Fundamental Accounting Principles Vol 2 with Connect Plus

Fundamental Accounting Principles Vol 2 with Connect Plus

21st Edition

By John Wild and Ken Shaw and Barbara Chiappetta

  • Copyright: 2013

  • Publication Date: Oct 04 2012

  • ISBN 10: 0077716663

  • ISBN 13: 9780077716660



With 55 years of success in the principles of accounting market, Fundamental Accounting Principles, 21e by Wild, Shaw and Chiappetta has endured and adapted to changes in accounting, technology

With 55 years of success in the principles of accounting market, Fundamental Accounting Principles, 21e 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. Inclusion of Connect, Connect Plus and QuickBooks application software provides students every advantage as they strive to understand the key concepts of accounting and their role in business.

  • Language: English – lower case

  • Imprint: Irwin/McGraw-Hill

  • Page Count: 0

New Features

  • McGraw-Hill Connect Accounting: provides robust online learning and homework management system.In addition to assignable end-of-chapter material, algorithmic functionality and reporting capabilities, the list of Connect Accounting features available in the 21st edition of FAP include:
  • Intelligent Response Technology Connect Accounting’s redesigned student interface for end-of-chapter assessment content that:
    • Improves answer acceptance to reduce student frustration with formatting issues li>
    • Provides a general journal application that looks and feels more like what you find in a general ledger software package; and

    • For select questions, provides an expanded table that guides students through the process of solving the problem.
  • Media-rich ebook allows students to highlight, take notes, and bookmark important spots in text, making reviewing for quizzes and tests easier than ever.
  • New Feature Company: Students are provided relevant, real-world companies as a resource tool and motivating force in learning accounting. Polaris 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 Polaris, students are provided the financial statements of Arctic Cat, KTM (Austria) and Piaggio (Italy). Assignments are included that ask students to compare and interpret data from the feature and comparative companies. KTM and Piaggio, international companies, serve as global comparisons for Polaris and Arctic Cat. Selected financial data for all companies are included in end-of-book Appendix A. Each of these companies is integrated into the end-of-chapter material.
  • New Entrepreneurial Chapter Openers: 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. Corresponding Beyond the Numbers assignments have also been thoroughly updated in 21e.
  • New and Updated EOC Assignments: All EOC assignments for each chapter are new, revised, and/or updated. Assignments reflect new accounting pronouncements and business developments in practice.
  • Chapter reorganization:
  • The chapter on Cost Allocation and Performance Measurement has been moved to Chapter 24 and retitled “Performance Measurement and Responsibility Accounting”.
  • Coverage of responsibility accounting has been expanded. The cost allocation material has been removed from this chapter and placed into new Appendix C.

Key Features

  • McGraw-Hill’s Connect Accounting provides a robust online learning and homework management system. In addition to assignable end-of-chapter material, algorithmic functionality and reporting capabilities, Connect continues to provide key assets, such as:
  • LearnSmart - No two students are alike. McGraw-Hill LearnSmart™ is an intelligent learning system that uses a series of adaptive questions to pinpoint each student’s knowledge gaps. LearnSmart then provides an optimal learning path for each student, so that they spend less time in areas they already know and more time in areas they don't. The result is LearnSmart’s adaptive learning path helps students retain more knowledge, learn faster, and study more efficiently.
  • Interactive Presentations that teach each chapter’s core learning objectives and concepts through a multimedia presentation, bringing the text content to life. Interactive Presentations harness the full power of technology to truly engage and appeal to all learning styles. Ideal in all class formats—online, face to-face or hybrid.
  • Guided Examples which provide narrated and animated, step-by-step walkthroughs of algorithmic versions of assigned exercises, allowing the student to identify and review or reinforcement on what you covered in class, Guided Examples provide immediate feedback and focus on the areas where students need it the most.
  • Global View section: Towards the end of each chapter, a “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. This feature continues in the Managerial chapters highlighting a global perspective.
  • 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 Polaris’ accounting data. The unique feature allows use of the most current Polaris information in the marketplace.
  • Comparative Analysis compares the performance of Polaris and Arctic Cat. 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 KTM or Piaggio global competitors to Polaris and Arctic Cat.
  • 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.
  • 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 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.






1. Accounting in Business

2. Analyzing and Recording Transactions

3. Adjusting Accounts and Preparing Financial Statements

4. Completing the Accounting Cycle


Table of Contents


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-Volume-Profit Analysis

22. Master Budgets and Planning

23. Flexible Budgets and Standard Costs

24. Performance Measurement and Responsibility Accounting

25. Capital Budgeting and Managerial Decisions

Appendix A Financial Statement - Information A-1

Appendix B Time Value of Money

Appendix C Activity Based Costing



About the Authors

John Wild

John J. Wild is Professor of Business and Vilas Research Scholar at The University of Wisconsin at Madison, where he also received his Ph.D. He has received numerous teaching awards at Wisconsin as well as from Michigan State University. He is a frequent speaker at universities and national and international conferences.

Ken Shaw

Barbara Chiappetta