Financial & Managerial Accounting

  • AUTHORS: Carl S. Warren; James M. Reeve; Jonathan Duchac
  • ISBN-13: 9781133952428 
  • Grade(s): 9 | 10 | 11 | 12
  • 1408 Pages  Hardcover 
  • 12th Edition  |  Previous Editions: 2012, 2009, 2007
  • ©2014     Published
  • Prices are valid only in the respective region

Overview

About The Product

Activate Learning with Warren/Reeve/Duchac’s, FINANCIAL AND MANAGERIAL ACCOUNTING! Market-leading FINANCIAL AND MANAGERIAL ACCOUNTING has been on the forefront of innovation and change based on the needs of today’s teaching and learning environment. Warren offers students clear guidance to complete homework with an efficient presentation for today's learner. The high impact writing style and streamlined design makes important information accessible, with a focus on providing the best and most complete examples. The Complete Learning System in FINANCIAL AND MANAGERIAL ACCOUNTING and CengageNOW is built around the way students use textbooks and online resources to learn, study and complete homework, allowing them to achieve ultimate success in this course. New to this edition, the authors created innovative, unique content that is focused on unique student and instructor needs before and after lecture – and the type of activities best-suited to each point in learning. New content like the author-written Activation Exercises, helps students come to class more prepared, and enables them to more easily connect the dots, enhance their depth of knowledge and have better tools for remediation and review. The end goal of Warren/Reeve/Duchac’s text and technology learning system is to Activate Learning & create more empowered & prepared students--ready to take on the rest of their educational and career goals. Available with InfoTrac® Student Collections http://gocengage.com/infotrac.

Features

  • Hallmark features:
  • Example Exercises: Based on extensive market feedback, Example Exercises were developed to reinforce concepts and procedures in a bold, new way. Like a teacher in the classroom, students follow the authors' example to see how to complete accounting applications in the textbook. Each Example Exercise references the parallel Practice Exercises in the homework so students get the accounting experience they need. Animated Example Exercises are also tied to the Practice Exercises within CengageNOW to provide students with an easily accessible audiovisual walk-through of how to solve these questions.
  • Complete Learning System: Students can easily locate the information they need to efficiently master course concepts using the "Guiding Principles System." At the beginning of every chapter, students have a map of the chapter objectives, related topics and outcomes, Example Exercises in the chapter, and corresponding Practice Exercises in the homework. The "At a Glance" chapter summary completes this proven system that leads students quickly to the information they need.
  • Blueprint Problems:
  • Blueprint Problems are teaching problems that 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. Whether used as group or in-class exercises, homework, or review before an exam, these comprehensive problems tie together concepts and support reinforcement of core accounting fundamentals.
  • Market Leading End-of-Chapter Material: Students need to practice accounting so that they can understand and use it. To give students the greatest possible advantage in the real world, FINANCIAL AND MANAGERIAL ACCOUNTING, 12E, goes beyond presenting theory and procedure with comprehensive, time-tested end-of-chapter material.
  • Relevant Chapter Openers: Building on the strengths of past editions, these openers use real companies, such as Twitter and Google, to help students relate to accounting and business concepts in the chapter. They provide invaluable insight into real practice. Chapter openers created especially for this edition focus on interesting companies such as Facebook, Scripps-Howard, Rhapsody and Razor and are accompanied by a chapter-opening video in CengageNOW.
  • Financial Analysis and Interpretation: Beginning with Chapter 1, the "Financial Analysis and Interpretation" section at the end of each financial accounting chapter introduces relevant key ratios used throughout the textbook. Students connect with the business environment as they learn how stakeholders interpret financial reports. This section covers basic analysis tools that students will use again in Chapter 15, "Financial Statement Analysis." Furthermore, students can test their proficiency with these tools through special activities and exercises at the end of each chapter. To ensure a consistent presentation, a unique icon is used for both the section and related end-of-chapter materials and learning objectives take the accounting concepts presented in the chapter and apply them to real world situations (i.e. horizontal analysis, segment analysis, revenue per employee, dividend yield).
  • Business Connections and Comprehensive Real-World Notes: Students get a close-up look at how accounting operates in the marketplace through a variety of items in the margins and in the "Business Connections" boxed features. In addition, a variety of end-of-chapter exercises and problems employ real-world data to give students a feel for the material that accountants see daily. Real companies are highlighted in blue font throughout each chapter for a consistent presentation.
  • Integrity, Objectivity, and Ethics in Business: In each chapter, these cases help students develop their ethical compass. Often coupled with related end-of-chapter activities, these cases can be discussed in class or students can consider the cases as they read the chapter. Both the section and related end-of-chapter materials are indicated with a unique icon for a consistent presentation.
  • Continuing Case Study: Students follow a fictitious company, NetSolutions, throughout Chapters 1–5, which demonstrates a variety of transactions. To help students connect to the world of accounting, the NetSolutions transactions in Chapters 1 and 2 are often paired with nonbusiness events to which students can easily relate.
  • Illustrative Problem and Solution: A solved problem models one or more of the chapter's assignment problems so that students can apply the modeled procedures to end-of-chapter materials. IFRS Coverage: IFRS icons throughout the text point to specific chapter content that is then detailed in our IFRS table. This table outlines the IFRS impact on accounting concepts.

About the Contributor

AUTHORS
  • Carl S. Warren

    Dr. Carl S. Warren is Professor Emeritus of Accounting at the University of Georgia, Athens. Dr. Warren has taught classes at the University of Georgia, University of Iowa, Michigan State University, and University of Chicago. He focused his teaching efforts on principles of accounting and auditing. Dr. Warren received his PhD from Michigan State University and his BBA and MA from the University of Iowa. During his career, Dr. Warren published numerous articles in professional journals, including The Accounting Review, Journal of Accounting Research, Journal of Accountancy, The CPA Journal, and Auditing: A Journal of Practice and Theory. Dr. Warren has served on numerous committees of the American Accounting Association, the American Institute of Certified Public Accountants, and the Institute of Internal Auditors. He also has consulted with numerous companies and public accounting firms. His outside interests include handball, golf, skiing, backpacking, and fly-fishing.

  • James M. Reeve

    Dr. James M. Reeve is Professor Emeritus of Accounting and Information Management at the University of Tennessee. Dr. Reeve taught full-time as part of the accounting faculty for twenty-five years after graduating with his PhD from Oklahoma State University. He presently teaches part-time at UT. His teaching efforts focused on Senior Executive MBA programs. His research interests are varied and include work in managerial accounting, supply chain management, lean manufacturing, and information management. He has published more than forty articles in academic and professional journals, including Journal of Cost Management, Journal of Management Accounting Research, Accounting Review, Management Accounting Quarterly, Supply Chain Management Review, and Accounting Horizons. He has consulted or provided training around the world for a variety of organizations, including Boeing, Procter & Gamble, Norfolk Southern, Hershey Foods, Coca-Cola, and Sony. When not writing books, Dr. Reeve plays golf and is involved in faith-based activities.

  • Jonathan Duchac

    Dr. Jonathan Duchac is the Wayne Calloway Professor of Accounting and Acting Associate Dean of Accounting Programs at Wake Forest University. He earned his PhD in accounting from the University of Georgia and currently teaches introductory and advanced courses in financial accounting. Dr. Duchac has received a number of awards during his career, including the Wake Forest University Outstanding Graduate Professor Award, the T.B. Rose award for Instructional Innovation, and the University of Georgia Outstanding Teaching Assistant Award. In addition to his teaching responsibilities, Dr. Duchac has served as Accounting Advisor to Merrill Lynch Equity Research, where he worked with research analysts in reviewing and evaluating the financial reporting practices of public companies. He has testified before the U.S. House of Representatives, the Financial Accounting Standards Board, and the Securities and Exchange Commission and has worked with a number of major public companies on financial reporting and accounting policy issues. In addition to his professional interests, Dr. Duchac is an avid mountain biker and snow skier.

Table of Contents

1. Introduction to Accounting and Business.
2. Analyzing Transactions.
3. The Adjusting Process.
4. Completing the Accounting Cycle
5. Accounting for Merchandising Businesses.
6. Inventories.
7. Sarbanes-Oxley, Internal Control, and Cash.
8. Receivables.
9. Fixed Assets and Intangible Assets.
10. Current Liabilities and Payroll.
11. Corporations: Organization, Stock Transactions, and Dividends.
12. Long-Term Liabilities: Bonds and Notes.
13. Investments and Fair Value Accounting.
14. Statement of Cash Flows.
15. Financial Statement Analysis.
16. Managerial Accounting Concepts and Principles.
17. Job Order Costing.
18. Process Cost Systems.
19. Cost Behavior and Cost-Volume-Profit Analysis.
20. Variable Costing for Management Analysis.
21. Budgeting.
22. Performance Evaluation Using Variances from Standard Costs.
23. Performance Evaluation for Decentralized Operations.
24. Differential Analysis, Product Pricing, and Activity-Based Costing.
25. Capital Investment Analysis.
26. Cost Allocation and Activity-Based Costing.
27. Cost Management for Just-in-Time Environments.
Appendix A Interest Tables.
Appendix B Nike, Inc. 2011 Annual Report.
Appendix C International Financial Reporting Standards .
Appendix D Reversing Entries.
Appendix E Special Journals and Subsidiary Ledgers.
Glossary.
Subject Index.
Company Index.

New to this Edition

  • REORGANIZATION OF CHAPTER 5: "Accounting for Merchandising Businesses" (Chapter 5) was re-organized to start with purchases and sales transactions and then end with the creation of the multi-step income statement. This model more intuitively follows a similar structure as the cycle chapters (starting with the entries and moving to the financial statements).
  • EXPANDED INVENTORY COVERAGE: "Inventories" (Chapter 6) now includes coverage of the weighted average cost method under a perpetual inventory system. The trend to cover perpetual inventory (vs. periodic) and the wide use of popular accounting software packages that use weighted average cost-perpetual (point-of-sale) led to this change. All exhibits and illustrations pertaining to the weighted average cost method have been updated.
  • REFRESHED REAL-WORLD INTEGRATION: As with every new edition, the authors have ensured that new real-world companies have been added, real-world data has been updated, and names and values of end-of-chapter material have been changed.
  • NEW ACTIVATION EXERCISES FOR SELECT FINANCIAL CHAPTERS: These author-written Activation Exercises in CengageNOW and Aplia are an extension of the Complete Learning System and focus on helping students develop a better understanding of (1) key terms and definitions, (2) the economics of business transactions, (3) how these transactions are recorded in the accounting system, and where relevant, (4) how these transactions are ultimately reflected in the financial statements. 100% consistent with the book's approach and terminology, the Activation Exercises' interactive structure builds the critical thinking skills that are necessary for students to succeed and can be used as an introduction to topics or for review and assessment. Use them as a means of reinforcing chapter concepts before or after a lecture. A student that has completed an Activation Exercise is a student on the way towards building mastery.
  • NEW ANIMATED ACTIVITIES: Animated Activities in CengageNOW and Aplia 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 CONNECTIONS: Blueprint Connections in CengageNOW and Aplia 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 AUTHOR-WRITTEN "Check My Work" FEEDBACK: The written feedback available when students click on "Check My Work" in CengageNOW has been revised by the authors to achieve a more holistic student learning experience.
  • NEW POST-SUBMISSION FEEDBACK: Where appropriate, source calculations and further explanation have been added alongside the solution in CengageNOW to help students understand where they went wrong in solving end-of-chapter items.
  • NEW CONCEPTUAL CONVERSION QUESTIONS: End-of-chapter questions or requirements within larger questions that were previously short answer have been converted into an assignable & gradable format within CengageNOW and Aplia. This allows you to better assess students' conceptual understanding of topics, something that has previously been difficult within an online homework system. Green pencil icons in the print text denote which questions have been converted into this format in the technology.
  • NEW EXCEL "Try It" TUTORIALS: Located in the Study Tools Tab in CengageNOW, these activities provide students with basic tutorials on how to use Excel to solve accounting problems. Students practice accounting and manipulate spreadsheets using basic Excel® formulas in a simple step-by-step format. The tutorials reinforce the accounting concepts and help build students' Excel competency.
  • InfoTrac® Student Collections are specialized databases expertly drawn from the Gale Academic One library. Each InfoTrac® Student Collection enhances the student learning experience in the specific course area related to the product. These specialized databases allow access to hundreds of scholarly and popular publications - all reliable sources - including journals, encyclopedias, and academic reports. Learn more and access at: http://gocengage.com/infotrac.

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