Introduction to
Financial
Accounting
Eleventh Edition
Charles T. Horngren
Stanford University
Gary L. Sundem
University of Washington
John A. Elliott
University of Connecticut
Donna R. Philbrick
Portland State University
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To Chuck Horngren whose contributions over
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Library of Congress Cataloging-in-Publication Data
Horngren, Charles T.
Introduction to f nancial accounting / Charles T. Horngren, Gary L. Sundem, John A. Elliott,
Donna R. Philbrick. -- Eleventh edition.
pages cm
Includes index.
ISBN 978-0-13-325103-6 (casebound)
1.Accounting. I. Title.
HF5635.H813 2014
657--dc23
2012047453
ISBN-13: 978-0-13-325103-6
ISBN-10: 0-13-325103-9
10987654321
iii
About the Authors
Charles T. Horngren
passed away in the midst of this current revision of
Introduction to
Financial Accounting
. He was the Edmund W. Littlefield professor of accounting emeritus at
Stanford University. A graduate of Marquette University, he received his MBA from Harvard
University and his PhD from the University of Chicago. He also received honorary doctorates
from Marquette University and DePaul University.
A certified public accountant, Horngren served on the Accounting Principles Board, the
Financial Accounting Standards Board Advisory Council, and the Council of the American
Institute of Certified Public Accountants. In addition, he served as a trustee of the Financial
Accounting Foundation, which oversees the Financial Accounting Standards Board and the
Government Accounting Standards Board. He is a member of the Accounting Hall of Fame.
Horngren served the American Accounting Association as its president and its director of
research. He received the association’s first annual Outstanding Accounting Educator Award and
also received its Lifetime Contribution to Management Accounting Award.
The California Certified Public Accountants Foundation gave Horngren its Faculty
Excellence Award and its Distinguished Professor Award. He is the first person to have received
both awards. The American Institute of Certified Public Accountants presented him with its first
Outstanding Educator Award. He was also named Accountant of the Year, Education, by the
national professional accounting fraternity, Beta Alpha Psi.
Professor Horngren was also a member of the Institute of Management Accountants, where
he received its Distinguished Service Award. He was a member of the Institute’s Board of
Regents, which administers the Certified Management Accountant examinations.
Horngren is the author of other accounting books published by Pearson Education:
Cost
Accounting: A Managerial Emphasis
,
Introduction to Management Accounting
,
Accounting
, and
Financial Accounting
. He was also the Consulting Editor for the Charles T. Horngren Series in
Accounting.
Gary L. Sundem
is professor of accounting emeritus at the Foster School of Business at the
University of Washington, Seattle. He received his BA from Carleton College and his MBA and
PhD from Stanford University.
Professor Sundem has served as President of the American Accounting Association,
Executive Director of the Accounting Education Change Commission, and Editor of
The
Accounting Review
. He is currently president of the International Association for Accounting
Education and Research.
Sundem is a past president of the Seattle chapter of the IMA (formerly the Institute of
Management Accountants). He has served on IMA’s national board of directors and chaired its
Academic Relations and Professional Development committees. He has chaired the AACSB’s
Accounting Accreditation Committee and currently serves on the Board of Trustees of Rainier
Mutual Funds and the Board of Trustees of Carleton College, where he chairs the Audit
Committee. He received the Carleton College Outstanding Alumni award in 2002.
Professor Sundem has numerous publications in accounting and finance journals including
Issues in Accounting Education
,
The
Accounting Review
,
Journal of Accounting Research
, and
Journal of Finance
. He was selected as the Outstanding Accounting Educator by the American
Accounting Association in 1998 and by the Washington Society of CPAs in 1987.。