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Thomas A. Introduction To Financial Accounting 9ed 2019
This book is primarily intended to be an introductory text for students taking a degree in accounting or business studies with a substantial element of accounting. Education in the UK and Europe has changed over the past two decades. Classrooms are no longer predominately filled with local students. The student body is international and will go on to seek employment internationally. Therefore to increase employability, most accounting departments teach accounting using international standards, called International Financial Reporting Standards (IFRS). Therefore, this book is IFRS compliant, though also refers to UK terminology so that students are aware of the different accounting terms that are currently used in practice. Accounting regulation in the UK and Ireland is also outlined in Chapter 2. The authors have tried to provide a textbook that deals with all the fundamental basic accounting techniques and practices required by the major accountancy bodies while at the same time going further to explain the reasons for accounting for transactions in a particular manner. The authors link the accounting techniques to the relevant International Financial Reporting Standard, the Conceptual Framework and real life examples where possible. In addition, in several of the chapters, the authors highlight how accounting can be used unethically, for example to smooth earnings. It is hoped that this deeper discussion will stimulate students to think strategically about the important influence that accounting can have on economic decision-making and hence society at large. The book has been structured into six parts for ease of reference. The first part covers the conceptual framework of accounting as the authors feel that students should be exposed to the most important issues underlying accounting at the start. It is not expected that students who are only starting to learn accounting, or who have a low level of accounting knowledge, will understand every aspect of these chapters; however, reading the chapters will make students aware of the language of accounting, how accounting information is communicated by companies and the regulation of world accounting. Students are unlikely to comprehend in full the conceptual framework of accounting at the start of any accounting course, but understanding of the conceptual framework should start to become clearer as the student progresses through their accounting studies. Knowledge of Part 2 (‘Double-entry Bookkeeping’) is required before Part 3 (‘Preparing Final Financial Statements for Sole Traders’) can be fully appreciated and this section needs to be studied before Part 4 on internal controls and incomplete records is taught. However, the parts from then on, ‘Partnerships’ (Part 5) and ‘Companies’ (Part 6) are stand-alone and can be approached in any order, so long as the first four parts have been studied. The structure within each chapter also follows a deliberate pattern. These usually start by examining the purpose, theoretical foundation and practical relevance of the topic. This is followed by a description of the accounting methods and then a comprehensive example. A further unique feature of the book is that after most examples there is a series of notes. These are intended to explain the unfamiliar and more difficult aspects of the example in order that the reader is able to follow the example. The notes also provide guidance on further aspects of the topic that may be encountered in examination questions, such as alternative forms of wording. Each chapter also contains a set of written review questions and numerical exercises designed by the authors to test whether the student has fulfilled the learning objectives set out in the chapter, as well as past questions from various examining bodies. The review questions and exercises are presented in a coherent progressive sequence designed to test understanding of terminology, legal requirements, theoretical foundations, etc. The exercises are categorized into three levels according to their level of difficulty. This is rather subjective for a book that focuses on the introductory level, but it is hoped that the following classification may be useful to students and lecturers: Basic questions are of a standard lower than those commonly found in the first year of an undergraduate degree in accounting or the professional accountancy bodies’ examinations and can usually be completed in a relatively short time (i.e. less than about 35 minutes). Intermediate questions are of a standard commonly found in the first year of an undergraduate degree in accounting or the professional accountancy bodies’ examinations and can usually be completed in about 35 minutes. Advanced questions are of a standard slightly higher than those commonly found in the first year of an undergraduate degree in accounting or the professional accountancy bodies’ examinations, and/or more advanced in the depth of knowledge required to answer them, and can usually be completed in about 45 minutes. All users, especially lecturers, should also be aware that some exercises are extensions of other exercises in previous chapters. This is intended to provide a more comprehensive understanding of the relationship between different topics in accounting, such as day books and cash books, and allowances for depreciation and irrecoverable receivables. Suggested solutions to some of the numerical exercises are included in Appendix 2 for student self-study. The answers to the rest of the numerical exercises are contained in a Teachers’ Solutions Manual that is on the website for this book (page xxix). Each chapter also includes learning objectives, learning activities, a summary, a list of key terms and concepts, and a real life example showing how a company is applying the topic or detailing a real life scenario. The learning objectives at the start of each chapter set out the abilities and skills that the student should be able to demonstrate after reading the chapter. Students should also refer back to these after reading each chapter. Similarly, students should satisfy themselves that they can explain the meaning of the key terms and concepts listed at the end of each chapter. The summaries provide a comprehensive but concise review of the contents of each chapter that students should find useful for revision purposes. The learning activities are mostly real-life activities of a project/case study type which require students to apply their knowledge to practical situations. They frequently necessitate students collecting publicly available data from actual companies, or their own financial affairs
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