Principles of Accounting Volume 1 Financial Accounting Open Textbook Library

Principles of Accounting Volume 1 Financial Accounting Open Textbook Library

This makes it easy for an instructor to pick which sub-topics to cover. I’ve used two textbooks for my course in the last five years and the information is comparable. Each chapter is broken into smaller, easily digested sections. Although chapters 1-5 must be presented in sequential order since we are discussing a sequence of events in an accounting cycle, form 2553 the others can easily be moved around in terms of order presented. Given the topic, there is little cultural impact/sensitivity.

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The basic accounting elements however will not become obsolete and will remain relevant for the foreseeable future. As noted, I like the fact they are introducing accounting information systems which is an important topic. Each chapter is divided into subsections that may be individually assigned if that is more appropriate for a class than assigning the entire chapter. For example, a chapter on Fraud, Internal Controls, and Cash has seven subsections; one on Petty Cash and another one on Bank Reconciliations. If you want to concentrate on one or more of these topics rather than the entire chapter, it is very easy to do. This also makes the reading more comprehensive and easier for the students who cannot finish the reading assignment at one time.

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However, most principles courses contain business majors and other non-accounting majors who would struggle with the pace required to cover so much material. The text covers all of the topics normally found in an introductory financial accounting (principles of accounting I) text. The table of contents essentially mirrors the table of contents found in the leading texts in this field. I like that this text also covers the classified balance sheet, financial disclosures and partnerships. Chapter 1 presents a broad overview of accounting which is common in financial accounting texts. As I mentioned previously, chapter 2 makes the assumption that students already grasp at this early stage what revenues and expenses are and the differences between cash and accrual accounting.

1. The text, however, took a curvy approach to the explanation of the topic, but not unlike other textbooks.
2. The different colors used in some tables also distracted from the material.
3. Fill in the itemized list of payments due, and adjust the tax percentage to calculate the total amount owed.
4. The images and charts are simple and easy to read and understand.
5. It would also be great to have page numbers included for students using the online version of the book.

This textbook has all of the content that I cover with the publisher textbook that I have used for the past 6 years. This text is straight forward and focused on the subject of financial accounting. There were no culturally insensitive or offensive words, phrases, or references observed. It would be advisable to include examples for races, ethnicities’, and inclusive backgrounds. The topics are presented in a logical and clear fashion. The chapters build on one another and flow from one to the other effortlessly.

Table of Contents

For those who are familiar with Financial Accounting, the index and glossary are sufficiently detailed. The fact that the text is so comprehensive is both a positive and a negative. It is positive in the sense that it has essentially every topic that you may want to cover in an introductory course. For newer instructors however it may be a bit daunting to distill the content down to what is most essential to cover in an introductory course. The text has some content that is more relevant to courses such as Accounting Information Systems, prepaid rent prorated rent what you need to know Financial Management, and Intermediate Accounting.

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Add invoice terms, amounts, and payments received to view current and overdue balances. One of the major areas of improvement of this text concerns the adequacyand the modularity of the content. Chapter 1, which in my opinion is the mostimportant chapter in the introductory course is very condensed and tooambitious. Chapter 1 can be presented differently with a lighter coverage sothat the students do not get discouraged. Also, Chapter 4 is twice the lengthof the other chapters and contains very condensed material. Chapters 3 and 6are half of the length of the other chapters.

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