Introductory Financial Accounting

Written by: Anthony J. Cataldo II (West Chester University of Pennsylvania)

When I reviewed this work, The Introductory Financial Accounting textbook was last updated on February 20, 2015. It was written by Anthony J. Cataldo II of West Chester University of Pennsylvania.

Cataldo has been on the faculty at West Chester University since 2007. Before then, he was a public accountant with the California Auditor General and was a forensic accountant. He testified in cases adjudicated in Arizona, California, Nevada, Texas and Minnesota involving automobile manufacturers like Ford, GM, Chrysler, Toyota and others. He has also taught at the University of Arizona and Northeastern.

This appears to be the official accounting textbook for ACC201 at Cataldo’s home university. From the course catalog, “Introduction to financial accounting. A conceptual approach to recording, summarizing, presenting, and evaluating the financial affairs of a business.” This is the first course listed under the accounting curriculum and most likely the first accounting class students will attempt. There are no stated prerequisites.

Taking a quick look at the first chapter, it seems like this introductory accounting textbook would be useful to all university students; not just those for whom it is a required course.

Each of the chapters begins with stated learning objectives.

Table of Contents for Introductory Financial Accounting Textbook

Chapter 1 – Accounting for Business
Appendix Topics: Qualitative Characteristics of Accounting Information, Return on Assets, Framework for Business Activities
Chapter 2 – Accounting for Business Transactions & Journalizing
Appendix Topics: Debt Ratio
Chapter 3 – Adjusting Journal Entries & Preparing Financial Statements
Appendix Topics: Profit Margin, Current Ratio, Reversing Journal Entries
Chapter 4 – Accounting for Merchandising Firms
Appendix Topics: Acid-Test (Quick) Ratio, Gross Margin Ratio, Perpetual v. Periodic Inventory
Chapter 5 – Accounting for Inventories
Appendix Topics: Inventory Turnover, Days’ Sales in Inventory, A Periodic System of Inventory Costing, Inventory Estimation Methods
Chapter 6 – Internal Control & Cash
Appendix Topics: Cash Receipts Journal, Cash Disbursements Journal, Source Documentation, Accounting for Purchase Discounts
Chapter 7 – Accounting for Short-Term or Current Assets & Receivables
Appendix Topics: Accounts Receivable Turnover, Sales Journal
Chapter 8 – Accounting for Long-Term or Non-Current Assets
Appendix Topics: Total Asset Turnover, The Wild Text: A Methodological Flaw
Chapter 9 – Accounting for Short-Term or Current Liabilities
Appendix Topics: Times Interest Earned Ratio, Corporate Income Taxes, Historical U.S. Corporate Income Tax Rates
Chapter 10 – Accounting for Long-Term or Non-Current Liabilities
Appendix Topics: Present Value, Effective Interest, Bond Issues between Dates, Leases, Pensions, Present Value of $1, Present Value of an Annuity of $1 in Arrears
Chapter 11 – Accounting for Equity
Appendix Topics: Earnings per Share, Price-Earnings Ratio, Dividend Yield, Book Value per Share

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Introductory Financial Accounting

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