New and Revised Textbook Features
The textbook includes new content, revisions and updates to make it as current and accurate as possible. Key points are outlined in the “Chapter Changes” section below.
New Workbook Features
The workbook features a new section of Practice Questions in every chapter. These questions focus on individual concepts and calculations for each learning objective. They provide introductory practice before students move on to the more detailed and complex Application Questions.
The workbook also includes new Application Questions throughout the chapters to expand the range of difficulty and offer different approaches to the topics.
Selected workbook questions are available in Microsoft Excel format for download from AME Engage™ (posted within each chapter). These questions are marked in the workbook with an icon after the learning objective number.
Chapter Changes
Chapter 1: Financial Statement: Personal Accounting
A brief new section introduces the concept of capital increases to net worth such as gifts or lottery winnings.
The section on ethics in personal accounting has been removed. Accounting ethics is introduced in Chapter 2.
Chapter 2: Linking Personal Accounting to Business Accounting
New timeline diagrams in the sections on recording revenue and recording expenses help students visualize when revenue and expenses should be recognized in different scenarios.
Chapter 3: The Accounting Framework
The discussion of partnerships has been expanded to include a brief description of the different types of partnerships.
The section on the ethics of accounting has been revised to present sample ethical standards in plain language, to make them more understandable to students.
Chapter 6: The Accounting Cycle: Statements and Closing Entries
A new “GAAP vs. IFRS” box explains how often financial statements must be prepared under each system.
The final section on computerized accounting systems has been revised and updated.
Chapter 7: Cash and Internal Controls
Expanded definitions and examples of internal controls for cash are included. A new explanation of segregation of duties has been added.
The section that discusses control of cash receipts has been revised and reorganized to provide a better flow of information.
Chapter 8: Accounting for Receivables
Revenue recognition criteria in the sale of goods and services are presented in context within this receivables chapter.
Chapter 9: Inventory: Merchandising Transactions
The comparison of perpetual and periodic inventory systems has been expanded. It now explains the concept of an inventory count and how that affects the accounting.
Chapter 10: Accounting Information Systems and Data Analytics
A new learning objective is dedicated to data analytics. An online module on AME Engage™ applies that introductory information about data analytics, providing a comprehensive data set and step-by-step exercises.
Chapter 11: Long-Term Assets
Recent financial information from JetBlue Corporation and Newmont Corporation are used to demonstrate concepts related to long-term assets.
A new “GAAP vs. IFRS” box highlights the concept of component depreciation.
A brief section introduces the revision of depreciation estimates and the concept of impairment.
Chapter 12: Current Liabilities
The order of presentation has been changed to move payroll liabilities later in the chapter. A brief section early in the chapter introduces the concept of accrued liabilities, setting up that later discussion of payroll.
Chapter 14: Financial Statement Analysis
Throughout the whole chapter, the financial statements of Tilly’s Inc. are used to provide a real-life analysis.
A new section on computerized financial accounting briefly introduces tools to increase efficiency and ensure decision-makers have access to current and accurate information.
