Coronavirus news: As of today, there is no disruption to your University scheme and this website will continue to support home study as well as self-isolation. However there are now availability issues with some products. See below for full product and delivery updates.
Frank Wood's Business Accounting Volume 1



PAPERBACK by Sangster, Alan; Wood, Frank


808 pages
04 JUN 2018


Frank Wood's Business Accounting Volume 1, the world's bestselling textbook on book-keeping and accounting, continues to provide an indispensable introduction for students and professionals across the globe. Now celebrating more than 50 years in publication, the 14th edition has retained all the essence of what makes this the go-to textbook for accounting and book-keeping, but has also undergone significant changes and revisions based on reviewer feedback. With the inclusion of brand new chapters such as 'Maths for Accounting', combined with the reorganisation of chapters, and revision of end-of-chapter questions, this book will provide all the support you will need for learning key accounting topics. New to this Edition * Maths for Accounting chapter * Part 6 'Checks and Errors' * Incorporation of new end-of-chapter questions * Accounting Today chapter For lecturers, visit for our suite of resources to accompany this textbook, including: * A complete solutions guide * PowerPoint slides for each chapter * Seven online chapters for further reading MyLab Accounting MyLab Accounting not included. Students, if MyLab Accounting is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab Accounting should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information. Join over 10 million students benefiting from Pearson MyLabs. This title can be supported by MyLab Accounting, an online homework and tutorial system designed to test and build your understanding. MyLab Accounting provides a personalised approach, with instant feedback and numerous additional resources to support your learning. * A personalised study plan * Usable either following chapter-by-chapter structure or by learning objective * Worked solutions showing you how to solve difficult problems * Limitless opportunities to practise Use the power of MyLab Accounting to accelerate your learning. You need both an access card and a course ID to access MyLab Accounting: * Is your lecturer using MyLab Accounting? Ask your lecturer for your course ID. * Has an access card been included with the book? Check the inside back cover of the book. * If you have a course ID but no access card, go to to buy access. Alan Sangster is Professor of Accounting at the University of Sussex and formerly at other universities in the UK, Brazil, and Australia. Lewis Gordon is Lecturer in Accounting at the University of Liverpool, and has extensive experience of teaching financial accounting at undergraduate and professional levels. Frank Wood formerly authored this text and he remains one of the best-selling authors of accounting textbooks.


Notes for teachers and lecturers viii Notes for students xi The Last Lecture xxi Publisher's acknowledgements xxii Part 1 Introduction to financial accounting 1 The background and the main features of financial accounting 3 2 Recording transactions 21 3 Inventory 44 4 The effect of profit or loss on capital and the double entry system for expenses and revenues 55 5 Balancing-off accounts 68 6 The trial balance 77 7 Accounting concepts and assumptions 90 Part 2 Books and transactions 8 Books of original entry and ledgers 107 9 Cash books 113 10 The analytical petty cash book and the imprest system 127 11 Accounting for sales, purchases, and returns 135 12 The journal 160 13 Value added tax (VAT) 171 Part 3 Financial statements 14 Income statements 187 15 Balance sheets 199 16 Income statements and balance sheets: further considerations 207 17 Capital expenditure and revenue expenditure 224 18 Inventory valuation 233 Part 4 Accounting today 19 Accounting today 251 Part 5 Adjustments for financial statements 20 Bad debts, allowances for doubtful debts, and provisions for discounts on accounts receivable 271 21 Depreciation 286 22 Accruals and prepayments 318 Part 6 Checks and errors 23 Control accounts 345 24 Bank reconciliations 361 25 Statements of cash flows 375 26 Errors not affecting the balancing of the trial balance 393 27 Suspense accounts and errors 401 Part 7 Special accounting procedures 28 Receipts and payments accounts and income and expenditure accounts 427 29 Manufacturing accounts 441 30 Departmental accounts 459 31 Joint ventures 468 Part 8 Partnership accounts and company accounts 32 Partnerships 481 33 Goodwill for sole proprietors and partnerships 500 34 Revaluation of partnership assets 516 35 Partnership dissolution 524 36 Company accounts 545 37 Purchase of existing partnership and sole proprietor businesses 575 Part 9 An introduction to financial analysis 38 Maths for accounting 591 39 Accounting ratios 606 40 Single entry and incomplete records 618 41 Analysis and interpretation of financial statements 638 Part 10 An introduction to management accounting 42 An introduction to management accounting 673 Appendices 1 Answers to review questions 683 2 Answers to multiple choice questions 763 3 Glossary 764 Index 774