Principles of Accounting Volume 1 Financial Accounting

Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. Due to the comprehensive nature of the material, we are offering the book in two volumes.

This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today’s college student.


Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the “why” as well as the “how” aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.

Table of Contents

  • 1. Role of Accounting in Society
  • 2. Introduction to Financial Statements
  • 3. Analyzing and Recording Transactions
  • 4. The Adjustment Process
  • 5. Completing the Accounting Cycle
  • 6. Merchandising Transactions
  • 7. Accounting Information Systems
  • 8. Fraud, Internal Controls, and Cash
  • 9. Accounting for Receivables
  • 10. Inventory
  • 11. Long-Term Assets
  • 12. Current Liabilities
  • 13. Long-Term Liabilities
  • 14. Corporation Accounting
  • 15. Partnership Accounting
  • 16. Statement of Cash Flows
  • 17. Answer Key

About the Contributors


Senior Contributing Authors
Mitchell Franklin, LeMoyne College (Financial Accounting)
Patty Graybeal, University of Michigan-Dearborn (Managerial Accounting)
Dixon Cooper, Ouachita Baptist University