Fundamental Financial Accounting Concepts - By Thomas P. Edmonds, Frances M. McNair, Edward E. Milam, Philip R. Olds, Cindy D. Edmonds, Nancy W. Schneider (Hardcover, released 01 May, 2002)
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Manufacturer: McGraw-Hill Companies
ISBN: 0072472960
ASIN: 0072472960
SalesRank: 734112
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- By Thomas P. Edmonds, Frances M. McNair, Edward E. Milam, Philip R. Olds, Cindy D. Edmonds, Nancy W. Schneider
Rating: 4 I've read the reviews stating that this is a confusing book. I disagree completely. Although the author does not immediately delve into traditional T-accounts, the introduction of the "horizontal model" serves as a good foundation for building the awareness of the accounting equation that should be second nature BEFORE tackling T-accounts. The text's preface states: "A horizontal financial statements model replaces the accounting equation as the predominant teaching platform. The model enables students to VISUALIZE THE SIMULTANEOUS EFFECTS OF A SINGLE BUSINESS EVENT on the income statement, balance sheet, and statement of cash flows." I felt as though this methodology was very effective for my learning style. Recording transactions in T-accounts came almost as second nature after mastering the horizontal model. The "Working Papers" (a separate workbook) makes doing the assigned problems easy by providing a ready-made template for each problem. If you've had to draw your own T-accounts or your own journal in a notebook before, you will definitely appreciate this. This text serves as a good introduction to the skills necessary to master financial accounting. Rating: 1 This Book begins using something called horizontial statments and then in chapter 5 switches to regular T accounts thus confusing students completely, I have yet to find a student that tells me the book is easy to understand or useful. It would be helpful if there was a solutions manual. Our school will change books next semester. It's not even good enough to make dorm furniture. Rating: 5 This book is an excellent book to go with a Financial Accounting course. Everything is laid out in plain English, and shows you in diagrams and models exactly how each kind of transaction works. I recommend for professors everywhere to adopt this book for their clases. I'm glad mine did!
A good book with the right instructor
Most Confusing Accounting Textbook On The Market Today.
Great college companion!