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Financial Accounting: An Introduction to Concepts, Methods and Uses 14th Edition

2.5 out of 5 stars 51 customer reviews
ISBN-13: 978-1111823450
ISBN-10: 1111823456
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Editorial Reviews

Review

Part 1: Overview of Financial Statements. 1. Introduction to Business Activities and Overview of Financial Statements and the Reporting Process. Part 2. Accounting Concepts and Methods. 2. The Basics of Record Keeping and Financial Statement Preparation: Balance Sheet. 3. The Basics of Record Keeping and Financial Statement Preparation: Income Statement. 4. Balance Sheet: Presenting and Analyzing Resources and Financing. 5. Income Statement: Reporting the Results of Operating Activities. 6. Statement of Cash Flows: Reporting the Effects of Operating, Investing, and Financing Activities on Cash Flows. 7. Introduction to Financial Statement Analysis. Part 3. Measuring and Reporting Assets and Equities Using Generally Accepted Accounting Principles. 8. Revenue Recognition, Receivables, and Advances from Customers. 9. Working Capital. 10. Long-Lived Tangible and Intangible Assets. 11. Notes, Bonds, and Leases. 12. Liabilities: Off-Balance-Sheet Financing, Retirement Benefits, and Income Taxes. 13. Marketable Securities and Derivatives. 14. Intercorporate Investments in Common Stock. 15. Shareholders' Equity: Capital Contributions and Distributions. Part 4. Synthesis. 16. Statement of Cash Flows: Another Look. 17. Synthesis of Financial Reporting. Appendix: Time Value of Cash Flows: Compound Interest Concepts and Applications. Glossary. Index.

About the Author

Roman L. Weil, Ph.D., CPA, is the V. Duane Rath Professor Emeritus of Accounting at the University of Chicago and has within recent years been Visiting Professor at the Haas School of the University of California, Berkeley; Carnegie Mellon University; Harvard Law School; Princeton University; and New York University. He has designed and implemented continuing education programs for partners at two of the large accounting firms and for employees at several operating corporations. Dr. Weil has co-authored dozens of books. His lay articles have appeared in Barron's and The Wall Street Journal. He has published more than 80 articles in academic and professional journals, most recently on financial literacy for corporate governance and on the exposure of wine snobbery.

Katherine Schipper is the Thomas F. Keller Professor of Accounting at the Duke University, Fuqua School of Business. She is a former Board member of the Financial Accounting Standards Board (FASB), a past president of the American Accounting Association and a winner of its Outstanding Educator award, and a member of the Accounting Hall of Fame.

Jennifer Francis is the Douglas and Josie Breeden Doctoral Professor of Accounting and Senior Associate Dean for Faculty at the Duke University Fuqua School of Business. Her research and teaching expertise in financial reporting, equity valuation, and security analysts' role in the capital markets has led to over a dozen teaching awards.
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Product Details

  • Hardcover: 864 pages
  • Publisher: Cengage Learning; 14 edition (November 8, 2012)
  • Language: English
  • ISBN-10: 1111823456
  • ISBN-13: 978-1111823450
  • Product Dimensions: 1.5 x 9 x 11.2 inches
  • Shipping Weight: 4.1 pounds (View shipping rates and policies)
  • Average Customer Review: 2.5 out of 5 stars  See all reviews (51 customer reviews)
  • Amazon Best Sellers Rank: #33,261 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By G. Ross on February 6, 2013
Format: Hardcover
While this book does cover a significant amount, I will 100% echo the other commenters on here and say that it is downright dreadful. This material is confusing to someone w/o a background in accounting and finance, and instead of taking the path of explaining the concepts in a simplified format, the authors decided to throw in needless technical explanations that distract the reader from the core concepts.

In one example, and end-of-chapter question has the elements of a balance sheet mixed up with blanks that you fill in. Great way to learn the concept, but the authors decided to randomize the items so that they don't flow logically. Ultimately filling in the blanks is just simple addition and subtraction, but they added a layer of confusion that just gets in the way and distracts you from learning the concept with frustration.

If you can't get out of purchasing this book or convince your professor to go with a different book, do yourself a favor and purchase "Accounting Made Simple" (below) too, and read it before you read chapter #1. It's only $5 and will explain in 2 pages what takes "Financial Accounting: An Introduction to Concepts, Methods and Uses" 20 pages. Investopedia.com will also become your good friend.

Accounting Made Simple: Accounting Explained in 100 Pages or Less
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By bob on January 20, 2013
Format: Hardcover
The authors of this book should be embarrassed and the professors that use this book should be fired. I can't see how any professor with the intention of teaching would use this book and can only imagine there must be some kind of kick back to teachers that try to use it in class.
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Format: Hardcover
Do not buy this text. I'm a finance and accounting professional. I was assisting a friend on some of the word problems in this book. I've seen some bad accounting texts, but this is probably the worst I've ever seen. The problems are poorly worded, with glaringly bad sentence constructed almost designed for obfuscation. There are also logical inconsistencies in the problem sets - examples of transactions a company made in the problem set that are outright ignored in the answer key-- and these aren't examples of non-material events, but actual omissions. If you ignore events that have accounting implications, why even put them into the word problem?? You're just confusing students.

The result of these terrible word problems is the student spends more time on semantics than on actual solving the problem, or worse, simply reverting to some formula they haven't actually internalized to find the answer, rather than using their underlying knowledge to figure out the answer. If you are running to PV tables to get an answer to a problem rather than working out the mechanics of how a lease works, you're not learning accounting, you're learning SAT prep by memorizing formulas. And in the worst case, the logical inconsistencies confuse the student into thinking accounting is whimsical voodoo instead of a rules-based system.

Would it hurt the authors to make sure their problems and answers make sense with respect to GAAP? Would it hurt to break up some sentences or use commas from time to time? If these problems were written by the PhD authors, they should be ashamed at their laziness.
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Format: Hardcover
I have to agree, this book is horrible. Hard to read because of the writing style. If your professor chose this book (like mine did), my condolences to you. Overpriced, and not well written.
Comment 8 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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Format: Hardcover Verified Purchase
The book covers a lot but it is not well structured.It is not a good book for beginners specially considering the fact that accounting is a difficult subject.It has very limited solved examples and the text used to explain core concepts are not easy to understand.I had a tough time reading each line.Wish they had more solved examples.I bought this as this was required book for my course and everyone in my class agrees that this book is not helpful at all.Not sure why this is on the list.
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Format: Hardcover
I want to set this book on fire and use it as kindling, at then least it would be useful for something. If you are unlucky enough to have to use this book for your MBA accounting class do yourself a favor and buy the book referenced in the other review first and pray that your professor is really good at lecturing because this book wont help.
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Format: Hardcover
I'm actually purchasing the answers manual to this horribly written textbook this evening. I'm in MBA school, majoring in Public Accounting and cannot stand the second required course I have had to take using the textbook.

Just so the message gets across and the individuals reading this book don't feel bad about themselves, my boyfriend is a CPA, CA and CFO of a company that handles billions of dollars and cannot follow this textbook and has found numerous errors throughout its greasy little pages. Don't feel bad folks, it's not you, it's the textbook. The authors MUST be greasing department heads to have this book as the standard in b-school.

Just my 2 cents as I waste another $50 to help myself read this jumbled excuse for a learning tool!
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Format: Hardcover Verified Purchase
Sadly, all the negative reviews about this book are correct.

Needlessly confusing - check
Written by people who don't speak English - check
Overpriced and regretful purchase - check

The book adds layers of confusion that don't help you at all. Our professor uses the test questions that accompany this book; let's just say they're equally if not more confusing.
For example, a question will start with a scenario at Year 3 or 14 as opposed to Year 1 for absolutely no reason. Other problems- they'll provide you with totally useless data that isn't even required for the question... Even some of the answers they provide are skimpy and almost insulting, as if they just need to write something for the sake of finishing the book.

It seems like this book wasn't even reviewed or looked over before publishing. Most of my learning was done online. If I knew books of this caliber could be published, I would have started writing years ago.
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