Fundamental Financial Accounting Concepts

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I'm a professor at a large state university. On the rare occasions when I teach this course, I always order the Edmonds book. I believe the purpose of introductory or fundamental financial accounting is to teach students how to read and use finanacial statements. If used properly by the instructor, this is one of only two books on the market (the other is for MBA students) that can be used for this purpose. I whole-heartedly endorse the horizontal model used by Edmonds, et. al. Most text book writers use a form of it. I even use it in my writings. Some students want to learn debits and credits. In my opinion, this is best left to technical courses in accounting for those interested in the nuts and bolts. However, for anyone who want to get something long-lasting from the course, this text book combined with the right professor, will be about the only option. If this or any text book is used to teach technical aspects at the fundamental level, you won't have a good experience. Techinical aspects are best covered in Intermediate Accounting.

I've read the reviews stating that this is a confusing book. I disagree completely. Although the author does not immediately delve into traditional T-accounts, the introduction of the "horizontal model" serves as a good foundation for building the awareness of the accounting equation that should be second nature BEFORE tackling T-accounts. The text's preface states: "A horizontal financial statements model replaces the accounting equation as the predominant teaching platform. The model enables students to VISUALIZE THE SIMULTANEOUS EFFECTS OF A SINGLE BUSINESS EVENT on the income statement, balance sheet, and statement of cash flows." I felt as though this methodology was very effective for my learning style. Recording transactions in T-accounts came almost as second nature after mastering the horizontal model.The "Working Papers" (a separate workbook) makes doing the assigned problems easy by providing a ready-made template for each problem. If you've had to draw your own T-accounts or your own journal in a notebook before, you will definitely appreciate this.This text serves as a good introduction to the skills necessary to master financial accounting.

This book is an excellent book to go with a Financial Accounting course. Everything is laid out in plain English, and shows you in diagrams and models exactly how each kind of transaction works. I recommend for professors everywhere to adopt this book for their clases. I'm glad mine did!

Edmonds, McNair, Milan, and Olds have created a very easy to understand textbook for learning the basics of financial accounting. It makes the learning of the endlessly complicated parts of accounting very simple and can help to cease new accounting student's fears of going on in the profession. Even though lightly marred by a few errors, it is a great introductory book.