For courses in financial and managerial accounting. Horngren's
Financial and Managerial Accounting, The Managerial Chapters
presents the core content of principles of accounting courses in a
fresh format designed to help today's learners succeed. As teachers
first, the author team knows the importance of delivering a student
experience free of obstacles. Their pedagogy and content uses
leading methods in teaching students critical foundational and
emerging topics (e.g., data analytics and employability skills) in
the field of accounting, and concentrates on improving student
results - all tested in class by the authors themselves. With this
in mind, the 7th Edition continues to focus on readability and
student comprehension and takes this a step further by employing a
new theme to help students see how accounting is used as a tool to
help businesses make decisions. By providing more meaningful
learning tools, this title gives professors the resources needed to
help students clear hurdles inside and outside of the classroom,
like never before. Features Chapter Openers present relatable
stories that set up the concepts to be covered in the chapter.
Students then learn the implications of those concepts on a
company's reporting and decision-making processes. Common
Questions, Answered is rooted in the authors' teaching experiences
over the years, and offers additional help with patterns and rules
that consistently confuse students. Located in the text's margin
next to where the answer or clarification can be found, they help
students better understand difficult concepts. Instructor Tips
& Tricks throughout the text mimic the experience of having an
experienced teacher walk a student through concepts on the board.
Many include mnemonic devices or examples to help students remember
the rules of accounting. Effects on the Accounting Equation
illustrations help students see connections between transactions,
as well as how transactions fit into the bigger picture. Located
next to every journal entry, they reinforce the connections between
recording a transaction and the effect those transactions have on
the accounting equation. Try It! boxes found after each learning
objective and at the end of the chapter give students the
opportunity to apply the concepts they've just learned by
completing an accounting problem. Things You Should Know provide
students with a brief review of each learning objective presented
in a question and answer format, helping to prepare them for exams.
Decisions Boxes highlight common questions that business owners
face, prompting students to determine the course of action they
would take based on concepts covered in the chapter. Comprehensive
Problems, located in select interrelated chapters, help students
make connections between topics. Chapters 1-5 discusses fundamental
managerial accounting concepts: job ordering, process costing, cost
management systems, and cost-volume-profit analysis. Chapters 7-9
explores planning and control decisions for a manufacturing
company, including a master budget, flexible budget, variance
analysis, and performance evaluation. Chapters 10-11 reviews
decision making, both short-term business decisions and capital
budgeting decisions New to this edition Data and research,
including any years and numbers as they relate to real companies
(such as Kohl's and Target), ensures students have relevant
examples to help them engage with the course. Discussions of
important concepts and calculations help students to better
understand the material. They include: Chapter 1 'Introduction to
Managerial Accounting' offers updated info on the IMA Statement of
Ethical Professional Practices to reflect changes made by IMA on
July 1, 2017. Chapter 2 'Job Order Costing' has a new Learning
Objective for calculating Cost of Goods Manufactured and Cost of
Goods Sold for easier teaching, learning, and assessment
activities. Chapter 8 'Flexible Budgets and Standard Cost Systems'
includes updated direct materials calculations (i.e., cost vs.
efficiency variance), so that inputs do not equal outputs.
Employability coverage throughout the text looks at professional
certifications that management accountants can obtain, such as
Certified Management Accountant (CMA) and Chartered Global
Management Accountant (CGMA), and highlights the importance of
these credentials in today's job market. Data Analytics in
Accounting features highlight real companies that are now using
data analytics to track inventory, monitor cash flow, forecast
sales, and maximise profits. Also discussed are advances in
technology, including robotic process automation and artificial
intelligence, and how they relate to the work management
accountants perform. Key Terms focus on the concepts central to
students' learning, including Lean Management System, Relevant and
Irrelevant Revenue, and more. Check Your Understanding boxes let
students gauge their comprehension of the material and have been
updated to include new accounts introduced under the Revenue
Recognition Standard. Tying It All Together boxes tie together key
concepts from the chapter using the company highlighted in the
chapter opener. The in-chapter box presents scenarios and questions
that the company could face and focuses on the decision-making
process. The end-of-chapter business case helps students synthesise
the concepts of the chapter and reinforce critical thinking.
Updates to the 7th edition includes discussion of how companies are
using zero-based budgeting (chapter 7). End-of-chapter problems and
exercises help students build skills to analyse and interpret
information and apply reasoning and logic to new or unfamiliar
ideas and situations. Updates include: an exercise on the triple
bottom line (chapter 1). an exercise on completing job cost sheets
(chapter 2). updated labor costs to $10 per hour (chapter 8).
General
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