Introduction to Principles of Accounting – Belverd E. Needles and Marian Powers
Belverd E. Needles and Marian Powers are both renowned authors and professors in the field of accounting. Their book, Principles of Accounting, has been widely used by students and professionals as a comprehensive guide to understanding the fundamental principles of accounting.
Belverd E. Needles, Jr. is a Professor Emeritus at DePaul University in Chicago, Illinois. He has over 40 years of experience as a professor, author, and consultant in the fields of accounting and business. His expertise lies in financial accounting, managerial accounting, and taxation. He is a well-respected author, having written numerous textbooks and articles on accounting, and is also a member of several professional associations such as the American Institute of CPAs and the Institute of Management Accountants.
Marian Powers is a Professor Emerita at Northwestern University in Evanston, Illinois. She has over 50 years of experience in teaching accounting, and has received several teaching awards throughout her career. Her areas of expertise include financial and managerial accounting, auditing, and international accounting. She has also authored numerous textbooks, articles, and professional papers, and has served as a consultant and lecturer for various organizations and universities.
The Principles of Accounting
The book, Principles of Accounting, is a comprehensive guide to understanding the basic principles and concepts of accounting. It covers all aspects of accounting, from financial accounting and reporting to managerial accounting and budgeting. The authors have a clear and concise writing style that makes the complex concepts of accounting easy to understand for readers.
The book is divided into three major parts. Part One focuses on financial accounting and reporting, discussing topics such as the accounting cycle, balance sheet, income statement, and statement of cash flows. It also covers important topics such as revenue recognition, inventory valuation, and long-term assets.
Part Two discusses managerial accounting, which involves using financial information to make management decisions. It covers topics such as cost behavior, budgeting, and performance evaluation. Additionally, it delves into topics like cost allocation, pricing decisions, and capital budgeting.
Finally, Part Three focuses on the use of accounting information by external users, such as investors and creditors. It covers important topics like financial statement analysis, forecasting, and the role of accounting in the global economy.
Key Features of the Book
One of the key features of Principles of Accounting is its real-world focus. The authors use real-life examples and case studies to illustrate the application of accounting principles in various businesses and industries. This makes the book relevant and engaging for readers, as they can see how the concepts they are learning are applied in the real world.
Another important feature is the emphasis on critical thinking and decision-making. The authors encourage readers to analyze financial information and make informed decisions based on their analysis. The book also includes exercises and problems that sharpen readers’ critical thinking skills, helping them become better accountants and decision-makers.
The book also features a chapter on ethics, which discusses the importance of ethical behavior in the accounting profession and provides a framework for making ethical decisions. This reflects the authors’ commitment to promoting ethical behavior in the field of accounting.
Conclusion
In conclusion, Principles of Accounting by Belverd E. Needles and Marian Powers is a comprehensive guide to understanding the fundamental principles and concepts of accounting. With its real-world focus, emphasis on critical thinking, and coverage of ethics, it is a valuable resource for students and professionals alike. The book’s user-friendly writing style and practical approach make it an essential tool for anyone looking to gain a solid understanding of accounting principles.