Content Changes by Chapter
In addition to the changes noted below, we have also included many new Feature Stories and Insight boxes throughout the chapters, to ensure that our use of real-world companies is as relevant and engaging to students as possible.
Chapter 1 Accounting in Action
- New format of transaction analyses, so students see Basic Analysis and Equation Analysis together, for a better understanding of the dual effect on the accounting equation.
- New People, Planet, and Profit Insight, about whether corporations should take into account environmental and social performance as part of their financial results.
Chapter 2 The Recording Process
- Rewrote Debits and Credit section, to provide additional instruction/explanation to students.
Chapter 3 Adjusting the Accounts
- Updated revenue recognition discussion to reflect the proposed new accounting standard, whereby revenue should be recognized in the accounting period in which services are performed (formerly when revenue was earned).
- Updated discussion of The Basics of Adjusting Entries section, including new transaction analysis format (Basic Analysis, Equation Analysis, Debit-Credit Analysis, Journal Entry, and Posting) for adjusting entries examples, providing continuity from Chapters 1 and 2.
- New People, Planet, and Profit Insight, about how companies' disposal of waste materials might lead to accounting issues.
- New Appendix 3B, Concepts in Action, about the accounting assumptions, principles, and constraint that ...
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