Financial Accounting: An Introduction (2e) : 9780273737650

Financial Accounting: An Introduction (2e)

Published by
Pearson United Kingdom
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Financial Accounting: An introduction is an essential companion for students on introductory financial accounting modules within undergraduate accounting and business degrees.

The authors’ self-directed learning approach provides extensive opportunities for those new to the subject to test their learning, try out questions from the main exam bodies and build-up their ability to deal with challenging problems.

Its comprehensive coverage will provide students with:

  • a sound understanding of the conceptual framework and key concepts of accounting
  • the ability to account for transactions up to Trial Balance and to prepare financial statements
  • the ability to extract accounting ratios and prepare a report analyzing the statements.
Table of contents

Section A  :The financial accounting system
1: The need for accounting
2: Accounting for cash
3: The double entry accounting system
4: Statement of financial position and Statement of income
5: Accounting for credit transactions
6: Inventories, profit margin and gross profit ratio
7: Accruals, pre-payments, depreciation and bad debts
8: Disposal, revaluation and impairment of non-current assets

Section B :  Financial Statements of limited companies, sole traders, groups and partnerships
9: Accounting for limited companies
10: Incomplete records
11: Statements of cash flows
12: Accounting ratios and interpretation of financial statements
13: Consolidation of financial statements
14: Accounting for partnerships

Section C : Accounting for Current assets and liabilities#
15: Bank account and bank reconciliation
16: The Journal and correction of errors
17: Control accounts
18: Accounting for sales tax (VAT) and payroll

Section D :  The Conceptual Framework
19: Conceptual framework of accounting
20: Revenue recognition

Section E : Accounting for Non-current assets, Liabilities and Provisions
21: Accounting for tangible non-current assets
22: Accounting for intangible non-current assets and government grant
23: Liabilities, Provisions. Contingencies and Events after the Reporting Date




New to this edition

  • Content and chapter structure have been revised to match a wider number of course syllabi.
  • Includes a new chapter on Disposal, revaluation and impairment of non-current assets.
  • Detailed worked solutions to over 800 multiple choice questions are now available on the accompanying website.
  • Features & benefits

    • A clear explanation of double entry bookkeeping, and the preparation and analysis of financial statements for individuals, partnerships, limited companies and groups of companies prepared in accordance with International Accounting Standards.
    • Demonstrates the broad impact of financial accounting, considering its affect on individuals, banking systems and practices, sole traders, partnerships and limited companies.
    • Over 160 in-text activities with detailed solutions to help build understanding of key concepts and skills before attempting Progressive Questions
    • Over 160 Progressive Questions with detailed solutions, including past Examination Board questions to develop confidence
    • 800 in text multiple choice questions with detailed on-line solutions in the Student’s Companion Website
    • Over 80 end of chapter Test Questions with on-line solutions for instructors, including past Examination Board questions.


    Author biography

    Augustine Benedict is an accounting lecturer known for his innovative approach and ability to bring the subject to life. He has substantial experience of teaching and examining the subject at undergraduate and professional levels.


    Barry Elliott is a training consultant with extensive teaching experience at undergraduate, postgraduate and professional levels in the UK, China, Hong Kong, New Zealand and Singapore. He has acted as an external examiner within both higher and professional education.