Project Description
Financial Accounting, 12th Edition
Hoggett, Medlin, Chalmers, Beattie, Hellmann, Maxfield
Interactive E-Text: 9781394217793, Print & Interactive E-Text Code: 9781394210978
Hoggett’s Financial Accounting, 12th Edition provides comprehensive and authoritative coverage of financial accounting, designed to equip students with a solid foundation of technical knowledge for their studies and future careers. This essential text focuses on teaching accounting from the perspective of a financial statement preparer while offering valuable insights into how financial statements are used for decision-making by non-accountants.
Available on our affordable subscription platform, Wiley Business Now, it features a range of instructional media content designed to provide students with an interactive and engaging learning experience.
Table of Contents
Introduction
1.1 The dynamic environment
1.2 Decisions in everyday life
1.3 Economic decisions
1.4 The nature of accounting
1.5 Users of accounting information
1.6 Using information in economic decisions
1.7 Accounting information and decisions
1.8 Management and financial decisions
1.7 Accounting information and decisions
1.8 Management and financial account
1.9 Accounting as a profession – Australian perspective
1.10 Public accounting versus commercial accounting
1.11 Ethics and accounting
Concept check
Key terms
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Appendix 1A Excel primer
Introduction
2.1 Types of business entities
2.2 Management functions
2.3 Basic financial statements
2.4 Assumptions made and characteristics of information
2.5 The effects of transactions on the accounting equation and financial statements
Concept check
Key terms
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
3.1 Transactions
3.2 The accounting cycle
3.3 Double-entry accounting
3.4 General journal
3.5 Trial balance
Concept check
Key terms
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
4.1 Measure of profit
4.2 The accounting cycle – expansion to include adjusting entries
4.3 Classification of adjusting entries
4.4 Adjusted trial balance
4.5 Distinguishing current and non- current assets and liabilities
4.6 Preparing financial statements from a worksheet
4.7 Financial statements and decision making
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
5.1 The complete accounting cycle
5.2 Closing temporary accounts
5.3 Using the worksheet to record adjusting entries
5.4 The closing process
5.5 Accrual entries in subsequent periods
5.6 Accounting procedures applicable to a partnership or company
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
6.1 Inventory
6.2 Condensed statement of financial performance for a retailer
6.3 Accounting for sales transactions, including GST
6.4 Accounting for purchases and cost of sales
6.5 End of period processes
6.6 Detailed statement of financial performance for a retailer
6.7 Net price method and settlement discounts
6.8 Profitability analysis for decision making
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
7.1 Operation and development of an accounting system
7.2 Internal control systems
7.3 Accounting systems – subsidiary ledger
7.4 Accounting systems – special journals
7.5 Abnormal balances in subsidiary ledgers
7.6 Accounting software
7.7 Accounting cycle – manual and computerised
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
8.1 Partnership defined
8.2 Advantages and characteristics of a partnership
8.3 Partnership agreement
8.4 Accounting for a partnership
8.5 Accounting for the formation of a partnership
8.6 Allocation of partnership profits and losses
8.7 Drawings and loans made by partners
8.8 Financial statements for a partnership
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
9.1 Types of companies
9.2 Forming a company
9.3 Categories of equity in a company
9.4 Accounting for share issues
9.5 Dividends
9.6 Reserves
9.7 Income tax
9.8 Preparing the financial statements
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
10.1 Regulation and development of accounting standards
10.2 The Conceptual Framework
10.3 The reporting entity
10.4 Objectives of general purpose financial reporting
10.5 Qualitative characteristics of financial statements
10.6 Defections of elements in financial statements
10.7 Recognition of the elements
10.8 Measurements
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
11.1 Cash defined
11.2 Control of cash
11.3 Bank accounts and reconciliation
11.4 The petty cash fund
11.5 Cash budgeting
11.6 Cash management
11.7 Analysing adequacy of cash flows
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
12.1 Types of receivables
12.2 Accounts receivable (trade debtors)
12.3 Bad and doubtful debts
12.4 Managements and control of accounts receivable
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
13.1 Determining the cost of inventory on hand
13.2 Assignment of cost to ending inventory and cost of sales – periodic system
13.3 Costing method in the perpetual inventory system
13.4 Comparison of inventory systems
13.5 The lower of cost and net realisable value rule
13.6 Sales returns and purchases returns
13.7 Inventory errors
13.8 Estimating inventories
13.9 Presentation in financial statements
13.10 Effect of costing methods on decision making
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
14.1 The nature of property, plant and equipment
14.2 Determining the cost of property, plant and equipment
14.3 Apportioning the cost of a lump-sum acquisition
14.4 Assets acquired under a lease agreement
14.5 Deprecation
14.6 Subsequent costs
14.7 Property and plant records
14.8 Disclosure of property, plant and equipment
14.9 Analysis, interpretation and management decisions
Concept check
Key terms
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
15.1 The revaluation model
15.2 The impairment test
15.3 Derecognition of non-current assets
15.4 Composite-rate depreciation
15.5 Mineral resources
15.6 Intangible assets
15.8 Goodwill in business combination
Concept check
Key terms
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
16.1 Liabilities defined
16.2 Recognition of liabilities
16.3 Provisions and contingent liabilities
16.4 Classifications of liabilities
16.5 Current liabilities
16.6 Non-current liabilities
16.7 Analysing liabilities for decision making
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
17.1 External reporting requirements
17.2 Statement of profit or loss and other comprehensive income
17.3 Statement of financial position
17.4 Statement of changes in equity
17.5 Demonstration problem
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
18.1 Purpose of the statement of cash flows
18.2 General format of the statement of cash flows
18.3 Concept of cash
18.4 Classification of cash flow activities
18.5 Preparing the statement of cash flows – direct method
18.6 Notes to the statement of cash flow
18.7 Advanced issues
181 Comprehensive example
18.9 Limitations of the statement of cash flows
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Introduction
19.1 Sources of financial information
19.2 The need for analytical techniques
19.3 Percentage analysis
19.4 Ration analysis
19.5 Some important relationships
19.6 Analysis using cash flows
19.7 Limitations of financial analysis
19.8 The impact of capital markets research on the role of financial statement analysis and determining firm value
Concept check
Key terms
Case study: Techtopia Pty Ltd
Discussion questions
Critical thinking
Communication and leadership
Ethics in action
Financial analysis
References
Acknowledgements
Authors
John Hoggett
John Medlin (University of South Australia)
Keryn Chalmers (Swinburne University)
Claire Beattie (Lincoln University)
Andreas Hellmann (Macquarie University)
Jodie Maxfield (James Cook University)
Contributors
Neale Blackwood (A4 Accounting)
Kate Christ (University of South Australia)
Explore our content
Hoggett’s Financial Accounting, 12th Edition equips students with essential knowledge and practical skills, preparing them for academic success and future careers in accounting.
This textbook emphasises financial statement preparation while addressing the impact of data analytics, emerging technologies, and environmental, social and governance (ESG) considerations on the evolving role of accountants. Expanded ethics coverage is integrated throughout, alongside ESG in Action and Ethics in Action features that highlight sustainability and ethical practices.
With integrated Excel content—including a primer, hands-on exercises, and screencast tutorials—students build technical proficiency, while the Techtopia running case study provides a practical context for applying key concepts. Interactive eBook tools, such as practitioner videos, animated problems, and feedback-based questions, further enhance engagement and understanding.
Blending core principles with real-world examples, this title ensures students develop a functional understanding of financial statements and their role in informed decision-making.
What’s in Hoggett Financial Accounting, 12th Edition:
- Skill-Building Exercises: End-of-chapter questions target critical skills:
- Decision Analysis: How financial statement information affects and informs business decision-making
- Critical Thinking: Developing analytical skills.
- Communication & Leadership: In-class activities promoting collaboration.
- Ethics in Action: Foster students’ understanding of ethical accounting and business practices.
- Financial Analysis: Analysing real-world financial data to enhance evaluation and interpretation skills.
- Technology in Accounting: Highlights the impact of data analytics and new technologies on accounting, with Technology Vignette boxes showcasing modern tools in practice.
- Ethics Focus: Expanded ethics content with Ethics in Action questions fostering understanding of professional conduct and ethical behavior.
- ESG Integration: Discussion on environmental, social, and governance (ESG) issues throughout, with ESG in Action boxes by sustainability expert Katherine Christ, including accompanying questions.
- Excel Integration: Includes an Excel primer, Excel Applications boxes, screencast videos, and exercises to build and master practical Excel skills.
- Techtopia Case Study: A running case study based on a fictional small business helps students apply concepts in real-world scenarios.
- Interactive Learning Tools: Practitioner videos, concept check questions, and interactive exercises provide real-world insights and immediate feedback.
Take a closer look:
Interactives and Key Features
Available as a digital eText or full colour printed textbook with an interactive eText code, this title enables every student to master concepts and succeed in assessment. Lecturers are supported with an extensive, easy-to-use teaching and learning package.
The text integrates Excel throughout with a primer in Chapter 1, step-by-step applications in each chapter, practice exercises, and screencast videos to help students master Excel skills for accounting.
Excel integration (eText)
Our digital eText features interviews with Accounting practitioners (PwC), offering real-world insights into chapter concepts and practical applications.
Practitioner insight videos (eText)
Techtopia running case study, featuring the fictional small business Techtopia, creates a practical business context for students to apply learnings across the text.
Techtopia case study
‘ESG in action’ boxed features written by Katherine Christ, Senior Lecturer at the University of South Australia, who specialises in environmental and sustainability accounting. Each box explores an ESG issue relevant to the chapter, with accompanying questions.
Environmental, social and governance (ESG)
‘Ethics in Action’ question at the end of each selected chapter. These questions should have a focus on professional conduct or acting in the public interest or ethical behaviours.
Ethics in action
‘Technology vignette’ boxed features explore specific technologies used in contemporary accounting practice.
Featured: Technology vignette
Featured in our eText are interactive exercises and activities in each chapter, that allow students to assess their skills and understanding of chapter content, with immediate feedback.
Interactivities (eText)
Our digital eText features end-of-chapter multiple-choice quizzes that provide instant feedback, helping to reinforce understanding and support learning.
Concept check questions (eText)
Students can personalise their eText by highlighting and taking notes, as well as other useful features including read aloud.
Personalisation features (eText)
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These student/instructor co-written notes provide concise, expert-reviewed summaries, tips, and diagrams for efficient exam preparation and understanding.
Computerised Accounting Practice Set
Awesome Electronics are MYOB-based practice sets that teach students real-world online accounting system operations (also with payroll).
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