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Intermediate Accounting 2e

ISBN-13: 9781337116619 / ISBN-10: 1337116610

Reporting and Analysis, 2017 Update
James M. Wahlen, Indiana University
Jefferson P. Jones, Auburn University
Donald P. Pagach, North Carolina State University
Published by Cengage Learning, ©2017
Available Now

Discover the tools to be successful in Intermediate Accounting with Wahlen/Jones/Pagach’s INTERMEDIATE ACCOUNTING, 2E and CengageNOW™v2. These digital and print resources help you manage the rigor and time requirements of the Intermediate course. In addition, learning tools help you stay on track, build confidence in your knowledge and assist you in mastering the concepts. Examples and cases from familiar companies, such as Starbucks, Coca-Cola, Louis Vuitton, and Nestlé, reinforce the book’s approachable style.


  • CENGAGENOWV2 HELPS ELEVATE STUDENT THINKING. Content addresses each stage of the learning process from motivation to mastery. CengageNOWv2 motivates and prepares your students to learn with practice opportunities that better prepare them for the exam. Carefully crafted tools help students make connections and see the big picture.
  • CASES AND EXAMPLES PROVIDE SUPERIOR CONTEXT AND ENCOURAGE CRITICAL THINKING. A continuing case features Starbucks while examples from other highly recognizable companies, such as Coca Cola, help students understand why accounting information is important. Students also gain a better understanding of the implications that accounting information holds for today’s financial statement users.
  • “REAL REPORTS” MOTIVATE READERS TO APPLY CONCEPTS. This unique feature enables students to interact with excerpts from actual annual reports, analyze this information, and apply what they have learned by answering corresponding questions.
  • BOOK EMPHASIZES WHY ACCOUNTING MATTERS USING POSITIVE EXAMPLES. Chapter-opening vignettes and meaningful examples highlight why the accounting information matters to investors, creditors, and other stakeholders. The positive tone in these examples illustrates how accounting information significantly helps decision makers and motivates students for further study. The authors purposefully avoid the types of pathological examples, such as frequent references to Enron, that some texts use.
  • IFRS COVERAGE AND APPLICATIONS CLARIFY THESE GLOBAL STANDARDS. “International Dimension” features illustrate the differences between International Financial Reporting Standards (IFRS) and U.S. GAAP. Accompanying IFRS Applications demonstrate how journal entries and financial statements are prepared under IFRS. When differences are significant, the feature shows side-by-side comparisons of excerpts prepared under both U.S. GAAP and IFRS. End-of-chapter IFRS assignments highlight real company financial statements from international companies, such as Louis Vuitton and Nestlé.
  • “LOOKING AHEAD” PREVIEWS SIGNIFICANT INDUSTRY CHANGES ON THE HORIZON. This insightful feature exposes a number of significant accounting-related changes expected in the future, including the changes in lease accounting, financial statement presentation, and other important pending developments.
  • CODIFICATION APPLICATIONS PROVIDE A STEP-BY-STEP GUIDE. Your students can use THE FASB’S ACCOUNTING STANDARDS CODIFICATION: A USER-FRIENDLY GUIDE as part of this edition’s online collection of digital resources. Students learn how to use codification step-by-step. Brief assignments in the Guide and comprehensive assignments in the main book’s end-of-chapter materials encourage students to research independently and become familiar with using codification effectively. This resource is available on the book’s companion website.
  • NEXT-LEVEL REQUIREMENTS ENCOURAGE STUDENTS TO MASTER ADVANCED THINKING SKILLS. These requirements within select end-of-chapter questions require students to go beyond the basic understanding of accounting rules and procedures and develop critical-thinking and decision-making skills. Specific open-ended requirements are now converted into fill-in-the-blank questions within CengageNOW™v2 and are automatically gradable assignments.

1. The Demand for and Supply of Financial Accounting Information.
2. Financial Reporting: Its Conceptual Framework.
3. Review of a Company’s Accounting System.
4. The Balance Sheet and the Statement of Shareholders’ Equity.
5. The Income Statement and the Statement of Cash Flows.
Time Value of Money Module.
6. Cash and Receivables.
7. Inventories: Cost Measurement and Flow Assumptions.
8. Inventories: Special Valuation Issues.
9. Current Liabilities and Contingent Obligations.
10. Property, Plant, and Equipment: Acquisition and Subsequent Investments.
11. Depreciation, Depletion, Impairment, and Disposal.
12. Intangibles.
13. Investments and Long-Term Receivables.
14. Financing Liabilities: Bonds and Long-Term Notes Payable.
15. Contributed Capital.
16. Retained Earnings and Earnings Per Share.
17. Advanced Issues in Revenue Recognition.
18. Accounting for Income Taxes.
19. Accounting for Post-Retirement Benefits.
20. Accounting for Leases.
21. The Statement of Cash Flows.
22. Accounting for Changes and Errors.
Appendix A: Starbucks Financial Statements (full report).
Appendix B: List of the Official Pronouncements of the AICPA and FASB.
Appendix C: List of the Official Pronouncements of the IASB.
Appendix D: Brief Guide to Key Differences Between IFRS and GAAP by Chapter.
  • THIS EDITION INCORPORATES THE NEW REVENUE RECOGNITION GUIDANCE THROUGHOUT WITH SPOTLIGHT COVERAGE IN CHAPTER 17. The recently issued standard for accounting for investments in marketable securities has also been integrated into Chapter 13 and other chapters. In addition, the text highlights current accounting for leases with “Looking Ahead” in-depth discussions on how lease accounting will change when the new accounting standards become effective. Changes in GAAP resulting from the FASB’s Simplification Initiative are also incorporated throughout the text.
  • STARBUCKS CONTINUING THREAD CASE INTEGRATES ACTUAL FINANCIAL INFORMATION THROUGHOUT THE BOOK. Students are motivated and engaged as real financial information and business strategies from Starbucks appear within discussions and examples throughout this edition. Specific end-of-chapter applications clearly demonstrate how a wide variety of accounting concepts apply to a single company.
  • FOCUS ON BUILDING STUDENT CONFIDENCE BETTER PREPARES STUDENTS FOR ACCOUNTING SUCCESS. This edition incorporates a proven approach to student readiness based on extensive student and instructor research. The book and accompanying online and digital resources are specifically designed to counter the consistent challenge of students entering your course who may be unprepared for the volume and intensity of work required for success in intermediate accounting.
  • CENGAGENOWv2™ HELPS CLOSE THE GAP BETWEEN HOMEWORK AND EXAM PERFORMANCE. The Multi-Panel View enables students to see all the elements of a problem on one screen, making it easier to navigate the problem and understand the accounting system. Adaptive Feedback responds to students’ unique answers and alerts them to the type of error they have made. The Blank Sheet of Paper Experience provides a less leading response system for journal entries and financial statements that discourages over-reliance on the system.
  • “GOT IT?” QUICK CHECKS ALLOW STUDENTS TO IMMEDIATELY CHECK THEIR COMPREHENSION. Helpful “Got It?” series of questions appears at the end of each section, after coverage of the Learning Objective, to confirm students understand the material presented and are ready to continue in the chapter. Students can spend additional time reviewing and mastering any concepts that are unclear before moving ahead. These questions are also assignable and gradable in CengageNOWv2.
  • “REVIEW CENTERS” SUMMARIZE MAJOR CONCEPTS FROM EACH CHAPTER AT A GLANCE. These timely Review Centers at the end of each chapter condense and summarize review material for each Learning Objective. These review features also present Key Terms and Formulas grouped by Learning Objective for quick review. This at-a-glance resource is ideal in saving time as students find chapter highlights in one consistent place that’s easy to locate in each chapter.
  • ADAPTIVE STUDY PLAN IN CENGAGENOWV2™ PROVIDES A REMEDIATION PATHWAY. The Adaptive Study Plan is an assignable and gradable study center that adapts to each student’s unique needs. Students take a chapter-level quiz with randomized questions that cover both conceptual and procedural topics. Specific feedback explains why the answer is right or wrong. Based on the quiz results, students receive a remediation path that includes media assets and algorithmic practice problems to help improve their understanding of the course material. The Adaptive Study Plan is helpful for self-study and review.
  • “SHOW ME HOW” VIDEOS IN CENGAGENOW™V2 HELP CLARIFY CONCEPTS. These helpful problem demonstrations provide a step-by-step model of problems similar to those in the book. Embedded tips and warnings help students avoid common mistakes and pitfalls, keeping them on track and reducing frustration. Icons in the text margins link “Show Me How” videos and assignments in CengageNOWv2 to topics in the book for students to use for self-study and review.
  • Roger CPA Exam questions are assignable and gradable in CengageNOWv2.
  • UP-TO-DATE COVERAGE ENSURES STUDENTS ARE LEARNING ABOUT TODAY’S MOST RECENT CHANGES IN THE FIELD. In addition to the latest changes to accounting standards for revenue recognition and investments as well as changes to GAAP and accounting for leases, updated coverage of inventory and other subjects provides content addressing the most recent changes to the Accounting Standards Codification and IFRS.
James M. Wahlen
Dr. James M. Wahlen is the James R. Hodge Chair, Professor of Accounting, and the Chairman of the Accounting Department at the Kelley School of Business at Indiana University. He received his Ph.D. from the University of Michigan and has served on the faculties of the University of Chicago, the University of North Carolina at Chapel Hill, INSEAD, the University of Washington, and Pacific Lutheran University. Dr. Wahlen’s teaching and research interests focus on financial accounting, financial statement analysis, and the capital markets. His research investigates earnings quality and earnings management, earnings volatility as an indicator of risk, fair value accounting for financial instruments, accounting for loss reserve estimates by banks and insurers, stock market efficiency with respect to accounting information, and testing the extent to which future stock returns can be predicted with earnings and other financial statement information. His research has been published in a wide array of academic and practitioner journals in accounting and finance. Dr. Wahlen has public accounting experience in both Milwaukee and Seattle and is a member of the American Accounting Association. He has received numerous teaching and research awards during his career. Dr. Wahlen is also a co-author of FINANCIAL REPORTING, FINANCIAL STATEMENT ANALYSIS, AND VALUATION: A STRATEGIC PERSPECTIVE, 8E. In his free time, he loves outdoor sports (biking, hiking, skiing, golf), cooking (and, of course, eating), and listening to rock music (especially if it is loud and live).

Jefferson P. Jones
Dr. Jefferson P. Jones is an Associate Professor of Accounting in the School of Accountancy at Auburn University. He received his Bachelor’s in Accounting and Master of Accountancy degrees from Auburn University and his Ph.D. from Florida State University. His research interests focus on financial accounting, specifically investigating the quality of reported accounting information, and accounting education. He has published articles in numerous journals, including Advances in Accounting, Review of Quantitative Finance and Accounting, Issues in Accounting Education, International Journal of Forecasting, and The CPA Journal. Dr. Jones has received numerous teaching awards, including the Auburn University Beta Alpha Psi Outstanding Teaching Award (eight times); the Auburn University Outstanding Master of Accountancy Professor Teaching Award (five times); the Auburn University Outstanding Distance Master of Accountancy Teaching Award (three times); and the Auburn University College of Business McCartney Teaching Award. In addition, he has made numerous presentations around the country on research and pedagogical issues. He holds a CPA certificate in the state of Alabama (inactive) and is a member of the American Accounting Association, the American Institute of Certified Public Accountants (AICPA), and the Alabama Society of CPAs (ASCPA). He has public accounting experience as an auditor for Deloitte and Touche. Dr. Jones is also a co-author of CORNERSTONES OF FINANCIAL ACCOUNTING. He is married, has two children, and enjoys playing golf and watching college football.

Donald P. Pagach
Dr. Donald P. Pagach is Professor of Accounting at the Poole College of Management at North Carolina State University. He received his Bachelor’s in Accounting and Masters of Accountancy degree from the University of Wisconsin-Madison, and his Ph.D. from Florida State University. His research interests focus on financial accounting and enterprise risk management, with a specific focus on forecasting and financial statement analysis. He has published articles in numerous journals, including Journal of Accounting Research, Contemporary Accounting Research, Journal of Accounting, Auditing and Finance, and The CPA Journal. Dr. Pagach has been named a University Outstanding Teacher and has received research awards for his research on Enterprise Risk Management. Previously, Dr. Pagach taught at Louisiana State University and has had public accounting experience working for Coopers and Lybrand as an auditor. He holds a CPA certificate in the state of North Carolina and is a member of the American Accounting Association, the American Institute of Certified Public Accountants (AICPA), and the International Accounting Section. Dr. Pagach is married, has three children, and enjoys traveling, especially if the trip includes a beach.