Financial Accounting

by Robert Libby, Patricia Libby, Frank Hodge

Libby/Libby/Hodge wrote this text based on their belief that the subject of financial accounting is inherently interesting, but financial accounting textbooks are often not. They believe most financial accounting textbooks fail to demonstrate that accounting is an exciting field of study and one that is important to future careers in business. When writing this text, they considered career relevance as their guide when selecting material, and the need to engage the student as their guide to style, pedagogy, and design.
Libby/Libby/Hodge successfully implements a real-world, single focus company approach in every chapter. Students and instructors have responded very favorably to the use of focus companies and the real-world financial statements. The companies chosen are engaging and the decision-making focus shows the relevance of financial accounting regardless of whether or not the student has chosen to major in accounting.
Libby/Libby/Hodge believes in the building-block approach to teaching transaction analysis. Most faculty agree that mastery of the accounting cycle is critical to success in financial accounting. And yet all other financial books introduce and develop transaction analysis in one chapter, bombarding a student early in the course with an overload of new concepts and terms. The authors believe that most faculty take more time with the accounting cycle, but other financial accounting textbooks don't. By slowing down the introduction of transactions and giving students time to practice and gain mastery, this building-block approach leads to greater student success in their study of later topics in financial accounting such as adjusting entries.

Genres: Business, Finance, Accounting

1696 pages, Unbound

Published January 4, 2019

Reviews

[Katastrofik Come · Rating 4 out of 5]

a textbook on financial accounting that's quite pedagogical. It's a beneficial one as it's supported with real-world cases and excerpts, a ton of problems for understanding, and additional sections like ethics on accounting practice, financial analysis, and others.
I think this book does a good job of explaining much of the rationale and reasoning behind the accounting idea. notably on subjects like the accrual approach and its implications in many accounting applications, adjusting entries for deferrals and accruals, and the rationale for the indirect cash flow method, which are somewhat hazy for beginners (like myself).

But the truth is, even for a textbook as thorough as this one, it still has certain shortcomings. like lack of a rationale for some topics like the inverse relationship between the bond price and market interest rate. nonetheless still a fun textbook for a dry subject

[Janice Ye · Rating 4 out of 5]

too many irrelevant stories at the beginning of each chapter. This is probably the first time I ever open a textbook. Didn't know I'd be so good at accounting lolll

[Roger · Rating 5 out of 5]

Excellent introductory Financial Accounting book.

[krissy]

read the entire for acct2101