Accounting: What the Numbers Mean

David H. Marshall (1933–2018) was Professor of Accounting Emeritus at Millikin University. He taught at Millikin, a small, independent university located in Decatur, Illinois, for 25 years. He taught courses in accounting, finance, computer information systems, and business policy, and was recognized as an outstanding teacher. The draft manuscript of this book was written in 1986 and used in a one-semester course that was developed for the nonbusiness major. Subsequently supplemented with cases, it was used in the business core accounting principles and managerial accounting courses. Concurrently, a one-credit-hour accounting laboratory taught potential accounting majors the mechanics of the accounting process. Prior to his teaching career, Marshall worked in public accounting and industry and he earned an MBA from Northwestern University. Professor Marshall’s interests outside academia included community service, woodturning, sailing, and travel. It is with great sadness that we announce his passing on April 17, 2018. Wayne W. McManus makes his home in Grand Cayman, Cayman Islands, BWI, where he worked in the private banking sector for several years and is now a semiretired consultant. He maintains an ongoing relationship with the International College of the Cayman Islands as an adjunct Professor of Accounting and Law and is the Chair of the College’s Board of Trustees. McManus offers the Cayman CPA Review course through the Financial Education Institute Ltd. and several professional development courses through the Chamber of Commerce. He earned an MS in accounting from Illinois State University, an MBA from the University of Kansas, a law degree from Northern Illinois University, and a master’s of law in taxation from the University of Missouri–Kansas City.  He serves as an independent director and chairman of the audit committee for Endeavour Mining Corp. (EDV on the TSX exchange). He is a member of the Cayman Islands Institute of Professional Accountants and the local chapter of the CFA Institute. Professor McManus volunteers as a “professional”Santa each December, enjoys travel, golf, and scuba diving, and is an audio/video enthusiast. Daniel F. Viele is Professor of Accounting and currently serves as Dean of the School of Adult and Online Education and directs the Office of Strategic Information at Maryville University of Saint Louis. He has taught courses in financial, managerial, and cost accounting, as well as accounting information systems. Prior to joining Maryville, Professor Viele’s previous teaching experience includes 15 years at Webster University and 10 years at Millikin University with Professor Marshall. He has also served as a systems consultant to the graphics arts industry. Professor Viele has developed and taught numerous online graduate courses, and for his leadership role in pioneering online teaching and learning, he was presented a Presidential Recognition Award. His students and colleagues have also cited his dedication to teaching and innovative use of technology for which Webster awarded him its highest honor—the Kemper Award for Teaching Excellence. Professor Viele holds an MS in accounting from Colorado State University and has completed the Information Systems Faculty Development Institute at the University of Minnesota and the Advanced Information Systems Faculty Development Institute at Indiana University. He is a member of the American Accounting Association and the Institute of Management Accountants, where he has served as president of the Sangamon Valley Chapter and as a member of the National Board of Directors. Professor Viele enjoys sports of all kinds, boating, and a good book.

1.Accounting–Present and PastPart 1 Financial Accounting2.Financial Statements and Accounting Concepts/Principles3.Fundamental Interpretations Made From Financial Statement Data4.The Bookkeeping Process and Transaction Analysis5.Accounting for and Presentation of Current Assets6.Accounting for and Presentation of Property, Plant and Equipment,and other Noncurrent Assets7.Accounting for and Presentation of Liabilities8.Accounting for and Presentation of Stockholders' Equity9.The Income Statement and the Statement of Cash Flows10.Corporate Governance, Notes to the Financial Statements and Other Disclosures11.Financial Statement AnalysisPart 2 Managerial Accounting12.Managerial Accounting and Cost–Volume–Profit Analysis13.Cost Accounting and Reporting14.Cost Planning15.Cost Control16.Costs for Decision MakingEpilogue: Accounting–The FutureAppendix: Excerpts from 2008 Campbell Soup Company Annual Report