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THOMAS P. EDMONDS, F. M. McNAIR, E. E. MILAM and P. R. OLDS, Fundamental Financial Accounting Concepts (New York: McGraw-Hill, Inc., 1996, pp. xix, 601).
Fundamental Financial Accounting Concepts is designed for a first accounting course for business majors. It represents a significant step forward in accounting education because of the plan and execution of the book.
The authors identify (pp. xiii-xv) nine elements which they believe lead to a unique package: control of complexity; the accounting cycle; multi-period model; statement of cash flows; emphasis on perpetual inventory; real world relevance; asset/liability approach; generic terminology; and ethics discussion cases. The first four are integrated throughout the book and make it distinct from other books on the market.
Control of complexity means reducing the amount of detail. The authors have created a book that can be assigned and covered in its entirety. Currently, this reviewer...