About our authors William (Bill) Thomas is the J. E. Bush Professor of Accounting and a Master Teacher at Baylor University. A Baylor University alumnus, he received both his BBA and MBA there and went on to earn his PhD from The University of Texas at Austin.With primary interests in the areas of financial accounting and auditing, Bill Thomas has served as the J. E. Bush Professor of Accounting since 1995. He has been a member of the faculty of the Accounting and Business Law Department of the Hankamer School of Business since 1971, and served as chair of the department for 12 years. He has been recognized as an Outstanding Faculty Member of Baylor University as well as a Distinguished Professor for the Hankamer School of Business. Dr. Thomas has received many awards for outstanding teaching, including the Outstanding Professor in the Executive MBA Programs as well as designation as Master Teacher.Thomas is the author of textbooks in auditing and financial accounting, as well as many articles in auditing, financial accounting and reporting, taxation, ethics, and accounting education. His scholarly work focuses on the subject of fraud prevention and detection, as well as ethical issues among accountants in public practice. He presently serves as the accounting and auditing editor of Today's CPA, the journal of the Texas Society of Certified Public Accountants, with a circulation of approximately 28,000.Thomas is a certified public accountant in Texas. Prior to becoming a professor, Thomas was a practicing accountant with the firms of KPMG, LLP, and BDO Seidman, LLP. He is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Texas Society of Certified Public Accountants.Wendy M. Tietz is a professor for the Department of Accounting in the College of Business Administration at Kent State University, where she has taught since 2000. She teaches introductory financial and managerial accounting in a variety of formats, including large sections, small sections, and web-based sections. She has received numerous college and university teaching awards while at Kent State University. Most recently she was named the Beta Gamma Sigma Professor of the Year for the College of Business Administration.Dr. Tietz is a Certified Public Accountant, a Certified Management Accountant, and a Chartered Global Management Accountant. She is a member of the American Accounting Association (AAA), the Institute of Management Accountants (IMA), and the American Institute of Certified Public Accountants (AICPA). She has published in Issues in Accounting Education, Accounting Education: An International Journal, and Journal of Accounting & Public Policy. She received the 2014 Bea Sanders/AICPA Innovation in Teaching Award for her accounting educator blog entitled, Accounting in the Headlines. She regularly presents at AAA regional and national meetings. Dr. Tietz is also the co-author of a managerial accounting textbook, Managerial Accounting, with Dr. Karen Braun.Tietz received her PhD from Kent State University. She received both her MBA and BSA from the University of Akron. She worked in industry for several years, both as a controller for a financial institution and as the operations manager and controller for a recycled plastics manufacturer.Tietz and her husband, Russ, have 2 grown sons. In her spare time, she enjoys walking, reading, and exploring new technology. She is passionate about using technology to expand the boundaries of the traditional classroom.Themin Suwardy is the Associate Provost (Postgraduate Professional Education) at the Singapore Management University, overseeing over 2,500 students across all SMU Masters programs. His responsibilities include academic governance and policies, institutional marketing and outreach, and student experience and development.Prior to joining academia, Suwardy was an auditor with KPMG Peat Marwick. He graduated with a Bachelor of Business (Accountancy) (Honors), a Bachelor of Computing (Information System), and a PhD from Monash University, Australia. He is a Fellow of the Institute of Singapore Chartered Accountants (ISCA), CPA Australia, and Institute of Certified Management Accountants (ICMA).As Associate Professor of Accounting Practice, Dr. Suwardy is a regular contributor to professional and regulatory bodies, industry, and media on matters related to Corporate Governance and Controls, Accounting Education, and Financial Reporting and Disclosure. He has received numerous teaching awards both at SMU and internationally, including Singapore's Public Administration Medal (Bronze), CPA Australia's Lifetime Achievement Award, CEEMAN's Champion Award, and the IBM Faculty Award.Suwardy has been an active member of the accounting profession through his involvement in various professional bodies, including CPA Australia, ISCA, Institute of Internal Auditors (IIA), International Association for Accounting Education and Research (IAAER), and Accounting and Corporate Regulatory Authority (ACRA. He served as a governor of IIAS (2009–2011) and vice president of IAAER (2009–2013). He is currently the elected president of CPA Australia—Singapore division.He is the Chairman of Graduate Management Admission Council (GMAC) Board of Directors and Vice Chairman of SATA CommHealth, a leading charity for the advancement of lifelong health in the community, and a member of the Singapore Ministry of Finance's Goods and Services Tax Board of Review.Koh Wei Chern is an associate professor at Singapore University of Social Sciences (SUSS). She graduated with Bachelor of Accountancy (First Class Honors) from Nanyang Technological University and a PhD (Accountancy) from University of Illinois at Urbana-Champaign.Prior to obtaining her PhD, Prof. Koh practised as a tax manager with a public listed firm in Singapore. After obtaining her PhD, she taught at Nanyang Technological University before joining SUSS. She has been teaching financial accounting/reporting courses at the undergraduate level and to working adults for several years.She is a chartered accountant of Singapore and a member of the Institute of Singapore Chartered Accountants (ISCA). She was a member of the Learning and Assessment Committee–Foundation Programme for the Singapore Chartered Accountant (CA) qualification from 2016 to 2021 and a member of the ISCA Journal Editorial Advisory Panel from 2016 to 2022. Recently, she is a member of the Institute of Internal Auditors Singapore (IIAS) and has served on the Board of Governors since 2020.Her research interests are in the area of financial accounting standards and their economic consequences. She is particularly interested in understanding firm's lobbying behavior towards accounting standards as well as firms' lease and stock compensation accounting practices.Walter T. Harrison Jr. is professor emeritus of accounting at the Hankamer School of Business, Baylor University. He received his BBA from Baylor University, his MS from Oklahoma State University, and his PhD from Michigan State University.Professor Harrison, recipient of numerous teaching awards from student groups as well as from university administrators, has also taught at Cleveland State Community College, Michigan State University, the University of Texas, and Stanford University.A member of the American Accounting Association and the American Institute of CPAs and Association of International Certified Professional Accountants, Professor Harrison has served as chairman of the Financial Accounting Standards Committee of the American Accounting Association, on the Teaching/Curriculum Development Award Committee, on the Program Advisory Committee for Accounting Education and Teaching, and on the Notable Contributions to Accounting Literature Committee.Professor Harrison has lectured in several foreign countries and published articles in numerous journals, including Journal of Accounting Research, Journal of Accountancy, Journal of Accounting and Public Policy, Economic Consequences of Financial Accounting Standards, Accounting Horizons, Issues in Accounting Education, and Journal of Law and Commerce.Professor Harrison has received scholarships, fellowships, and research grants or awards from PricewaterhouseCoopers, Deloitte & Touche, the Ernst & Young Foundation, and the KPMG Foundation.Charles T. Horngren (1926 to 2011) was the Edmund W. Littlefield Professor of Accounting, emeritus, at Stanford University. A graduate of Marquette University, he received his MBA from Harvard University and his PhD from the University of Chicago. He was also the recipient of honorary doctorates from Marquette University and DePaul University.A certified public accountant, Horngren served on the Accounting Principles Board for 6 years, the Financial Accounting Standards Board Advisory Council for 5 years, and the Council of the American Institute of Certified Public Accountants for 3 years. For 6 years, he served as a trustee of the Financial Accounting Foundation, which oversees the Financial Accounting Standards Board and the Government Accounting Standards Board.Horngren is a member of the Accounting Hall of Fame. As a member of the American Accounting Association, Horngren was its president and its director of research. He received its first annual Outstanding Accounting Educator Award. The California Certified Public Accountants Foundation gave Horngren its Faculty Excellence Award and its Distinguished Professor Award. He was the first person to have received both awards. The American Institute of Certified Public Accountants presented its first Outstanding Educator Award to Horngren. Horngren was named Accountant of the Year, in Education, by the national professional accounting fraternity, Beta Alpha Psi.Professor Horngren was also a member of the Institute of Management Accountants, from whom he received its Distinguished Service Award. He was a member of the institute's Board of Regents, which administers the Certified Management Accountant examinations.Horngren is an author of these other accounting books published by Pearson: Cost Accounting: A Managerial Emphasis, 15e, 2015 (with Srikant M. Datar and Madhav V. Rajan); Introduction to Financial Accounting, 11e, 2014 (with Gary L. Sundem, John A. Elliott, and Donna Philbrick); Introduction to Management Accounting,16e, 2014 (with Gary L. Sundem, Jeff Schatzberg, and Dave Burgstahler); Horngren's Financial & Managerial Accounting,5e, 2016 (with Tracie L. Miller-Nobles, Brenda L. Mattison, and Ella Mae Matsumura), and Horngren's Accounting,11e, 2016 (with Tracie L. Miller-Nobles, Brenda L. Mattison, and Ella Mae Matsumura). Horngren was the consulting editor for Pearson's Charles T. Horngren Series in Accounting.

• Conceptual Framework and The Financial StatementsRecording Business TransactionsAccrual AccountingPresentation of Financial StatementsInternal Control, Cash, and ReceivablesInventory and Merchandising OperationsPPE and IntangiblesInvestmentsLiabilitiesShareholders’ EquityCash FlowsFinancial Statement Analysis Appendix A: Nestlé Annual Report ExcerptsAppendix B: Time Value of MoneyAppendix C: Typical Charts of Accounts for Different Types of BusinessesAppendix D: International Financial Reporting Standards (IFRSs)

About our authors William (Bill) Thomas is the J. E. Bush Professor of Accounting and a Master Teacher at Baylor University. A Baylor University alumnus, he received both his BBA and MBA there and went on to earn his PhD from The University of Texas at Austin.With primary interests in the areas of financial accounting and auditing, Bill Thomas has served as the J. E. Bush Professor of Accounting since 1995. He has been a member of the faculty of the Accounting and Business Law Department of the Hankamer School of Business since 1971, and served as chair of the department for 12 years. He has been recognized as an Outstanding Faculty Member of Baylor University as well as a Distinguished Professor for the Hankamer School of Business. Dr. Thomas has received many awards for outstanding teaching, including the Outstanding Professor in the Executive MBA Programs as well as designation as Master Teacher.Thomas is the author of textbooks in auditing and financial accounting, as well as many articles in auditing, financial accounting and reporting, taxation, ethics, and accounting education. His scholarly work focuses on the subject of fraud prevention and detection, as well as ethical issues among accountants in public practice. He presently serves as the accounting and auditing editor of Today's CPA, the journal of the Texas Society of Certified Public Accountants, with a circulation of approximately 28,000.Thomas is a certified public accountant in Texas. Prior to becoming a professor, Thomas was a practicing accountant with the firms of KPMG, LLP, and BDO Seidman, LLP. He is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Texas Society of Certified Public Accountants.Wendy M. Tietz is a professor for the Department of Accounting in the College of Business Administration at Kent State University, where she has taught since 2000. She teaches introductory financial and managerial accounting in a variety of formats, including large sections, small sections, and web-based sections. She has received numerous college and university teaching awards while at Kent State University. Most recently she was named the Beta Gamma Sigma Professor of the Year for the College of Business Administration.Dr. Tietz is a Certified Public Accountant, a Certified Management Accountant, and a Chartered Global Management Accountant. She is a member of the American Accounting Association (AAA), the Institute of Management Accountants (IMA), and the American Institute of Certified Public Accountants (AICPA). She has published in Issues in Accounting Education, Accounting Education: An International Journal, and Journal of Accounting & Public Policy. She received the 2014 Bea Sanders/AICPA Innovation in Teaching Award for her accounting educator blog entitled, Accounting in the Headlines. She regularly presents at AAA regional and national meetings. Dr. Tietz is also the co-author of a managerial accounting textbook, Managerial Accounting, with Dr. Karen Braun.Tietz received her PhD from Kent State University. She received both her MBA and BSA from the University of Akron. She worked in industry for several years, both as a controller for a financial institution and as the operations manager and controller for a recycled plastics manufacturer.Tietz and her husband, Russ, have 2 grown sons. In her spare time, she enjoys walking, reading, and exploring new technology. She is passionate about using technology to expand the boundaries of the traditional classroom.Themin Suwardy is the Associate Provost (Postgraduate Professional Education) at the Singapore Management University, overseeing over 2,500 students across all SMU Masters programs. His responsibilities include academic governance and policies, institutional marketing and outreach, and student experience and development.Prior to joining academia, Suwardy was an auditor with KPMG Peat Marwick. He graduated with a Bachelor of Business (Accountancy) (Honors), a Bachelor of Computing (Information System), and a PhD from Monash University, Australia. He is a Fellow of the Institute of Singapore Chartered Accountants (ISCA), CPA Australia, and Institute of Certified Management Accountants (ICMA).As Associate Professor of Accounting Practice, Dr. Suwardy is a regular contributor to professional and regulatory bodies, industry, and media on matters related to Corporate Governance and Controls, Accounting Education, and Financial Reporting and Disclosure. He has received numerous teaching awards both at SMU and internationally, including Singapore's Public Administration Medal (Bronze), CPA Australia's Lifetime Achievement Award, CEEMAN's Champion Award, and the IBM Faculty Award.Suwardy has been an active member of the accounting profession through his involvement in various professional bodies, including CPA Australia, ISCA, Institute of Internal Auditors (IIA), International Association for Accounting Education and Research (IAAER), and Accounting and Corporate Regulatory Authority (ACRA. He served as a governor of IIAS (2009–2011) and vice president of IAAER (2009–2013). He is currently the elected president of CPA Australia—Singapore division.He is the Chairman of Graduate Management Admission Council (GMAC) Board of Directors and Vice Chairman of SATA CommHealth, a leading charity for the advancement of lifelong health in the community, and a member of the Singapore Ministry of Finance's Goods and Services Tax Board of Review.Koh Wei Chern is an associate professor at Singapore University of Social Sciences (SUSS). She graduated with Bachelor of Accountancy (First Class Honors) from Nanyang Technological University and a PhD (Accountancy) from University of Illinois at Urbana-Champaign.Prior to obtaining her PhD, Prof. Koh practised as a tax manager with a public listed firm in Singapore. After obtaining her PhD, she taught at Nanyang Technological University before joining SUSS. She has been teaching financial accounting/reporting courses at the undergraduate level and to working adults for several years.She is a chartered accountant of Singapore and a member of the Institute of Singapore Chartered Accountants (ISCA). She was a member of the Learning and Assessment Committee–Foundation Programme for the Singapore Chartered Accountant (CA) qualification from 2016 to 2021 and a member of the ISCA Journal Editorial Advisory Panel from 2016 to 2022. Recently, she is a member of the Institute of Internal Auditors Singapore (IIAS) and has served on the Board of Governors since 2020.Her research interests are in the area of financial accounting standards and their economic consequences. She is particularly interested in understanding firm's lobbying behavior towards accounting standards as well as firms' lease and stock compensation accounting practices.Walter T. Harrison Jr. is professor emeritus of accounting at the Hankamer School of Business, Baylor University. He received his BBA from Baylor University, his MS from Oklahoma State University, and his PhD from Michigan State University.Professor Harrison, recipient of numerous teaching awards from student groups as well as from university administrators, has also taught at Cleveland State Community College, Michigan State University, the University of Texas, and Stanford University.A member of the American Accounting Association and the American Institute of CPAs and Association of International Certified Professional Accountants, Professor Harrison has served as chairman of the Financial Accounting Standards Committee of the American Accounting Association, on the Teaching/Curriculum Development Award Committee, on the Program Advisory Committee for Accounting Education and Teaching, and on the Notable Contributions to Accounting Literature Committee.Professor Harrison has lectured in several foreign countries and published articles in numerous journals, including Journal of Accounting Research, Journal of Accountancy, Journal of Accounting and Public Policy, Economic Consequences of Financial Accounting Standards, Accounting Horizons, Issues in Accounting Education, and Journal of Law and Commerce.Professor Harrison has received scholarships, fellowships, and research grants or awards from PricewaterhouseCoopers, Deloitte & Touche, the Ernst & Young Foundation, and the KPMG Foundation.Charles T. Horngren (1926 to 2011) was the Edmund W. Littlefield Professor of Accounting, emeritus, at Stanford University. A graduate of Marquette University, he received his MBA from Harvard University and his PhD from the University of Chicago. He was also the recipient of honorary doctorates from Marquette University and DePaul University.A certified public accountant, Horngren served on the Accounting Principles Board for 6 years, the Financial Accounting Standards Board Advisory Council for 5 years, and the Council of the American Institute of Certified Public Accountants for 3 years. For 6 years, he served as a trustee of the Financial Accounting Foundation, which oversees the Financial Accounting Standards Board and the Government Accounting Standards Board.Horngren is a member of the Accounting Hall of Fame. As a member of the American Accounting Association, Horngren was its president and its director of research. He received its first annual Outstanding Accounting Educator Award. The California Certified Public Accountants Foundation gave Horngren its Faculty Excellence Award and its Distinguished Professor Award. He was the first person to have received both awards. The American Institute of Certified Public Accountants presented its first Outstanding Educator Award to Horngren. Horngren was named Accountant of the Year, in Education, by the national professional accounting fraternity, Beta Alpha Psi.Professor Horngren was also a member of the Institute of Management Accountants, from whom he received its Distinguished Service Award. He was a member of the institute's Board of Regents, which administers the Certified Management Accountant examinations.Horngren is an author of these other accounting books published by Pearson: Cost Accounting: A Managerial Emphasis, 15e, 2015 (with Srikant M. Datar and Madhav V. Rajan); Introduction to Financial Accounting, 11e, 2014 (with Gary L. Sundem, John A. Elliott, and Donna Philbrick); Introduction to Management Accounting,16e, 2014 (with Gary L. Sundem, Jeff Schatzberg, and Dave Burgstahler); Horngren's Financial & Managerial Accounting,5e, 2016 (with Tracie L. Miller-Nobles, Brenda L. Mattison, and Ella Mae Matsumura), and Horngren's Accounting,11e, 2016 (with Tracie L. Miller-Nobles, Brenda L. Mattison, and Ella Mae Matsumura). Horngren was the consulting editor for Pearson's Charles T. Horngren Series in Accounting.

• Conceptual Framework and The Financial StatementsRecording Business TransactionsAccrual AccountingPresentation of Financial StatementsInternal Control, Cash, and ReceivablesInventory and Merchandising OperationsPPE and IntangiblesInvestmentsLiabilitiesShareholders’ EquityCash FlowsFinancial Statement Analysis Appendix A: Nestlé Annual Report ExcerptsAppendix B: Time Value of MoneyAppendix C: Typical Charts of Accounts for Different Types of BusinessesAppendix D: International Financial Reporting Standards (IFRSs)