Financial Accounting / Edition 7

by Robert Libby, Patricia Libby, Daniel Short

Overview

Libby/Libby/Hodge wrote this text based on their belief that the subject of financial accounting is inherently interesting, but financial accounting textbooks are often not. They believe most financial accounting textbooks fail to demonstrate that accounting is an exciting field of study and one that is important to future careers in business. When writing this text, they considered career relevance as their guide when selecting material, and the need to engage the student as their guide to style, pedagogy, and design.

Libby/Libby/Hodge successfully implements a real-world, single focus company approach in every chapter. Students and instructors have responded very favorably to the use of focus companies and the real-world financial statements. The companies chosen are engaging and the decision-making focus shows the relevance of financial accounting regardless of whether or not the student has chosen to major in accounting.

Libby/Libby/Hodge believes in the building-block approach to teaching transaction analysis. Most faculty agree that mastery of the accounting cycle is critical to success in financial accounting. And yet all other financial books introduce and develop transaction analysis in one chapter, bombarding a student early in the course with an overload of new concepts and terms. The authors believe that most faculty take more time with the accounting cycle, but other financial accounting textbooks don't. By slowing down the introduction of transactions and giving students time to practice and gain mastery, this building-block approach leads to greater student success in their study of later topics in financial accounting such as adjusting entries.

Product Details

ISBN-13:	9780078111020
Publisher:	McGraw-Hill Higher Education
Publication date:	09/03/2010
Edition description:	List
Pages:	880
Product dimensions:	9.20(w) x 10.90(h) x 1.30(d)
Age Range:	18 Years

About the Author

Robert Libby is the David A. Thomas Professor of Accounting and Accounting Area Coordinator at Cornell University, where he teaches the introductory financial accounting course. He previously taught at the University of Illinois, Pennsylvania State University, the University of Texas at Austin, the University of Chicago, and the University of Michigan. He received his BS from Pennsylvania State University and his MAS and PhD from the University of Illinois; he also successfully completed the CPA exam (Illinois).
Bob was selected as the AAA Outstanding Educator in 2000 and received the AAA Outstanding Service Award in 2006 and the AAA Notable Contributions to the Literature Award in 1985 and 1996. He has received the Core Faculty Teaching Award multiple times at Cornell. Bob is a widely published author and researcher specializing in behavioral accounting. He has published numerous articles in The Accounting Review; Journal of Accounting Research; Accounting, Organizations, and Society; and other accounting journals. He has held a variety of offices including vice president, in the American Accounting Association, and he is a member of the American Institute of CPAs and the editorial boards of The Accounting Review and Accounting, Organizations, and Society.



Frank Hodge is the chair of the Accounting Department and the Michael G. Foster Endowed Professor at the University of Washington’s Foster School of Business. He also serves in the President’s Office as the University of Washington’s Faculty Athletics Representative to the PAC-12 Conference and the National Collegiate Athletic Association.

Frank joined the faculty at the University of Washington in 2000. He earned his MBA and PhD degrees from Indiana University. He has won over 30 teaching awards at the University of Washington teaching financial accounting and financial statement analysis to undergraduate students, full-time MBA students, executive MBA students, and intercollegiate athletic administrators. Frank’s research focuses on how individuals use accounting information to make investment decisions and how technology influences their information choices.

Frank was one of six members of the Financial Accounting Standards Research Initiative team and has presented his research at the Securities and Exchange Commission. He has published articles in The Accounting Review; Journal of Accounting Research; Contemporary Accounting Research; Accounting, Organizations, and Society; and several other journals. Frank lives in Seattle with his wife and two daughters.

Patricia Libby is chair of the department of accounting and an associate professor of accounting at Ithaca College, where she teaches the undergraduate financial accounting course. She previously taught graduate and undergraduate financial accounting at Eastern Michigan University and the University of Texas. Before entering academia, she was an auditor with Price Waterhouse (now PricewaterhouseCoopers) and a financial administrator at the University of Chicago. She received her B.S. from Pennsylvania State University, her M.B.A from DePaul University, and her Ph.D. from the University of Michigan; she also successfully completed the CPA exam (Illinois). Pat has published articles in The Accounting Review, Issues in Accounting Education, and The Michigan CPA and is also faculty advisor to Beta Alpha Psi and the Ithaca College Accounting Association.

Table of Contents

Chapter 1: Financial Statements and Business Decisions
Focus company: Maxidrive Corporation
Chapter 2: Investing and Financing Decisions and the Balance Sheet
Focus company: Papa John’s International
Chapter 3: Operating Decisions and the Income Statement
Focus company: Papa John’s International
Chapter 4: Adjustments, Financial Statements, and the Quality of Earnings
Focus company: Papa John’s International
Chapter 5: Communicating and Interpreting Accounting Information
Focus company: Callaway Golf
Chapter 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash
Focus company: Deckers Outdoor Corporation
Chapter 7: Reporting and Interpreting Cost of Goods Sold and Inventory
Focus company: Harley-Davidson, Inc.
Chapter 8: Reporting and Interpreting Property, Plant, and Equipment; Natural Resources; and Intangibles
Focus company: Southwest Airlines
Chapter 9: Reporting and Interpreting Liabilities
Focus company: Starbucks
Chapter 10: Reporting and Interpreting Bonds
Focus company: Burlington Northern Santa Fe
Chapter 11: Reporting and Interpreting Owners’ Equity
Focus company: Kroger
Chapter 12: Reporting and Interpreting Investments in Other Corporations
Focus company: The Washington Post Company
Chapter 13: Reporting and Interpreting Investments in Other Corporations
Focus company: National Beverage Corp.
Chapter 14: Analyzing Financial Statements
Focus company: Home Depot
Appendix A: Present and Future Value Tables
Appendix B: American Eagle Outfitters Annual Report
Appendix C: Pacific Sunwear 2004 Annual Report
Appendix D: Industry Ratio Report