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Introduction to Financial Accounting, 9/E
Charles T. Horngren
Gary L. Sundem, University fo Washington
John A. Elliott, Baruch College, The City University of New York
Donna Philbrick, Portland State University

ISBN-10: 0131479725
ISBN-13: 9780131479722

Publisher: Prentice Hall
Copyright: 2006
Format: Cloth; 672 pp
Published: 01/11/2005

Suggested retail price: $184.00
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For Introductory Financial Accounting courses at the MBA level, and for rigorous undergraduate courses. 

 

Introductory Financial Accounting, 9e provides a unique and perfect blend of robust financial statement analysis with early statement of cash flows coverage.

<>For Introductory Financial Accounting courses at the MBA level, and for rigorous undergraduate courses. 


MyAccountingLab:  Introduction to Financial Accounting, 9/E does not have a MyAccountingLab text-specific course YET.  A MyAccountingLab text-specific course will be added with the new edition coming in January 2010.  In the meantime, many instructors have decided to still use MyAccountingLab to give their students extra practice with this powerful study resource.  If your instructor would like to use MyAccountingLab content with Introduction to Financial Accounting 9e, please contact Julie Broich or Maggie Moylan for the VP ISBN and price.

 

Introductory Financial Accounting, 9e provides a unique and perfect blend of robust financial statement analysis with early statement of cash flows coverage. 

 

Q: What is the goal of your course?  Is it to equip students with the ability to effectively analyze and interpret real corporate financial statements?  Do you want to cover statement of cash flows early?

A: IFA 9e is directed at students who will analyze real financial statements, and make business decisions based upon that analysis.  Real statements are used throughout (Starbucks).  Statement of Cash Flows comes earlier in this book than most. 

  • Focus on analysis of financial statements.  Ratios introduced early and often, special “Portfolio” section provides a “road map” to financial statement analysis, and special section in end-of-chapter problems focuses on analyzing financial statements (using Starbucks financial statements).
    • Chapter Reference:  Sections on ratios in Ch. 2 and Ch. 4; almost all remaining chapters also have coverage of ratios; Ch. 12 is a comprehensive overview of financial statement analysis.
  • Statement of Cash Flows covered in Chapter 5, not later in text.  This is an essential financial statement, one of growing importance, so students should regard it as a basic statement, not something introduces later (if at all) in the course.

OTHER KEY POINTS OF DIFFERENTIATION

 

Q: Is ethics becoming increasingly important to integrate into this course?  How are you integrating ethics? 
A: IFA 9e has expanded it’s coverage of ethics, and has woven it through the book where relevant. 

  • Thorough (and expanded) ethics coverage, both in Chapter 1 where it is introduced and throughout all chapters of the book.  Begins to emphasize the importance of ethics in accounting and in business early for students. 
    • Chapter References:  Ch. 1 section on “Professional Ethics” and Business First box on “Ethics, Accounting, and Whistle-Blowers;” Ch. 2 section on “Ethics, Depreciation, and Net Income;” Ch. 4 section on “Ethics, Unearned Revenue, and Revenue Recognition”.

Q: What is the goal of your course?  Is it to equip students with the ability to effectively analyze and interpret real corporate financial statements?  Do you want to cover statement of cash flows early?

A: IFA 9e is directed at students who will analyze real financial statements, and make business decisions based upon that analysis.  Real statements are used throughout (Starbucks).  Statement of Cash Flows comes earlier in this book than most. 

  • Focus on analysis of financial statements.  Ratios introduced early and often, special “Portfolio” section provides a “road map” to financial statement analysis, and special section in end-of-chapter problems focuses on analyzing financial statements (using Starbucks financial statements).
    • Chapter Reference:  Sections on ratios in Ch. 2 and Ch. 4; almost all remaining chapters also have coverage of ratios; Ch. 12 is a comprehensive overview of financial statement analysis. 

Q: Is ethics becoming increasingly important to integrate into this course?  How are you integrating ethics? 
A: IFA 9e has expanded it’s coverage of ethics, and has woven it through the book where relevant. 

  • Expanded ethics coverage, both in Chapter 1 where it is introduces and throughout all chapters of the book.  Begins to emphasize the importance of ethics in accounting and in business early for students. 
    • Chapter References:  Ch. 1 section on “Professional Ethics” and Business First box on “Ethics, Accounting, and Whistle-Blowers;” Ch. 2 section on “Ethics, Depreciation, and Net Income;” Ch. 4 section on “Ethics, Unearned Revenue, and Revenue Recognition;”.

Chapter-by-Chapter Noteworthy Changes to the New Edition

 

Chapter One

  • New Starbuck’s introduction, tied to the use of the Starbuck’s annual report in appendix and throughout book.
  • Reduced details in description of the corporate form of business.
  • Greatly revised section on regulation.
  • More detailed description of ethics, including Business First box on ethics.
  • Reduced details in discussion of CPAs.
  • Added discussion of the International Accounting Standards Board.
  • Added discussion of Sarbanes-Oxley Act.

Chapter Two

  • New General Mills introduction, with General Mills examples throughout chapter.
  • Added section on “Ethics, Depreciation, and Net Income.”
  • Moved coverage of 4 basic concepts here from old Ch. 4.
  • Simplified discussion of matching and cost recovery to focus on matching.

Chapter Three

  • Added coverage of ERP and XBRL.
  • Placed summary problems throughout chapter instead of all at the end.
  • Added a new “Interpreting Financial Statements” box on possible ethical issues with corrections of errors.

Chapter Four

  • Replaced Lands End with Columbia Sportswear in introduction.
  • Increased usage of Columbia Sportswear throughout chapter
  • Added section on “Ethics, Unearned Revenue and Revenue Recognition”
  • Added discussion of quick (acid-test) ratio and return on assets
  • Eliminated introduction of GAAP, discussion of standard setting bodies, the entity concept, going concern convention, materiality convention, cost-benefit criterion and stable monetary unit.  These were moved to an earlier chapter.  Retained and expanded discussion of reliability and relevance using some of the material from the old Ch. 14.
  • Updated all Business Firsts and real company examples throughout the chapter.

Chapter Five

  • Significantly rewritten to simplify enough to place early in the text.
  • Introduce investing and financing activities before the more complex operating activities.
  • Link the direct method directly to the cash column in the balance sheet equation.
  • Added discussion of free cash flow.

Chapter Eight

  • Expanded discussion of capitalization versus expensing and moved earlier in the chapter.
  • Added a section on Ethics related to capitalizing versus expensing
  • Expanded the discussion of the acquisition of long-lived assets to include the concept of non-monetary exchanges.
  • Added a Business First: “The Use of Estimates and the Impact on Earnings.”
  • Replaced Take Fives with 2 new Interpreting Financial Statement boxes.
  • Added discussion of the statement of cash flow implications of gains/losses on the sale of long-lived assets.  Previously in the Statement of Cash Flow chapter.
  • Updated discussion of intangible assets to reflect the new accounting rules.
  • Added a section on the impairment of long-lived assets.
  • Added a section on goodwill.
  • Placed summary problems throughout the chapter instead of at the end.
  • Updated all Business Firsts and real company examples throughout the chapter and EOC materials

Chapter Nine

  • Combined old Ch. 8 & 9 into one chapter.
  • Reduced and clarified discussion of types of liabilities.
  • Deleted section of internal controls of payables.
  • Combined discussion of bond characteristics and accounting for bonds with somewhat condensed content.
  • Slightly reduced but clarified discussion of leases.
  • Added lease implications for the cash flow statement.
  • Condensed coverage of pensions.
  • Reduced coverage of contingent liabilities

Chapter Twelve

  • Significantly rewritten to use Eli Lilly as the basis.  Lilly is used to demonstrate trend analysis, common-size financial statements, segment analysis and ratios.  Comparisons are made to other firms in the pharmaceutical industry.
  • Added a new “Interpreting Financial Statements” regarding the impact of accounting method choice on analysis.
  • Combined the sections on Financial Performance and Trading on the Equity.
  • Added a new “Interpreting Financial Statements” on price-earnings and dividend-payout ratios.
  • Updated all Business Firsts and real company examples throughout the chapter.

1. Accounting: The Language of Business

2. Measuring Income to Assess Performance

3. Recording Transactions

4. Accrual Accounting and Financial Statements

5. Statement of Cash Flows

6. Accounting for Sales

7. Inventories and Cost of Goods Sold

8. Long-Lived Assets and Depreciation

9. Liabilities and Interest

10. Stockholder's Equity

11. Intercorporate Investments and Consolidations

12. Financial Statement Analysis

Appendix A

Glossary

Index

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