What's new about the 14th edition of Financial & Managerial Accounting?

Dr. Joseph Carcello has joined the Williams author team for the fourteenth edition after participating in Financial Accounting, 12e. Dr. Carcello brings years of teaching experience and a leadership position in the American Accounting Association to this new edition.

In this edition, the authors focused on two key revisions: streamlining the text and providing even more end-of-chapter material. The Williams team accomplished this goal with the following revisions for each chapter:

• Addition of nearly 250 new exercises and problems, PLUS 260 new brief exercises
• Inclusion of at least 10 new brief exercises in each chapter
• Revision of graphics to match new design and improve the illustration of key concepts
• Inclusion of Problem Set B in each chapter doubles the amount of problem material
• 2005 Home Depot Financial Statements packaged with text & tied to end-of-chapter material
• New, vibrant design features revised graphics in each chapter and an all new layout
• Selected problems and exercises are available with McGraw-Hill's Homework Manager
• Incorporation of Management Strategy and Cash Effects into the text to streamline the discussion

Chapter 1

• New coverage of the Committee of Sponsoring Organizations of the Treadway Commission (COSO)
• New coverage of COSO's Internal Control - Integrated Framework
• New coverage of the Public Company Accounting Oversight Board (PCAOB)
• Emphasis on why the study of accounting is important to non-accounting majors, both in their business careers and in their personal lives
• Incorporation of Management Strategy feature into the text
• General updating of case-in-point boxes, exercises, and discussion questions to focus on Sarbanes-Oxley, PCAOB and IASB

Chapter 2

• Redesigned graphics make accounting more lively and eye-catching
• Revised discussion of real-world companies like Wal-Mart, Walt Disney, and JCPenney demonstrates theory in action
• Addition of a new exhibit showing cash flow versus income statement recognition

Chapter 3

• Addition of many new exercises
• Revised coverage of accounting cycle procedures
• Each transaction illustrated now includes its effect on the accounting equation (A = L + E) in the margin
• Addition of two short comprehensive items in the end-of-chapter material

Chapter 4

• Addition of many new exercises
• Increased emphasis on why cash flow often differs from revenue and expense recognition
• Increased emphasis on the effects of adjusting entries on the financial statements
• Addition of two short comprehensive items in the end-of-chapter material

Chapter 5

• Addition of many new exercises
• Addition of new short comprehensive problems
• Addition of two new Unstructured Cases addressing SOX issues
• Addition of a new comprehensive problem that covers the full accounting cycle

Chapter 6

• Addition of new "real world" exhibits
• Expanded Financial Analysis and Decision-Making section
• New Home Depot end-of-chapter exercise
• Revision of solutions to incorporate five skill areas
• Addition of regular exercises and problems to the end-of-chapter material

Chapter 7

• Addition of many new exercises
• Revised coverage of the matching principle and how it relates to accounting for uncollectible accounts receivable
• Expanded coverage of estimating credit losses using the balance sheet approach versus the income statement approach
• Expanded coverage of accounting for notes receivable
• New Demonstration Problem covers accounts receivable, notes receivable, and marketable securities
• Updated and expanded end-of-chapter material, including many new real-world companies

Chapter 8

• Completely revised coverage of accounting for inventories at the lower-of-cost-or-market (LCM)
• Addition of brief exercises
• Replacement of Safeway exercise with Wal-Mart exercise

Chapter 9

• Revised graphics
• Incorporation of supplemental topic (Other Depreciation Methods) into primary text
• Addition of one new exercise and four new problems

Chapter 10

• Completely revised coverage of payroll liabilities
• Incorporation of supplemental topic (Special Types of Liabilities) into primary text

Chapter 11

• Revised Case-in-Points on international issues and ethics and corporate governance
• Revised Financial Analysis and Decision Making Section
• Streamlining of chapter text
• Addition of two new exercises

Chapter 12

• Revision of Case-in-Points
• Streamlining of chapter text
• Revised Financial Analysis and Decision Making Section
• Deletion of material on accounting changes (cumulative-effect method, which is being replaced)
• Addition of one new exercise

Chapter 13

• Streamlining of chapter text
• Incorporation of supplemental topic (A Worksheet for Preparing a Statement of Cash Flows) into primary text
• Replacement of one exercise and addition of two new exercises

Chapter 14

• Discussion of role played by corporate governance rating agencies in capital markets
• Addition of numerous illustrations
• Expanded Financial Analysis and Decision Making section
• Streamlining of chapter text
• Updating of demonstration problem

Chapter 15

• A new chapter opener features Unilever
• Updated discussion with new IASB initiatives incorporated
• Addition of new discussion questions, making a total of 20
• Addition of many new regular exercises, many based on real companies
• Addition of a significant amount of new problem material
• Addition of Foreign Corrupt Practices Act discussion about foreign corporations operating in the U.S.

Chapter 16

• A new chapter opener features The Coca-Cola Company
• Addition of many new regular exercises
• Addition of a significant amount of new problem material
• Revision of exhibits to clarify the flow of physical goods and related costs through the production process
• Additional discussion of the impact of improperly capitalizing period costs

Chapter 17

• Addition of many new regular exercises
• Addition of a significant amount of new problem material
• Addition of new Activity-Based Costing assignments

Chapter 18

• Expanded discussion of process costing
• Addition of several new process costing exhibits for increased clarity
• Addition of many new regular exercises
• The problem material has been expanded significantly

Chapter 19

• A new chapter opener features Kimberly-Clark Corporation
• Expanded discussion of quality costs
• Addition of many new regular exercises
• Addition of a significant amount of new problem material
• Addition of new value chain problems
• Addition of new discussion on internal controls over the value chain, plus new problems

Chapter 20

• Addition of many new regular exercises
• Addition of a significant amount of new problem material

Chapter 21

• A new chapter opener features General Motors Corporation
• Addition of a new joint cost illustration
• Addition of many new regular exercises
• Addition of a significant amount of new problem material
• Discussion of the incremental costs of SOX
• Addition of point of indifference concept
• Revision and clarification of joint cost illustration

Chapter 22

• A new chapter opener features Columbia Sportswear Company
• Addition of many new regular exercises
• Addition of a significant amount of new problem material
• Elimination of absorption vs. variable costing supplemental topic
• Addition of transfer pricing problems

Chapter 23

• A new chapter opener features Roman Jewelers
• Addition of many new regular exercises
• Addition of a significant amount of new problem material
• Addition of new effective budgeting practices exhibit
• Discussion of ethics and governmental budgeting

Chapter 24

• Addition of many new regular exercises
• Addition of a significant amount of new problem material
• Addition of new illustration of the relationship between material and labor variances
• Discussion of the ethical and legal implications of improper standard cost system design

Chapter 25

• A new chapter opener features Google
• Addition of many new regular exercises
• Addition of a significant amount of new problem material
• Addition of new problem on management compensation at Home Depot
• New discussion of SEC reporting requirements for management compensation

Chapter 26

• A new chapter opener features The Boeing Company
• Addition of many new regular exercises
• Addition of a significant amount of new problem material
• Addition of new ethics case on international outsourcing investment activity
• Revision of exhibit on nonfinancial factors in capital budgeting