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BUSINESS & ECONOMICS | 5
Comprehensive Problems Give Students “The Big Picture” – These problems which occurs every three to
six chapters, challenge students by incorporating all the skill sets they have learned in the previous chapters
into one inclusive “case-exercise.” This distinctive feature not found in most texts allows students to identify
the strengths and realize where they might need to brush up. Clearly, students also find these very helpful in
studying for exams.
Contents
1 Accounting: Information for Decision Making
2 Basic Financial Statements
3 The Accounting Cycle: Capturing Economic Events
4 The Accounting Cycle: Accruals and Deferrals
5 The Accounting Cycle: Reporting Financial Results
Comprehensive Problem 1: Susquehanna Equipment
Rentals
6 Merchandising Activities
7 Financial Assets
8 Inventories and the Cost of Goods Sold
Comprehensive Problem 2: Guitar Universe Company
9 Property, Plant, and Equipment, Intangible Assets and
Natural Resources
10 Liabilities
11 Shareholders' Equity: Capital
Comprehensive Problem 3: McMinn Retail Limited
12 Profit and Changes in Retained Earnings
13 Statement of Cash Flows
14 Financial Statement Analysis
Comprehensive Problem 4: Adidas AG, Herzogenaurach
15 Global Business and Accounting
Appendix A: Adidas AG, Herzogenaurach 2009 Consolidated
Group Financial Statements (IFRS) and Additional
Information
Appendix B: The Time Value of Money: Future Amounts and
Present Values
Index
The Authors
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. He received a BS degree from George Peabody
College, an MBA from Baylor University, and a PhD from the University of Arkansas. He previously served on the faculties
at the University of Georgia and Texas Tech University. 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.
Susan F. Haka is the Ernst & Young Professor of Accounting in the Department of Accounting and Information Systems at
Michigan State University. Dr. Haka received her PhD from the University of Kansas and a master’s degree in accounting
from the University of Illinois. She is the 2008–09 president of the American Accounting Association and has previously
served as vice president of finance, director of the Doctoral Consortium, and president of the Management Accounting
Section.
Mark S. Bettner is the Christian R. Lindback Chair of Accounting & Financial Management at Bucknell University. Dr. Bettner
received his PhD in business administration from Texas Tech University and his MS in accounting from Virginia Tech
University. He has received numerous teaching and research awards in addition to his work on Financial Accounting and
Financial & Managerial Accounting.
Joseph V. Carcello is the Ernst & Young 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. Dr.
Carcello received his PhD from Georgia State University, his MAcc from the University of Georgia, and his BS from the
State University of New York College at Plattsburgh. Dr. Carcello is currently the author or coauthor of four books, more
than 50 journal articles, and two monographs.
Nelson C. Y. Lam is a practicing CPA with his own professional accounting and consulting firms, and Vice-Chairman at
Accounting Development Foundation Limited. He also serves as Visiting Associate Professor at United International
College of the Beijing Normal University and the Hong Kong Baptist University, and as Independent Non-executive
Director of China Resources Cement Holdings Limited, a publicly-listed entity.
Peter T. Y. Lau is Associate Dean of the School of Business and BBA Program Director at the Hong Kong Baptist University,
where he has been a faculty member since 1987. He is Independent Non-executive Director of a Hong Kong-listed
company. He received a Bachelor of Commerce (summa cum laude) in accounting from Saint Mary’s University, an MBA
from Dalhousie University, and a PhD in accounting from the Chinese University of Hong Kong.