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Fundamental Accounting Principles

© 2011
by John Wild Ken Shaw Barbara Chiappetta

20th Edition Active, In-Print 1204 Pages Hardcover
9780078110870 0078110874

http://www.mhhe.com/wildFAP20e
With 55 years of success in the principles of accounting market, Fundamental Accounting Principles, 20th edition by Wild, Shaw and Chiappetta has endured and adapted to changes in accounting, technology, and student learning styles. Its innovation is reflected in its extensive use of small business examples, the integration of new technology learning tools, superior end-of-chapter material, and a highly engaging, pedagogical design.

1. Accounting in Business

2. Analyzing and Recording Transactions

3. Adjusting Accounts and Preparing Financial Statements

4. Completing the Accounting Cycle

5. Accounting for Merchandising Operations

6. Inventories and Cost of Sales

7. Accounting Information Systems

8. Cash and Internal Controls

9. Accounting for Receivables

10. Plant Assets, Natural Resources, and Intangibles

11. Current Liabilities and Payroll Accounting

12. Accounting for Partnerships

13. Accounting for Corporations

14. Long-Term Liabilities

15. Investments and International Operations

16. Reporting the Statement of Cash Flows

17. Analysis of Financial Statements

18. Managerial Accounting Concepts and Principles

19. Job Order Cost Accounting

20. Process Cost Accounting

21. Cost Allocation and Performance Measurement

22. Cost-Volume-Profit Analysis

23. Master Budgets and Planning

24. Flexible Budgets and Standard Costs

25. Capital Budgeting and Managerial Decisions

New to this Edition

New Global View section: Financial accounting according to U.S. GAAP is similar, but not identical, to IFRS. Towards the end of each chapter, a new "Global View? section highlights the international accounting practices, including the similarities and differences for financial reporting under IFRS versus U.S. GAAP relating to topics covered within that chapter. Most chapters use Nokia's financial statements as compared to Research in Motion to illustrate the differences/similarities between these financial reporting rules and concepts. This feature continues in the Managerial chapters highlighting a global perspective

NEW! McGraw-Hill's Connect uses end-of-chapter material pulled directly from the textbook to create static and algorithmic questions that can be used for practice, homework, quizzes, and tests. FAP 20e Connect also includes Self Quiz and Study (SQS) that connects each student to the learning resources needed for success in the course. For each chapter, students: Take a practice test to initiate the Self Quiz and Study; Immediately upon completing the practice test, see how their performance compares to chapter learning objectives within chapters; Receive a Study Plan that recommends specific readings from the text, supplemental study material, and practice work that will improve their understanding and mastery of each learning objective. All new texts come bundled with Connect Plus at no additional cost (Package ISBN 0077505980.

New Feature Company: Students are provided relevant, real-world companies as a resource tool and motivating force in learning accounting. Research in Motion is the new feature company, which means that each chapter has selected assignments that require student to use, analyze, or interpret its accounting data.

New Comparative Companies: For comparative purposes with Research in Motion, students are provided the financial statements of Apple and Palm. Assignments are included that ask students to compare and interpret Research in Motion, Apple, and Palm data. Nokia an international company, serves as a global comparison for Research in Motion, Apple and Palm. Research in Motion's 2009 Annual Report is packaged in-full with the text as another learning aid, and selected 2009 financial data for all three companies are included in end-of-book Appendix A. Each of these companies is integrated into the end-of-chapter material.

New Opener Companies: Each chapter of the book opens with the manager(s) of a company that applies accounting data for its business decisions. These companies are specifically chosen as motivating forces for students in that they typically reflect hip, innovative, and entertaining entrepreneurs that have successfully applied accounting data to aid in their success. Assignments are included for each chapter that ask students to further expand and apply the accounting methods of that chapter to these feature companies.

New and Updated Assignments: All assignments for each chapter are new, revised, and/or updated. Assignments reflect new accounting pronouncements and business developments in practice.

Updated for New Standards: Materials are updated to reflect new accounting standards that are applicable to the introductory course.

New and Revised Exhibits: The exhibits throughout the book have been updated and revised as necessary to reflect recent data and developments in practice.

Updated Marginal Annotations: Marginal annotations have been updated to include new data when applicable.

Revised Decision Insights: Most Decision Insight boxes are new and reflect recent developments in the business world that are relevant to accounting practice

New or Updated Decision Analysis: The Decision Analysis section at the end of each chapter has been updated to include new or revised company information, analysis, and interpretation. New industry and comparative data are provided where applicable.

Revised Beyond the Numbers Assignments: Beyond the Numbers assignments are revised as necessary to reflect more current financial statements and reports, and other current developments in practice.


Retained Features

Expanded Assignment Materials: Assignment materials are expanded for purposes of engaging students and demonstrating the relevance of accounting in business. For example, many assignments integrate start-up companies, draw on Web applications, require communication and decision-making skills, and benchmark accounting analysis through comparative tests.

Marginal Annotations: Marginal annotations reference the relevance of accounting in today's world. These annotations include student hints to better understand the finer points of accounting.

The Decision Center provides students with a framework throughout the text that reinforces the relevance of accounting information to make business decisions. The following pedagogical tools reinforce the Decision Center framework:
  • Decision Feature vignettes open each chapter. All chapter openers use a real world, entrepreneurial company. The entrepreneurial flavor is unique to this textbook " providing additional student motivation and interest.
  • Decision Maker feature develops critical thinking and decision-making skills by requiring business decisions using accounting information. Each chapter contains two to four of these features. They are purposely chosen to reflect different kinds of users. Examples include investors, cost managers, controllers, consultants, programmers, financial planners, analysts, and creditors. Guidance answers are provided at the end of each chapter.
  • Decision Ethics feature requires readers to make accounting and business decisions with ethical consequences. It uses role-playing to show the interaction of judgment and ethics, the need for ethical awareness, and the impact of ethics. Guidance answers are provided at the end of each chapter.
  • Decision Insight feature highlights interesting and current items from practice that are relevant for accounting. This element helps students link accounting directly to business activities.
  • Decision Analysis section concludes each chapter and emphasizes critical thinking and decision-making skills. Each section introduces one or more tools (ratios) of analysis. It typically applies these tools to actual companies and evaluates the findings. This section often compares (benchmarks) the performance of a company or its division with its competitors.


Beyond the Numbers is a special set of assignment materials that reinforce critical thinking skills and decision making with real company examples and Internet applications. There are up to 9 types of these assignments in each chapter, including:
  • Reporting in Action requires analysis and use of Research in Motion's accounting data. The unique feature allows use of the most current Research in Motion information in the marketplace.
  • Comparative Analysis compares the performance of Research in Motion and Apple. These activities help develop analytical and evaluation skills.
  • Ethics Challenge confronts ethical concerns based on chapter material. Many of these challenges involve actions where the ethical path is blurred.
  • Communicating in Practice exercises aim at applying accounting knowledge to develop written and verbal communication skills in business.
  • Taking It to the Net requires accessing a Website and obtaining information relevant to the chapter. It aims to make readers familiar with online information and aware of the power of Web technology.
  • Teamwork in Action assignments require preparing, analyzing, and using information in teams. They can be completed in or outside of class. These active learning activities reinforce understanding of key topics and help develop interpersonal skills.
  • Entrepreneurial Decision requires readers to apply chapter content and to use accounting information in making business decisions in an entrepreneurial setting. Each assignment is applied to the entrepreneurial setting from the chapter-opening feature.
  • Hitting the Road activities require readers to work outside of the book and often apply interpersonal and communication skills. Tasks range from visits to local merchandisers and phone interviews to critical observations of actual business activities. These assignments help readers understand and appreciate the relevance of accounting.
  • Global Decisions require analysis and evaluation of accounting information from the international company Nokia a global competitor to Research in Motion, Apple and Palm.


CAP Learning Objectives Model categorizes and color-codes learning objectives based on whether they are Conceptual, Analytical, or Procedural. This model helps instructors select and execute a focus for their course?it also highlights that accounting is more than simply procedures. The CAP objectives link text material to the assignments along with additional links to the Test Bank, Solutions Manual, and the Instructor's Resource Manual.

Chapter Linkages (A Look Back, A Look at this Chapter, A Look Ahead) launch each chapter and establish bridges between prior, current, and upcoming chapters. This organizational tool assists readers in effectively learning the materials and helps them link concepts across topics.

Financial Statements of familiar companies are used to acquaint readers with the format, content, and use of accounting information. The financial statements of Research in Motion, Apple, Palm and Nokia are reproduced in the text, and the entire Research in Motion financial statement is available as an optional package with the text.

Entrepreneurial Openers and Follow-Up Assignments: Each chapter is launched with a Decision Feature that introduces an engaging entrepreneurial scenario that shows the relevance of accounting to business. These openers are motivating for students and, accordingly, helpful in teaching and learning accounting. Each chapter returns to the Decision Feature that launches the chapter with an end-of-chapter assignment, titled Entrepreneurial Decision.

End-of-Chapter Materials:
  • Demonstration Problems
  • Chapter Summaries
  • Key Terms
  • Multiple Choice Quizzes
  • Quick Study assignments
  • Exercises
  • Problem Sets A & B (Problem Set C available on text's Website)
  • Serial (and Comprehensive) Problems
  • Beyond the Numbers (see details above)


Quick Check boxes within each chapter reinforce the immediately preceding materials. They allow the reader to momentarily pause and reflect on topics described. They give immediate feedback on the reader's comprehension before moving along to new topics. Answers are provided at the end of each chapter.

Comprehensive and Serial Problems are included in several chapters and focus on multiple learning objectives from multiple chapters. They integrate and summarize key principles. They can also act as brief practice sets incorporating real world scenarios and technology.

What you need, where you need it.

Instructor Resources

McGraw-Hill Ryerson provides centralized online access to our supplemental resources. Many of our in-class solutions are supported by superior teaching aids like presentation ready PowerPoint slides, instructor's manuals, test banks, videos, and more. Text book supplements are accessible through the online McGraw-Hill Connect™ platform. Titles currently not supported by Connect are available via text specific Online Learning Centres.

Student Resources

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