Fundamental Financial Accounting Concepts (Edmonds, McNair and Olds)

Fundamental Financial Accounting Concepts
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Product Description
Students are often overwhelmed by the amount of information presented in the introductory financial accounting course. By focusing on fundamental concepts in a logical sequence, students are able to fully comprehend the material rather than memorize seemingly unrelated terms and topics. The goal of Fundamental Financial Accounting Concepts is to enable students to understand how any given business event affects the financial statements. The “financial statements model” is a highly praised feature because it allows students to visualize the simultaneous impact of business events on all of the key financial statements (the income statement, the balance sheet, and the statement of cash flows).
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Item added on Tue, Jul 6, 2010

Category: Financial Accounting, Financial Accounting Concepts

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5 reviews for this item

  1. Jasmine T. Baer Says:
    July 6th, 2010 at 10:20 pm
    I’ve read the reviews stating that this is a confusing book. I disagree completely. Although the author does not immediately delve into traditional T-accounts, the introduction of the “horizontal model” serves as a good foundation for building the awareness of the accounting equation that should be second nature BEFORE tackling T-accounts. The text’s preface states: “A horizontal financial statements model replaces the accounting equation as the predominant teaching platform. The model enables students to VISUALIZE THE SIMULTANEOUS EFFECTS OF A SINGLE BUSINESS EVENT on the income statement, balance sheet, and statement of cash flows.” I felt as though this methodology was very effective for my learning style. Recording transactions in T-accounts came almost as second nature after mastering the horizontal model.

    The “Working Papers” (a separate workbook) makes doing the assigned problems easy by providing a ready-made template for each problem. If you’ve had to draw your own T-accounts or your own journal in a notebook before, you will definitely appreciate this.

    This text serves as a good introduction to the skills necessary to master financial accounting.

    Rating: 4 / 5
  2. Benjamin F. Schumin Says:
    July 6th, 2010 at 11:14 pm
    This book is an excellent book to go with a Financial Accounting course. Everything is laid out in plain English, and shows you in diagrams and models exactly how each kind of transaction works. I recommend for professors everywhere to adopt this book for their clases. I’m glad mine did!
    Rating: 5 / 5
  3. Anonymous Says:
    July 7th, 2010 at 1:27 am
    Edmonds, McNair, Milan, and Olds have created a very easy to understand textbook for learning the basics of financial accounting. It makes the learning of the endlessly complicated parts of accounting very simple and can help to cease new accounting student’s fears of going on in the profession. Even though lightly marred by a few errors, it is a great introductory book.
    Rating: 4 / 5
  4. M. Rice Says:
    July 7th, 2010 at 2:18 am
    This text is abysmal. It is riddled with errors and omissions, gives incomplete examples, and presents information unsequentially. It relies too much and for too long on the horizontal model without practical applicatoin to journals and statements. If your college uses this text (as Medaille College and Finger Lakes Community College currently do) run away!

    Fortunately, many of the gaps are filled in by the PowerPoint® presentations they make available on their support site: http://highered.mcgraw-hill.com/sites/0072472960/student_view0/ Note that these presentations are more extensive than the ones on the Topic Tackler CD that comes with the book. You must download these presentations if you want to have a chance with this book.

    Rating: 1 / 5
  5. Viktoryia Belakhvostsik Says:
    July 7th, 2010 at 3:56 am
    Great seller, great communication, very fast shipping. Will be glad to do business again!!!!
    Rating: 5 / 5

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