Financial Accounting, 12th Edition
By Jerry J. Weygandt, Paul D. Kimmel and Jill E. Mitchell
Financial Accounting, 12th Edition provides a practical introduction to financial accounting with a hands-on, active learning experience to improve student understanding, retention, and engagement. Students work through interactive tools that present bite-sized learning, video-based instruction with just-in-time homework support, high-quality assessment, and Adaptive Assignments, allowing students to learn concepts more efficiently and understand the why and how of accounting application.
Financial Accounting, 12th Edition and WileyPLUS also include a variety of hands-on activities and resources that enhance practical learning and key skills, including case-based learning, Gradable Excel assignments, various data analytics tools including the Data Analysis Technology Bootcamps, real-world videos, and leading industry topics such as ESG. These applications expose students to market-leading software and help develop critical thinking and business decision-making skills, preparing students for future job success no matter what path they take.
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Learn Accounting Concepts Efficiently
Help close the accounting cycle knowledge gap with the WileyPLUS Accounting Cycle Simulation. Students receive scenario-based practice with core steps of the accounting cycle, step-by-step learning and reinforcement of foundational building blocks, and detailed coach’s comments to provide dynamic, just-in-time feedback. Through this guided, interactive experience, students will better understand how the accounting cycle works and how each step can be applied to real accounting activities in Introductory Accounting.
Solution Walkthrough Videos provide 24/7, just-in-time homework assistance for hundreds of exercises and problems in the WileyPLUS course. Thes videos break down the process of completing complex homework questions to help students build their understanding of tackling and working through an entire accounting problem, improving their understanding and increasing their confidence.
Adaptive Assignments ignite students’ confidence to persist so they can develop critical skills. By continuously adapting to each students’ needs and providing achievable goals with just-in-time instruction, Adaptive Assignments close knowledge gaps through scaffolded learning. Powered and refined by the Knewton Adaptive Engine, with more than 15 million users, this new assignment type gives instructors the flexibility and control to create targeted adaptive experiences that match their teaching preferences. With actionable analytics to support student and class intervention, Adaptive Assignments makes teaching and learning more efficient than ever.
Interactive Assignments to Keep Students Engaged
Interactive Tutorial Assignments provide a guided walkthrough and review of key chapter content and topics, including Chapter Overview Videos, Lecture Videos for each learning objective, and various real world videos featuring professionals in the field, such as Practice with a Pro and Ask an Expert. Embedded Interactive Knowledge Checks and Do It! questions ensure student understanding and word retention and build confidence. The Interactive Tutorial Assignments are also flexible and can be customizable, available as practice, or assignable for points.
Develop Data Analytics and Literacy Skills
Help students develop foundational data analytics software skills with Data Analysis Technology Bootcamps, available for Excel, Tableau, Power BI, Alteryx, and SQL. Each bootcamp includes Overview Videos, How-To Videos, and Solution Walkthrough Videos to ensure students have the support they need to learn how to use the software and perform specific tasks, as well as assignable application exercises and data sets to help students demonstrate their understanding of the tool in an accounting context.
Power BI and Tableau Visualization Assignments in WileyPLUS familiarize students with popular data analysis tools they will encounter in the workplace. Students analyze a variety of visualizations available in both software programs, completing assessment questions along the way to check their understanding and ability to interpret different forms of information, and practice making informed business decisions.
The WileyPLUS Data Set Library provides instructors with the flexibility to choose how they want to build and assess students’ data analytics skills. A variety of free data sets are available for you to access across all WileyPLUS Accounting courses, saving you valuable time in sourcing out data sets to use with projects, assessments, and homework.
Solve Business Problems with Excel
Gradable Excel Assignments develop the Excel knowledge and skills students need by giving them the opportunity to practice using formulas and functions to complete specific exercises in a real Microsoft Excel worksheet. With exercises based on accounting questions from the book, automatic grading, and immediate and detailed cell-level feedback, students build key skills needed to be competitive in today’s job market while enhancing their understanding of key accounting concepts.
Incorporate Cutting-Edge Topics
Introduce your students to ESG in the accounting context with the WileyPLUS ESG Module, designed to help students understand what ESG is, why it’s important, and how it’s changing the modern accounting and business world. Students work through each pillar of ESG through lessons on Environment, Social, Governance, and Reporting, along with relatable business scenarios with recognizable companies, access to real-world sample reports, and assignable quiz questions.
What’s New to the 12th Edition
- New Accounting Cycle Simulation helps close the accounting cycle knowledge gap through scenario-based, step-by-step practice of foundational building blocks. Students receive dynamic, just-in-time feedback through an interactive, guided experience and learn how the accounting cycle works, as well as how each step can be applied to real accounting activities in Introductory Accounting.
- New Interactive Tutorial Assignments keep students engaged and help break down chapter content and topics with a guided walkthrough that includes interactive Knowledge Check questions to ensure student understanding and retention. The Interactive Tutorial Assignments are available as practice, customizable, and assignable by instructors for points.
- New WileyPLUS ESG Module exposes students to one of the leading topics changing accounting and business practices in industry. Students work through lessons on each pillar of ESG, which include relatable business scenarios with recognizable companies, access to real-world sample reports, and assignable quiz questions.
- New Data Analysis Technology Bootcamps, available for Excel, Tableau, Power BI, Alteryx, and SQL, teach students how to use the software and perform specific tasks with video-based instruction, assignable application exercises, and data sets.
- New Ask an Expert videos feature accounting professionals answering select questions submitted by students to help spotlight modern accounting practices.
- New Practice with a Pro videos feature real accounting professionals walking students through how to understand an important accounting concept and complete a related accounting problem.
Content Changes
- New bulleted text and numbered approach helps highlight key accounting information within each learning objective.
- Added DO ITs! at the end of each learning objective for students to have integrated practice at the point of learning and ensure their understanding before moving on to more advanced material.
- Enhanced discussions in the accounting cycle chapters ensure maximum student understanding of the accounting cycle.
- New Environmental, Social, and Governance (ESG) Insight boxes and Critical Thinking Cases highlight the growing importance of ESG and sustainability reporting.
- New chapter discussions of data analytics at the appropriate level for introductory accounting students.
- New Data Analytics Insight boxes, integrated throughout the content, highlight the use of data analytics by real-world companies.
- New Analytics in Action End-of-Chapter Sections include feature boxes and activities that get students hands-on with data analysis applications within a real Excel environment.
- New real-world company examples to increase student engagement.
- Updated discussions throughout the text to reflect the latest developments in technology that relate to accounting and business.
- Added and updated illustrations throughout offer more visualizations of accounting concepts and to increase student engagement.
- Added Answers to Insight and Accounting Across the Organization Questions near the end-of-chapter.
- Moved A Look at IFRS section online.
Jerry J. Weygandt, PhD, CPA, is Arthur Andersen Alumni Emeritus Professor of Accounting at the University of Wisconsin-Madison. He holds a PhD in accounting from the University of Illinois. Articles by Professor Weygandt have appeared in the Accounting Review, Journal of Accounting Research, Accounting Horizons, Journal of Accountancy, and other academic and professional journals. These articles have examined such financial reporting issues as accounting for price-level adjustments, pensions, convertible securities, stock option contracts, and interim reports. Professor Weygandt is author of other accounting and financial reporting books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Wisconsin Society of Certified Public Accountants. He has served on numerous committees of the American Accounting Association and as a member of the editorial board of the Accounting Review; he also has served as president and secretary-treasurer of the American Accounting Association. In addition, he has been actively involved with the American Institute of Certified Public Accountants and has been a member of the Accounting Standards Executive Committee (AcSEC). He has served on the FASB task force that examined the reporting issues related to accounting for income taxes and served as a trustee of the Financial Accounting Foundation. Professor Weygandt has received the Chancellor’s Award for Excellence in Teaching and the Beta Gamma Sigma Dean’s Teaching Award. He is the recipient of the Wisconsin Institute of CPA’s Outstanding Educator’s Award and the Lifetime Achievement Award. In 2001, he received the American Accounting Association’s Outstanding Educator Award.
Paul D. Kimmel, Ph.D., CPA, received his bachelor’s degree from the University of Minnesota and his doctorate in accounting from the University of Wisconsin. He is a Senior Lecturer at the University of Wisconsin-Madison and was an Associate Professor at University of Wisconsin – Milwaukee. He was the recipient of the UWM School of Business Advisory Council Teaching Award, the Reggie Taite Excellence in Teaching Award, and a three-time winner of the Outstanding Teaching Assistant Award at the University of Wisconsin. He has public accounting experience with Deloitte & Touche (Minneapolis) and was a recipient of the Elijah Watts Sells Award for Honorary Distinction for his results on the CPA exam. He is a member of the American Accounting Association and the Institute of Management Accountants and has published articles in Accounting Review, Accounting Horizons, Advances in Management Accounting, Managerial Finance, Issues in Accounting Education, Journal of Accounting Education, and in other journals. He has authored a number of introductory accounting textbooks, and published papers and given numerous talks on issues related to accounting education.
Jill E. Mitchell, MS, MEd, CIA, is a Lecturer at the McIntire School of Commerce at the University of Virginia. Prior to joining the faculty of McIntire, she was a Professor of Accounting at Northern Virginia Community College (NOVA), where she taught face-to-face, hybrid, and online courses and an adjunct instructor at George Mason University (GMU) where she taught in both undergraduate and graduate programs. She is a past president of the Washington, D.C. Chapter of the Accounting and Financial Women’s Alliance (AFWA), and she served on the board of directors of the Virginia Society of CPAs (VSCPA). She is a member of the American Accounting Association (AAA) and the Institute of Internal Auditors. Jill served on the AAA Education Committee and was the co-chair for the Conference on Teaching and Learning in Accounting (CTLA). Jill was a senior auditor with Ernst & Young’s Business Risk Services practice in Miami, Florida. She is a certified internal auditor and earned an MS in Accountancy from the University of Virginia, an MEd in Instructional Design Technology from George Mason University, and a BBA in Management Information Systems from the University of Georgia. Jill is a recipient of the Outstanding Faculty Award, the Commonwealth’s highest honor for faculty of Virginia’s universities and colleges presented by the State Council of Higher Education for Virginia; the Virginia Community College System Chancellor’s Award for Teaching Excellence; the AFWA’s Women Who Count Award; the AAA Two-Year College Educator of the Year Award; and the AAA/J. Michael and Mary Anne Cook/Deloitte Foundation Prize, the foremost recognition of an individual who consistently demonstrates the attributes of a superior teacher in the discipline of accounting.
Chapter 1: Accounting in Action Chapter 2: The Recording Process Chapter 3: Adjusting the Accounts Chapter 4: Completing the Accounting Cycle Chapter 5: Accounting for Merchandising Operations Chapter 6: Inventories Chapter 7: Fraud, Internal Control, and Cash Chapter 8: Accounting for Receivables Chapter 9: Plant Assets, Natural Resources, and Intangible Assets Chapter 10: Liabilities Chapter 11: Corporations: Organization, Stock Transactions, and Stockholders’ Equity Chapter 12: Statement of Cash Flows Chapter 13: Financial Analysis: The Big Picture Appendix A: Specimen Financial Statements: Apple Inc.* Appendix B: Specimen Financial Statements: PepsiCo, Inc.* Appendix C: Specimen Financial Statements: The Coca-Cola Company* Appendix D: Specimen Financial Statements: Amazon.com, Inc.* Appendix E: Specimen Financial Statements: Walmart Inc.* Appendix F: Time Value of Money* Appendix G: Reporting and Analyzing Investments* Appendix H: Payroll Accounting* Appendix I: Subsidiary Ledgers and Special Journals* Appendix J: Accounting for Partnerships* Appendix K: Other Significant Liabilities* *Available through WileyPLUS or Wiley Custom.