Fundamental Financial Accounting Concepts

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Eighth Edition

Fundamental Financial Accounting Concepts
Thomas P. Edmonds
University of Alabama–Birmingham

Frances M. McNair
Mississippi State University

Philip R. Olds
Virginia Commonwealth University

Edward E. Milam
Mississippi State University (Contributing Author)

FUNDAMENTAL FINANCIAL ACCOUNTING CONCEPTS Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright © 2013, 2011, 2008, 2006, 2003, 2000, 1998, 1996 by The McGraw-Hill Companies, Inc. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 3 2 ISBN MHID 978-0-07-802536-5 0-07-802536-2

Vice president and editor-in-chief: Brent Gordon Publisher: Tim Vertovec Senior sponsoring editor: Dana L. Woo Executive director of development: Ann Torbert Development editor II: Katie Jones Vice president and director of marketing: Robin J. Zwettler Marketing director: Brad Parkins Senior marketing manager: Kathleen Klehr Vice president of editing, design, and production: Sesha Bolisetty Senior project manager: Diane L. Nowaczyk Senior buyer: Carol A. Bielski Interior designer: Pam Verros Senior photo research coordinator: Jeremy Cheshareck Photo researcher: Ira C. Roberts Lead media project manager: Allison Souter Media project manager: Ron Nelms Cover and interior design: Pam Verros Typeface: 10.5/12 Times New Roman MT Regular Compositor: Aptara ®, Inc. Printer: R. R. Donnelley Library of Congress Cataloging-in-Publication Data Edmonds, Thomas P. Fundamental financial accounting concepts / Thomas P. Edmonds, Frances M. McNair, Philip R. Olds; Edward E. Milam, contributing author.—8th ed. p. cm. Includes index. ISBN-13: 978-0-07-802536-5 (alk. paper) ISBN-10: 0-07-802536-2 (alk. paper) 1. Accounting. I. McNair, Frances M., 1945– II. Olds, Philip R. III. Title. HF5636.F86 2013 657—dc23 2011037655

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This book is dedicated to our students, whose questions have so frequently caused us to reevaluate our method of presentation that they have, in fact, become major contributors to the development of this text.

NOTE FROM THE AUTHORS
“The conceptual approach to financial accounting is a great innovation. It gives students a “bird’s eye view” of the forest of accounting. By Chapter 3, the students are ready to journey into the trees of debits and credits and learn how transactions get reported on the financial statements.” STEVE MULLER, VALENCIA COMMUNITY COLLEGE

Why should you adopt this textbook? Because it does a better job of teaching traditional introductory accounting concepts. Indeed, we view ourselves as innovative traditionalists. We don’t aim to radically transform accounting education, but instead to make it more effective. Consider the following features that distinguish this book from its competitors.

● THE LINK BETWEEN EVENTS AND STATEMENTS
We not only teach students how to journalize transactions but we also explain how the journal entries affect the financial statements. The text provides coverage of debits and credits, journal entries, T-accounts, and trial balances. Beyond these traditional topics, we employ a financial statements model to ensure that students learn how accounting events affect financial statements. The model arranges the balance sheet income statement and statement of cash flows horizontally across a single line of text as shown below: Assets 5 Liab. 1 Equity Rev. 2 Exp. 5 Net...
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