Introduction to Financial Accounting describes the most widely accepted accounting theory and practice with an emphasis on using and analyzing the information in financial statements. This text also compares U.S. GAAP to IFRS where relevant. Accounting: The Language of Business; Measuring Income to Assess Performance; Recording Transactions; Accrual Accounting and Financial Statements; Statement of Cash Flows; Accounting for Sales; Inventories and Cost of Goods Sold; Long-Lived Assets and Depreciation; Liabilities and Interest; Stockholders’ Equity; Intercorporate Investments and Consolidations; Financial Statement Analysis For financial accountants.
My review is based on the 9th edition. The book does provide the basic ideas about financial accounting. However, it is not very good for self-study. There are some cons about this book that prevent me from giving it more stars :
(1) No answers/no solutions to any of the end-of-chapter problems. So, you cannot test yourself and see if you understood the concepts properly. There is no students solutions manual for this book. If you are lucky, you can get an instructors manual from your instructor.
(2) Not enough sample problems in each chapter. Generally, 2-4 problems only. Not enough, considering point (1).
(3) At some places, the author uses uncommon words and verbose passages to explain concepts. They confused me sometimes.
(4) It does not mention how some accounting ratios are used in the real world and whether one must make decisions based mainly on a lot of ratios.
It is difficult to understand and appreciate the basics of accounting by reading only this book.
An alternative to this book is Financial Accounting by Libby. It uses a lot of pictures to illustrate concepts, which this book does not. Again, libby's book has no answers in the end, but its contents are presented in a better way.
Full of examples and is very thorough. Includes real statements while taking things a step a time to fully comprehend financial accounting.
Product Details :
- Hardcover: 656 pages
- Publisher: Prentice Hall; 10th edition (August 6, 2010)
- Language: English
- ISBN-10: 0136122973
- ISBN-13: 978-0136122975
- Product Dimensions: 1 x 8.4 x 10.8 inches
More Details about Introduction to Financial Accounting, 10th Edition
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