural Resources, and Intangibles
8. Current and Contingent Liabilities
9. Long-Term Liabilities
10. Stockholders' Equity
11. The Statement of Cash Flows
12. Financial Statement Analysis

APPENDICES

A. Apple Inc. Annual Report 2016
B. Typical Charts of Accounts for Different Types of Businesses
C. Summary of Generally Accepted Accounting Principles (GAAP)
D. Summary of Differences Between US GAAP and IFRS Cross Referenced to Chapter
E. Investments
F. Time Value of Money

About our authors

William (Bill) Thomas is Emeritus Professor of Accounting and a Master Teacher at Baylor University. A Baylor University alumnus, he received both his BBA and MBA there and went on to earn his PhD from The University of Texas at Austin.

With primary interests in the areas of financial accounting and auditing, Dr. Thomas has served as the J.E. Bush Professor of Accounting since 1995. He has been a member of the faculty of the Accounting and Business Law Department of the Hankamer School of Business since 1971 and served as chair of the department for 12 years. He has been recognized as an Outstanding Faculty Member of Baylor University as well as a Distinguished Professor for the Hankamer School of Business. Dr. Thomas has received many awards for outstanding teaching, including the Outstanding Professor in the Executive MBA Programs as well as the designation of Master Teacher.

Thomas is the author of textbooks in auditing and financial accounting, as well as many articles in auditing, financial accounting and reporting, taxation, ethics, and accounting education. His scholarly work focuses on the subject of fraud prevention and detection, as well as ethical issues among accountants in public practice. He presently serves as the accounting and auditing editor of Today’s CPA, the Journal of the Texas Society of Certified Public Accountants, with a circulation of approximately 28,000 readers.

Thomas is a Certified Public Accountant in Texas. Prior to becoming a professor, Thomas was a practicing accountant with the firms of KPMG, LLP, and BDO Seidman, LLP. He is a member of the American Accounting Association, the American Institute of CPAs and Association of International Certified Professional Accountants, and the Texas Society of Certified Public Accountants.

Wendy M. Tietz is a professor in the Department of Accounting in the College of Business Administration at Kent State University. She teaches introductory financial and managerial accounting in a variety of formats, including large sections, small sections, and online sections.

Dr. Tietz is a Certified Public Accountant (Ohio), a Certified Management Accountant, and a Chartered Global Management Accountant. She is a member of the American Accounting Association, the Institute of Management Accountants, the American Institute of CPAs and Association of International Certified Professional Accountants, and the Sustainability Accounting Standards Board Alliance. She has published articles in such journals as Issues in Accounting Education, Accounting Education: An International Journal, IMA Educational Case Journal, and Journal of Accounting & Public Policy. Dr. Tietz is also the coauthor of a managerial accounting textbook, Managerial Accounting, with Dr. Karen Braun. She received the 2017 Bea Sanders/AICPA Innovation in Teaching Award for her web tool for financial accounting instructors, the Accounting Case Template. In 2016, Dr. Tietz was awarded the Jim Bulloch Award for Innovations in Management Accounting Education from the American Accounting Association/Institute of Management Accountants for her accounting educator blog, Accounting in the Headlines. She also received the 2014 Bea Sanders/AICPA Innovation in Teaching Award for her blog. She regularly presents at AAA regional and national meetings. She is intensely interested in the power of storytelling, interactivity, and social media as educational practices to promote engagement and understanding.

Dr. Tietz earned her PhD from Kent State University. She received both her MBA and BSA from the University of Akron. Prior to teaching, she worked in the industry for several years, both as a controller for a financial institution and as the operations manager and controller for a recycled plastics manufacturer.

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