Accounting Essay

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Reaching GReAT HeIGHTS Begins with a SoLId BASe As our eyes are captured by the striking skyline of great cities, it’s important to remember that their impressive achievements are based on strong foundations. In much the same way, being successful in the business world begins with fundamental courses like financial accounting. It is only when students have a firm grasp of concepts like the accounting cycle that there is a base on which to stand, a strong foundation on which to grow. In this edition, as before, the authors have revised the text with a keen eye toward the principle of helping students establish the foundation they will need for future success in business. Through the addition of a new chapter called Global Business and Accounting, as well as extensive coverage of International Financial Reporting Standards, the book also introduces students to larger themes and evolving concerns. This dual emphasis allows students to keep their eyes trained upward even as they become solidly grounded in accounting fundamentals. viii Financial Accounting continues to rest on a bedrock of three key components: Clear Accounting Cycle Presentation. In the first five “The writing style is precise and simple and should be easy for reading.” Professor Albert Tsang, The Chinese University of Hong Kong chapters of Financial Accounting, the authors present the Accounting Cycle in a clear, graphically interesting four-step process. Central to this presentation is the dedication of three successive chapters to three key components of the cycle: recording entries (Chapter 3), adjusting entries (Chapter 4), and closing entries (Chapter 5). There are easy-to-read margin notes explaining each equation used in particular journal entries. Problem-Solving Skills. Financial Accounting challenges your students to think about real-world situations and put themselves

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