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Accounting in one form or another touches lives of everyone: young people add and subtract figures to decide how to spend their weekly allowances; newspaper carriers keep payment records of their customers; students determine where the money for their education is coming from and how to spend it; taxpayers account for their taxable deductions; and businesses account for the profits from their operations. All of us use accounting to make economic decisions of one kind or another.
As you study this financial accounting text, a new world of understanding and knowledge will unfold.

To the Student Reader

Financial Accounting is designed to help you be actively involved in the learning process. As you study accounting, you will find that you learn more quickly and more thoroughly when you are actively involved. This means that the more time you spend expressing what you are learning, primarily through answering questions and solving problems, the more effectively you will learn. We encourage you to express your ideas as you read the text.

Kermit D. Larson

Kermit D. Larson is the Arthur Andersen & Co. Alumni Professor of Accounting Emeritus at the University of Texas at Austin. He served as chairman of the U.T. Department of Accounting and was Visiting Associate Professor at Tulane University. His scholarly articles have been published in a variety of journals, including The Accounting Review, Journal of Accountancy, and Abacus. He is the author of several books, including FINANCIAL ACCOUNTING, and FUNDAMENTALS OF FINANCIAL AND MANAGERIAL ACCOUNTING, both published by Richard D. Irwin, Inc. Professor Larson is a member of The American Accounting Association, the Texas Society of CPAs and the American Institute of CPAs. His activities with the AAA involved service as Vice President, as Southwest Regional Vice President, and as chairperson of several committees, including the Committee of Concepts and Standards. He was a member of the committee that planned the first AAA Doctoral Consortium and served as its Director. Professor Larson served as President of the Richard D. Irwin Foundation. His other activities have included serving on the Accounting Accreditation Committee and on the Accounting Standards Committee of the AACSB. He has been an expert witness on cases involving mergers, antitrust litigation, consolidation criteria, franchise taxes and expropriation of assets by foreign governments.