Part 1 Introduction to financial accountingThe background and the main features of financial accountingRecording transactionsInventoryThe effect of profit or loss on capital and the double entry system for expenses and revenuesBalancing-off accountsThe trial balanceMultiple-choice questions: Set 1Part 2 The financial statements of sole proprietorsIncome statementsBalance sheetsIncome statements and balance sheets: further considerationsAccounting concepts and the conceptual frameworkPart 3 Books and transactionsBooks of original entry and ledgersCash booksThe analytical petty cash book and the imprest systemAccounting for sales, purchases and returnsThe journalValue added tax (VAT)Multiple-choice questions: Set 2Part 4 Adjustments to financial statementsMaths for accountingInventory valuationBad debts, allowances for doubtful debts, and allowances for prompt payment discountsCapital expenditure and revenue expenditureDepreciationAccruals and prepaymentsMultiple-choice questions: Set 3Part 5 Controls, checks and errorsControl accountsBank reconciliationsErrors not affecting the balancing of the trial balanceSuspense accounts and errorsSingle entry and incomplete recordsScenario questionsPart 6 Further accounting proceduresIntroduction to the statement of cash flowsReceipts and payments accounts and income and expenditure accountsJoint venturesMultiple-choice questions: Set 4Part 7 Accounting for partnershipsPartnershipsGoodwill for sole proprietors and partnershipsRevaluation of partnership assetsPartnership dissolutionPart 8 Accounting for companiesIntroduction to accounting for companiesThe published financial statements of companiesThe statement of cash flows for companiesPart 9 An introduction to financial analysisAccounting ratiosAnalysis and interpretation of financial statementsPart 10 Accounting todayAccounting todayMultiple-choice questions: Set 5AppendicesAnswers to review questionsAnswers to multiple-choice questionsGlossary

Prepare for your exams and learn essential accounting techniques with this bestselling introduction to financial accounting    Frank Wood's Business Accounting, 15th edition, by Alan Sangster and Lewis Gordon is the world's bestselling textbook on bookkeeping and accounting. It is an uncomplicated introduction to what financial accounting is and does, teaching important accounting ideas and methods and using a straightforward style that is easy to digest whether you are new to accounting or not.   Used by generations of students and professionals across the globe, this book provides clear explanations of essential principles and concepts you need to have an understanding of accounting, including the meaning of important terminology, fundamental bookkeeping and accounting techniques, the key financial statements, and the crucial importance of accounting in any business.   Key features of the book include:   Easy to digest format where topics are explained in short chapters  Regular in-chapter activities ensure you can practise and apply what you are learning, with answers provided in the book Three brand new chapters on the financial statements of companies, each one incorporating a bank of new end-of-chapter questions, provide significantly enhanced coverage of this all-important topic Integrated, up-to-date coverage of relevant International Financial Reporting Standards (IFRS) Extensive updates to several chapters to reflect the latest developments, including the IASB's Conceptual Framework for Financial Reporting 2018. Review questions, over 100 of which are new for this edition, along with five extensive sets of multiple-choice test questions and a set of scenario questions, encourage active learning of core accounting and bookkeeping topics     Also available with MyLab Accounting   MyLab™ Accounting is the teaching and learning platform that empowers you to reach every student. By combining trusted author content with digital tools and a flexible platform, MyLab personalises the learning experience and improves results for each student.     ‘A well-structured, easy-to-read introduction to the subject. Packed full of examples, it is a must have for students and professionals alike.'  Dr Sarah Borthwick, Edinburgh Napier University    Alan Sangster is Professor of Accounting History at the University of Aberdeen and was previously Professor of Accounting at universities in the UK, Brazil and Australia.  Lewis Gordon is Senior Lecturer in Accounting at the University of Liverpool, and has extensive experience of teaching financial accounting at undergraduate and professional levels.  Frank Wood was the original author of this text and remains one of the world's best-selling authors of accounting textbooks.  Pearson, the world's learning company.    

‘A well-structured, easy-to-read introduction to the subject. Packed full of examples, it is a must-have for students and professionals alike.'  Dr Sarah Borthwick, Edinburgh Napier University  ‘In a competitive market Frank Wood's Business Accounting remains the most consistent and robust text. The changes made in this edition represent a significant improvement, especially in relation to limited company accounts.'  Mark Holmes, Assistant Professor in Accounting, Coventry University

Hallmark Features of This Title Introduce your students to the key principles of Financial Accounting. The text's accessible nature will facilitate your teaching process, even for students who have never studied accounting before.The content covers the fundamental accounting techniques and essential financial statements, as required by the major professional accountancy bodies. Allow your students to benefit from the features of this leading textbook. The learning objectives and outcomes at the start and end of each chapter set the context for your teaching and help you manage learning expectations for your students.A range of in-chapter activities encourages your students to practice and self-test their understanding of the subject, followed by answers at the end of each chapter.

Enable group work and individual learning and revision with helpful pedagogical features seamlessly woven into the text. An additional range of short in-chapter activities with answers provided at the end of each chapter, integrates theory with practical application, allowing your students to self-test their learning and develop critical thinking skills.Over a hundred new, end-of-chapter review questions support your students' learning of core accounting and bookkeeping methods and principles.An additional series of scenario questions along with five new sets of multiple-choice questions, allow your students to self-test their knowledge and assess their understanding of the topics.An updated, full set of solutions is provided, some within the book and some as a download available for lecturers, found in the Solutions Manual. Updated content reflects the changes in the field. Three new chapters on accounting for companies have been added, with a set of new end-of-chapter review questions, providing an extensive discussion of companies' financial statements.Updated principles and methods according to the latest International Financial Reporting Standards (IFRS) provide more accurate information and a closer alignment with the latest professional practices.