Robert Libby - Financial Accounting

SEVENTH CANADIAN EDITION

Robert Libby

Cornell University

Patricia A. Libby

Ithaca University

Frank Hodge

University of Washington

George Kanaan

Concordia University

Maureen Sterling

University of Windsor

Financial Accounting
Seventh Canadian Edition

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ISBN-13: 978-1-26-006595-4
ISBN-10: 1-26-006595-2

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Robert Libby is the David A. Thomas Professor of Accounting and Accounting Area Coordinator at Cornell University, where he teaches the introductory financial accounting course. He previously taught at the University of Illinois, Pennsylvania State University, the University of Texas at Austin, the University of Chicago, and the University of Michigan. He received his B.S. from Pennsylvania State University, where he was selected as the 2018 Outstanding Accounting Alumnus, and his M.A.S. and Ph.D. from the University of Illinois; he is also a CPA. Bob is a widely published author specializing in behavioural accounting.

Patricia Libby is a retired associate professor of accounting at Ithaca College, where she taught the undergraduate and graduate financial accounting courses. She previously taught graduate and undergraduate financial accounting at Eastern Michigan University and the University of Texas. Before entering academia, she was an auditor with Price Waterhouse (now PricewaterhouseCoopers) and a financial administrator at the University of Chicago. She received her B.S. from Pennsylvania State University, her M.B.A. from DePaul University, and her Ph.D. from the University of Michigan; she also successfully completed the CPA exam (Illinois). Pat conducted research on using cases in the introductory course and other parts of the accounting curriculum.

Frank Hodge is the chair of the Accounting Department and the Michael G. Foster Endowed Professor at the University of Washingtons Foster School of Business. He also serves in the Presidents Office as the University of Washingtons Faculty Athletics Representative to the PAC-12 Conference and the National Collegiate Athletic Association. He earned his MBA and PhD degrees from Indiana University. Franks research focuses on how individuals use accounting information to make investment decisions and how technology influences their information choices. He has published articles in The Accounting Review; Journal of Accounting Research; Contemporary Accounting Research; Accounting, Organizations, and Society; and several other journals.

George Kanaan is Professor of Accountancy at the John Molson School of Business at Concordia University, where he teaches the introductory financial accounting course. George previously taught undergraduate and graduate courses at universities in Canada, China, and Lebanon. He received his B.A. from the Lebanese University, his M.A. from Southern Illinois University at Carbondale, and his Ph.D. from the University of WisconsinMadison. He has conducted research on disclosures related to pension accounting, deferred income taxes, and the effects of changing prices. Georges research has been published in The Journal of Accounting, Auditing and Finance and Managerial Finance.

Maureen Sterling is Associate Professor of Accounting and Education Leadership Chair at the Odette School of Business at the University of Windsor. She has developed and taught Ph.D. research seminars as well as M.B.A. and undergraduate courses in both managerial and financial accounting. She acquired extensive experience in valuation while working as a financial analyst in the oil and securities industries, and did forensic work at the Vancouver Stock Exchange. She is also a CPA-CMA. Maureen is a member of the Academic Advisory Committee of CPA Canada, which provides advice on proposed changes to accounting standards. Until recently, she was a member of the editorial board of Contemporary Accounting Research. Maureen has conducted research on the effects of personal values on ethical reasoning, and has published in academic journals, such as the Journal of Business Ethics and Business Ethics: A European Review.

PREFACE xiii

CHAPTER ONE

1. Financial Statements and Business Decisions

CHAPTER TWO

1. Investing and Financing Decisions and the Accounting System

CHAPTER THREE

1. Operating Decisions and the Accounting System

CHAPTER FOUR

1. Adjustments, Financial Statements, and the Quality of Earnings

CHAPTER FIVE

1. Statement of Cash Flows

CHAPTER SIX

1. Reporting and Interpreting Sales Revenue, Receivables, and Cash

CHAPTER SEVEN

1. Reporting and Interpreting Cost of Sales and Inventory

CHAPTER EIGHT

1. Reporting and Interpreting Long-Lived Assets