Principles of Accounting Volume 2 Managerial Accounting Open Textbook Library

Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. Due to the comprehensive nature of the material, we are offering https://turbo-tax.org/as-tax-season-approaches-turbotax-rolls-back/ the book in two volumes. Each chapter opens with a relatable real-life scenario for today’s college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge.

He served as chair of the Board of Directors of AACSB International in 2011 through 2012. He retired from the University of Tennessee in 2013, and remains active in several business and accounting professional organizations. Thought the text had very good illustrations and diagrams. Strong emphasis on examples of how even a small change could make the information look different. Formulas are set aside in colored boxes, so it makes them stand out. Each chapter consistently has feature boxes throughout.

Learning Solutions

Fine Electronics, Inc., manufactures a number of electronic products. The following variable cost standards have been set for product K. Good linkage in the text to take you to examples that were worked previously but apply to the new material being introduced. My students did not complain of interface issues and I did not experience any. The style, terminology, and structure are consistent throughout the text, making it easy to navigate and study. Orders within the United States are shipped via FedEx or UPS Ground.

Service costing and outsourcing are integrated with manufacturing and merchandising costing. Beyond the material discussed in the text, there are consistent references to additional resources for the student to deepen her understanding or get a different perspective. I wish the appendix on Financial Statement Analysis became a regular chapter and that the discussion on Theory of Constraints included a review of Throughput Accounting. There is a useful glossary at the end of each chapter and, by being fully searchable, the book obviates the need for an index. During the month of May, 900 direct labor hours were actually worked and 500 units of product K were manufactured.

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Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the “why” as well as the “how” aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization. The chapters in the book are organized in an order commonly found in managerial accounting textbooks. The only exception I noted was the inclusion of Cost-Volume-Profit Analysis before Job Order, Process, and Other Costing methods. The flow of each chapter is logical and the inclusion of numbered learning objectives is helpful, especially when selecting questions, exercises and problems.

In order to cover all chapters of the text in a class that met once a week, students were typically assigned a chapter a week. The use of numbered learning objectives in each chapter makes it feasible to eliminate parts of a chapter or include a section of a chapter with another chapter. The numbered learning objectives assigned to the assessment tools were especially helpful, making it possible to make assignments relative to the material covered in class.

One more step…

The actual cost per unit was $0.28 higher than the standard cost. Make the August budgeted income statement, including selling expenses. The text is internally consistent in terms of terminology and framework. The framework is very consistent from chapter to chapter.

The created a nice bridge between the two chapters. The text is internally consistent with most terminology and the framework of each chapter is similar. There are 13 chapters, which average 35 pages of reading material exclusive of key terms, summaries and assessment tools. The largest chapter is 44 pages in length and the shortest is 25 pages.

Related Questions

It does cause me some concern with the amount of linked material there is in the text. It is, however, very relevant and would be helpful to a student in understanding the material. I think this extra material is great for helping students to understand why this material might be useful to them in the future.

• A check of recent errata submissions for the text shows few submissions requiring corrections.
• There is a useful glossary at the end of each chapter and, by being fully searchable, the book obviates the need for an index.
• The text is written in lucid, accessible prose, and provides adequate context for any jargon/technical terminology used.
• Due to the comprehensive nature of the material, we are offering the book in two volumes.

The Open Stax procedures for handling corrections on an annual basis provides a relatively easy and straightforward means of making updates and revisions. The use of headings and learning objectives means new sections can be added and existing content be updated with relative ease. Most texts contain minor errors and this one does as well. I overlooked a few errors I found in the early chapters but in November 2019 I submitted two issues for review. I received an email acknowledging receipt with a notice that errata received from November to February will be reviewed for the following fall. A check of recent errata submissions for the text shows few submissions requiring corrections.