Financial Accounting in Australia, 5th edition, continues the excellent reputation established by this leading Australian text as the most comprehensive book for students studying introductory accounting.

The new edition is ideal for accounting and non-accounting majors alike. The new edition illustrates the applications of accounting and its role in making business decisions. Accordingly, material on the accounting process and environment has been updated in line with current professional standards and practice.

The previous editions were renowned for the number of exercises and problems, and the new edition builds upon this superior teaching feature. The aim of the exercise material is to encourage student confidence in using accounting through the development of skills in decision-making, critical thinking, ethical thinking, analysis and communication.

NEW TO THIS EDITION

• New author, John Medlin from the University of South Australia brings a wealth of experience in teaching introductory accounting. John was responsible for rewriting the budgeting chapter to give it a service rather than manufacturing focus as well as updating all the end of chapter cases.
• Wider trim size will result in a less cluttered page
• Significantly revised table of contents enhances the flow and focus of chapters. The managerial accounting chapters have been brought forward.
• Financial Accounting in Australia contains a unique chapter on the dissolution of partnerships that is not found in Accounting in Australia.
• All content has been updated to accord to the latest accounting standards. The terms Statement of Financial Performance and Statement of Financial Position (formerly the Profit and Loss Statement and Balance Sheet) are used throughout.
• End of chapter exercises and problems are clearly identified as service, retail or manufacturing through the use of a margin icon.
• End of chapter problems have been coded according to the level of difficulty and time they take to complete.
• Questions for Review have been integrated into the body of the text to promote mastery of the concept before progressing on to the next learning objective.
• Clear, thorough description of GST is supported with clear and correct worked examples. A GST icon appears on the end of chapter exercises and problems that require the student to account for it. Additionally, the GST is covered in the Appendix to Chapter 3 to provide further detail on terminology, how the GST operates, and reference to relevant legislation.
• Chapter 7 Accounting Systems uses MYOB Accounting Plus version 11 for illustration. The role of AIS is integrated throughout the text where appropriate.
• Scene Setter vignette highlights a business experience that will be developed and explained through the chapter. They make an ideal lecture starter.
• Link to Business vignette profiles the role and impact of accounting information in various business settings.
• Activities Boxes ask students to apply the information they have just read to their own business experiences.
• Career Profiles highlight the diversity of professional roles for graduates with an accounting qualification.
• Expanded and enhanced ancillary package for both students and instructors including practice tests, extra activities and eFlashcards on the text website.