Financial Accounting, Canadian Edition, 9th edition

Published by Pearson Canada (February 11, 2026) © 2027
  • Wendy M. Tietz
  • C William Thomas
  • Greg Berberich
  • Catherine Seguin

Title overview

For courses in introductory financial accounting.

Financial Accounting has a long-standing reputation in the marketplace for being readable and easy to understand. It drives home fundamental concepts using relevant examples from real world companies in a reader-friendly way without adding unnecessary complexity. While maintaining hallmark features of accuracy, readability, and ease of understanding, the Canadian edition includes updated explanations, coverage, and ratio analysis with decision-making guidelines. These time-tested methodologies with the latest technology ensure that students learn basic concepts in accounting in a way that is relevant, stimulating, and fun, while exercises and examples from fictional and real-world companies help students gain a better grasp of the course material.

Financial Accounting gives readers a solid foundation in the fundamentals of accounting and the basics of financial statements, and then builds upon that foundation to offer more advanced and challenging concepts and problems. The concepts and procedures that form the accounting cycle are also described and illustrated early in the text (Chapters 2 and 3), and are then applied consistently in the chapters that follow. This scaffolded approach helps students better understand the meaning and relevance of financial information, see its significance within a real-world context, and develop the skills needed to analyze financial information in both their courses and career.

Hallmark Features

  • Learning Objectives Focused on Technology and Analytics Technology. are integrated throughout accounting and business. To prepare our students for careers in business, we need to emphasize the importance of technology and data analytics in the field of accounting. To support that integration of technology and analytics, a learning objective appears at the end of almost every chapter, and focuses on how these technologies can be used to increase the value and understandability of accounting information. Each of these learning objectives provides a basic overview and application of the targeted technology, not a deep dive into the technology.
  • Critical Thinking Questions.> in each chapter help students apply the chapter material to questions that are less directed and that require more thoughtful application of the chapter concepts in written answers.
  • Ethical Decisions section in every chapter includes scenarios that require students to apply ethical principles from the CPA Canada Code of Professional Conduct.
  • Coverage of Inventory Systems in Chapter 5 covers inventory and cost of goods sold. The perpetual inventory system is the focus of the chapter, with full coverage of the periodic system provided in the chapter’s appendix. Material to address the IFRS preference for accruing a liability for potential sales returns (net approach) is provided along with related end-of-chapter questions. The ASPE preference for the gross approach for recording sales continues to be covered and has related end-of-chapter questions.

New to this Edition

  • All materials have been updated to reflect the IFRS and ASPE principles in effect at the time of writing. Directly after the Learning Objectives, each chapter includes a list of relevant specific, foundational, and sub-foundational competencies from the CPA Competency Map 2.0 addressed in that chapter. A summary of IFRS and ASPE differences is provided at the end of several chapters to identify the differences that exist between these two sets of principles.
  • NEW To help students learn about careers that include financial accounting and about how accounting can be a great career, a new learning objective has been added to Chapter 1. It discusses various career paths for accountants and the inclusiveness of accounting as a career, as well as professional certifications in accounting.
  • NEW Coverage of environmental, social, and governance (ESG) topics has been integrated in chapters where it is applicable. In Chapter 1, a new learning objective has been added that introduces the concept of ESG and how it applies to accounting in general. Chapter 5 includes ESG concepts related to inventory. Chapter 7 includes a discussion about ESG concepts related to “green” long-term bonds payable. In Chapter 10, a new learning objective has been added that covers reasons for assessing ESG factors and ways to assess ESG performance in the financial analysis of a company.

Key features

Digital Assets in MyLab Accounting

  • AI Study Tool. Designed for students who want to save time and study efficiently, this eText includes Pearson’s new genAI study tool. When they open their eText, students can click the AI icon (available on any page) and request summaries, explanations, or practice questions. This tool offers consistent guidance when needed and provides quick, personalized support and feedback by referencing content from their Pearson text.
  • NEW Gap Finder on MyLab evaluates student readiness in prerequisite math and graphing skills for business courses to identify at-risk students. It detects where students struggle, allowing Gap Filler to create personalized learning paths to address these gaps early in the term. Gap Finder and Gap Filler can be found in the Dynamic Study Modules for your course immediately following the Intro module.
  • NEW Mini-Sims are short simulations that put students in business roles and give them the opportunity to apply course concepts as they make decisions. Students begin by making a series of decisions to better understand and apply course concepts. The Mini-Sim then changes, branching and creating various scenario paths based on the answers given. This provides students with a personalized learning experience and the opportunity to build and develop their critical thinking skills.
  • New data analytics projects offer students hands-on practice in mining, analyzing, and reporting on data. Each project contains a list of requirements, a data set from a real company, a tutorial video, and instructions for using software such as Excel, Power BI, or Tableau. Using these tools, students learn how to extract and examine key information about a company related to its products, operations, and consumer buying habits. With this experience and knowledge, students are able to make smarter business decisions and are better prepared for the workforce.
  • Problem walkthrough videos lead students through selected end-of-chapter Exercises and Problems and their solutions. They help students understand essential and sometimes-challenging introductory financial accounting concepts. The videos appear in the eTextbook and can be assigned through the multimedia library of MyLab.
  • In each chapter, there are several Excel auto-graded homework assignments. For these assignments, the students use Excel® to do the homework assignment and then submit their Excel file for automatic grading. For each of these Excel® auto-graded homework assignments, instructors have the choice of assigning them with step-by-step tutorial videos or without the tutorial videos.
  • Accounting Cycle Tutorial. Accounting Cycle Tutorial lets students practice each step of the accounting cycle using engaging, interactive content, helping them master the cycle for early and continued success in their course.
  • ACT Comprehensive Problem. The Accounting Cycle Tutorial now includes a comprehensive problem that allows students to work with the same set of transactions throughout the accounting cycle. The comprehensive problem, which can be assigned at the beginning or the end of the full cycle, reinforces the lessons learned in the Accounting Cycle Tutorial activities by emphasizing the connections between the accounting cycle concepts.
  • Time Value of Money Tutorial. The Time Value of Money Tutorial in MyLab Accounting ensures that students understand the basic theory and formulas of the TVM, while also helping test their ability to apply the TVM in the measurement of financial statement items. Students work through two sections. The first is to help them understand the theory using whatever method the instructors choose (manually, through Excel®, with tables, or via a calculator). The second is to give students the opportunity to apply the theory by giving them a number of scenarios regarding each financial statement.
  • Dynamic Study Modules. Using a highly personalized, algorithmically driven process, Dynamic Study Modules continuously assess student performance and provide additional practice in the areas where they struggle the most. Each Dynamic Study Module, accessed by computer, smartphone or tablet, promotes fast learning and long-term retention.

Table of contents

  1. The Financial Statements
  2. Recording Business Transactions
  3. Accrual Accounting and the Financial Statements
  4. Cash and Receivables
  5. Inventory and Cost of Goods Sold
  6. Property, Plant, and Equipment, and Intangible Assets
  7. Liabilities
  8. Shareholders' Equity
  9. The Statement of Cash Flows
  10. Financial Statement Analysis

Author bios

C. William (Bill) Thomas is the J. E. Bush Professor of Accounting and a Master Teacher at Baylor University. A Baylor University alumnus, he received both his BBA and MBA there and went on to earn his PhD from The University of Texas at Austin.

With primary interests in the areas of financial accounting and auditing, Bill Thomas has served as the J. E. Bush Professor of Accounting since 1995. He has been a member of the faculty of the Accounting and Business Law Department of the Hankamer School of Business since 1971, and served as chair of the department for 12 years. He has been recognized as an Outstanding Faculty Member of Baylor University as well as a and Distinguished Professor for the Hankamer School of Business. Dr. Thomas has received many awards for outstanding teaching, including the Outstanding Professor in the Executive MBA Programs as well as designation as Master Teacher.

Thomas is the author of textbooks in auditing and financial accounting, as well as many articles in auditing, financial accounting and reporting, taxation, ethics, and accounting education. His scholarly work focuses on the subject of fraud prevention and detection, as well as ethical issues among accountants in public practice. He presently serves as the accounting and auditing editor of Today’s CPA, the journal of the Texas Society of Certified Public Accountants, with a circulation of approximately 28,000.

Thomas is a certified public accountant in Texas. Prior to becoming a professor, Thomas was a practicing accountant with the firms of KPMG, LLP, and BDO Seidman, LLP. He is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Texas Society of Certified Public Accountants.

Wendy M. Tietz is a professor for the Department of Accounting in the College of Business Administration at Kent State University, where she has taught since 2000. She teaches introductory financial and managerial accounting in a variety of formats, including large sections, small sections, and web-based sections. She has received numerous college and university teaching awards while at Kent State University. Most recently she was named the Beta Gamma Sigma Professor of the Year for the College of Business Administration.

Dr. Tietz is a Certified Public Accountant, a Certified Management Accountant, and a Chartered Global Management Accountant. She is a member of the American Accounting Association (AAA), the Institute of Management Accountants (IMA), and the American Institute of Certified Public Accountants (AICPA). She has published in Issues in Accounting Education, Accounting Education: An International Journal, and Journal of Accounting & Public Policy. She received the 2014 Bea Sanders/AICPA Innovation in Teaching Award for her accounting educator blog entitled, Accounting in the Headlines. She regularly presents at AAA regional and national meetings. Dr. Tietz is also the co-author of a managerial accounting textbook, Managerial Accounting, with Dr. Karen Braun.

Tietz received her PhD from Kent State University. She received both her MBA and BSA from the University of Akron. She worked in industry for several years, both as a controller for a financial institution and as the operations manager and controller for a recycled plastics manufacturer.

Tietz and her husband, Russ, have two grown sons. In her spare time, she enjoys walking, reading, and exploring new technology. She is passionate about using technology to expand the boundaries of the traditional classroom.

Greg Berberich, CPA, CA, PhD, is the Director of the Masters of Accounting program in the School of Accounting and Finance at the University of Waterloo, where he has been

a Lecturer since 2011. Before that, he was a faculty member at Wilfrid Laurier University for nine years. He obtained his BMath and PhD from the University of Waterloo and completed his CPA and CA in Ontario.

Berberich has taught financial accounting, auditing, and a variety of other courses at the undergraduate and graduate levels. He has presented papers at a variety of academic

conferences in Canada and the United States and has served on the editorial board of the journal Issues in Accounting Education. Berberich was also the Treasurer of the Society for

Teaching and Learning in Higher Education and the Associate Director of Teaching and Learning in Waterloo’s School of Accounting and Finance. He has written a number of cases for use in university courses and professional training programs.

Catherine I. Seguin, MBA, CGA, is an Associate Professor, Teaching Stream, at the University of Toronto Mississauga. She also acts as Dean’s Designate for academic offences

in the Social Sciences. She has written the following books: Understanding Accounting for Not-for-Profit Organizations and Accounting for Not-for-Profit Organizations for Carswell (Thomson-Reuters) and Not-for-Profit Accounting, published by CGA Canada. In the not-for-profit community, she has served as Treasurer on several different boards.

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