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Frank Wood's Business Accounting, 16th edition

Published by Pearson (February 26, 2025) © 2025

  • Alan Sangster University of Aberdeen
  • Lewis Gordon University of Liverpool

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Title overview

The market-leading textbook in financial accounting and ideal learning resource for your students

Frank Wood's Business Accounting, 16th edition, is one of the world's best-selling textbooks on bookkeeping and accounting.

Used by generations of instructors across the globe, the book is an excellent support to your teaching as you guide your students through the most important accounting practices today.

Pair this text with MyLab® Accounting.

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 exam 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.

"If you have no knowledge of accounting whatsoever, this is the book you would want to use. It takes you through slowly, bit-by-bit, and chapters are short and to the point. I love this book."

Caroline Teh, Assistant Professor, Jönköping University, Sweden

"Essential for introductory accounting teaching for both specialist and non-specialist students. It skilfully progresses from the basics, employing insightful examples and questions for effective experiential learning."

Kudz Munongi, Senior Lecturer in Finance and Accounting, University of Sunderland

New and updated features of this title

Encourage your students to engage in group work and individual learning with helpful pedagogical features

  • New and updated chapter activities with answers provided at the end of each chapter integrate theory with practical application, allowing your students to self-test their learning.
  • Over a hundred new, end-of-chapter review questions support your students' learning of core accounting and bookkeeping methods and principles.
  • Five revised sets of multiple-choice questions allow your students to self-test their knowledge 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

  • Substantial updates to more than half of the 35 chapters, ensuring continued alignment with modern accounting techniques as well as incorporating many more worked examples and in-chapter activities
  • Updated coverage of relevant International Financial Reporting Standards (IFRS) provides more accurate information and a closer alignment with the latest professional practices.
  • Enhanced coverage of ratio analysis, with a greater emphasis on interpreting the financial statements of companies

Digital features

Features of Pearson eTextbook for the 16th Edition

Extend learning beyond the classroom with Pearson eTextbooks – the easy-to-use digital textbook.

Optimise study time 

  • Find it fast. Enhanced search makes it easy to find a key term or topic to study. Students can also search videos, images, and their own notes. 
  • Get organised and get results. Students can customise how they study and add their own notes, bookmarks, and highlights directly in their eTextbook. 
  • Study in a flash. Students can use pre-built flashcards or create their own to study how they like. 

Meet students where they are 

  • Read online or offline. With the mobile app, you and your students can access your eTextbook anytime, even offline. 
  • Listen anywhere. Learners can listen to the audio version of their eTextbook for most titles, whether at home or on the go. 
  • Watch and learn. Videos and animations within the eTextbook bring tricky concepts to life (available in selected titles). 

Find out more about Pearson eTextbook.

Features of MyLab® Accounting for the 16th Edition

Powerful self-study material and assessments

  • Teach your course your way:  Create a course to fit your needs by building your own assignments, curating and customising practice questions and more.
  • Deliver trusted content: We partner with highly respected authors to develop exercises and course-specific resources that you can trust and will keep your students engaged.
  • NEW video exercises consolidate your students' understanding of concepts. Topics include prepayments, accruals, bad debts, depreciation methods, and more.
  • Learning aids, such as “Help Me Solve This”, provide extra step-by-step help that students can access when they need it – outside of more formal tests.
  • Empower each learner: See the progress of your students' assignments – current, past, and future – via the dashboard and a full gradebook, helping you see the areas they need to improve.

Enhancements to MyLab Accounting allow a broader range of exercises for students to work through

  • Over 775 exercises are now available in MyLab for you offering a greater variety of questions for formative or summative work, including hundreds of algorithmic numerical questions individual to each student.
  • New questions for this 16th edition include more challenging content suited to summative tests. Track your students’ performance in the sophisticated Gradebook. 
  • Case Studies in MyLab Accounting introduce your students to a real-world decision-making environment, followed by questions for group discussion in class and multiple-choice questions, which automatically grade and feed into the Gradebook. 
  • In response to feedback from lecturers and teaching staff, the five financial problems that use Excel now include instructional video links to support your students' learning of performing functions in Excel. The auto-graded system in the Gradebook allows your students to assess their work in Excel and identify the areas they need to improve. 

Enhance student learning with MyLab®Accounting.

Table of contents

  • Contents
  • Notes for teachers and lecturers
  • Notes for students
  • Publisher’s acknowledgements

Part 1 Introducing financial accounting and the double entry system

  1. Introducing financial accounting and the balance sheet
  2. The double entry system for assets, liabilities and capital
  3. The double entry system for income and expenses
  4. Double entry for purchases and sales of inventory
  5. Balancing off ledger accounts
  6. The trial balance

Multiple-choice questions: Set 1

Part 2 The financial statements of sole traders

  1. Income statements
  2. Balance sheets
  3. Income statements and balance sheets: further considerations
  4. Accounting concepts and the Conceptual Framework

Part 3 Adjustments before preparing financial statements

  1. The valuation of inventory
  2. Bad debts and allowances for doubtful debts
  3. Capital expenditure and revenue expenditure
  4. Non-current assets: depreciation and disposals
  5. Accruals and prepayments

Multiple-choice questions: Set 2

Part 4 Books of original entry

  1. Books of original entry, source documents, and ledger systems
  2. A system for recording sales and purchases made on credit terms
  3. The cash book and the petty cash book
  4. The journal and the payroll
  5. Value added tax (VAT)

Multiple-choice questions: Set 3

Part 5 Controls, checks and errors

  1. Bank reconciliations
  2. Control accounts for trade receivables and trade payables
  3. Errors not affecting trial balance agreement
  4. Suspense accounts and errors
  5. Single entry and incomplete records

Scenario questions

Part 6 Further financial accounting procedures

  1. Introduction to the statement of cash flows
  2. Receipts & payments accounts and income & expenditure accounts

Multiple-choice questions: Set 4

Part 7 Accounting for partnerships

  1. Introduction to accounting for partnerships
  2. Goodwill for sole traders and partnerships
  3. Revaluation of partnership assets
  4. Partnership dissolution

Part 8 Accounting for companies

  1. Introduction to accounting for companies
  2. The published financial statements of companies
  3. The statement of cash flows for companies

Part 9 An introduction to interpreting financial statements

  1. Ratio analysis and the interpretation of financial statements

Multiple-choice questions: Set 5

Appendices

  1. Answers to review questions
  2. Answers to multiple-choice questions
  3. Glossary
  • Index

Author bios

Alan Sangster is Professor of Accounting History at the University of Aberdeen and was previously a 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 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.

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Pearson eText

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Empower your students, in class and beyond

Meet students where they are with MyLab®, and capture their attention in every lecture, activity, and assignment using immersive content, customized tools, and interactive learning experiences in your discipline.