Class Notes for Introductory Financial Accounting for Business, 2nd Edition

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IFAB 2e: Introduction for Traditional Instructors’ Manual1Copyright©2021McGraw-HillEducation.All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.INTRODUCTIONThank you for your interest inIntroductoryFinancialAccounting forBusiness.This introductionoffers teaching suggestions that have evolved over our many years in the classroom. Feel free toadapt our suggestions to suit your own teaching style.This introduction is organized intofoursections: 1) Key Content Features, 2)Developing aCoursePlan, 3)ResourcesAvailable, and 4)Growth and Development.For each chapter of the text, this manual provides you with an introduction along with suggestedlesson plans and teaching materials that include demonstration problems, solutions, and work-sheetsfor your students to use as you work through the demonstration problems. Also includedare chapter-specific quiz questions that allow you to test your students’ understanding of thematerial covered during class. We welcome your comments regarding wayswe can improve boththe text and the instructor’s manual tomeet our primary mission:helping students learnaccounting.1.KEYCONTENTFEATURESWhen writing this text our goal was to organize the contentin a way that madeit easier for studentsto gain a conceptual understanding of financial accounting.Traditionally, the firstfinancialaccountingcoursehas focused onteachingaccounting procedurewith an emphasison recordingjournal entriesand preparingfinancial statements.In our view, thisapproachprovidessomeservice toaccounting majorsbut,little benefit,tothenearly 80%who arenon-majors. Further,technology(i.e. automated datacapture software)has greatlydiminishedtheimportanceoflearningmanual accounting procedureseven for accounting majors.Today’s students need aconceptual understanding of accounting that facilitates decision making.We understand that accounting procedure (i.e. debits / credits) still has a role in the accountingcurriculum.Formanyschools,studentsmovingoutofintroductoryfinancialneedanunderstanding of debit / credit terminology before starting intermediate. Therefore, our approachisto move,not eliminate,coverage of debits and credits.In this text, Chapters 1-12develop aconceptual understanding of financial accounting by focusing on how business events affectfinancial statements.Then, after a conceptual understanding has been developed, accountingprocedure including debit / credit terminology is introduced in Chapter 13. Interestingly, we foundthat our students have a better understanding of not only the financial statement impacts but alsoaccounting procedure (i.e. debits /credits) under this approach.Many instructors find thesheerquantity of contentcovered in introductory financial texts to beoverwhelming fortheirstudents. Toresolve this problem, instructors frequently, skip particulartopics or entire chapters. As a result, some instructors have expressed concern thatwhile they wantto cover debits and credits,Chapter 13 willincludetopics they have skipped. Rest assured that wehave organized Chapter 13 so as to avoid this potential problem. Specifically, completecoverageof debits and credits and theaccounting cycle (journalizing, adjusting, posting, trial balances, and

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