Nelson Higher Education

Higher Education

Cornerstones of Financial Accounting, 1st Edition

  • Jay S. Rich
  • Jeff Jones
  • Maryanne Mowen
  • Don Hansen
  • Donald Jones
  • ISBN-10: 0176504656
  • ISBN-13: 9780176504656
  • 0 Pages | Hardcover
  • COPYRIGHT: 2014 Published
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About the Product

Get your students where they need to be with Cornerstones of Financial Accounting, First Canadian Edition. Cornerstones delivers a truly unique learning system that is integrated through the entire introductory financial accounting journey — ensuring students will leave the course with the knowledge they need to be future business leaders. Students love this approach because it presents materials the way they learn. Instructors love it because it gets students to master the foundations more quickly and allows more time to learn and apply the analysis and decision making of accounting. Get there with Cornerstones!


  • The Cornerstones: Cornerstone examples are clear and consistently formatted step-by-step to help you understand concepts and complete homework. Each Cornerstone has four parts: Information, Why, Required, and Solution.

  • Cornerstone Videos: Each Cornerstone has an online video offering a step-by-step presentation of each part of the Cornerstone example. These videos provide you with a visual and auditory method to ensure that you understand the content.

  • The end-of-chapter Cornerstone exercises are linked to specific Cornerstone examples in the text, providing a valuable reference as students attempt to complete their homework. This provides a model for students as they go on to complete more complex problems, helping them become independent learners.

  • The Experience Financial Accounting vignettes offer a relational approach to teaching and learning materials through the use of chapter opening cases of real businesses that integrate financial accounting topics.

  • The You Decide feature helps students actively practise decision making by playing the part of a manager or business owner. By having them consider the different factors in their decisions and how they will affect outcomes, Cornerstones of Financial Accounting is helping students prepare for the real world.

About the Author

Jay S. Rich

Jay Rich is a professor of accounting at Illinois State University. He received his B.S., M.S. and Ph.D. from the University of Illinois. Prior to entering the Ph.D. program, he worked as an auditor at Price Waterhouse & Co. in Chicago and earned his C.P.A. In 1985. Dr. Rich has published articles in numerous journals, including The Accounting Review, Auditing: A Journal of Practice & Theory, Accounting Horizons, Contemporary Accounting Research, Organizational Behavior and Human Decision Processes and Accounting Organizations and Society. He has also served on the editorial board of Auditing: A Journal of Practice & Theory and Current Issues in Auditing. Dr. Rich has received both the Outstanding Dissertation Award and Notable Contribution to the Literature Award from the Audit Section of the American Accounting Association. He was also recognized with the Outstanding Educator Award from the Illinois CPA Society. His primary teaching interest is financial accounting and he has taught numerous courses at the undergraduate, master and doctoral levels. Dr. Rich has a wife of 30 years, Jane, and three children, Dennis, Anne and Grace. His outside interests include his family, travel and reading. He also repeatedly develops plans to exercise and diet at some point in the future. By all accounts, he is a master at grilling meat, a mediocre skier and a shameful golfer.

Jeff Jones

Dr. Jefferson P. Jones is an associate professor of accounting in the School of Accountancy at Auburn University, where he teaches financial accounting and applied financial research courses. He received his B.A. and M.A. degrees from Auburn University and his Ph.D. from Florida State University. Dr. Jones has received numerous teaching awards, including the Auburn University Beta Alpha Psi Outstanding Teaching Award (eleven times), the Auburn University Outstanding Master of Accountancy Professor Teaching Award (five times), the Auburn University Outstanding Distance Master of Accountancy Teaching Award (three times) and the Auburn University College of Business McCartney Teaching Award. In addition, he has made numerous presentations around the country on research and pedagogical issues. Dr. Jones has public accounting experience as an auditor with Deloitte and Touche and holds a C.P.A. certificate in the state of Alabama (inactive). He is a member of the American Accounting Association, the American Institute of Certified Public Accountants (AICPA) and the Alabama Society of CPAs (ASCPA). His research interests focus on financial accounting, specifically investigating the quality of reported accounting information and accounting education. He has published articles in numerous journals, including Advances in Accounting, Review of Quantitative Finance and Accounting, Issues in Accounting Education, International Journal of Forecasting and The CPA Journal. When not at work, Dr. Jones enjoys playing golf and watching college football.

Maryanne Mowen

Maryanne M. Mowen is Associate Professor Emerita of Accounting at Oklahoma State University. She currently teaches online classes in cost and management accounting for Oklahoma State University. She received her Ph.D. from Arizona State University. She brings an interdisciplinary perspective to teaching and writing in cost and management accounting, with degrees in history and economics. She has taught classes in ethics and the impact of the Sarbanes-Oxley Act on accountants. Her scholarly research is in the areas of management accounting, behavioral decision theory, and compliance with the Sarbanes-Oxley Act. She has published articles in journals such as Decision Science, The Journal of Economics and Psychology, and The Journal of Management Accounting Research. Dr. Mowen has served as a consultant to mid-sized and Fortune 100 companies and works with corporate controllers on management accounting issues. She is a member of the Northern New Mexico chapter of SCORE and serves as a counselor, assisting small and start-up businesses. Outside the classroom, she enjoys hiking, traveling, reading mysteries, and working crossword puzzles.

Don Hansen

Don R. Hansen is Arthur Andersen Professor of Accounting and a Regents Service Professor at Oklahoma State University. He received his Ph.D. from the University of Arizona in 1977. He has an undergraduate degree in mathematics from Brigham Young University. His research interests include activity-based costing and mathematical modeling. He has published articles in both accounting and engineering journals including The Accounting Review, The Journal of Management Accounting Research, Accounting Horizons, and IIE Transactions. He has served on the editorial board of The Accounting Review. His outside interests include family, church activities, reading, movies, and watching sports.

Donald Jones

Donald Jones is a tenured lecturer who teaches accounting, auditing, and income tax at the University of Windsor. He received his B.Comm degree from the University of Windsor and his MBA degree from the University of Toronto. Jones is a Canadian Chartered Professional Accountant (CPA), having qualified as both a Chartered Accountant (CA) and a Certified Management Accountant (CMA) in the Province of Ontario. Jones is a member in good standing of the Canadian Institute of Chartered Accountants (CICA), the Ontario Institute of Chartered Accountants (ICAO), and the Certified Management Accountants of Ontario (CMA Ontario). Jones has 36 years of professional public accounting experience, including service as a partner of Deloitte, an international professional accounting firm. In addition to his academic duties at the University of Windsor, Jones has led seminars for both large corporate audiences on accounting and auditing matters, including IFRS, and for private enterprise shareholder-managers on accounting and tax issues. Jones is licensed as an active public accountant (LPA) in the Province of Ontario, where he carries on a professional practice. Jones enjoys watching football and hockey and expanding his Canadian coin and currency collection. He and his wife, Linda, have three children, each of whom is a professionally qualified accountant.

Table of Contents

Chapter 1: Accounting and the Financial Statements
Chapter 2: The Accounting Information System
Chapter 3: Accrual Accounting
Chapter 4: Internal Control and Cash
Chapter 5: Revenue and Receivables
Chapter 6: Cost of Goods Sold and Inventory
Chapter 7: Property, Plant, and Equipment; Intangibles; and Natural Resources
Chapter 8: Current Liabilities
Chapter 9: Long-Term Liabilities
Chapter 10: Shareholders’ Equity
Chapter 11: The Statement of Cash Flows
Chapter 12: Investments
Chapter 13: Financial Statement Analysis
Appendix 1: Time Value of Money
Appendix 2: Financial Statement Information: Canadian Tire Corporation, Limited
Appendix 3: Financial Statement Information: Sears Canada Inc.
Check Figures

New to this edition

  • A Canadian approach. Each chapter has been written from a Canadian accounting perspective. Chapter 6 on inventory has undergone substantial revision to eliminate LIFO references and related topics from the previous U.S. text. Chapter 10 on share capital has been completely revised to reflect Canadian accounting standards and corporate law in this area of practice.
  • New real-company references. The Experience Financial Accounting opening vignettes have been changed to reflect either Canadian companies or multinational corporations that have prominent operations in Canada. These companies are then appropriately referenced in the chapters to reinforce the connections between key concepts and their applications in real-world business situations.
  • New IFRS content. The content in each chapter has been changed or updated to fully reflect IFRS for publicly accountable enterprises in Canada.
  • New summaries of differences between accounting standards. Each chapter contains an appropriate summary of “Significant Differences between IFRS and ASPE” in Canada.
  • New chapter on investments. A new chapter has been added for instructors who wish to cover investments.


All supplements have been updated in coordination with the Main title.
Please see Main title page for new to this edition information.

Instructor Supplements

eBook: Cornerstones of Financial Accounting 1ce  (ISBN-10: 0176543600 | ISBN-13: 9780176543600)
CNOW Instant Access (6 Months) for Cornerstones of Financial Accounting  (ISBN-10: 017668445X | ISBN-13: 9780176684457)
CNOW Instant Access (12 Months) for Cornerstones of Financial Accounting  (ISBN-10: 0176684468 | ISBN-13: 9780176684464)
MindTap 6-month Printed Access Card for Rich, Cornerstones of Financial Accounting, First Canadian Edition  (ISBN-10: 0176701605 | ISBN-13: 9780176701604)
Instructor's Resource CD for Cornerstones of Financial Accounting 1ce  (ISBN-10: 0176557776 | ISBN-13: 9780176557775)

Student Supplements

eBook: Cornerstones of Financial Accounting 1ce  (ISBN-10: 0176543600 | ISBN-13: 9780176543600)
CNOW Instant Access (6 Months) for Cornerstones of Financial Accounting  (ISBN-10: 017668445X | ISBN-13: 9780176684457)
CNOW Instant Access (12 Months) for Cornerstones of Financial Accounting  (ISBN-10: 0176684468 | ISBN-13: 9780176684464)
MindTap 6-month Printed Access Card for Rich, Cornerstones of Financial Accounting, First Canadian Edition  (ISBN-10: 0176701605 | ISBN-13: 9780176701604)