Students are often overwhelmed by the amount of information presented in the introductory financial accounting course. By focusing on fundamental concepts in a logical sequence, students are able to fully comprehend the material rather than memorize seemingly unrelated terms and topics. The goal of Fundamental Financial Accounting Concepts is to enable students to understand how any given business event affects the financial statements. The “financial statements model” is a highly praised feature because it allows students to visualize the simultaneous impact of business events on all of the key financial statements (the income statement, the balance sheet, and the statement of cash flows). The mechanics of accounting coverage (debits and credits) is delayed until chapter 4. Instructors have flexibility as to the amount of emphasis they want to place on this topic.

Table of Contents

1 An Introduction to Accounting
2 Accounting for Accruals
3 Accounting for Deferrals
4 The Double-Entry Accounting System
5 Accounting for Merchandising Businesses
6 Accounting for Inventories
7 Internal Control and Accounting for Cash
8 Accounting for Receivable and Payables
9 Accounting for Long-Term Operational Assets.
10 Accounting for Long-Term Debt
11 Accounting for Equity Transactions
12 Statement of Cash Flows
13 Financial Statement Analysis* *Full featured chapter available online.
Appendix A: Accessing the EDGAR Database through the Internet
Appendix B: Topps Company, Inc. Annual Report
Appendix C: Summary of Financial Ratios
Appendix D: Annual Report and Financial Statement Analysis Project
Appendix E Accounting for Investment Securities
Appendix F Time Value of Money