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Accounting 24e

ISBN-13: 9780538478502 / ISBN-10: 0538478500

Carl S. Warren, University of Georgia
James M. Reeve, University of Tennessee
Jonathan Duchac, Wake Forest University
Published by Cengage Learning, ©2012
Available Now

Activate learning with Warren/Reeve/Duchac, ACCCOUNTING! Warren offers students clear guidance to complete homework with an efficient presentation for today’s learner. Warren delivers:
Expanded Choice: Many adaptations and purchasing formats (print, Excel for Success adaptation, digital eBook, Loose-Leaf, and textbook rental options).
Increased Engagement: A high-impact writing style with contemporary examples, IFRS coverage and multimedia support.
Improved Outcomes: Reliable end-of-chapter homework complemented by CengageNOW and Aplia online software to help manage your course and track student performance.
Ease of Use: Premium instructor materials will help you plan your course with ease!

From preparing for class to assessing students, Warren’s market-leading resources offer a highly engaging teaching and learning experience.


  • Example Exercises: Based on extensive market feedback, Example Exercises were developed to reinforce concepts and procedures in a bold, new way. Like a teacher in the classroom, students follow the authors’ example to see how to complete accounting applications in the textbook. Each Example Exercise references the parallel Practice Exercises in the homework so students get the accounting experience they need.
  • "At a Glance" Chapter Summary: The "At a Glance" summary grid ties everything together at the end of the chapter and helps students stay on track. First, the Key Points recap the chapter content for each chapter objective. Second, the related Key Learning Outcomes list all of the expected student performance capabilities that come from completing each objective. In case students need further practice on a specific outcome, the last two columns reference related Example Exercises and their corresponding Practice Exercises. In addition, the "At a Glance" grid guides struggling students from the assignable Practice Exercises to the resources in the chapter that will help them complete their homework. Through this intuitive grid, all of the chapter pedagogy links together in one cleanly integrated summary.
  • Market Leading End-of-Chapter Material: Students need to practice accounting so that they can understand and use it. To give students the greatest possible advantage in the real world, ACCOUNTING, 23e, goes beyond presenting theory and procedure with comprehensive, time-tested end-of-chapter material.
  • Interesting Chapter Openers: Building on the strengths of past editions, these openers use real companies, such as Apple, help students relate to accounting and business concepts in the chapter. They provide invaluable insight into real practice. Chapter openers created especially for this edition focus on interesting companies such as Facebook, Scripps-Howard, Rhapsody and Razor.
  • Financial Analysis and Interpretation: Beginning with Chapter 1, the "Financial Analysis and Interpretation" section at the end of each financial accounting chapter introduces relevant key ratios used throughout the textbook. Students connect with the business environment as they learn how stakeholders interpret financial reports. This section covers basic analysis tools that students will use again in Chapter 17, "Financial Statement Analysis." Furthermore, students can test their proficiency with these tools through special activities and exercises at the end of each chapter. To ensure a consistent presentation, a unique icon is used for both the section and related end-of-chapter materials.
  • Business Connections and Comprehensive Real-World Notes: Students get a close-up look at how accounting operates in the marketplace through a variety of items in the margins and in the "Business Connections" boxed features. In addition, a variety of end-of-chapter exercises and problems employ real-world data to give students a feel for the material that accountants see daily. No matter where they are found, elements that use material from real companies are indicated with a unique icon for a consistent presentation.
  • Integrity, Objectivity, and Ethics in Business: In each chapter, these cases help students develop their ethical compass. Often coupled with related end-of-chapter activities, these cases can be discussed in class or students can consider the cases as they read the chapter. Both the section and related end-of-chapter materials are indicated with a unique icon for a consistent presentation.
  • Continuing Case Study: Students follow a fictitious company, NetSolutions, throughout Chapters 1–6, which demonstrates a variety of transactions. To help students connect to the world of accounting, the NetSolutions transactions in Chapters 1 and 2 are often paired with nonbusiness events to which students can easily relate.
  • Summaries: Within each chapter, these synopses draw special attention to important points and help clarify difficult concepts.
  • Self-Examination Questions: Five multiple-choice questions, with answers at the end of the chapter, help students review and retain chapter concepts.
  • Illustrative Problem and Solution: A solved problem models one or more of the chapter''s assignment problems so that students can apply the modeled procedures to end-of-chapter materials.

1. Introduction to Accounting & Business.
2. Analyzing Transactions.
3. The Adjusting Process.
4. Completing the Accounting Cycle.
5. Accounting Systems.
6. Accounting for Merchandise.
7. Inventories.
8. Sarbanes-Oxley, Internal Control and Cash
9. Receivables.
10. Fixed Assets and Intangible Assets.
11. Current Liabilities & Payroll.
12. Accounting for Partnership & LLC’s.
13. Corporations: Organizations, Stock Transactions & Dividends.
14. Long-term Liabilities: Bonds & Notes.
15. Investment & Fair Value Accounting.
16. Statement of Cash Flows.
17. Financial Statement Analysis.
18. Managerial Accounting Concepts & Principles.
19. Job Order Costing.
20. Process Cost Systems.
21. Cost Behavior & Cost-Volume-Profit Analysis.
22. Budgeting.
23. Performance Evaluation Using Variances from Standard Costs.
24. Performance Evaluation for Decentralized Operations.
25. Differential Analysis, Product Pricing and Activity Based Costing.
26. Capital Investment Analysis.
  • NEW IFRS Icons: IFRS icons throughout the text point to specific chapter content that is then detailed in our IFRS table. This table has been expanded to outline the IFRS impact on accounting concepts. A supplemental PowerPoint presentation on IFRS will help instructors understand this complex topic and teach students.
  • Enhanced Guiding Principles System (GPS): Students can easily locate the information they need to efficiently master course concepts using the "Guiding Principles System." At the beginning of every chapter, students have a map of the chapter objectives, related topics and outcomes, Example Exercises in the chapter, and corresponding Practice Exercises in the homework. The "At a Glance" chapter summary completes this proven system that leads students quickly to the information they need.
  • Enhanced Transaction Analysis: This new format in Chapter 2 has been implemented and includes the following elements: (1) transaction description, (2) analysis, (3) journal entry, and (4) accounting equation impact using T-accounts. This helps students understand how to analyze and record transactions. In Chapter 3 it describes and illustrates adjusting entries.
  • NEW Table Summarizing Common Transaction Terminology: In Chapter 2, students can see common transaction terms and the related accounts that are debited and credited in a journal entry. This table will aid students in preparing journal entries for homework and test purposes.
  • Enhanced Instructor Resources: The test bank has been updated and enhanced with multiple rounds of verification to ensure accuracy and consistency with the textbook. The PowerPoint slides have been closely reviewed and updated by the authors to be contemporary and comprehensive.
  • Activity Based Costing has been added to the managerial accounting portion of ACCOUNTING, 24e.
  • NEW Financial Analysis and Interpretation learning objectives take the accounting concepts presented in the chapter and apply them to real world situations (i.e. horizontal analysis, segment analysis, revenue per employee, dividend yield).
  • Updated Chapter 15: The authors added an illustration of an interest earned timeline to help students see interest calculations for bonds. The presentation and end-of-chapter materials have been simplified for valuing and reporting trading and available-for-sale securities.
  • The Appendix for Held-to-Maturity Investments was moved to the companion internet site.
  • NEW Chapter 25 with ABC: The chapter has a new title, reflecting a revised emphasis: Differential Analysis, Product Pricing, and Activity-Based Costing. Activity-based costing (ABC) is added as a new objective in this chapter, following a discussion of product pricing. Thus, ABC is framed in the context of product pricing and profit analysis.
Carl S. Warren
Dr. Carl S. Warren is Professor Emeritus of Accounting at the University of Georgia, Athens. Dr. Warren has taught classes at the University of Georgia, University of Iowa, Michigan State University, and University of Chicago. He focused his teaching efforts on principles of accounting and auditing. Dr. Warren received his PhD from Michigan State University and his BBA and MA from the University of Iowa. During his career, Dr. Warren published numerous articles in professional journals, including THE ACCOUNTING REVIEW, JOURNAL OF ACCOUNTING RESEARCH, JOURNAL OF ACCOUNTANCY, THE CPA JOURNAL, and AUDITING: A JOURNAL OF PRACTICE AND THEORY. Dr. Warren has served on numerous committees of the American Accounting Association, the American Institute of Certified Public Accountants, and the Institute of Internal Auditors. He also has consulted with numerous companies and public accounting firms. His outside interests include playing handball, golfing, skiing, backpacking, and fly-fishing.

James M. Reeve
Dr. James M. Reeve is Professor Emeritus of Accounting and Information Management at the University of Tennessee. Professor Reeve taught as part of the accounting faculty for twenty-five years after graduating with his PhD from Oklahoma State University. His teaching effort focused on undergraduate accounting principles and graduate education in the Master of Accountancy and Senior Executive MBA programs. Beyond this, Professor Reeve is very active in the Supply Chain Certification program, which is a major executive education and research effort of the college. His research interests are varied and include work in managerial accounting, supply chain management, lean manufacturing, and information management. He has published over forty articles in academic and professional journals, including JOURNAL OF COST MANAGEMENT, JOURNAL OF MANAGEMENT ACCOUNTING RESEARCH, ACCOUNTING REVIEW, MANAGEMENT ACCOUNTING QUARTERLY, SUPPLY CHAIN MANAGEMENT REVIEW, and ACCOUNTING HORIZONS. He has consulted or provided training around the world for a variety of organizations, including Boeing, Procter & Gamble, Norfolk Southern, Hershey Foods, Coca-Cola, and Sony. When not writing books, Professor Reeve plays golf and is involved in faith-based activities.

Jonathan Duchac
Dr. Jonathan Duchac is the Merrill Lynch and Co. Professor of Accounting and is Director of the Program in Enterprise Risk Management at Wake Forest University. He earned his PhD in accounting from the University of Georgia and currently teaches introductory and advanced courses in financial accounting. Dr. Duchac has received a number of awards during his career, including the Wake Forest University Outstanding Graduate Professor Award, the T.B. Rose award for Instructional Innovation, and the University of Georgia Outstanding Teaching Assistant Award. In addition to his teaching responsibilities, Dr. Duchac has served as Accounting Advisor to Merrill Lynch Equity Research, where he worked with research analysts in reviewing and evaluating the financial reporting practices of public companies. He has testified before the U.S. House of Representatives, the Financial Accounting Standards Board, and the Securities and Exchange Commission and has worked with a number of major public companies on financial reporting and accounting policy issues. In addition to his professional interests, Dr. Duchac is Treasurer of The Special Children’s School of Winston-Salem, a private, nonprofit developmental day school serving child with special needs. Dr. Duchac is an avid long-distance runner, mountain biker, and snow skier. His recent events include the Grandfather Mountain Marathon, the Black Mountain Marathon, the Shut-In Ridge Trail run, and NO MAAM (Nocturnal Overnight Mountain Bike Assault on Mount Mitchell).