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This innovative new text provides both internal and external views on the importance and use of accounting information for decision-making. Unlike other texts on the market, students learn about managerial and financial accounting and reporting in a holistic manner starting with a retail company. As the text progresses, students learn about the needs of internal and external reporting in manufacturing environments. Financial and Managerial topics are fully blended in both volumes of this text.
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Thomas L. Albright is the J. Reese Phifer Faculty Fellow in the Culverhouse School of Accountancy at the University of Alabama. He teaches courses at the undergraduate and graduate level in financial and managerial accounting. Professor Albright has received the Professor of the Year award on seven occasions in relation to his work with the MBA and Executive MBA students. Professor Albright is a Certified Public Accountant (California) and holds a Ph.D. from the University of Tennessee. He has received the Certificate of Merit from the Institute of Management Accountants for his work in the area of quality costs. Dr. Albright is actively involved with manufacturing companies in both the United States and Mexico. His work is used to help companies determine more accurate product costs and to develop better performance measures to achieve manufacturing excellence. Professor Albright lives with his wife, Debby, and their two children, Michael and Jenny. He enjoys scuba diving, underwater photography, and sailing.Review:
Based on Chapters 1-4 that I reviewed, I liked the concept and felt the authors did an excellent job doing what they promised in the text. This is a great book based on what I reviewed. I hope later chapters are so effective. All chapters: The writing style is easy to read, interesting, and clear. It would be a good book for the basic beginning financial semester classes as well as great for intensive sort courses, because it is quick to read. I also like the appropriateness and creativity of such topics as the value chain in Chapter 1 and various issues in business strategies in all chapters. I have not seen this done so well before, particularly in an accounting text. The financial analysis sections were outstanding in integration with the chapters. I also have not seen this done so well in a basic financial text! Very appropriate organization and clarity.
The discussions and illustrations used for the cash basis transactions are very good. This text provides for a much greater coverage and understanding of basic business transactions and their effect on the financial statements using the cash basis. The presentation of reconciling Net Cash Flows from Operations to Net Income is very straight forward and clear. It is interesting to consider the topic so early in a principles topical presentation. However, it is well presented. I believe this proposed textbook could become a serious consideration for a principles textbook. The understanding of how business transactions affect businessâ€"and, hence, the accounting equationâ€"is discussed at a very understandable level before moving into the mechanics of inputting information into the accounting information system with debit and credits and entries.
Blending procedures, concepts, and analysis is exactly what is needed at this level. For far too long the financial textbooks were very strong on procedures and barely touched on concepts or analysis. Given that the vast majority of the students taking these classes will never be accounting majors, the more balanced approach makes much more sense As for comparing to our current text, Kimmel et. al., there seems to be two major differences. One is the cash-basis coverage, which is a difference by itself but also delays the coverage of debits and credits until Chapter 4, as opposed to Chapter 3 in Kimmel. The other difference is focusing on a variety of businesses, one per chapter apparently, while Kimmel chooses one company to emphasize throughout (Tootsie Roll in its second edition) and just makes minimal use of a variety of companies along the way; this text seems to be comparable to Kimmel. The discussion of accounting information systems was very good, and far superior to what is usually done in these books. The authors really showed understanding of how computerized systems function . . . this book does a better job of discussing how systems function.
The â€œOpening Scenarioâ€? of each chapter is more interesting than those found in other introductory accounting texts and each is nicely related to the content of each chapter Given the considerable use of cash basis accounting in small businesses, the presentation of cash basis accounting is not inappropriate. It also provides insights in the accounting process without the complications of accrual basis issues. The development of technical accounting concepts and the financial reporting process in the context of an information system is a strength.
Based on the four chapters that I read, the book will be delightful. The authors should be congratulated on their fresh, yet thorough approach. Business concepts are beautifully integrated with accounting in chapter 1. All four chapters make frequent reference to real world examples. The willingness of the authors to reach out and discuss â€œbusinessâ€? makes this contribution unique. The chapter 2 explanation of the accounting equation is superb. By the end of chapter 4, students will be able to prepare financial statements and have some idea about what the statements mean. Students using standard texts usually canâ€™t do this even after Intermediate Accounting. The authorsâ€™ discussion of cycles and pro forma issues are essential to relating accounting to the real world.
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