Nelson Higher Education

Higher Education

Accounting, Volume 2, 2nd Edition

  • Carl Warren
  • James Reeve
  • Jonathan Duchac
  • Sheila Elworthy
  • Tana Kristjanson
  • Barrie E. Tober
  • ISBN-10: 0176509747
  • ISBN-13: 9780176509743
  • 0 Pages | Paperback
  • Previous Editions: 2011
  • COPYRIGHT: 2014 Published
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About the Product

In the second Canadian edition of Accounting, we have continued with the tradition of focusing on the changing needs of accounting students and their instructors by utilizing feedback from student reviews, an Editorial Advisory Board, and external reviewers. Accounting faculty from all over the country contributed to our book development process in a direct and creative way. Accounting 2nd Canadian Edition takes a learn-by-doing approach to Accounting supported by Example Exercises, Mid-Chapter Illustrative Problems, and plentiful and comprehensive end-of-chapter exercises and problems. The unique Guided Principles System lays out what is to be covered in the Chapter and is an important visual that helps students see the big picture. This integrated learning system helps guide students through the chapter content, leading to better homework outcomes, and accounting mastery. Students love the Real-World Chapter Openers and the Morning Java Financial Statements which provide a consistent reference point for users who want to see a full set of financial statements. An added critical thinking component and one-third more exercises and problems are key elements of this revision.


  • Real-world chapter openers with photos help engage students right from the beginning.

  • Learning objective–based Guided Principles System (GPS) chapter outline helps guide students through the chapter outcomes and practice.

  • Numerous Example Exercises which help reinforce concepts and procedures.

  • Mid-Chapter Illustrative Problem and Solution helps students apply what they have learnt just in time.

  • At a Glance chapter summary provides students with an easy way to review the chapter’s key concepts.

About the Author

Carl Warren

Dr. Carl S. Warren is Professor Emeritus of Accounting at the University of Georgia, Athens. Dr. Warren has taught classes at the University of Georgia, University of Iowa, Michigan State University, and University of Chicago. He focused his teaching efforts on principles of accounting and auditing. Dr. Warren received his PhD from Michigan State University and his BBA and MA from the University of Iowa. During his career, Dr. Warren published numerous articles in professional journals, including THE ACCOUNTING REVIEW, JOURNAL OF ACCOUNTING RESEARCH, JOURNAL OF ACCOUNTANCY, THE CPA JOURNAL, and AUDITING: A JOURNAL OF PRACTICE AND THEORY. Dr. Warren has served on numerous committees of the American Accounting Association, the American Institute of Certified Public Accountants, and the Institute of Internal Auditors. He also has consulted with numerous companies and public accounting firms. His outside interests include playing handball, golfing, skiing, backpacking, and fly-fishing.

James Reeve

Dr. James M. Reeve is Professor Emeritus of Accounting and Information Management at the University of Tennessee. Professor Reeve taught as part of the accounting faculty for 25 years after graduating with his PhD from Oklahoma State University. His teaching effort focused on undergraduate accounting principles and graduate education in the Master of Accountancy and Senior Executive MBA programs. Beyond this, Professor Reeve is very active in the Supply Chain Certification program, which is a major executive education and research effort of the college. His research interests are varied and include work in managerial accounting, supply chain management, lean manufacturing, and information management. He has published over 40 articles in academic and professional journals, including Journal of Cost Management, Journal of Management Accounting Research, Accounting Review, Management Accounting Quarterly, Supply Chain Management Review, and Accounting Horizons. He has consulted or provided training around the world for a variety of organizations, including Boeing, Procter & Gamble, Norfolk Southern, Hershey Foods, Coca-Cola, and Sony. When not writing books, Professor Reeve plays golf and is involved in faith-based activities.

Jonathan Duchac

Dr. Jonathan Duchac is the Wayne Calloway Professor of Accounting and Acting Associate Dean of Accounting Programs at Wake Forest University. He earned his PhD in accounting from the University of Georgia and currently teaches introductory and advanced courses in financial accounting. Dr. Duchac has received a number of awards during his career, including the Wake Forest University Outstanding Graduate Professor Award, the T.B. Rose award for Instructional Innovation, and the University of Georgia Outstanding Teaching Assistant Award. In addition to his teaching responsibilities, Dr. Duchac has served as Accounting Advisor to Merrill Lynch Equity Research, where he worked with research analysts in reviewing and evaluating the financial reporting practices of public companies. He has testified before the U.S. House of Representatives, the Financial Accounting Standards Board, and the Securities and Exchange Commission and has worked with a number of major public companies on financial reporting and accounting policy issues. In addition to his professional interests, Dr. Duchac is an avid mountain biker and snow skier.

Sheila Elworthy

Dr. Sheila F. Elworthy, CA, is the Vice-President, Learning with the CA School of Business (CASB), the professional school for aspiring Chartered Accountants in Western Canada. Sheila has taught introductory, intermediate, and advanced accounting, and general business courses for 20 years at Camosun College, University of Victoria, Eastern Institute of Technology in Napier, New Zealand, and in the Executive Certified Management Accounting (ECMA) program. Sheila has previously worked as an Investigator for the Professional Conduct and Ethics Committee for the Institute of Chartered Accountants of BC. Her interest in successful learning processes for accounting students extends from the introductory stages in college and university settings through to the successful completion of the students’ chosen designation. Sheila received her M.B.A. from Ivey School of Business and her Doctor of Education from Simon Fraser University and qualified in 1984 as a Chartered Accountant in Ontario. In addition to her professional activities, Sheila is the Treasurer of Big Brothers Big Sisters, Chair of the Finance Committee, and a past member of the Fund Development Committee. Sheila’s interests include spending time with her husband and her three children, bridge, cycling, kayaking, and skiing.

Tana Kristjanson

Tana M. Kristjanson, CA, is an instructor in the School of Business at Camosun College, in Victoria, BC. She has also taught accounting at North Island College in Courtenay, BC, Vancouver Island University (formally Malaspina College) in Nanaimo, BC, and in the Certified Management Accounting (CMA) program. She currently teaches introductory and intermediate courses in financial accounting and auditing and has developed a college-level forensic auditing course. Her interest is in the use of reflection and student feedback as mechanisms to improve teaching. Tana became a Chartered Accountant in 2004 and spent five years in public practice, specializing in audits of family-oriented businesses. Tana’s interests include hiking, travel, and spending time with her husband, friends, and family.

Table of Contents


Chapter 11: Accounting for Partnerships
Chapter 12: Corporations: Organization, Share Transactions, Balance Sheet, and Statement of Retained Earnings
Chapter 13: Corporations: Additional Share Transactions, Income Statement, Accounting Changes, and Other Issues
Chapter 14: Long-Term Liabilities: Bonds and Notes
Chapter 15: Investments
Chapter 16: Statement of Cash Flows
Chapter 17: Financial Statement Analysis

Appendix A: Financial Statements for Morning Java
Appendix B: Leon’s 2011 Financial Statements Information
Appendix C: Shoppers Drug Mart 2011 Financial Statements Information
Appendix D: Financial Statement Analysis Ratios
Appendix E: Interest Tables

New to this edition

  • New critical thinking box added.
  • The volumes are organized to emphasize ASPE in Volume 1 with IFRS difference discussed, and include both ASPE and IFRS treatment in Volume 2.
  • One-third of the exercises have been revised and updated, and one-third more exercises have been added per chapter. To accommodate these additions, the Business Connection boxes have been removed and the Self-Examination questions and answers will be moved to the website.
  • The book’s interior design has been revised for a less cluttered, more sophisticated look.
  • The financial statements are colour coded to improve student identification of the different types.


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

Instructor Supplements

Instructor's Resource CD for Accounting, Volume 1 & 2  (ISBN-10: 0176661077 | ISBN-13: 9780176661076)

Key instructor ancillaries are provided on the Instructor’s Resource CD (ISBN 0-17-666107-7), providing instructors with the ultimate tool for customizing lectures and presentations. (Downloadable web versions are also available at

Working Papers for Accounting, Volume 2  (ISBN-10: 0176662464 | ISBN-13: 9780176662462)
Student Solutions Manual for Accounting, Volume 2  (ISBN-10: 0176662448 | ISBN-13: 9780176662448)

Student Supplements

Working Papers for Accounting, Volume 2  (ISBN-10: 0176662464 | ISBN-13: 9780176662462)
Student Solutions Manual for Accounting, Volume 2  (ISBN-10: 0176662448 | ISBN-13: 9780176662448)