• Contents
• Notes for teachers and lecturers
• Notes for students
• Publisher’s acknowledgements

1. Introducing financial accounting and the balance sheet
2. The double entry system for assets, liabilities and capital
3. The double entry system for income and expenses
4. Double entry for purchases and sales of inventory
5. Balancing off ledger accounts
6. The trial balance

Multiple-choice questions: Set 1

1. Income statements
2. Balance sheets
3. Income statements and balance sheets: further considerations
4. Accounting concepts and the Conceptual Framework

1. The valuation of inventory
2. Bad debts and allowances for doubtful debts
3. Capital expenditure and revenue expenditure
4. Non-current assets: depreciation and disposals
5. Accruals and prepayments

Multiple-choice questions: Set 2

1. Books of original entry, source documents, and ledger systems
2. A system for recording sales and purchases made on credit terms
3. The cash book and the petty cash book
4. The journal and the payroll
5. Value added tax (VAT)

Multiple-choice questions: Set 3

1. Bank reconciliations
2. Control accounts for trade receivables and trade payables
3. Errors not affecting trial balance agreement
4. Suspense accounts and errors
5. Single entry and incomplete records

Scenario questions

1. Introduction to the statement of cash flows
2. Receipts & payments accounts and income & expenditure accounts

Multiple-choice questions: Set 4

1. Introduction to accounting for partnerships
2. Goodwill for sole traders and partnerships
3. Revaluation of partnership assets
4. Partnership dissolution

1. Introduction to accounting for companies
2. The published financial statements of companies
3. The statement of cash flows for companies

1. Ratio analysis and the interpretation of financial statements

Multiple-choice questions: Set 5

1. Answers to review questions
2. Answers to multiple-choice questions
3. Glossary

• Index

"If you have no knowledge of accounting whatsoever, this is the book you would want to use. It takes you through slowly, bit-by-bit, and chapters are short and to the point. I love this book."

Caroline Teh, Assistant Professor, Jönköping University, Sweden

Frank Wood's Business Accounting is the ideal book for anyone taking a first course in financial accounting at university or college. It is known for its clear, readable style, as well as its comprehensive range of examples, activities and exercises.

Used by generations of students across the world, this hugely popular text provides a thorough and up-to-date introduction to the subject, including all the financial accounting fundamentals required by major accountancy exam bodies.

Key features of this edition include:

• Short, manageable chapters, allowing you to build up your knowledge step by step
• A wide range of in-chapter activities, many of which are new for this edition, enabling you to continually test your understanding as each topic is covered
• Comprehensive sets of end-of-chapter questions (over 100 of which are new for this edition) along with five banks of multiple-choice questions (over 50 of which are new), supporting active learning of core financial accounting topics
• Fully integrated and up-to-date coverage of relevant International Financial Reporting Standards (IFRS)
• Substantial updates to more than half of the 35 chapters, ensuring continued alignment with modern accounting techniques as well as incorporating many more worked examples and in-chapter activities
• Enhanced coverage of ratio analysis, with a greater emphasis on interpreting the financial statements of companies

Also available with MyLab Accounting 

MyLab™ Accounting enables students to master concepts and develop their accounting skills. By combining a range of over 775 varied questions and accounting problems with flexible tools to help students at point-of-need and short videos on crucial concepts, MyLab engages students and improves results. 

Alan Sangster is Professor of Accounting History at the University of Aberdeen and was previously Professor of Accounting at universities in the UK, Brazil and Australia.

Lewis Gordon is Senior Lecturer in Accounting at the University of Liverpool, and has extensive experience of teaching financial accounting at undergraduate and professional levels.

Frank Wood was the original author of this text and remains one of the world's best-selling authors of accounting textbooks.

Pearson, the world's learning company. 

• The text's accessible nature will facilitate your teaching process, even for students who have never studied accounting before.
• The content covers the fundamental accounting techniques and essential financial statements, as required by the major professional accountancy exam bodies.

• The learning objectives and outcomes at the start and end of each chapter set the context for your teaching and help you manage learning expectations for your students.
• A range of in-chapter activities encourages your students to practice and self-test their understanding of the subject, followed by answers at the end of each chapter.

"If you have no knowledge of accounting whatsoever, this is the book you would want to use. It takes you through slowly, bit-by-bit, and chapters are short and to the point. I love this book."

Caroline Teh, Assistant Professor, Jönköping University, Sweden

"Essential for introductory accounting teaching for both specialist and non-specialist students. It skilfully progresses from the basics, employing insightful examples and questions for effective experiential learning."

Kudz Munongi, Senior Lecturer in Finance and Accounting, University of Sunderland

• New and updated chapter activities with answers provided at the end of each chapter integrate theory with practical application, allowing your students to self-test their learning.
• Over a hundred new, end-of-chapter review questions support your students' learning of core accounting and bookkeeping methods and principles.
• Five revised sets of multiple-choice questions allow your students to self-test their knowledge of the topics.
• An updated, full set of solutions is provided, some within the book and some as a download available for lecturers, found in the Solutions Manual.

• Substantial updates to more than half of the 35 chapters, ensuring continued alignment with modern accounting techniques as well as incorporating many more worked examples and in-chapter activities
• Updated coverage of relevant International Financial Reporting Standards (IFRS) provides more accurate information and a closer alignment with the latest professional practices.
• Enhanced coverage of ratio analysis, with a greater emphasis on interpreting the financial statements of companies