Financial Accounting Chapter 1 And 2 Test

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Joke Grinman

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Aug 5, 2024, 12:35:38 AM8/5/24

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Authoruses a standard approach in each chapter. Each chapter starts off with a question to be answered, followed by objectives for each topic. Each chapter has a short video to explain the materials.

Do not let the page count (pg 572) turn you off from this textbook. Instructors can modify the material to best fit with your course. Each chapter has a Video to introduce the material. These mini-lectures ( 10 -12 min) are well done and easy to follow. Embedded in each chapter are Multiple Choice practice questions, that give students complete explanations. At the end of each topic a "Key Takeaway" section is provided. While no solutions are available, each chapter has questions, true/false, multiple choice questions, problems and research options ( embedded links).

The textbook contains all material typically covered in a financial accounting course. It does have a chapter devoted to auditing as well as introduction to some advanced topics such as post-retirement benefits and deferred taxes. I appreciate introductory videos that set the tone as well as draw attention to what will be very important in the chapter. Key take-away videos presented at the end of each chapter are very useful as well.

The textbook material is very relevant and is written from a perspective an investor or a user prospective as opposed to a debits-credits rules book. It makes accounting very fun and intellectually interesting. It even contains a point of view from an actual financial professional.

The book is written in a question and answer format or Socratic way of thinking. It challenges the students to start approaching their homework as well as other reading in a similar fashion. It models the way to ask questions as students learn on their own and promotes more intense method of learning.

The book has a very predictable pattern. Once the reader figures out the logic, the order could be easily followed. Material is explain in plain English without excessive technical terms. The chapters are very concise, one of the great attributes of this book.

Chapters are divided into smaller segments which could be easily omitted to accommodate a different length of course. One weak point is that material is very text heavy. There are very few visuals to increase understanding of heavy text.

The logic within the chapter could be easily followed. It is nice to see several excises embedded into the text to be able to check understanding. End of the chapter exercises contain multiple-choice question practice as well as opportunity for additional research.

The book does not contain either an index or a glossary. The book does not cover material in a debit/credit approach which might be better for a user but not as good for a potential accounting major going into Intermediate accounting.

All material covered in any entry level accounting textbook is covered, even an introduction to Auditing. The depth is very good for an accounting principles textbook, with the technical "fine print" omitted. There is good coverage of the overriding principles of accounting. The index is very detailed, but the glossary is not. The introduction to the bookkeeping mechanics is very good, but I would like to see more early coverage of the overall message financial statements are meant to convey.

The book is very accurate, but does not include more current updates or pending changes in accounting standards. Issues such as changes in rules regarding revenue recognition and leases, for example, are too current for this text to have covered when it was written. It would be necessary for the instructor to introduce these changes.

Some more current revisions in accounting standards are not addressed in this text, but these can be added or mentioned by the classroom instructor. The depth of the content for each subject area is very appropriate for a principles of accounting textbook and the text is very easy to read.

The clarity is one of this book's strongest points. It can be easily comprehended by an entry level accounting student. The videos are easy to watch, and provide a decent introduction to each chapter, but do not add much to the ease of understanding the material.

Topics are will divided and covered without a lot of boring reading about each. Each chapter is short and is well divided into even smaller sections. One of the strengths of this text is that the student is not overwhelmed with pages and pages of extraneous information.

Other than the placement of Chapter 6 on Auditing, the rest of the text is in a very logical order. Each topic is presented in a clear, logical way. The author stars each section with a question, and then proceeds to answer the question. This makes the topic easier to understand. Although I question the placement of chapter 6, I am glad the author includes the topic in the text, and am really not sure exactly where I believe it should be covered.

I did not find any significant interface issues. There are places where the alignment of numbers is a little out of skew, for example a row of "credits" is not perfectly straight, but not in a manner that they were misleading.

There is no clear effort to be "inclusive", but certainly nothing that is culturally insensitive in the text. This is accounting material. Social issues are not addressed, but nothing offensive was noted.

The only real weakness in the text is just that it is not updated for more recent changes in accounting principles. If the instructor is willing to cover these, the text is very easy for the student to read and to comprehend.

The table of contents is very different than two standard textbooks I am currently using or used recently. It is difficult to understand d exactly what topics are being covered using the table of contents. A separate chapter on financial statement analysis should be added, or each chapter should incorporate these concepts. The ethical aspects of decision making need to be more fully addressed.

The text does flow in a logical manner, but it is difficult to get the "big picture" from the way the text and individual chapters are organized. It might be very difficult for someone with no accounting background to learn from the text.

By far, the weakest aspect of this text is the lack ancillary materials. My department relies heavily on the online graded homework systems. While I do not use many of the supporting materials, such as Power Points, many of my colleagues do and this would be a definite reason the text would not be adopted.

The presentation of corporations could be better (advantages, disadvantages, sub-chapter S, etc.)

Th end of chapter questions should be linked to the sections in the test where the material can be found.

Overall, well written with excellent points made in the discussion. The "Key Takeaways" and the chapter tests were very good.

The lack of a glossary and the need for a better index were the key distractors.

No index or glossary. This seems to be a discussion for non-accounting majors that presents the material from for non-debit/credit emphasis. The overall picture is presented well, but not enough emphasis on the basic mechanics of accounting that...read more

This seems to be a discussion for non-accounting majors that presents the material from for non-debit/credit emphasis. The overall picture is presented well, but not enough emphasis on the basic mechanics of accounting that we need to give our two-year students.

In my present course, I do cover several topics,such as interst and compound interest, in more depth. The last eight chapters emphasis the financial statements, where I need to cover the basics of creating the financial statements in more depth.

Parts are excellent, but some areas include too much discussion to get to the main points; I prefer a more factual presentation. Some of the questions used to introduce the new topic were very involved; my students would not understand the question or find it helpful.

I did donwload the entire text, but I could not find the videos. I did try the multiple choice questions, but each time I completed a question on the separate site, I had trouble returning and finding my place in the text. The figures presented in the text were somewhat fuzzy in my downloaded copy.

I would not adopt this as a primary text for my courses, but it would make an excellent supplemental resource because of the excellelnt real-world examples. Two-year students that I teach need an higher emphasis on the basic accounting tools. The videos may have helped, but I did not have access to them.

This text covers all of the usual topics in financial accounting, but with a broader business view surrounding the accounting procedures. IFRS is embedded within many chapters providing the general differences from GAAP without being too overwhelming. Alternatives are addressed, such as perpetual and periodic inventory , and direct and indirect statement of cash flows. More advanced topics such as leases and deferred taxes are included in sufficient detail for this level textbook.