Intermediate Accounting, 2007 FASB Update
by Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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Book Summary Information
Author: Donald E. Kieso, Jerry J. Weygandt, Terry D. WarfieldEdition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2007-12-10
ISBN: 0073324663
Number of pages: 1348
Publisher: Wiley
Accessories:
- Intermediate Accounting: Study Guide
- Intermediate Accounting: Rockford Practice Set
- Intermediate Accounting: Problem-Solving Survival Guide
- Intermediate Accounting: Working Papers, 12th Edition
Book Reviews of Intermediate Accounting, 2007 FASB Update
Book Review: Needs more diagrams
Summary: 3 Stars
This is a very large book on US GAAP accounting (briefly compared to the international accounting standard.) About half the book consists of exercises. The book is fairly easy to read unlike some accounting texts which can be very abstract. The book has small examples throughout that demonstrate the accounting issues and small stories from the news-media regarding financial statistics, frauds, etc., which make you appreciate the need for good accounting.
However, I have only rated the book 3 stars because it is very expensive (new) and ought to make it easier for you to understand the flows of accounting. In this book, accounting issues are usually just described verbally and with a few lines of debits and credits to the relevant accounts, rather than e.g. diagrams showing the flow of monies and goods and their effect on the financial statements. This means it can be hard to get an overview, especially if you are a novice.
A small and cheap book called Financial Statements by Thomas Ittelson is much better at giving you a basic understanding of accounting and the flow of inventory, revenue, expenses, etc. and their effect on the financial statements. If you are new to accounting I would recommend that book as your first.
If you do have a basic understanding of accounting and can find a cheap used copy of this book I recommend it for its more indepth description of US GAAP.
I should perhaps mention that I am not an accountant or auditor. My interest is with investment analysis of financial statements.
PS: This review is for the 12th edition with 2007 FASB update.
Summary of Intermediate Accounting, 2007 FASB Update
Keeping its finger on the pulse of the profession, the new twelfth edition update of this bestselling book effectively prepares readers for their accounting futures. They'll find the latest information in the field, including Sarbanes-Oxley Act legislation as well as proven tips for passing the computerized CPA exam. Reflecting the demands for entry-level accountants, the focus of this book is on fostering critical thinking skills, reducing emphasis on memorization and encouraging more analysis and interpretation by requiring use of technology tools, spreadsheets and databases. It integrates numerous examples from real corporations throughout the chapters to clearly demonstrate how accounting principles and techniques are applied in practice.Accounting Books
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