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Key Accounting Principles v7.0

AME System Overview

The AME Learning System™ is an award-winning teaching strategy. Designed initially to teach the principles of accounting and financial literacy to people with no previous financial education, it has now accelerated learning for hundreds of thousands of students across North America.

The system incorporates the best of cognitive science, technology and learning principles into an active learning approach that emphasizes constant decision-making, real-world examples and impact over memorization.

The patented Accounting Map™ Tutorials are the foundation of the system. Using a logical, visually based approach that translates accounting concepts into common experiences and terminology, the interactive, online tutorials employ the “flipped classroom” strategy that has revolutionized contemporary learning. Students complete tutorials before class, and in-class instruction consolidates their understanding of the material. Then, plain-language, real-world exercises help students practise and explore key lessons. When this system meets AME Engage™—our distinctive online learning experience—it creates an unmatched connection between learners and content.

Version 7.0 Overview

basic accounting

Key Accounting Principles V7.0 frames the study of accounting in a highly practical, fully integrated, and interactive learning experience.

basic accounting

Perfect for both accounting majors and non-majors accounting courses in any program (such as Office Admin, HR, Legal, Sports Management)

basic accounting

The AME approach has been proven to significantly improve student engagement and grades with a substantial reduction in drop-out and failure rates.

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Student Courseware

What's New

NEW FEATURE: Sustainability Spotlight
A new boxed feature, “Sustainability Spotlight,” has been added at the end of Chapters 4–11. In some chapters, this feature introduces students to environmental, social and governance (ESG) concepts relevant to the chapter content. In others, it highlights the achievements of real companies that are making the effort to address and report on ESG considerations.

NEW FEATURE: Running Case
A new feature, “Running Case: JR World Tours,” is highlighted at the end of each chapter. The case follows a fictional tour company from business set-up through posting monthly transactions to assessing the business’s success. Exercises for each chapter are provided in Microsoft Excel format on AME EngageTM. An instructor version with solutions is provided.

NEW: Update to AME Engage™

  • The tutorials have all been updated to refresh them and make them more accessible.
  • The textbook is provided in EPUB format within AME Engage™ for improved accessibility and navigation.
  • The end-of-chapter Review Exercises in the textbook are now available for download in Microsoft Excel format.
  • Video solutions are now available for two workbook questions in each chapter.
  • Gradable Excel versions of select workbook questions are available for download. Overall, the number of workbook questions provided in Microsoft Excel versions has been increased. These questions are marked in the workbook with an icon after the learning objective number. The files are posted within each chapter for students, and an instructor version is provided.
Key Changes
  • In response to instructor feedback, the detailed discussion of personal finances has been removed from Chapter 1: Introduction to Accounting. The chapter now has a business focus, introducing basic accounting concepts (assets, liabilities, equity, revenue, expenses), business accounts, business transactions, and types of businesses. Brief comparisons to personal accounting are included to help students understand the concepts.
  • Chapter 2: Business Accounting and Reporting now begins with an introduction to T-accounts. That is followed by discussion of how to record revenue and expenses based on accruals. Transactions are recorded in the T-accounts, and basic financial statements are shown.
  • Chapter 3: The Accounting Framework has a new learning objective on environmental, social and governance (ESG) reporting.
  • Chapter 6: The Accounting Cycle: Statements and Closing Entries now covers closing entries under the income summary method before the direct method.xiv
  • Chapter 7: Merchandising Transactions includes a new “Closer Look” box on Incoterms® guidelines for international trade.
  • Chapter 10: Payroll (previously Chapter 11) has been updated to reflect 2024 rates from the Canada Revenue Agency. New information on CPP2 has been added.
  • Chapter 11: Analyzing Accounting Information (previously Chapter 12) uses Canadian Tire Corporation’s 2023 financial statements. The presentation of horizontal and vertical analysis is now also based on Canadian Tire. More detailed analysis has been added throughout the chapter.
  • Appendix A: Accounting Information Systems and Data Analytics was previously Chapter 9. The QuickBooks® discussion has been updated with screenshots from QuickBooks Online. Support for this appendix continues to be provided, including workbook exercises, online quizzes, and an online data analytics module
  • The number of Pause & Reflect exercises within chapters has been increased to help students check their understanding at the end of each learning objective.
Volume One Chapter Contents:

Chapter Contents:

Introduction
Chapter 1: Introduction to Accounting
Chapter 2: Business Accounting and Reporting
Chapter 3: The Accounting Framework
Chapter 4: The Accounting Cycle: Journals and Ledgers
Chapter 5: The Accounting Cycle: Adjustments
Chapter 6: The Accounting Cycle: Statements and Closing Entries
Chapter 7: Inventory: Merchandising Transactions
Chapter 8: Inventory Valuation
Chapter 9: Cash and Internal Controls
Chapter 10: Payroll
Chapter 11: Analyzing Accounting Information
Appendix A: Accounting Information Systems and Data Analytics
Appendix B: Sales Tax and Employer Payroll Tax Remittances
Appendix C: Solutions for Pause & Reflect and Review Exercises
Appendix D: Summary of Financial Ratios
Appendix E: ASPE vs. IFRS

Volume Two Chapter Contents:

Chapter Contents:

Chapter 1: Accounting for Receivables
Chapter 2: Long-Term Assets
Chapter 3: Current Liabilities
Chapter 4: Partnerships
Chapter 5: Corporations: Contributed Capital and Dividends
Chapter 6: Corporations: The Financial Statements
Chapter 7: Long-Term Liabilities
Chapter 8: Investments
Chapter 9: The Statement of Cash Flows
Chapter 10: Financial Statement Analysis

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Download V1 Product Brochure
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Version 7.0 Student Tutorials

Our interactive accounting tutorials are an integral part of the AME Learning system.
Integrated seamlessly with our print and online textbooks, they will help flip your classroom and engage your students.

Test-drive two tutorials and experience them yourself!

managerial principals

Transition to debits and credits

fundamental accounting

General Journal

Want to see more?

AME Engage™ is our online learning platform, offering a comprehensive library of interactive accounting tutorials,
integrated seamlessly with our print and online courseware resources.
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For Students

AME Engage™

AME Engage™ is an online, interactive component of the AME Learning System featuring the Accounting Map™, a digital and highly visual interactive balance sheet and income statement for powerful and practical transactional learning. Students will access Interactive Pre-Class Tutorials, Quizzes, and Post-Class Homework. Plus, a digital textbook and workbook allow students to quickly access homework related questions and subject matter.

For Instructors

AME Assistant™

Our AME Assistants act as your teaching assistant to help you create and curate your course and its materials. We customize experience, content, and your support because we know our customers personally. We ensure our technology is portable and interoperable with your platforms while organizing our materials to match your needs and processes, giving you more free time to focus on what matters most: your students!

Canadian Hospitality Accounting

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