Lecture Notes for Financial Accounting, 5th Edition

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1Copyright© 2019McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw-HillEducation.The Importance of Building a FrameworkThe learning sciences promote an instructional framework to help students build a mental imageof a discipline. As students are presented with each advancing topic, they are able to sort thematerial within this framework, and this makes learning not only easier, but more engaging.Financial Accountingby Spiceland, Thomas, and Herrmann understands the importance ofhelping students to build a framework.We establish a framework for financial accountingbyemphasizingthree simple components:(1)Measurementof business activities,(2)Communicationof those measurements, and(3)Decision makingby investors and others using the information communicated.For each topic in the book, we encourage students to ask themselves, “How is the activitymeasured,andhowis itcommunicated?”Studentswillseetopic-by-topichowbusinesstransactions are recorded and then how those measurementsare communicated in financialstatements. The intent is for students tobe remindedthroughout the bookthat measurement andcommunication are linked processes used to tell a company’s financial story.In addition,students willbe more engaged andbetter understand thismeasurement-communicationprocessbyseeingtheimportantdecisions that people makeusing financial accounting information.Theinstructor’smanualforeachchapterbeginswithAuthors’Perspectivesontheorganization of the chapter’s topics, important insights, key illustrations, teaching tips, and somecommonmistakestowarnstudents about—all withthe purpose of helpingyou build aframework of financial accounting for your students.Here’s a quick overview ofthe many features that have been developed to help your studentsbuildaframework.Amore detailed discussionis providedin each chapter’s instructor’s manual.Chapter StructureChapter 1–Establish a Framework.The first page of Chapter 1 dispels the misconceptionthat financial accounting is another math class. Financial accounting is presented as “thelanguage companies use to tell their financial story.”This story is told by measuring businessactivities and then communicating those measurements to decision makers. Illustrations1-1and 1-2, along with theirdiscussion,develop thisframeworkto help students get started onthe right track.Chapters 2 and 3–Develop theAccounting Cycle.In Chapters 2 and 3, the chapter titles,illustrations, and text discussionemphasizethe measurement role of financial accounting“during the period” versus “end of the period.”This emphasis helps students to understandtheclear distinction betweenrecording transactions during the year versus completingactivities at the end of the year (adjusting entries, financial statements, and closing entries).Chapter 3 offers a wide variety of full accounting cycle assignments that directly link themeasurement of activities with their communication in financial statements.Chapters 4-10–Continue the Accounting Cycle.Chapters 4-10 areorganizedin balancesheet order, allowing systematic coverage of topics.In these chapters,additional accountingcycleproblemsareavailableusingmoreadvancedtopicstofurtherreinforcethemeasurement-communication-decision makingframeworkof financial accounting. You canassign accounting cycle problems that focus specifically on receivables, inventory, long-termassets, current liabilities, long-term liabilities, or equities.

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