Horngren's Financial & Managerial Accounting, 7th Edition

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About the book

The latest, most relevant content helps students see the connection between accounting concepts and real businesses

• UPDATED - Data and research, including any years and numbers as they relate to real companies (such as Kohl’s and Target), ensures students have relevant examples to help them engage with the course.
• NEW and UPDATED - Discussions of important concepts and calculations help students to better understand the material. They include:
• Financial Chapter 1 “Accounting and the Business Environment” discusses accountants’ need for technology skills and knowledge. It also clarifies the discussion on equity to help students better understand the changes in equity based on customer feedback.
• Financial Chapter 2 “Recording Business Transactions” covers data analytics and the chart of accounts.
• Financial Chapter 5 “Merchandising Operations” clarifies discussion of how a periodic inventory system records estimated sales returns. The order of purchase and sales sections has also been realigned to better explain how a company records these transactions.
• Financial Chapter 6 “Merchandise Inventory” includes added explanation for how to calculate inventory cost flow for FIFO, LIFO, and weighted average under the perpetual method.
• Financial Chapter 11 “Current Liabilities and Payroll” contains updated payroll tax information for 2019.
• Managerial Chapter 1 “Introduction to Managerial Accounting” offers updated info on the IMA Statement of Ethical Professional Practices to reflect changes made by IMA on July 1, 2017.
• Managerial Chapter 2 “Job Order Costing” has a new Learning Objective for calculating Cost of Goods Manufactured and Cost of Goods Sold for easier teaching, learning, and assessment activities.
• Managerial Chapter 8 “Flexible Budgets and Standard Cost Systems” includes updated direct materials calculations (i.e., cost vs. efficiency variance), so that inputs do not equal outputs.
• NEW - Employability coverage throughout the text highlights the importance of accounting credentials in today’s job market. 
• Early on, the text discusses additional designations accounting majors can earn, including Certified Global Management Accountant (CGMA) and Certified Financial Planner (CFP). 
• Later in the managerial chapters, the text covers professional certifications that management accountants can obtain -- Certified Management Accountant (CMA) and Chartered Global Management Accountant (CGMA).

Student-centric features help facilitate learning

• Chapter Openers present relatable stories that set up the concepts to be covered in the chapter. Students then learn the implications of those concepts on a company’s reporting and decision-making processes.
• NEW - Data Analytics in Accounting features highlight real companies that are now using data analytics to track inventory, monitor cash flow, forecast sales, and maximize profits. Also discussed are advances in technology, including robotic process automation and artificial intelligence, and how they relate to the work management accountants perform. 
• Helios Digital E-Cases use the power of storytelling to engage students and help them connect course content to real-world scenarios. Delivered in partnership with Helios Digital Learning, these multimedia e-cases illustrate fraud and ethical principles using real-life characters, experiences, and stories. Narratives speak to students, not at them, creating an immersive and engaging learning experience through which students acquire, retain, discuss, and integrate important course concepts and ethical lessons.
• Common Questions, Answered is rooted in the authors’ teaching experiences over the years, and offers additional help with patterns and rules that consistently confuse students. Located in the text’s margin next to where the answer or clarification can be found, they help students better understand difficult concepts.
• Instructor Tips & Tricks throughout the text mimic the experience of having an experienced teacher walk a student through concepts on the board. Many include mnemonic devices or examples to help students remember the rules of accounting.
• Effects on the Accounting Equation illustrations help students see connections between transactions, as well as how transactions fit into the bigger picture. Located next to every journal entry, they reinforce the connections between recording a transaction and the effect those transactions have on the accounting equation.
• NEW - Additional visuals help students better understand the concepts being presented.
• NEW - Key Terms focus on the concepts central to students’ learning, including Lean Management System, Relevant and Irrelevant Revenue, and more.

Opportunities for practice help students strengthen their critical-thinking and analysis skills

• UPDATED - Check Your Understanding boxes let students gauge their comprehension of the material and have been updated to include new accounts introduced under the Revenue Recognition Standard.
• Try It! boxes found after each learning objective and at the end of the chapter give students the opportunity to apply the concepts they’ve just learned by completing an accounting problem. 
• Things You Should Know provide students with a brief review of each learning objective presented in a question and answer format, helping to prepare them for exams. Students can also link to multimedia materials from within the Enhanced eText in MyLab.
• Decisions Boxes highlight common questions that business owners face, prompting students to determine the course of action they would take based on concepts covered in the chapter.
• UPDATED - Tying It All Together boxes tie together key concepts from the chapter using the company highlighted in the chapter opener. 
• The in-chapter box presents scenarios and questions that the company could face and focuses on the decision-making process. The end-of-chapter business case helps students synthesize the concepts of the chapter and reinforce critical thinking. 
• Updates to the 13th edition include Chipotle (and the unauthorized malware activity that occurred in April 2017) (Financial Chapter 7), Amazon (Financial Chapter 8), and discussion of how companies are using zero-based budgeting (Managerial Chapter 7).
• A Continuing Problem exposes students to recording entries for a service company and then moving into recording transactions for a merchandiser later on. Its continuity helps students to see concepts all the way through and make connections between topics throughout the text. 
• A Practice Set provides another opportunity for students to practice the entire accounting cycle. The practice set uses the same company in each chapter, but is often not as extensive as the continuing problem.
• Comprehensive Problems, located in select interrelated chapters, help students make connections between topics.
• Financial Chapters 1-4 covers the entire accounting cycle for a service company.
• Financial Chapters 5-6 looks at the entire accounting cycle for a merchandise company.
• Financial Chapters 7-9 covers cash, receivables, and long-term assets transactions and analysis.
• Financial Chapters 11-13 examines payroll, other current liabilities, long-term liabilities, and stockholders’ equity transactions and analysis.
• Managerial Chapters 1-5 discusses fundamental managerial accounting concepts: job ordering, process costing, cost management systems, and cost-volume-profit analysis.
• Managerial Chapters 7-9 explores planning and control decisions for a manufacturing company, including a master budget, flexible budget, variance analysis, and performance evaluation.
• Managerial Chapters 10-11 reviews decision making, both short-term business decisions and capital budgeting decisions.
• NEW and UPDATED - End-of-chapter problems and exercises help students build skills to analyze and interpret information and apply reasoning and logic to new or unfamiliar ideas and situations. Updates include:
• a list of accounts based on customer feedback, and an exercise that specifically incorporates critical-thinking skills (Financial Chapter 2). 
• a calculation of interest expense (Financial Chapter 3).
• options for professors who do not want to cover Sales Returns and Allowances (i.e., Estimated Returns Inventory and Refunds Payable) (Financial Chapter 5).
• an exercise for additional practice on journal entries for the allowance method (Financial Chapter 8).
• an exercise on the triple bottom line (Managerial Chapter 1).
• an exercise on completing job cost sheets (Managerial Chapter 2).
• updated labor costs to $10 per hour (Managerial Chapter 8).

Reach every student with MyLab

• Teach your course your way: Your course is unique. So whether you’d like to build your own assignments, teach multiple sections, or set prerequisites, MyLab gives you the flexibility to easily create your course to fit your needs.
• Question Types - MyLab offers the flexibility to assign problems through a variety of Question Types, including Final Answer, Open Response, Static, Algorithmic Testbank, Excel Projects, and General Ledger questions.
• NEW - Data Analytics Projects offer students hands-on practice in mining, analyzing, and reporting on data. Each project contains a list of requirements, a dataset 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.
• Empower each learner: Each student learns at a different pace. Personalized learning pinpoints the precise areas where each student needs practice, giving all students the support they need -- when and where they need it -- to be successful.
• The 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.
• Excel Projects - Using proven, field-tested technology, auto-graded Excel Projects let you seamlessly integrate Microsoft^® Excel^® content into your course without having to manually grade spreadsheets.
• Deliver trusted content: You deserve teaching materials that meet your own high standards for your course. That’s why we partner with highly respected authors to develop interactive content and course-specific resources that you can trust -- and that keep your students engaged. 
• Video Exercises - Choose from a variety of engaging videos that explore multiple business topics related to the theory students are learning in class. Exercise quizzes assess students’ comprehension of the concepts in each video.
• Accounting in the Headlines - With MyLab, you can incorporate recent news articles from the award-winning blog by Wendy Tietz, into your course material. By featuring real companies and events that speak to students, Accounting in the Headlines can help you effectively illustrate introductory financial and managerial accounting concepts.
• Improve student results: When you teach with MyLab, student performance often improves. That’s why instructors have chosen MyLab for over 15 years, touching the lives of over 50 million students.