Loose Leaf for Fundamentals of Financial Accounting

by Shana Clor-Proell, Robert Libby, Fred Phillips, Patricia Libby

Overview

Fundamentals of Financial Accounting uses a balanced mix of conversational wording and clear and concise presentations, allowing students to grasp concepts fundamental to financial accounting without sacrificing rigor or coverage. The authors incorporate focus companies, carefully chosen to foster student recognition and engagement, and use peer-reviewed research to inform pedagogy and presentation of concepts. This research informs the step-by-step accounting cycle model used in the text. By breaking the accounting cycle down into more cohesive, bite-sized segments, students develop a stronger foundational understanding that leads to better results in short-term assessment as well as in long-term understanding and application of the material.

New co-author Shana Clor-Proell is an associate professor at Texas Christian University. Shana has 14 years of teaching experience. She received her PhD from Cornell University. She is a CPA and previously worked as an auditor for Arthur Andersen.

Product Details

ISBN-13:	9781264239290
Publisher:	McGraw Hill LLC
Publication date:	01/13/2021
Edition description:	7th ed.
Pages:	768
Sales rank:	807,687
Product dimensions:	6.00(w) x 1.25(h) x 9.00(d)
Age Range:	18 Years

About the Author

Shana Clor-Proell is a professor at Texas Christian University, where she teaches introductory financial accounting and advanced accounting. She has also taught at Cornell University, the University of Wisconsin, the University of California–San Diego, and San Diego State University. Shana received her BS, MS, and PhD from Cornell University. She is a CPA (Wisconsin) and previously worked as an auditor for Arthur Andersen.

Shana’s research examines judgment and decision making in financial accounting contexts. Her work has been published in The Accounting Review, Journal of Accounting Research, and Contemporary Accounting Research, among others. Shana is a member of the Teaching, Learning and Curriculum (TLC), Financial Accounting and Reporting (FAR), and Accounting, Behavior and Organizations (ABO) and Diversity sections of the American Accounting Association. In her spare time, Shana enjoys long walks, meditation, and spending time with her family.


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.



Fred Phillips is a Master Teacher and professor of introductory accounting at the University of Saskatchewan. He previously taught at the University of Texas at Austin and the University of Manitoba and has an undergraduate accounting degree, a CPA, a CA (Canada), and a Ph.D. from the University of Texas at Austin. Fred was a 2011 3M National Teaching Fellow and has received the L. S. Rosen Outstanding Educator Award, the American Accounting Association’s Innovation in Auditing and Assurance Education Award, and the American Accounting Association’s Award for Outstanding Research in Accounting Education. He is also a recipient of the Edwards M.P.A.cc Teaching Effectiveness Award and, for the third time, the University of Saskatchewan Student Union’s Teaching Excellence Award. He has published research and instructional cases in Issues in Accounting Education and professional judgment studies in Journal of Accounting Research and Organizational Behavior and Human Decision Processes.

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: Business Decisions and Financial Accounting
Chapter 2: The Balance Sheet
Chapter 3: The Income Statement
Chapter 4: Adjustments, Financial Statements, And Financial Results
Chapter 5: Fraud, Internal Control, and Cash
Chapter 6: Merchandising Operations and the Multistep Income Statement
Chapter 7: Inventory and Cost of Goods Sold
Chapter 8: Receivables, Bad Debt Expense, and Interest Revenue
Chapter 9: Long-Lived Tangible and Intangible Assets
Chapter 10: Liabilities
Chapter 11: Stockholders' Equity
Chapter 12: Statement Cash Flows
Chapter 13: Measuring and Evaluating Financial Performance
Appendix A: Excerpts from the Fiscal 2016 Annual Report of The Home Depot, Inc.
Appendix B: Excerpts from the Fiscal 2016 Annual Report of Lowe's Companies, Inc.
Appendix C: Present and Future Value Concepts
Appendix D: Investments in Other Corporations