Financial Accounting for Undergraduates, 5e
by Wallace, Nelson, Christensen
ISBN: 978-1-61853-441-5 | Copyright 2023
Instructor Requests
| LO | Learning Objective | Page | eLecture | Guided Example | Assignments |
|---|---|---|---|---|---|
| LO3.1 |
Explain the accrual basis of accounting and contrast it with the cash basis with reference to revenue and expense recognition. |
3-3 | SS4, SS7, SE2, E6A, E7A, E6B, E7B |
||
| LO3.2 |
Describe the adjusting process. |
3-7 | SS6, SE3 |
||
| LO3.3 |
Illustrate deferral adjustments. |
3-8 | SS1, SE4, SE5, SE6, SE7, E2A, E3A, E9A, E10A, E2B, E3B, E9B, E10B, P1A, P2A, P3A, P4A, P5A, P6A, P7A, P12A, P13A, P1B, P2B, P3B, P4B, P5B, P6B, P7B, P12B, P13B |
||
| LO3.4 |
Illustrate accrual adjustments. |
3-11 | SS2, SE6, SE7, E1A, E2A, E3A, E9A, E10A, E1B, E2B, E3B, E9B, E10B, P1A, P2A, P3A, P4A, P5A, P6A, P7A, P12A, P13A, P1B, P2B, P3B, P4B, P5B, P6B, P7B, P12B, P13B |
||
| LO3.5 |
Explain the adjusted trial balance and use it to prepare financial statements. |
3-15 | SE8, SE10, E4A, E4B, P8A, P10A, P11A, P12A, P13A, P14A, P15A, P16A, P17A, P18A, P8B, P10B, P11B, P12B, P13B, P14B, P15B, P16B, P17B, P18B | ||
| LO3.6 |
Describe the closing process and summarize the accounting cycle. |
3-19 | SS3, SS1, SE9, E5A, E8A, E11A, E5B, E8B, E11B, P8A, P9A, P13A, P8B, P9B, P12A, P12B | ||
| LO3.7 |
Appendix 3A: Describe the process of closing to the Income Summary account and summarize the accounting cycle. | 3-26 | SE11, E12A, E13A, E15A, E12B, E13B, E15B, P18A, P19A, P18B, P19B | ||
| LO3.8 |
Appendix 3B: Explain how to use a worksheet in the adjusting and closing process. |
3-30 | SE12, E14A, E16A, E14B, E16B, P20A, P20B |
Data Analytics & Excel Skill Development for Career Readiness
The basics of accounting haven’t changed much in hundreds of years, but businesses have experienced significant change in the last decade due to the increased use of new technologies ranging from data analytics and Blockchain to machine learning and artificial intelligence. Technology is rapidly altering how accounting is performed and what can be done with the data once they are collected. In response to the changing demands of the business world, the AACSB has incorporated data analytics requirements within its educational framework. More recently, the AICPA and NASBA have underscored the importance of data analytics by making it a significant element in the CPA Evolution Model Curriculum. The consensus suggests that today’s business students need an understanding and working knowledge of data analytics and data visualization to compete for the best jobs.
In addition to data analytics skills, employers expect prospective employees to be proficient with Excel. In recognition of the increasing importance of data analytics and the need for Excel proficiency, the Fifth Edition includes several new features to enhance students’ career readiness.
- We include Data Analytics boxes throughout the text to expose students to techniques that are used by businesses in areas related to the topic being discussed. The following box appears in the chapter on inventory.
- Each chapter includes assignments that require students to use Excel and Tableau to hone data analysis and date visualization skills.
- Appendix F at the end of the book provides an overview of data analytics, data visualization, and best practices for the effective display of data.
- MBC now contains a series of short videos that demonstrate the basic functions of Excel. These videos can be accessed within MBC as part of your MBC course.
Introducing myBusinessCourse
myBusinessCourse is a complete, secure, web-based training and e-Learning solution. There is nothing to download or install; it is accessible through any modern web browser and most mobile devices.
eLecture Videos
- Created by the authors of the textbook
- Consistent with the textbook's explanations and approach
- Cover learning objectives and concepts from each chapter
- Ideal for remediation
- Ideal for online and hybrid classrooms
Guided Example Videos
- Created by the authors of the textbook
- Provide problem solving strategies as well as solutions
- Offer clear, step-by-step demonstrations of how to solve select problems from the textbook
Auto-graded Assignments
- Provides immediate feedback
- Create assignments using problems from the textbook
- Additional randomized versions of assignments provide extra practice
- Ideal for remediation
- Include select questions from test banks
Respondus LockDown Browser®
- Assessments are displayed full-screen and cannot be minimized
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- Right-click menu options, function keys, keyboard shortcuts and task switching are disabled
- An assessment cannot be exited until the student submits it for grading
- Assessments set up with LockDown Browser cannot be accessed with other browsers
- Students use their preferred device to take exams (iPad, Mac, Windows)
- Students will be prompted to install LockDown Browser prior to accessing the exam
Detailed Reporting Tools
- Quickly review the performance of individual students
- Quickly review the performance of entire class
- Use reports on student performance to customize your lectures to fit student needs
Enhanced eBook
- Save money
- Includes myBusinessCourse
- Integrates eLecture and demonstration videos
- Bookmarking
- Note taking
- Highlighting
Third Party Integrations
- Single sign-on
- Link to assignments in myBusinessCourse from your third party course
- Automatically sync gradebooks each night
Flashcards
- Study, learn and master key terms.
- With linear-mode, get full control over the deck. Go back and forth between cards, shuffle and auto-play the deck.
- With certainty-mode, test how well you know each term. If you are not certain you have learned the term, it will display again later in the deck.
Support and Training
- Technical support for students and faculty available daily
- Faculty training conducted daily
Welcome to the Fifth Edition of Financial Accounting for Undergraduates!
"THE MOST COMPELLING VALUE PROPOSITION OFFERED IN THE FINANCIAL ACCOUNTING MARKET!"
That has been our goal since this product’s inception, and we have made that value proposition even more compelling with the Fifth Edition of Financial Accounting for Undergraduates. We created this product to satisfy the needs of students taking their first financial accounting course by providing a high-quality, contemporary, and engaging textbook and online learning system at an affordable price. With a suggested retail price of $85 for the paperback, full-color textbook that includes access to myBusinessCourse (MBC), we challenge faculty to find a better overall value for their students.
Financial Accounting for Undergraduates:
- Follows a pedagogy that encourages student success
- Includes Data Analytics and Excel skill development for career readiness
- Covers Environmental, Social, and Governance (ESG)
- Optional technology that improves learning and complements faculty instruction is available.
Pedagogy That Encourages Student Success
Financial accounting can be challenging—especially for students lacking business experience or previous exposure to business courses. To help students succeed in the course, we use a number of pedagogical devices throughout the textbook, and we provide a wealth of resources through our online learning and homework system, myBusinessCourse (MBC).
Past/Present/Future feature puts each chapter in context.
Road Maps outline each chapter and provide a quick reference table that summarizes the print and digital resources for that chapter.
Your Turns provide hands-on practice after each major concept to ensure mastery of a topic before proceeding to the next concept.
We use color and other visual cues pedagogically to help students learn and retain important concepts.
Margin notes provide hints and identify commonly used alternative terms.
Environmental, Social, and Governance (ESG)
Increasingly, companies have found that “doing good” leads to a more successful, profitable enterprise. Today’s students are very engaged in the ESG movement, and we have incorporated ESG boxes and assignments to help students understand how corporate reporting on ESG is being embraced by forward-thinking enterprises as part of their long-term business models.
New to the Fifth Edition...
- Data Analytics: we have expanded Data Analytics coverage in this edition.
- New Data Analytics boxes have been incorporated throughout the text. These boxes describe how Data Analytics is being used in business.
- New Data Analytics assignments using Excel have been included in each chapter.
- Appendix F on Data Analytics has been significantly expanded and includes assignments that utilize Tableau.
- Environmental, Social, and Governance Reporting (ESG): Increasingly, companies have founded that "doing good" leads to a more sucessful, profitable enterprise. A new introduction to ESG reporting is included in Chapter 1, and ESG boxes are incorporatedMB throughout the text to help students understand how ESG is being embraced by forward-thinking enterprises as part of their long-term business models. New ESG reporting assignments have also been added to every chapter to reinforce the concepts presented.
- Chapter 12 on the statement of cash flows has been revised to be more intuitive for students.
- New graphics and illustrations have been incorporated to convey key concepts.
- Updated financial data throughout the text and assignments where real data is used.
- Expanded the number of guided example videos and assignments included in MBC.
- MBC now includes short videos that show students how to use various features and functions in Excel.
- The focus companies for five chapters have been changed:
- Salesforce replaces Krispy Kreme in Chapter 3.
- Nike replaced Best Buy in Chapter 6.
- Luckin Coffee is new to Chapter 7.
- Tesla replaces MGM Resorts International in Chapter 8.
- Lululemon replaces Facebook
in Chapter 9.
Supplement Package
- myBusinessCourse: A web-based learning and assessment program intended to complement your textbook and classroom instruction.
- Solutions Manual: Created by the authors, the Solutions Manual contains complete solutions to all the assignment material in the text.
- PowerPoint: The PowerPoint slides outline key elements of each chapter.
- Test Bank: The Test Bank includes multiple-choice items, exercises, and problems.
- Excel Templates: We provide Excel spreadsheets for assignments. These spreadsheets will save time in data entry and allow students to dedicate additional time to learning the material. The Excel spreadsheets are identified by the Excel icon.
| Expand/Collapse All | |
|---|---|
| About the Authors (pg. iii) | |
| Preface (pg. iv) | |
| Brief Contents (pg. x) | |
| Contents (pg. xi) | |
| Chapter 1: Financial Accounting and Business Decisions (pg. 1-1) | |
| Business Organization (pg. 1-3) | |
| Your Turn! 1.1 (pg. 1-4) | |
| Activities of a Business (pg. 1-4) | |
| Financing Activities (pg. 1-4) | |
| Investing Activities (pg. 1-4) | |
| Operating Activities (pg. 1-5) | |
| Your Turn! 1.2 (pg. 1-5) | |
| Accounting Information and Its Use (pg. 1-5) | |
| External Users of Accounting (pg. 1-5) | |
| Internal Users of Accounting (pg. 1-6) | |
| Your Turn! 1.3 (pg. 1-7) | |
| Ethics and Accounting (pg. 1-7) | |
| Your Turn! 1.4 (pg. 1-8) | |
| The Accounting Process (pg. 1-8) | |
| Generally Accepted Accounting Principles (pg. 1-9) | |
| International Financial Reporting Standards (pg. 1-10) | |
| Your Turn! 1.5 (pg. 1-10) | |
| Financial Statements (pg. 1-11) | |
| Balance Sheet (pg. 1-11) | |
| Income Statement (pg. 1-13) | |
| Statement of Stockholders’ Equity (pg. 1-13) | |
| Statement of Cash Flows (pg. 1-15) | |
| Relations Among the Financial Statements (pg. 1-15) | |
| Your Turn! 1.6 (pg. 1-17) | |
| Other Annual Report Components (pg. 1-17) | |
| Notes to Financial Statements (pg. 1-18) | |
| Independent Auditor’s Report (pg. 1-18) | |
| Management’s Discussion and Analysis (pg. 1-18) | |
| Your Turn! 1.7 (pg. 1-19) | |
| Environmental, Social, and Governance Reporting (pg. 1-20) | |
| Careers in Accounting (pg. 1-20) | |
| Data Analytics and Blockchain Technology (pg. 1-21) | |
| Comprehensive Problem (pg. 1-22) | |
| Appendix 1A: FASB’s Conceptual Framework (pg. 1-23) | |
| Financial Reporting Objectives (pg. 1-24) | |
| Financial Statement Elements (pg. 1-24) | |
| Qualitative Characteristics (pg. 1-24) | |
| Recognition and Measurement Criteria (pg. 1-25) | |
| Summary of Learning Objectives (pg. 1-26) | |
| Key Terms (pg. 1-28) | |
| Self-Study Questions (pg. 1-29) | |
| Questions (pg. 1-30) | |
| Short Exercises (pg. 1-31) | |
| Data Analytics (pg. 1-34) | |
| Data Visualization (pg. 1-35) | |
| Exercises-Set A (pg. 1-35) | |
| Exercises-Set B (pg. 1-39) | |
| Problems-Set A (pg. 1-42) | |
| Problems-Set B (pg. 1-46) | |
| Serial Problem: Kate’s Cards (pg. 1-49) | |
| Extending Your Knowledge (pg. 1-50) | |
| Answers to Self-Study Questions: (pg. 1-53) | |
| Your Turn! Solutions (pg. 1-53) | |
| Chapter 2: Processing Accounting Information (pg. 2-1) | |
| Accounting Cycle (pg. 2-3) | |
| Your Turn! 2.1 (pg. 2-4) | |
| Analyzing Transactions (pg. 2-4) | |
| Accounting Equation Expanded (pg. 2-5) | |
| Transactions and the Accounting Equation: An Illustration (pg. 2-5) | |
| Transaction Summary (pg. 2-9) | |
| Your Turn! 2.2 (pg. 2-10) | |
| The Account System (pg. 2-11) | |
| Chart of Accounts (pg. 2-11) | |
| System of Debits and Credits (pg. 2-11) | |
| Your Turn! 2.3 (pg. 2-13) | |
| Your Turn! 2.4 (pg. 2-13) | |
| Recording Transactions (pg. 2-14) | |
| General Journal (pg. 2-14) | |
| Posting Journal Entries to the General Ledger (pg. 2-15) | |
| Illustration of the Recording Process (pg. 2-16) | |
| Summary Illustration of Journalizing and Posting Transactions (pg. 2-20) | |
| Your Turn! 2.5 (pg. 2-21) | |
| Trial Balance (pg. 2-22) | |
| Your Turn! 2.6 (pg. 2-23) | |
| Comprehensive Problem (pg. 2-23) | |
| Summary of Learning Objectives (pg. 2-25) | |
| Key Terms (pg. 2-26) | |
| Self-Study Questions (pg. 2-27) | |
| Questions (pg. 2-28) | |
| Short Exercises (pg. 2-29) | |
| Data Analytics (pg. 2-30) | |
| Data Visualization (pg. 2-31) | |
| Exercises-Set A (pg. 2-31) | |
| Exercises-Set B (pg. 2-34) | |
| Problems-Set A (pg. 2-38) | |
| Problems-Set B (pg. 2-46) | |
| Serial Problem: Kate’s Cards (pg. 2-53) | |
| Extending Your Knowledge (pg. 2-54) | |
| Answers to Self-Study Questions: (pg. 2-59) | |
| Your Turn! Solutions (pg. 2-59) | |
| Chapter 3: Accrual Basis of Accounting (pg. 3-1) | |
| Accrual Basis of Accounting (pg. 3-3) | |
| Revenue Recognition Principle (pg. 3-3) | |
| Expense Recognition (Matching) Principle (pg. 3-5) | |
| Your Turn! 3.1 (pg. 3-6) | |
| Adjusting Accounts (pg. 3-7) | |
| Unadjusted Trial Balance (pg. 3-7) | |
| Types of Adjustments (pg. 3-7) | |
| Your Turn! 3.2 (pg. 3-8) | |
| Deferral Adjusting Entries (pg. 3-8) | |
| Allocating Previously Recorded Assets to Expenses (pg. 3-8) | |
| Allocating Previously Recorded Unearned Revenue to Revenue (pg. 3-10) | |
| Your Turn! 3.3 (pg. 3-11) | |
| Accrual Adjusting Entries (pg. 3-11) | |
| Recording Previously Unrecorded Expenses (pg. 3-11) | |
| Recording Previously Unrecorded Revenues (pg. 3-12) | |
| Summary of Accounting Adjustments (pg. 3-13) | |
| Your Turn! 3.4 (pg. 3-15) | |
| Adjusted Trial Balance and Financial Statements (pg. 3-15) | |
| Preparing the Adjusted Trial Balance (pg. 3-15) | |
| Preparing Financial Statements (pg. 3-16) | |
| STEP 1: Income Statement (pg. 3-16) | |
| STEP 2: Statement of Stockholders’ Equity (pg. 3-16) | |
| STEP 3: Balance Sheet (pg. 3-17) | |
| STEP 4: Statement of Cash Flows (pg. 3-17) | |
| Your Turn! 3.5 (pg. 3-18) | |
| Closing Process (pg. 3-19) | |
| Your Turn! 3.6 (pg. 3-19) | |
| Journalizing and Posting the Closing Entries (pg. 3-19) | |
| Summary of the Accounting Cycle (pg. 3-21) | |
| Your Turn! 3.7 (pg. 3-22) | |
| Quality of Accounting Numbers (pg. 3-22) | |
| Comprehensive Problem (pg. 3-23) | |
| Appendix 3A: Closing Process-Using Income Summary Account (pg. 3-26) | |
| Your Turn! 3A.1 (pg. 3-27) | |
| Journalizing and Posting the Closing Entries (pg. 3-27) | |
| Summary of the Accounting Cycle (pg. 3-29) | |
| Your Turn! 3A.2 (pg. 3-30) | |
| Appendix 3B: Using a Worksheet (pg. 3-30) | |
| Preparing a Worksheet (pg. 3-30) | |
| Summary of Learning Objectives (pg. 3-33) | |
| Key Terms (pg. 3-34) | |
| Self-Study Questions (pg. 3-34) | |
| Questions (pg. 3-35) | |
| Short Exercises (pg. 3-35) | |
| Data Analytics (pg. 3-37) | |
| Data Visualization (pg. 3-37) | |
| Exercises-Set A (pg. 3-37) | |
| Exercises-Set B (pg. 3-41) | |
| Problems-Set A (pg. 3-44) | |
| Problems-Set B (pg. 3-52) | |
| Serial Problem: Kate’s Cards (pg. 3-60) | |
| Extending Your Knowledge (pg. 3-61) | |
| Answers to Self-Study Questions: (pg. 3-64) | |
| Your Turn! Solutions (pg. 3-65) | |
| Chapter 4: Understanding Financial Statements (pg. 4-1) | |
| Balance Sheet Classification and Analysis (pg. 4-3) | |
| Current Assets (pg. 4-3) | |
| Long-Term Assets (pg. 4-4) | |
| Current Liabilities (pg. 4-5) | |
| LongTerm Liabilities (pg. 4-5) | |
| Stockholders’ Equity (pg. 4-6) | |
| Presentation Format (pg. 4-6) | |
| Your Turn! 4.1 (pg. 4-7) | |
| Income Statement Classification and Analysis (pg. 4-7) | |
| Your Turn! 4.2 (pg. 4-11) | |
| Working with Financial Statements (pg. 4-11) | |
| Analysis Based on Ratios (pg. 4-11) | |
| Working with the Balance Sheet (pg. 4-11) | |
| Your Turn! 4.3 (pg. 4-13) | |
| Working with the Income Statement (pg. 4-14) | |
| Working with the Statement of Stockholders’ Equity (pg. 4-15) | |
| Comprehensive Problem (pg. 4-18) | |
| Summary of Learning Objectives (pg. 4-20) | |
| Self-Study Questions (pg. 4-21) | |
| Questions (pg. 4-23) | |
| Short Exercises (pg. 4-23) | |
| Data Analytics (pg. 4-25) | |
| Data Visualization (pg. 4-26) | |
| Exercises-Set A (pg. 4-26) | |
| Exercises-Set B (pg. 4-27) | |
| Problems-Set A (pg. 4-29) | |
| Problems-Set B (pg. 4-32) | |
| Serial Problem: Kate’s Cards (pg. 4-35) | |
| Extending Your Knowledge (pg. 4-36) | |
| Answers to Self-Study Questions: (pg. 4-39) | |
| Your Turn! Solutions (pg. 4-39) | |
| Chapter 5: Accounting for Merchandising Operations (pg. 5-1) | |
| The Nature of Merchandising (pg. 5-3) | |
| Operating Cycle of a Merchandising Firm (pg. 5-4) | |
| Cost Flows (pg. 5-5) | |
| Inventory Systems (pg. 5-5) | |
| Your Turn! 5.1 (pg. 5-6) | |
| Accounting for Purchases of Merchandise (pg. 5-6) | |
| Transportation Costs (pg. 5-6) | |
| Purchase Returns and Allowances (pg. 5-7) | |
| Purchase Discounts (pg. 5-8) | |
| Your Turn! 5.2 (pg. 5-10) | |
| Accounting for Sales of Merchandise (pg. 5-10) | |
| Revenue Side (pg. 5-11) | |
| Cost Side (pg. 5-11) | |
| Sales Returns and Allowances (pg. 5-11) | |
| Sales Discounts (pg. 5-12) | |
| Net Sales (pg. 5-13) | |
| Your Turn! 5.3 (pg. 5-13) | |
| Profitability Analysis (pg. 5-13) | |
| Gross Profit Percentage (pg. 5-13) | |
| Return on Sales Ratio (Profit Margin) (pg. 5-14) | |
| Your Turn! 5.4 (pg. 5-15) | |
| Comprehensive Problem (pg. 5-16) | |
| Appendix 5A: Periodic Inventory System (pg. 5-17) | |
| Accounting for Purchases of Merchandise (pg. 5-17) | |
| Your Turn! 5A.1 (pg. 5-18) | |
| Accounting for Sales of Merchandise (pg. 5-18) | |
| Your Turn! 5A.2 (pg. 5-19) | |
| Comparison of Entries under the Perpetual and Periodic Systems (pg. 5-19) | |
| Cost of Goods Sold Using a Periodic System (pg. 5-20) | |
| Your Turn! 5A.3 (pg. 5-20) | |
| Appendix 5B: The Revenue Recognition Standard (pg. 5-21) | |
| Adjusting Journal Entry for Sales Discounts (pg. 5-21) | |
| Adjusting Journal Entry for Sales Returns and Allowances (pg. 5-21) | |
| Your Turn! 5B.1 (pg. 5-22) | |
| Summary of Learning Objectives (pg. 5-22) | |
| Key Terms (pg. 5-24) | |
| Self-Study Questions (pg. 5-24) | |
| Questions (pg. 5-25) | |
| Short Exercises (pg. 5-26) | |
| Data Analytics (pg. 5-27) | |
| Data Visualization (pg. 5-28) | |
| Exercises-Set A (pg. 5-28) | |
| Exercises-Set B (pg. 5-30) | |
| Problems-Set A (pg. 5-32) | |
| Problems-Set B (pg. 5-34) | |
| Serial Problem: Kate’s Cards (pg. 5-36) | |
| Extending Your Knowledge (pg. 5-37) | |
| Answers to Self-Study Questions: (pg. 5-39) | |
| Your Turn! Solutions (pg. 5-39) | |
| Chapter 6: Accounting for Inventory (pg. 6-1) | |
| Inventory Categories and Concepts (pg. 6-3) | |
| Categories of Inventory (pg. 6-3) | |
| Concepts of Inventory Management (pg. 6-4) | |
| Inventory Ownership and Physical Count (pg. 6-4) | |
| Ownership of Inventory (pg. 6-5) | |
| Physical Count of Inventory (pg. 6-6) | |
| Your Turn! 6.1 (pg. 6-7) | |
| Inventory Costing Methods (pg. 6-7) | |
| Goods Flow vs. Cost Flow (pg. 6-7) | |
| Data for Illustration of Cost Flow Assumptions (pg. 6-8) | |
| Specific Identification Method (pg. 6-9) | |
| FirstIn, FirstOut (FIFO) Method (pg. 6-9) | |
| LastIn, FirstOut (LIFO) Method (pg. 6-10) | |
| Weighted-Average Cost Method (pg. 6-11) | |
| Your Turn! 6.2 (pg. 6-12) | |
| Comparative Analysis of Inventory Costing Methods and Gross Profit (pg. 6-12) | |
| Selecting Inventory Methods (pg. 6-13) | |
| Your Turn! 6.3 (pg. 6-17) | |
| Lower-of-Cost-or-Net Realizable Value Method (pg. 6-17) | |
| Net Realizable Value (pg. 6-17) | |
| Lower-of-Cost-or-Net Realizable Value (pg. 6-17) | |
| Your Turn! 6.4 (pg. 6-18) | |
| Inventory Analysis (pg. 6-19) | |
| Inventory Turnover and Days’ Sales in Inventory (pg. 6-19) | |
| Your Turn! 6.5 (pg. 6-20) | |
| Comprehensive Problem (pg. 6-20) | |
| Appendix 6A: Inventory Costing Methods and the Perpetual Inventory System (pg. 6-21) | |
| Specific Identification Method (pg. 6-22) | |
| FirstIn, FirstOut (FIFO) Method (pg. 6-22) | |
| LastIn, FirstOut (LIFO) Method (pg. 6-23) | |
| Weighted-Average Cost Method (pg. 6-24) | |
| Comparative Analysis of Inventory Costing Methods (pg. 6-25) | |
| Your Turn! 6A.1 (pg. 6-26) | |
| Appendix 6B: LIFO Reserve (pg. 6-26) | |
| Your Turn! 6B.1 (pg. 6-27) | |
| Summary of Learning Objectives (pg. 6-27) | |
| Key Terms (pg. 6-29) | |
| Self-Study Questions (pg. 6-29) | |
| Questions (pg. 6-30) | |
| Short Exercises (pg. 6-31) | |
| Data Analytics (pg. 6-33) | |
| Data Visualization (pg. 6-33) | |
| Exercises-Set A (pg. 6-33) | |
| Exercises-Set B (pg. 6-36) | |
| Problems-Set A (pg. 6-39) | |
| Problems-Set B (pg. 6-43) | |
| Serial Problem: Kate’s Cards (pg. 6-46) | |
| Extending Your Knowledge (pg. 6-47) | |
| Answers to Self-Study Questions: (pg. 6-49) | |
| Your Turn! Solutions (pg. 6-50) | |
| Chapter 7: Internal Control and Cash (pg. 7-1) | |
| Fraud (pg. 7-3) | |
| Fraud Triangle (pg. 7-3) | |
| Pressure (pg. 7-3) | |
| Your Turn! 7.1 (pg. 7-4) | |
| Internal Control (pg. 7-4) | |
| COSO Framework (pg. 7-4) | |
| Control Failures (pg. 7-8) | |
| Sarbanes-Oxley Act (pg. 7-9) | |
| Your Turn! 7.2 (pg. 7-9) | |
| Accounting for Cash (pg. 7-10) | |
| Reporting Cash (pg. 7-10) | |
| Cash and Cash Equivalents (pg. 7-10) | |
| Your Turn! 7.3 (pg. 7-11) | |
| Internal Control of Cash Receipts Transactions (pg. 7-11) | |
| Cash Received on Account (pg. 7-11) | |
| Cash Received from Retail Cash Sales (pg. 7-13) | |
| Checks (pg. 7-15) | |
| Using Electronic Funds Transfer (pg. 7-16) | |
| Petty Cash Fund (pg. 7-16) | |
| Your Turn! 7.4 (pg. 7-17) | |
| Reconciling The Bank Statement (pg. 7-17) | |
| The Bank Reconciliation Process (pg. 7-18) | |
| Your Turn! 7.5 (pg. 7-22) | |
| Effective Cash Management (pg. 7-22) | |
| Monitoring Cash (pg. 7-22) | |
| Primary Activities of Effective Cash Management (pg. 7-23) | |
| Your Turn! 7.6 (pg. 7-23) | |
| Comprehensive Problem (pg. 7-24) | |
| Appendix 7A: Auditing and Internal Control (pg. 7-25) | |
| Financial Statement Audits (pg. 7-25) | |
| Audit Procedures (pg. 7-25) | |
| The Audit Report (pg. 7-26) | |
| Operational Audits (pg. 7-26) | |
| Your Turn! 7A.1 (pg. 7-26) | |
| Summary of Learning Objectives (pg. 7-27) | |
| Key Terms (pg. 7-28) | |
| Self-Study Questions (pg. 7-29) | |
| Questions (pg. 7-29) | |
| Short Exercises (pg. 7-30) | |
| Data Analytics (pg. 7-31) | |
| Data Visualization (pg. 7-32) | |
| Exercises-Set A (pg. 7-32) | |
| Exercises-Set B (pg. 7-34) | |
| Problems-Set A (pg. 7-35) | |
| Problems-Set B (pg. 7-39) | |
| Serial Problem: Kate’s Cards (pg. 7-42) | |
| Extending Your Knowledge (pg. 7-43) | |
| Answers to Self-Study Questions: (pg. 7-46) | |
| Your Turn! Solutions (pg. 7-47) | |
| Chapter 8: Accounting for Receivables (pg. 8-1) | |
| Accounts Receivable (pg. 8-3) | |
| Accounting for Bad Debts (pg. 8-3) | |
| Allowance Method (pg. 8-4) | |
| Your Turn! 8.1 (pg. 8-7) | |
| Estimating Credit Losses (pg. 8-7) | |
| Percentage of Net Sales Method (pg. 8-7) | |
| Your Turn! 8.2 (pg. 8-8) | |
| Accounts Receivable Aging Method (pg. 8-8) | |
| Your Turn! 8.3 (pg. 8-11) | |
| Credit Card Sales (pg. 8-11) | |
| Your Turn! 8.4 (pg. 8-12) | |
| Notes Receivable (pg. 8-12) | |
| Interest on Notes Receivable (pg. 8-12) | |
| Adjusting Entry for Interest (pg. 8-14) | |
| Reporting Notes Receivable on the Balance Sheet (pg. 8-15) | |
| Your Turn! 8.5 (pg. 8-15) | |
| Analyzing and Managing Receivables (pg. 8-15) | |
| Your Turn! 8.6 (pg. 8-16) | |
| Factoring and Discounting (pg. 8-16) | |
| Comprehensive Problem (pg. 8-17) | |
| Appendix 8A: Direct Write-Off Method (pg. 8-19) | |
| Your Turn! 8A.1 (pg. 8-19) | |
| Summary of Learning Objectives (pg. 8-19) | |
| Key Terms (pg. 8-21) | |
| Self-Study Questions (pg. 8-21) | |
| Questions (pg. 8-22) | |
| Short Exercises (pg. 8-23) | |
| Data Analytics (pg. 8-24) | |
| Data Visualization (pg. 8-25) | |
| Exercises-Set A (pg. 8-25) | |
| Exercises-Set B (pg. 8-28) | |
| Problems-Set A (pg. 8-32) | |
| Problems-Set B (pg. 8-35) | |
| Serial Problem: Kate’s Cards (pg. 8-38) | |
| Extending Your Knowledge (pg. 8-39) | |
| Answers to Self-Study Questions: (pg. 8-41) | |
| Your Turn! Solutions (pg. 8-42) | |
| Chapter 9: Accounting for Long-Lived and Intangible Assets (pg. 9-1) | |
| Overview of Long-Lived Assets (pg. 9-3) | |
| Measuring Acquisition Cost of Plant Assets (pg. 9-4) | |
| Acquisition Cost (pg. 9-4) | |
| Your Turn! 9.1 (pg. 9-6) | |
| Nature of Depreciation (pg. 9-7) | |
| Depreciation Accounting: Allocation versus Valuation (pg. 9-7) | |
| Calculating Depreciation Expense (pg. 9-8) | |
| A Comparison of Alternative Depreciation Methods (pg. 9-11) | |
| Your Turn! 9.2 (pg. 9-13) | |
| Depreciation Method Estimate Changes (pg. 9-13) | |
| Revenue versus Capital Expenditures (pg. 9-15) | |
| Revenue Expenditures (pg. 9-15) | |
| Capital Expenditures (pg. 9-16) | |
| Your Turn! 9.3 (pg. 9-16) | |
| Disposals of Plant Assets (pg. 9-17) | |
| Sale of Plant Assets (pg. 9-17) | |
| Your Turn! 9.4 (pg. 9-18) | |
| Intangible Assets and Natural Resources (pg. 9-18) | |
| Measurement of Intangible Assets (Cost Determination) (pg. 9-18) | |
| Amortization of Intangibles (pg. 9-19) | |
| Examples of Intangible Assets (pg. 9-19) | |
| Patents (pg. 9-19) | |
| Copyright (pg. 9-19) | |
| Franchises (pg. 9-20) | |
| Trademarks (pg. 9-20) | |
| Goodwill (pg. 9-20) | |
| Your Turn! 9.5 (pg. 9-21) | |
| Natural Resources (pg. 9-21) | |
| Your Turn! 9.6 (pg. 9-22) | |
| Balance Sheet Presentation (pg. 9-22) | |
| Return on Assets and Asset Turnover (pg. 9-23) | |
| Your Turn! 9.7 (pg. 9-23) | |
| Comprehensive Problem (pg. 9-24) | |
| Summary Of Learning Objectives (pg. 9-24) | |
| Key Terms (pg. 9-26) | |
| SelfStudy Questions (pg. 9-26) | |
| Questions (pg. 9-27) | |
| Short Exercises (pg. 9-28) | |
| Data Analytics (pg. 9-29) | |
| Data Visualization (pg. 9-30) | |
| Exercises-Set A (pg. 9-30) | |
| Exercises-Set B (pg. 9-32) | |
| Problems-Set A (pg. 9-34) | |
| Problems-Set B (pg. 9-37) | |
| Serial Problem: Kate’s Cards (pg. 9-40) | |
| Extending Your Knowledge (pg. 9-41) | |
| Answers to Self-Study Questions: (pg. 9-43) | |
| Your Turn! Solutions (pg. 9-43) | |
| Chapter 10: Accounting for Liabilities (pg. 10-1) | |
| Current Liabilities (pg. 10-3) | |
| Accounts Payable (pg. 10-3) | |
| Notes Payable and Interest (pg. 10-3) | |
| Interest Payable (pg. 10-5) | |
| Current Portion of LongTerm Debt (pg. 10-5) | |
| Advance Payments-Unearned Revenue (pg. 10-5) | |
| Sales and Excise Taxes Payable (pg. 10-6) | |
| PayrollRelated Liabilities (pg. 10-6) | |
| Your Turn! 10.1 (pg. 10-8) | |
| Income Taxes Payable (pg. 10-8) | |
| Long-Term Liabilities (pg. 10-9) | |
| Long-Term Notes (Term Loans) (pg. 10-9) | |
| Types of Bonds (pg. 10-10) | |
| Bond Prices (pg. 10-11) | |
| Recording Bonds (pg. 10-13) | |
| Your Turn! 10.2 (pg. 10-17) | |
| Advantages and Disadvantages of Long-Term Bonds and Notes (pg. 10-17) | |
| Contingent Liabilities (pg. 10-19) | |
| Examples of Contingent Liabilities (pg. 10-20) | |
| Summary of Accounting Treatment for Liabilities (pg. 10-21) | |
| Your Turn! 10.3 (pg. 10-22) | |
| Analyzing Liabilities (pg. 10-22) | |
| Current Ratio and Quick Ratio (pg. 10-22) | |
| Times-Interest-Earned Ratio (pg. 10-23) | |
| Your Turn! 10.4 (pg. 10-24) | |
| Comprehensive Problem (pg. 10-25) | |
| Appendix 10A: Bond Pricing (pg. 10-25) | |
| Straight-line Interest Method of Discount Amortization (pg. 10-26) | |
| Straight-line Interest Method of Premium Amortization (pg. 10-27) | |
| Effective Interest Method of Discount Amortization (pg. 10-28) | |
| Effective Interest Method of Premium Amortization (pg. 10-29) | |
| Using a Financial Calculator (pg. 10-30) | |
| Using an Electronic Spreadsheet (pg. 10-32) | |
| Your Turn! 10A.1 (pg. 10-32) | |
| Appendix 10B: Leases (pg. 10-32) | |
| Your Turn! 10B.1 (pg. 10-33) | |
| Summary of Learning Objectives (pg. 10-33) | |
| Key Terms (pg. 10-35) | |
| Self-Study Questions (pg. 10-35) | |
| Questions (pg. 10-36) | |
| Short Exercises (pg. 10-37) | |
| Data Analytics (pg. 10-38) | |
| Data Visualization (pg. 10-40) | |
| Exercises-Set A (pg. 10-40) | |
| Exercises-Set B (pg. 10-43) | |
| Problems-Set A (pg. 10-46) | |
| Problems-Set B (pg. 10-50) | |
| Serial Problem: Kate’s Cards (pg. 10-53) | |
| Extending Your Knowledge (pg. 10-53) | |
| Answers to Self-Study Questions: (pg. 10-56) | |
| Your Turn! Solutions (pg. 10-56) | |
| Chapter 11: Stockholders’ Equity (pg. 11-1) | |
| Nature and Formation of a Corporation (pg. 11-3) | |
| Advantages of the Corporate Form of Organization (pg. 11-3) | |
| Disadvantages of the Corporate Form of Organization (pg. 11-5) | |
| Accounting for Stockholders’ Equity in Alternative Organizational Forms (pg. 11-6) | |
| Your Turn! 11.1 (pg. 11-6) | |
| Par Value Stock and NoPar Value Stock (pg. 11-6) | |
| Your Turn! 11.2 (pg. 11-7) | |
| Types of Capital Stock (pg. 11-7) | |
| Common Stock (pg. 11-7) | |
| Preferred Stock (pg. 11-8) | |
| Your Turn! 11.3 (pg. 11-10) | |
| Stock Issuances for Cash (pg. 11-10) | |
| Issuing Stock at a Premium (pg. 11-11) | |
| Issuing No-Par Stock (pg. 11-11) | |
| Noncash Stock Issuances (pg. 11-11) | |
| Your Turn! 11.4 (pg. 11-12) | |
| Stock Splits (pg. 11-12) | |
| Your Turn! 11.5 (pg. 11-13) | |
| Treasury Stock (pg. 11-13) | |
| Accounting for Treasury Stock (pg. 11-13) | |
| Your Turn! 11.6 (pg. 11-14) | |
| Cash Dividends and Stock Dividends (pg. 11-15) | |
| Cash Dividends (pg. 11-15) | |
| Stock Dividends (pg. 11-16) | |
| Your Turn! 11.7 (pg. 11-18) | |
| Retained Earnings and the Statement of Stockholders’ Equity (pg. 11-18) | |
| Statement of Stockholders’ Equity (pg. 11-19) | |
| Your Turn! 11.8 (pg. 11-19) | |
| Analyzing Stockholders’ Equity (pg. 11-20) | |
| Return on Equity (pg. 11-20) | |
| Dividend Yield and Dividend Payout Ratio (pg. 11-20) | |
| Your Turn! 11.9 (pg. 11-22) | |
| Comprehensive Problem (pg. 11-22) | |
| Summary of Learning Objectives (pg. 11-23) | |
| Key Terms (pg. 11-24) | |
| Self-Study Questions (pg. 11-24) | |
| Questions (pg. 11-25) | |
| Short Exercises (pg. 11-26) | |
| Data Analytics (pg. 11-27) | |
| Data Visualization (pg. 11-28) | |
| Exercises-Set A (pg. 11-28) | |
| Exercises-Set B (pg. 11-31) | |
| Problems-Set A (pg. 11-33) | |
| Problems-Set B (pg. 11-37) | |
| Serial Problem: Kate’s Cards (pg. 11-42) | |
| Extending Your Knowledge (pg. 11-42) | |
| Answers to Self-Study Questions: (pg. 11-45) | |
| Your Turn! Solutions (pg. 11-45) | |
| Chapter 12: Statement of Cash Flows (pg. 12-1) | |
| Cash and Cash Equivalents (pg. 12-3) | |
| Activity Classifications in the Statement of Cash Flows (pg. 12-4) | |
| Operating Activities (pg. 12-5) | |
| Investing Activities (pg. 12-5) | |
| Financing Activities (pg. 12-6) | |
| Usefulness of Activity Classification (pg. 12-6) | |
| Noncash Investing and Financing Activities (pg. 12-7) | |
| Using the Statement of Cash Flows (pg. 12-8) | |
| Cash Flow from Operating Activities (pg. 12-8) | |
| Your Turn! 12.1 (pg. 12-9) | |
| Preparing the Statement of Cash Flows Using the Indirect Method (pg. 12-9) | |
| Five Steps to Preparing a Statement of Cash Flows (pg. 12-11) | |
| Your Turn! 12.2 (pg. 12-17) | |
| Analyzing Cash Flows (pg. 12-18) | |
| Free Cash Flow (pg. 12-18) | |
| Operating-Cash-Flow-to-Current-Liabilities Ratio (pg. 12-18) | |
| Operating-Cash-Flow-to-Capital-Expenditures Ratio (pg. 12-19) | |
| Your Turn! 12.3 (pg. 12-20) | |
| Comprehensive Problem (pg. 12-20) | |
| Appendix 12A: Preparing the Statement of Cash Flows Under the Direct Method (pg. 12-22) | |
| Your Turn! 12A.1 (pg. 12-25) | |
| Summary of Learning Objectives (pg. 12-25) | |
| Key Terms (pg. 12-26) | |
| Self-Study Questions (pg. 12-27) | |
| Questions (pg. 12-28) | |
| Short Exercises (pg. 12-29) | |
| Data Analytics (pg. 12-30) | |
| Data Visualization (pg. 12-31) | |
| Exercises-Set A (pg. 12-31) | |
| Exercises-Set B (pg. 12-34) | |
| Problems-Set A (pg. 12-37) | |
| Problems-Set B (pg. 12-42) | |
| Serial Problem: Kate’s Cards (pg. 12-46) | |
| Extending Your Knowledge (pg. 12-47) | |
| Answers to Self-Study Questions: (pg. 12-50) | |
| Your Turn! Solutions (pg. 12-50) | |
| Chapter 13: Analysis and Interpretation of Financial Statements (pg. 13-1) | |
| Persistent Earnings and the Income Statement (pg. 13-3) | |
| Discontinued Operations (pg. 13-5) | |
| Changes in Accounting Principles (pg. 13-5) | |
| Comprehensive Income (pg. 13-5) | |
| Your Turn! 13.1 (pg. 13-6) | |
| Sources of Information (pg. 13-6) | |
| Analytical Techniques (pg. 13-7) | |
| Horizontal Analysis (pg. 13-7) | |
| Trend Analysis (pg. 13-10) | |
| Your Turn! 13.2 (pg. 13-11) | |
| Vertical Analysis (pg. 13-12) | |
| Your Turn! 13.3 (pg. 13-13) | |
| Ratio Analysis (pg. 13-13) | |
| Analyzing Firm Profitability (pg. 13-14) | |
| Your Turn! 13.4 (pg. 13-17) | |
| Analyzing ShortTerm Firm Liquidity (pg. 13-18) | |
| Your Turn! 13.5 (pg. 13-22) | |
| Analyzing LongTerm Firm Solvency (pg. 13-22) | |
| Your Turn! 13.6 (pg. 13-24) | |
| Financial Ratios for Common Stockholders (pg. 13-25) | |
| Your Turn! 13.7 (pg. 13-27) | |
| Limitations of Financial Statement Analysis (pg. 13-27) | |
| Comprehensive Problem (pg. 13-28) | |
| Appendix 13A: Financial Statement Disclosures (pg. 13-29) | |
| Parenthetical Disclosures (pg. 13-29) | |
| Notes to the Financial Statements (pg. 13-30) | |
| Supplementary Information (pg. 13-32) | |
| Summary of Learning Objectives (pg. 13-32) | |
| Summary of Financial Statement Ratios (pg. 13-33) | |
| Key Terms (pg. 13-35) | |
| Self-Study Questions (pg. 13-35) | |
| Questions (pg. 13-37) | |
| Short Exercises (pg. 13-37) | |
| Data Analytics (pg. 13-39) | |
| Data Visualization (pg. 13-41) | |
| Exercises-Set A (pg. 13-41) | |
| Exercises-Set B (pg. 13-43) | |
| Problems-Set A (pg. 13-46) | |
| Problems-Set B (pg. 13-51) | |
| Serial Problem: Kate’s Cards (pg. 13-57) | |
| Extending Your Knowledge (pg. 13-59) | |
| Answers to Self-Study Questions: (pg. 13-63) | |
| Your Turn! Solutions (pg. 13-63) | |
| Appendix A: Columbia Sportswear Company (pg. A-1) | |
| Report of Independent Auditors (pg. A-2) | |
| Financial Statements (pg. A-5) | |
| Notes To Financial Statements (pg. A-9) | |
| Comparative Selected Financial Data (pg. A-25) | |
| Report on Internal Control (pg. A-26) | |
| Appendix B: Financial Statements for Under Armour (pg. B-1) | |
| Appendix C: Financial Statements for LVMH Moët Hennessy-Louis Vuitton (pg. C-1) | |
| Appendix D: Accounting for Investments and Consolidated Financial Statements (pg. D-1) | |
| Investments (pg. D-2) | |
| Debt and Equity Securities (pg. D-2) | |
| Investment Categories (pg. D-2) | |
| Your Turn! D-1 (pg. D-3) | |
| Investments in Debt Securities (pg. D-3) | |
| Purchase (pg. D-4) | |
| Recognition of Interest Income (pg. D-5) | |
| Balance Sheet Valuation (pg. D-5) | |
| Sale or Redemption at Maturity (pg. D-7) | |
| Your Turn! D-2 (pg. D-8) | |
| Investments in Equity Securities (pg. D-8) | |
| Purchase (pg. D-8) | |
| Recognition of Investment Income (pg. D-9) | |
| Balance Sheet Valuation (pg. D-10) | |
| Sale (pg. D-10) | |
| Current and Noncurrent Classifications (pg. D-11) | |
| Your Turn! D-3 (pg. D-11) | |
| ParentSubsidiary Relationship (pg. D-12) | |
| Consolidated Financial Statements (pg. D-12) | |
| Limitations of Consolidated Statements (pg. D-13) | |
| Summary of Learning Objectives (pg. D-13) | |
| Key Terms (pg. D-14) | |
| Self-Study Questions (pg. D-14) | |
| Questions (pg. D-16) | |
| Exercises-Set A (pg. D-16) | |
| Exercises-Set B (pg. D-18) | |
| Problems-Set A (pg. D-20) | |
| Problems-Set B (pg. D-22) | |
| Answers to Self-Study Questions: (pg. D-24) | |
| Your Turn! Solutions (pg. D-24) | |
| Appendix E: Accounting and the Time Value of Money (pg. E-1) | |
| Time Value of Money Concept (pg. E-2) | |
| Time Value of Money: Simple Interest Model (pg. E-2) | |
| Time Value of Money: Compound Interest Model (pg. E-2) | |
| Future Value of an Amount (pg. E-3) | |
| Your Turn! E-2 (pg. E-5) | |
| Future Value of an Annuity (pg. E-5) | |
| Your Turn! E-3 (pg. E-6) | |
| Present Value of an Amount (pg. E-7) | |
| Your Turn! E-4 (pg. E-9) | |
| Present Value of an Annuity (pg. E-9) | |
| Your Turn! E-5 (pg. E-10) | |
| Calculations Using a Calculator and a Spreadsheet (pg. E-10) | |
| Summary of Learning Objectives (pg. E-11) | |
| Key Terms (pg. E-11) | |
| Self-Study Questions (pg. E-11) | |
| Exercises-Set A (pg. E-12) | |
| Exercises-Set B (pg. E-13) | |
| Answers to Self-Study Questions: (pg. E-14) | |
| Your Turn! Solutions (pg. E-15) | |
| Appendix F: Data Analytics and Blockchain Technology (pg. F-1) | |
| Data Analytics (pg. F-2) | |
| Big Data (pg. F-2) | |
| Types of Data Analytics (pg. F-3) | |
| Data Analytics in the Accounting Profession (pg. F-3) | |
| The Analytics Mindset (pg. F-5) | |
| Data Analytic Tools (pg. F-6) | |
| Data Visualization (pg. F-7) | |
| Blockchain Technology (pg. F-11) | |
| Summary of Learning Objectives (pg. F-13) | |
| Key Concepts and Terms (pg. F-13) | |
| Video Resources For Tableau (pg. F-14) | |
| Questions (pg. F-14) | |
| Exercises (pg. F-15) | |
| Problems (pg. F-15) | |
| Glossary (pg. G-1) | |
| Index (pg. I-1) | |
James S. Wallace
Associate Professor at The Peter F. Drucker and Masatoshi Ito Graduate School of Management at The Claremont Graduate University.
He received his Bachelors of Arts from the University of California, Santa Barbara, his MBA from the University of California, Davis, and his PhD from the University of Washington. Professor Wallace also holds a CPA certification from the state of California. He previously served on the faculty of the University of California, Irvine and has served as a visiting professor at the University of California, San Diego. Professor Wallace's work has appeared in leading academic journals including the Journal of Accounting and Economics, the Journal of Corporate Finance, and Information Systems Research, along with leading applied journals such as the Journal of Applied Corporate Finance, the Journal of Accountancy, Issues in Accounting Education and Accounting Horizons. Prior to his career in academics, Professor Wallace worked in public accounting and in industry with a Fortune 500 company. He has done consulting work with numerous companies in multiple industries.
Karen K. Nelson
M.J. Neeley Professor of Accounting at TCU. Former Harmon Whittington Professor of Accounting and past Accounting Area Coordinator at the Jones Graduate School of Business at Rice University.
Karen previously served on the faculty at Rice University, the Stanford University Graduate School of Business, and as a visiting professor at the University of Michigan. She earned her Ph.D. at the University of Michigan and a bachelor’s degree (summa cum laude) from the University of Colorado. She also holds a CPA license from the state of Colorado. Professor Nelson’s research focuses on financial reporting and disclosure issues, including the role of regulators, auditors, and private securities litigation in monitoring financial reporting quality. She has held research seminars at over 50 leading business schools in the U.S. and abroad, and published in a variety of leading academic journals including The Accounting Review, Journal of Accounting and Economics, Journal of Accounting, and Review of Accounting Studies. Her research has been featured in the financial press in publications such as The Wall Street Journal, Business Week, and Forbes. She is an active member of the American Accounting Association and serves on the Editorial Board of The Accounting Review. She has taught financial accounting at all levels, and her students have honored her with numerous awards for teaching excellence. She currently teaches intermediate accounting to undergraduates and financial accounting to MBAs. She is a member of the Standing Advisory Group of the Public Company Accounting Oversight Board.
Theodore E. Christensen
Director and Terry Distinguished Chair of Business in the J.M. Tull School of Accounting at the University of Georgia (UGA).
Prior to coming to UGA, he was on the faculty at Brigham Young University from 2000-2015 and at Case Western Reserve University from 1995-2000. He was a visiting professor at the University of Michigan (2013-2014) and the University of Utah (2012) and has taught at Santa Clara University in a summer program since 2005. He received a B.S. degree in accounting from San Jose State University, an M.Acc. degree in tax from Brigham Young University, and a Ph.D. in accounting from the University of Georgia. Professor Christensen has authored and coauthored articles published in many journals, including The Accounting Review; the Journal of Accounting and Economics; the Journal of Accounting Research; Review of Accounting Studies; Contemporary Accounting Research; Accounting Organizations and Society; the Journal of Business Finance & Accounting; the Journal of Accounting, Auditing, and Finance; Accounting Horizons; and Issues in Accounting Education.|
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