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Frank Wood's Business Accounting, 15th edition

Published by Pearson (July 9, 2021) © 2021

  • Alan Sangster University of Aberdeen
  • Lewis Gordon University of Liverpool

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Introduce your students to essential accounting methods with this market-leading textbook.

Frank Wood's Business Accounting, 15th edition is the best-selling textbook in the field, ideal for those who are new to accounting as well as more experienced students and professionals.

This comprehensive guide is clear and easy to follow and will introduce your students to the principles of business accounting, from the basic terminology and techniques to the key financial statements.

With updated, enhanced features and review questions, this edition will support your teaching around the subject and help you set a solid foundation for your students in accounting.

Pair this text with MyLab® Accounting.

Hallmark Features of This Title

Introduce your students to the key principles of Financial Accounting.

  • The text's accessible nature will facilitate your teaching process, even for students who have never studied accounting before.
  • The content covers the fundamental accounting techniques and essential financial statements, as required by the major professional accountancy bodies.

Allow your students to benefit from the features of this leading textbook.

  • The learning objectives and outcomes at the start and end of each chapter set the context for your teaching and help you manage learning expectations for your students.
  • A range of in-chapter activities encourages your students to practice and self-test their understanding of the subject, followed by answers at the end of each chapter.

Enable group work and individual learning and revision with helpful pedagogical features seamlessly woven into the text.

  • An additional range of short in-chapter activities with answers provided at the end of each chapter, integrates theory with practical application, allowing your students to self-test their learning and develop critical thinking skills.
  • Over a hundred new, end-of-chapter review questions support your students' learning of core accounting and bookkeeping methods and principles.
  • An additional series of scenario questions along with five new sets of multiple-choice questions, allow your students to self-test their knowledge and assess their understanding of the topics.
  • An updated, full set of solutions is provided, some within the book and some as a download available for lecturers, found in the Solutions Manual.

Updated content reflects the changes in the field.

  • Three new chapters on accounting for companies have been added, with a set of new end-of-chapter review questions, providing an extensive discussion of companies' financial statements.
  • Updated principles and methods according to the latest International Financial Reporting Standards (IFRS) provide more accurate information and a closer alignment with the latest professional practices.

Features of MyLab® Accounting for the 15th Edition.

  • Teach your course your way: Your course is unique. So, whether you would like to build your own assignments, teach multiple sections, or set prerequisites, MyLab gives you the flexibility to easily create your course to fit your needs.
  • Over 740 exercises are now available in MyLab for you to organise different assignments for formative or summative work, including hundreds of algorithmic numerical questions individual to each student. New questions for this 15th edition include more challenging content suited to summative tests. Track your students’ performance in the sophisticated Gradebook.
  • New Case Studies in MyLab Accounting introduce your students to a real-world decision-making environment, followed by questions for group discussion in class and multiple-choice questions, which automatically grade and feed into the Gradebook.
  • In response to feedback from lecturers and teaching staff, the five financial problems in MyLab Excel Projects, now include new instructional video links to support your students' learning of performing functions in Excel. The auto-graded system in the Gradebook allows your students to check if they have used the correct formulas and data, assess their work, and identify the areas they need to improve.

Part 1 Introduction to financial accounting

  1. The background and the main features of financial accounting
  2. Recording transactions
  3. Inventory
  4. The effect of profit or loss on capital and the double entry system for expenses and revenues
  5. Balancing-off accounts
  6. The trial balance

Multiple-choice questions: Set 1

Part 2 The financial statements of sole proprietors

  1. Income statements
  2. Balance sheets
  3. Income statements and balance sheets: further considerations
  4. Accounting concepts and the conceptual framework

Part 3 Books and transactions

  1. Books of original entry and ledgers
  2. Cash books
  3. The analytical petty cash book and the imprest system
  4. Accounting for sales, purchases and returns
  5. The journal
  6. Value added tax (VAT)

Multiple-choice questions: Set 2

Part 4 Adjustments to financial statements

  1. Maths for accounting
  2. Inventory valuation
  3. Bad debts, allowances for doubtful debts, and allowances for prompt payment discounts
  4. Capital expenditure and revenue expenditure
  5. Depreciation
  6. Accruals and prepayments

Multiple-choice questions: Set 3

Part 5 Controls, checks and errors

  1. Control accounts
  2. Bank reconciliations
  3. Errors not affecting the balancing of the trial balance
  4. Suspense accounts and errors
  5. Single entry and incomplete records

Scenario questions

Part 6 Further accounting procedures

  1. Introduction to the statement of cash flows
  2. Receipts and payments accounts and income and expenditure accounts
  3. Joint ventures

Multiple-choice questions: Set 4

Part 7 Accounting for partnerships

  1. Partnerships
  2. Goodwill for sole proprietors and partnerships
  3. Revaluation of partnership assets
  4. Partnership dissolution

Part 8 Accounting for companies

  1. Introduction to accounting for companies
  2. The published financial statements of companies
  3. The statement of cash flows for companies

Part 9 An introduction to financial analysis

  1. Accounting ratios
  2. Analysis and interpretation of financial statements

Part 10 Accounting today

  1. Accounting today

Multiple-choice questions: Set 5

Appendices

  1. Answers to review questions
  2. Answers to multiple-choice questions
  3. Glossary

Index

Credits

Alan Sangster is a Professor of Accounting History at the University of Aberdeen and was previously a Professor of Accounting at universities in the UK, Brazil, and Australia.

Lewis Gordon is Senior Lecturer in Accounting at the University of Liverpool and has extensive experience teaching Financial Accounting at undergraduate and professional levels.

Frank Wood was the original author of this text and remains one of the world's best-selling authors of accounting textbooks.

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