Robert Libby,
Cornell University Patricia A. Libby,
Ithaca College Daniel G. Short,
Miami University George Kanaan,
Concordia University Maureen Gowing,
University of Windsor
ISBN: 0070980969 Copyright year: 2008
Feature Summary
Focus Company Approach: Libby's distinctive focus company approach motivates students by involving them in the business decisions of a real company, demonstrating how using financial accounting makes a difference in the success of a firm. New focus companies to this edition include: Vincor International, Andrew Peller, Forzani Group and Gildan Activewear, Also, the key components of the Van Houtte Annual Report is printed at the end of the text, while the Forzani Group Annual Report is available online.
User Orientation: A decision making focus encourages and develops critical thinking skills and better prepares students, regardless of their major, to analyze and interpret real financial information to make better business decisions. Technical requirements for financial reporting are presented within a context that helps students learn the technical material and better understand its importance.
International Perspective: As Canadian instructors are acutely aware, the harmonization of Canadian with U.S. and international accounting standards is a top priority of the Canadian Institute of Chartered Accountants. Because of the rapid increase in global competition, the International Perspective sections make students aware of the differences in accounting methods used around the world. International issues are included in the end-of-chapter material as well.
Financial Analysis: Inclusion of Financial Analysis sections supports the decision making focus of the text and ties important accounting concepts covered in each chapter to real world decision making examples. They also highlight alternative, equally important views that are fundamental to developing the students' critical thinking skills. In a recent survey of the types of services that will be required of accounting graduates in the future, financial analysis was given top ranking by the accounting practitioners who participated in the survey.
Focus on Cash Flows: Each of chapters 2 through 12 includes Focus on Cash Flows, a discussion and analysis of changes in the cash flow of the focus company and an exploration of the decisions that caused those changes. The early and consistent coverage of cash flows encourages students to think more critically about the decisions they will face as managers and the impact those decisions will have on the company's cash flow.
Key Ratio Analysis: Students will be better prepared to use financial information if they understand how to evaluate elements of financial performance while learning how to measure and report them. For this reason, Libby introduces relevant key ratios in the Key Ratio Analysis sections. Each Key Ratio Analysis box presents a ratio analysis for the focus company in the chapter as well as for comparative companies. Cautions are also provided to help students understand the limitations of certain ratios.
A Question of Ethics: The more students are exposed to ethical situations, the more likely they will consider the effects their choices will have on others. A Question of Ethics boxes appear throughout the text, conveying to students the importance of acting responsibly in business practice.
All Journal Entries Linked to the Accounting Equation: Journal entries marked with (A), (L), (SE), (R), (E), or (X, if a contra account) and + and - signs in early chapters assist students in transaction analysis. In addition, following each journal entry is a summary of the effects of each transaction on the fundamental accounting equation
Wealth of Problem Material: Based on real Canadian and International companies, the extensive selection of end-of-chapter assignments examine single concepts or integrate multiple concepts presented in the chapter. The "Cases and Projects" selection of assignments require students to analyze and think conceptually, calculate, and also enhance their written communication skills. Assignments suitable for written individual or group projects and oral presentations are included in strategic locations.
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2008 McGraw-Hill Higher Education