Principles of Accounting

  • AUTHORS: Belverd E. Needles; Marian Powers; Susan V. Crosson
  • ISBN-13: 9781133626985 
  • Grade(s): 9 | 10 | 11 | 12
  • 1216 Pages  Hardcover 
  • 12th Edition  |  Previous Editions: 2011, 2008, 2005
  • ©2014     Published
  • Prices are valid only in the respective region


About The Product

Needles/Powers/Crosson’s PRINCIPLES OF ACCOUNTING is continuously evolving to meet the needs of today's learner. This edition's new structure is based on research about the best way to deliver content to students and to mirror the way instructors have told us they teach! The chapters have been organized into the Three Section Approach, which helps students more easily digest the content. The first section is Concepts and focuses on the overarching accounting concepts that require consistent reiteration throughout the course. With a clear understanding of the concepts, students can proceed to the second section--Accounting Applications. Here students practice the application of accounting procedures with features like "Apply It" and a new transaction analysis model, which breaks down the transaction in a simple, visual format. Finally, students move to section three, Business Applications. This section illustrates how the concepts and procedures are used to make business decisions. Real company examples are used throughout the chapter to show students the relevance of accounting. This logical progression through the material is further supported in the online environment in CengageNOW with TriLevel Problems. These problems mirror the Three Section Approach and connect the sections to facilitate a more complete understanding. These substantial changes will make students more efficient learners and prepare them to face a business world increasingly complicated by ethical issues, globalization, and technology.


  • Use of Well-Known Public Companies: This textbook keeps students engaged by providing real business context and examples from highly recognizable public companies, such as CVS Caremark, Southwest Airlines, Dell Computer and Netflix. 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. The Supplement to Chapter 16, “How to Read an Annual Report,” helps students interpret financial information.
  • Each chapter opens with a Business Insight that shows how a small company would use accounting information to make decisions. The Business Insight poses three questions—each of which will be answered in one of the three sections of the chapter. At the end of each chapter, a NEW TriLevel Problem revisits the Business Insight company and answers the questions posed there to tie the three sections together.
  • Every learning objective within each chapter has an "Apply It!" feature that illustrates and solves a short exercise and then references end-of-chapter assignments where students can go to Try It!. This provides students with an example to reference as they are working to complete homework, making getting started less intimidating.
  • A new framework for teaching how to analyze company information and make informed decisions using ratio analysis has been added. This model simplifies ratio analysis by framing ratios as questions regarding company performance and then focusing on key elements of the financial statements that are needed to compute the ratio. Students see real company examples worked out step-by-step and can compare ratios with industry averages.

About the Contributor

  • 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.

Table of Contents

1. Accounting Principles and the Financial Statements.
2. Analyzing and Recording Business Transactions.
3. Adjusting the Accounts.
4. Completing the Accounting Cycle.
5. Foundations of Financial Reporting and the Classified Balance Sheet.
6. Accounting for Merchandising Operations.
Supplement to Chapter 6. Special Purpose Journals.
7. Inventories.
8. Cash and Internal Control.
9. Receivables.
10. Long-Term Assets.
11. Current Liabilities and Fair Value Accounting.
12. Accounting for Partnerships.
13. Accounting for Corporations.
14. Long-Term Liabilities.
15. The Statement of Cash Flows.
Supplement to Chapter 15. The Direct Method of Preparing the Statement of Cash Flows.
16. Financial Statement Analysis.
Supplement to Chapter 16. How to Read an Annual Report.
17. Managerial Accounting and Cost Concepts.
18. Costing Systems: Job Order Costing.
19. Costing Systems: Process Costing.
20. Value-Based Systems: Activity-Based-Costing and Lean Accounting.
21. Cost-Volume-Profit Analysis.
22. The Budgeting Process.
23. Flexible Budgets and Performance Analysis.
24. Standard Costing and Variance Analysis.
25. Short-Run Decision Analysis and Capital Budgeting.
Appendix A. Investments.
Appendix B. Present Value Tables.

New to this Edition

  • New Transaction Analysis Model: 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 of 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.
  • New Content: Partnerships, Special Journals, and T-Accounts have returned to the 11th 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.
  • Revised IFRS Coverage: International Financial Reporting Standards and fair value have been integrated throughout the book where accounting standards have changed and also in the Business Perspective features where applicable. All current events, statistics, and tables have been updated for the latest data.
  • New and Revised End of Chapter 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 in chapter 1-17 so that there are ample problems for any school.
  • New Tri-Level Problems: Algorithmic Tri-Level Problems in CengageNOW follow the three section approach of the chapter by including Concepts, Accounting Applications and Business Applications. The problems reinforce and apply overarching concepts while also tying the three sections together to give students a more complete understanding.
  • NEW ANIMATED ACTIVITIES: Animated Activities in CengageNOW are the perfect pre-lecture assignment to expose students to concepts before class! These illustrations visually guide students through selected core topics using a realistic company example to illustrate how the concepts relate to the everyday activities of a business. Animated Activities are assignable or available for self-study and review.
  • New Blueprint Problems: In CengageNOW, these problems cover the primary learning objectives and help students understand the fundamental accounting concepts and their associated building blocks – not just memorize the formulas or journal entries required for a single concept. Blueprint Problems include rich feedback and explanations, providing students with an excellent learning resource. Whether these are assigned as homework or available as review before an exam, these comprehensive problems tie together concepts and support reinforcement of core accounting fundamentals.
  • NEW BLUEPRINT CONNECTIONS: Blueprint Connections in CengageNOW are shorter extensions of the Blueprint Problems that build upon concepts covered and introduced within the Blueprint Problems. These scenario-based exercises help reinforce students' knowledge of the concept, strengthen their analytical skills and are useful as in-class activities or as homework/review after lecture and before the exam.
  • NEW "Check My Work" FEEDBACK: Written feedback is now available when students click on "Check My Work" in CengageNOW to provide students with valuable guidance as they work through homework items.
  • NEW POST-SUBMISSION FEEDBACK: Where appropriate, source calculations and further explanation has been added alongside the solution in CengageNOW to help students understand where they went wrong in solving questions.
  • NEW CONCEPTUAL CONVERSION QUESTIONS: End-of-chapter questions or requirements within larger questions that were previously short answer have been converted to be assignable & gradable within CengageNOW.

Alternate Formats

Choose the Format that Best Fits Your Student's Budget and Course Goals

  • Looseleaf Edition
    ISBN-10: 113360305X  | ISBN-13: 9781133603054
    Price = $153.00
  • CengageNOW 2 Terms (12 Months) + Bound Book
    ISBN-10:  1285578775  | ISBN-13:  9781285578774
    Price = $324.00
  • CengageNOW 2 Terms (12 Months) + Loose-leaf
    ISBN-10:  1305513789 | ISBN-13:  9781305513785
    Price = $155.25