eBook Details:

• Hardcover: 737 pages
• Publisher: McGraw-Hill; 7th edition (September 3, 2010)
• Language: English
• ISBN-10: 0078111021
• ISBN-13: 978-0078111020

eBook Description:

Financial Accounting, 7th Edition

Libby/Libby/Short wrote this text based on their belief that the subject of financial accounting is inherently interesting, but financial accounting textbooks are often not. They believe most financial accounting textbooks fail to demonstrate that accounting is an exciting field of study and one that is important to future careers in business. When writing this text, they considered career relevance as their guide when selecting material, and the need to engage the student as their guide to style, pedagogy, and design.

Libby/Libby/Short is the only financial accounting text to successfully implement a real-world, single focus company approach in every chapter. Students and instructors have responded very favorably to the use of focus companies and the real-world financial statements. The companies chosen are engaging and the decision-making focus shows the relevance of financial accounting regardless of whether or not the student has chosen to major in accounting.

Libby/Libby/Short wrote this text based on their belief that the subject of financial accounting is inherently interesting, but financial accounting textbooks are often not. They believe most financial accounting textbooks fail to demonstrate that accounting is an exciting field of study and one that is important to future careers in business. When writing this text, they considered career relevance as their guide when selecting material, and the need to engage the student as their guide to style, pedagogy, and design.

New Features of Financial Accounting, 7th Edition

• NEW McGraw-Hill’s Connect uses end-of-chapter material pulled directly from the textbook to create static and algorithmic questions that can be used for practice, homework, quizzes, and tests. FAF 3e Connect also includes Self Quiz and Study (SQS) that connects each student to the learning resources needed for success in the course. For each chapter, students: Take a practice test to initiate the Self Quiz and Study; Immediately upon completing the practice test, see how their performance compares to chapter learning objectives within chapters; Receive a Study Plan that recommends specific readings from the text, supplemental study material, and practice work that will improve their understanding and mastery of each learning objective.
• New IFRS Coverage Anticipating a greater emphasis on International Financial Reporting Standards (IFRS) in the United States and recognizing its presence in more than 100 countries worldwide, we have integrated selected IFRS topics in appropriate chapters at a level suitable for introductory financial accounting so students will be well-prepared to use statements prepared under IFRS in their careers. The coverage in Libby/Libby/Short exceeds the standards suggested by the PricewaterhouseCoopers (PwC) IFRS Ready program (2010) for sophomores and juniors.
• Revised Pause for Feedback and Self-Study Quiz The Self-Study Quizzes from previous editions have been revised to Pause for Feedback and Self-Study Quiz. Research shows that students learn best when they are actively engaged in the learning process. This active learning feature engages the student, provides interactivity, and promotes efficient learning. These quizzes ask students to pause at strategic points throughout each chapter to ensure they understand key points before moving ahead.
• New Comprehensive Problems Selected chapters include problems that cover topics from earlier chapters to refresh, reinforce, and build an integrative understanding of the course material.
• A more deliberate approach to the accounting cycle: 3 chapters (not the typical 2 in most other Financial Accounting texts) that progressively build from basic transactions (balance sheet only) to more complex (balance sheet and income statement) transactions
• Updated Ratios The authors have reorganized the coverage of ratios, moving the current ratio to the discussion of the classified balance sheet in Chapter 2 (in place of debt/equity) and simplifying the discussion in Chapter 5 by substituting return on assets for return on equity which has been moved to Chapter 14.

About the Author

Robert Libby is the David A. Thomas Professor of Management at the Johnson Graduate School of Management at Cornell University, where he teaches the introductory financial accounting course. He previously taught at the University of Illinois, Pennsylvania State University, University of Texas at Austin, University of Chicago, and University of Michigan. He received his B.S. from Pennsylvania State University and his M.A.S. and Ph.D. from the University of Illinois; he is also a CPA. Bob is a widely published author specializing in behavioral accounting. He was selected as the AAA Outstanding Educator in 2000. His prior text, Accounting and Human Information Processing (Prentice Hall, 1981), was awarded the AICPA/AAA Notable Contributions to the Accounting Literature Award. He received this award again in 1996 for a paper. He has published numerous articles in the Journal of Accounting Research; Accounting, Organizations, and Society; and other accounting journals. He is past Vice President-Publications of the American Accounting Association and is a member of the American Institute of CPAs and the editorial boards of The Accounting Review; Accounting, Organizations, and Society; Journal of Accounting Literature; and Journal of Behavioral Decision Making.

Patricia Libby is Chair of the Department of Accounting and Associate Professor of Accounting at Ithaca College, where she teaches the undergraduate financial accounting course. She previously taught graduate and undergraduate financial accounting at Eastern Michigan University and the University of Texas. Before entering academe, she was an auditor with Price Waterhouse (now PricewaterhouseCoopers) and a financial administrator at the University of Chicago. She received her B.S. from Pennsylvania State University, her M.B.A. from DePaul University, and her Ph.D. from the University of Michigan; she is also a CPA. Pat conducts research on using cases in the introductory course and other parts of the accounting curriculum. She has published articles in The Accounting Review, Issues in Accounting Education, and The Michigan CPA. She has also conducted seminars nation-wide on active learning strategies, including cooperative learning methods.

Dan Short is the Dean of the M.J. Neeley School of Business at Texas Christian University in Fort Worth, TX. Prior to that he was Dean at Richard T. Farmer School of Business at Miami University and Dean of the Business School at Kansas State University. Before entering adminstration, Dan taught at the University of Texas-Austin and the University of Chicago. He received his Ph.D. from the University of Michigan. He has won numerous teaching awards during his career teaching both undergraduate and MBA financial accounting courses.