About the Book

With the sixteenth edition of Financial & Managerial Accounting: The Basis for Business Decisions, the Williams author team continues to be a solid foundation for students who are learning basic accounting concepts. In this revision, the authors have added to and refined the coverage of International Financial Reporting Standards (IFRS), particularly in Chapter 15 (“Global Business and Accounting”). Hallmarks of the text including the solid Accounting Cycle Presentation, relevant pedagogy, and high quality, end-of-chapter material have been updated throughout the book.

Salient Features:
Balanced Coverage- The 16th edition of Williams provides the most balanced coverage of financial and managerial topics on the market. The author team has revised and refined the presentation of traditional financial accounting topics by updating to reflect important changes
-Clear Accounting Cycle Presentation - In the first five chapters of Financial and Managerial Accounting, the authors present the Accounting Cycle in a clear, graphically interesting 4-step process
-Managerial Chapter Coverage - The managerial chapters cover timely topics, such as Just In Time Systems and Total Quality Management
-Wide Variety of End of Chapter Material - TWO sets of Problems, a full set of Exercises, and a full set of Brief Exercises in EACH chapter provide plenty of opportunities for students to practice the concepts they’ve learned in each chapter

About the Author

Jan R. Williams is Dean of the College of Business Administration and the Stokely Foundation Leadership Chair at the University of Tennessee, where he has been a faculty member since 1977. A CPA in Tennessee and Arkansas, Dr. Williams is also the coauthor of three books and has published over 70 articles on issues of corporate financial reporting and accounting education. He served as president of the American Accounting Association in 1999–2000 and has been actively involved in Beta Alpha Psi, the Tennessee Society of CPAs, the American Institute of CPAs, and AACSB International. He currently serves as chair-elect of the Board of Directors of AACSB International. Susan F. Haka is the Associate Dean for Academic Affairs and Research and the Ernst & Young Professor of Accounting in the Department of Accounting and Information Systems at Michigan State University. She served as president of the American Accounting Association in 2008–2009 and has previously served as president of the Management Accounting Section. Dr. Haka is active in editorial processes and has been editor of Behavioral Research in Accounting and an associate editor of Journal Management Accounting Research, Accounting Horizons, The International Journal of Accounting, and Contemporary Accounting Research. Mark S. Bettner is the Christian R. Lindback Chair of Accounting & Financial Management at Bucknell University. Professor Bettner is also on the editorial advisory boards of several academic journals, including the International Journal of Accounting and Business Society and the Accounting Forum, and has served as a reviewer for several journals, including Advances in Public Interest Accounting and Hospital and Health Services Administration. Joseph V. Carcello is the Ernst & Young and Business Alumni Professor in the Department of Accounting and Information Management at the University of Tennessee. He also is the cofounder and director of research for UT’s Corporate Governance Center.

Table of Contents:
Chapter 1: Accounting: Information for Decision Making Chapter 2: Basic Financial Statements Chapter 3: The Accounting Cycle: Capturing Economic Events Chapter 4: The Accounting Cycle: Accruals and Deferrals Chapter 5: The Accounting Cycle: Reporting Financial Results Comprehensive Problem 1: Susquehanna Equipment Rentals Chapter 6: Merchandising Activities Chapter 7: Financial Assets Chapter 8: Inventories and the Cost of Goods Sold Comprehensive Problem 2: Guitar Universe, Inc. Chapter 9: Plant and Intangible Assets Chapter 10: Liabilities Chapter 11: Stockholders' Equity: Paid-in Capital Comprehensive Problem 3: McMinn Retail, Inc. Chapter 12: Income and Changes in Retained Earnings Chapter 13: Statement of Cash Flows Chapter 14: Financial Statement Analysis Comprehensive Problem 4: Home Depot, Inc. Chapter 15: Global Business and Accounting Chapter 16: Management Accounting: A Business Partner Chapter 17: Job Order Cost Systems and Overhead Allocations Chapter 18: Process Costing Chapter 19: Costing and the Value Chain Chapter 20: Cost-Volume-Profit Analysis Chapter 21: Incremental Analysis Comprehensive Problem 5: The Gilster Company Chapter 22: Responsibility Accounting and Transfer Pricing Chapter 23: Operational Budgeting Chapter 24: Standard Cost Systems Chapter 25: Rewarding Business Performance Comprehensive Problem 6: Utease Corporation Chapter 26: Capital Budgeting Appendix A: 2009 Home Depot Financial Statements Appendix B: The Time Value of Money: Future Amounts and Present Values Appendix C: Forms of Business Organization