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Also, there were example journal entries that included the account Cash Over / Short but the text did not really explain the use of the account, the type of account, or where it would belong on the financial statements. While it may be simple for an accountant or faculty member to calculate the number, a student new to accounting may find that frustrating. There were a couple of instances in which a number was provided in a journal entry, but the calculation was not shown. There are only a couple of examples in which I wish there was a little more clarity. They have simplified complex definitions and concepts. The authors have explained the material in a way that is easy to understand but have also not left out important technical terms. The information in this textbook is presented using very clear and concise language. Some of the dates in the examples in Chapter 12 on financial statement analysis have been updated to 2021, but some of the exercises at the end of the chapter are dated 2012.
#Intro to financial accounting notes pdf update#
Even though the information presented is correct, I would like to see an update to the dates in the examples as well as to the exercises and problems at the end of the chapters so that students know that the information is still relevant today. There is also a brief mention of the Tax Cuts and Jobs Act and the updated corporate income tax rate. A few of the examples have been updated to 2018 in the middle chapters including a classified balance sheet, notes to the financial statements, and the 2018 FICA taxes. The text is relevant even with many of the example financial statements being dated 2015, especially in the beginning chapters. However, they did make use of the Dividends account in Chapters 1 and 2. I also noted in the example journal entry for the declaration of a dividend in Chapter 10, the authors show a debit directly to Retained Earnings instead of using a Dividends account first. Later the text showed the correct payroll journal entries, but the text is incorrect.
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This needs to be updated to state that unemployment taxes are paid by employers, not employees. There is also an error where the text states that all employees must pay unemployment taxes. For this particular topic, I would have liked for the authors to have made it a little more clear that there is no limit on the amount of earnings subject to Medicare tax and that only the portion for Additional Medicare Tax is not matched by the employer. This section has been updated through 2018 for Social Security and Medicare taxes. I think the authors did a great job of providing accurate information, although I would suggest some edits in Chapter 9 in discussing payroll liabilities, including the Federal Insurance Contributions Act (authors left off the āsā on Contributions). One noteworthy item is that the answer keys to the end of chapter discussion questions, exercises, and problems are all provided at the end of the file after the textbook therefore, students have access to the answers. The book does not cover accounting for investments, but I have found that other introductory financial accounting textbooks have removed that topic as well or moved it into an appendix as it is covered in-depth in intermediate accounting. There is only a brief mention of internal controls with no mention of the Sarbanes-Oxley Act. The chapter on inventory and the calculation of cost of goods sold under various methods focuses on using a perpetual inventory system a periodic system is included only briefly in an appendix to that chapter. This textbook combines adjusting entries, financial statements, and closing entries into one chapter but it covers it all well. Most introductory financial accounting textbooks I have seen have separated the adjusting process into its own chapter. I only have a few notes when comparing this textbook to other introductory financial accounting textbooks. I felt the chapters were quite comprehensive, even touching on some topics that are included in intermediate accounting textbooks. There is good organization by learning objective, and the formatting makes the paragraphs easy to read with important terms in bold text. Each chapter concisely explains each topic in a way that is easy to understand and provides good illustrations. There are good learning objectives listed for each chapter and a good brief summary of each learning objective at the end of each chapter. This textbook covers all of the topics normally covered in a principles of financial accounting textbook. Reviewed by Amanda Daugherty, Assistant Professor, Grand View University on 12/27/21
#Intro to financial accounting notes pdf download#
Access and download these kasneb previously done past papers and get to see their suggested answers in the forum section.