Accounting , 8th Edition + WileyPLUS featuring iStudy Card Wiley Plus Products Series

Accounting has long been the benchmark by which all other introductory accounting textbooks are measured. It is well known as a comprehensive, authoritative and reliable textbook that has supported students studying introductory accounting for over 20 years. The clarity of explanation and thorough illustration of the accounting process supports learning and prepares students for future study in commerce, and beyond into professional practice. The new edition is ideally suited to accounting and non?accounting majors alike, illustrating accounting procedures and applying accounting information to business and business decision making. Accordingly, changes required under accounting standards and the regulatory environment as a consequence of International Accounting Standards Board (IASB) initiatives and the Conceptual Framework in Financial Reporting have been thoroughly updated in line with recent changes to AIFRS and the Framework.

The four?colour design provides students with a more reader?friendly text, enhancing their understanding of concepts and ensuring learning outcomes are achieved. The text builds on the thorough and reliable explanation of the accounting process through the addition of new ?Link to business? chapter vignettes that apply the principles to practice. Previous editions were renowned for the number of exercises and problems, and the new edition builds upon this superior teaching feature. The end?of?chapter activities encourages the development of skills in decision?making, critical thinking, ethical thinking, analysis and communication, building student confidence for success in their course.

How to use this book xvii

Acknowledgements xxi

Part 1 Accounting for decision making 1

1 Decision making and the role of accounting 2

2 Financial statements for decision making 28

Part 2 Accounting systems and processes 63

3 Recording transactions 64

4 Adjusting the accounts and preparing financial statements 122

5 Completing the accounting cycle — closing and reversing entries 176

6 Accounting for retailing 228

7 Accounting systems 274

8 Accounting for manufacturing 338

9 Cost accounting systems 376

Part 3 Financial planning, control and decision making 415

10 Cash management and control 416

11 Cost–volume–profit analysis for decision making 460

12 Budgeting for planning and control 492

13 Performance evaluation for managers 538

14 Differential analysis, profitability analysis and capital budgeting 580

Part 4 Equity in business 613

15 Partnerships: formation, operation and reporting 614

16 Companies: formation and operations 648

Part 5 Accounting regulation of assets and liabilities 699

17 Regulation and the Conceptual Framework 700

18 Receivables 748

19 Inventories 784

20 Non–current assets: acquisition and depreciation 828

21 Non–current assets: revaluation, disposal and other aspects 866

22 Liabilities 906

Part 6 External reporting and performance evaluation 943

23 Presentation of financial statements 944

24 Statement of cash flows 976

25 Analysis and interpretation of financial statements 1054

Appendix Time value of money 1099

Glossary 1108

Index 1120