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Financial Accounting with Brochure(s)

ISBN: 9780139159190 | 0139159193
Edition: 3rd
Format: Hardcover
Publisher: Pearson
Pub. Date: 5/1/1998

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SummaryTable of Contents
Significantly shorterfrom 19 chapters to 13, and 922 pages to 816. Integration of all financial statements throughout, including statement of cash flows. New custom videos and Internet exercises. Dual approach; preparation of financial information, and managers use of that information.
CHAPTER 1 Summarizing Business Activity and Using the Financial Statements
1(48)
Operating, Investing, and Financing Activities
3(2)
... MOREManagerial Decisions
5(1)
Investor Decisions
5(1)
Accounting--The Basis of Decision Making
5(5)
The Users of Accounting Information
6(1)
Financial and Management Accounting
7(1)
Ethical Considerations in Accounting and Business
8(1)
Types of Business Organizations
8(2)
Accounting and Computers
10(1)
Accounting Principles and Concepts
10(3)
The Entity Concept
11(1)
The Reliability (or Objectivity) Principle
11(1)
The Cost Principle
12(1)
The Going-Concern Concept
12(1)
The Stable-Monetary-Unit Concept
12(1)
The Accounting Equation
13(2)
Assets and Liabilities
13(1)
Owner's Equity
14(1)
The Financial Statements
15(8)
Income Statement (Statement of Operations)
16(1)
Statement of Retained Earnings
17(1)
Balance Sheet
18(3)
Statement of Cash Flows
21(2)
Relationships Among the Financial Statements
23(2)
Summary Problem
25(16)
APPENDIX: Accounting's Role in Business
41(1)
Accounting's Relationship to the Other Areas of Business
41(2)
How Owners and Managers Use Accounting
42(1)
How Lenders and Investors Use Accounting
42(1)
Private Accounting
43(1)
Public Accounting
44(2)
Accounting Today
46(3)
CHAPTER 2 Processing Accounting Information
49(56)
The Account
52(2)
Assets
52(1)
Liabilities
53(1)
Stockholders' (Owners') Equity
53(1)
Accounting for Business Transactions
54(7)
Business Transactions and the Financial Statements
58(3)
Mid-Chapter Summary Problem
61(2)
Double-Entry Accounting
63(3)
The T-Account
63(1)
Increases and Decreases in the Accounts
64(2)
Additional Stockholders' Equity Accounts: Revenues and Expenses
66(1)
Recording Transactions in the Journal
66(8)
Transferring Information (Posting) from the Journal to the Ledger
69(1)
The Flow of Accounting Data: Putting Theory into Practice
70(3)
Accounts after Posting
73(1)
The Trial Balance
74(3)
Correcting Accounting Errors
75(1)
Using Journals, Ledgers, and Posting to Trace Information
75(2)
Chart of Accounts
77(2)
The Normal Balance of an Account
78(1)
Four-Column Account Format
79(1)
Using Accounting Information for Quick Decision Making
79(2)
Summary Problem
81(22)
APPENDIX TO CHAPTER 2: Typical Charts of Accounts for Different Types of Businesses
103(2)
CHAPTER 3 Accrual Accounting and the Financial Statements
105(64)
Accrual-Basis Accounting Versus Cash-Basis Accounting
108(4)
The Time-Period Concept
109(1)
The Revenue Principle
110(1)
The Matching Principle
111(1)
Adjusting Entries
112(13)
Prepaid Expenses
113(3)
Depreciation of Plant Assets
116(4)
Accured Revenues
120(1)
Unearned Revenues
121(1)
Summary of the Adjusting Process
122(3)
The Adjusted Trial Balance
125(1)
Preparing the Financial Statements from the Adjusted Trial Balance
126(2)
Relationships Among the Financial Statements
127(1)
Mid-Chapter Summary Problem
128(3)
Ethical Issues in Accrual Accounting
131(1)
Closing the Accounts
132(4)
Postclosing Trial Balance
136(1)
Correcting Accounting Errors
136(1)
Detailed Classification of Assets and Liabilities
137(4)
Analyzing the Financial Statements of Hawaiian Airlines, Inc.
138(3)
Different Formats for Financial Statements
141(1)
Balance Sheet Formats
141(1)
Income Statement Formats
142(1)
Use of Accounting Information in Decision Making: Accounting Ratios
142(4)
Current Ration
143(1)
Debt Ratio
143(2)
Application: Should a Bank Grant a Loan to Hawaiian Airlines?
145(1)
Summary Problem
146(22)
APPENDIX TO CHAPTER 3: Accounting Work Sheet
168(1)
CHAPTER 4 Internal Control and Managing Cash
169(50)
Internal Control
172(5)
Establishing an Effective System of Internal Control
172(5)
The Limitations of Internal Control
177(1)
Using the Bank Account as a Control Device
177(9)
The Bank Reconciliation
179(6)
How Managers and Owners Use the Bank Reconciliation
185(1)
Mid-Chapter Summary Problem
186(1)
The Operating Cycle of a Business
187(1)
Managing Cash
188(1)
Speeding the Collection of Cash from Sales
188(1)
Internal Control over Cash Receipts
189(3)
Internal Control over Cash Disbursements (Payments)
192(3)
Controls over Payment by Check
192(2)
Controlling Petty Cash Disbursements
194(1)
Using a Budget to Manage Cash
195(2)
Reporting Cash on the Balance Sheet
197(1)
Ethics and Accounting
198(1)
Corporate and Professional Codes of Ethics
198(1)
Ethical Issues in Accounting
199(2)
Ethics and External Controls
201(1)
Summary Problem
201(18)
CHAPTER 5 Accounting for Short-Term Investments and Receivables
219(42)
Some Basic Terminology
222(1)
Short-Term Investments (Marketable Securities)
222(5)
Held-to-Maturity Securities
223(1)
Trading Securities
224(3)
Available-for-Sale Securities
227(1)
Mid-Chapter Summary Problem
227(1)
Accounts and Notes Receivable
228(3)
The Different Types of Receivables
228(1)
Establishing Internal Control over the Collection of Receivables
229(2)
Managing the Collection of Receivables: The Credit Department
231(1)
Uncollectible Accounts (Bad Debts)
231(5)
Measuring Uncollectible Accounts
231(1)
Estimating Uncollectibles
232(2)
Writing Off Uncollectible Accounts
234(1)
Using the Percentage of Sales and the Aging Methods Together
235(1)
The Direct Write-Off Method
236(1)
Credit-Card Sales
236(1)
Notes Receivable
237(4)
Accounting for Notes Receivable
238(1)
Using Receivables to Finance Operations
239(2)
Contingent Liabilities on Discounted Notes Receivable
241(1)
Using Accounting Information for Decision Making
241(2)
Acid-Test (or Quick) Ratio
241(1)
Days' Sales in Receivables
242(1)
Relating Short-Term Investments and Receivables to the Statement of Cash Flows
243(2)
Summary Problem
245(16)
CHAPTER 6 Accounting for Merchandise Inventory, Cost of Goods Sold, and the Gross Margin
261(58)
The Basic Concept of Inventory Accounting
264(1)
Inventory Systems
264(5)
Perpetual Inventory System
265(1)
Periodic Inventory System
266(3)
Cost of Goods Sold (Cost of Sales) and Gross Margin (Gross Profit)
269(1)
How Managers Use the Cost-of-Goods-Sold Model
269(1)
How Investors and Creditors Use the Cost-of-Goods-Sold Model
270(1)
Gross Margin (Gross Profit)
270(1)
Computing the Cost of Inventory
270(1)
Inventory Costing Methods
271(2)
Income Effects of FIFO, LIFO, and Weighted-Average Cost
273(1)
The Income Tax Advantage of LIFO
273(1)
GAAP and Practical Considerations: A Comparison of Inventory Methods
274(2)
Mid-Chapter Summary Problem
276(1)
Perpetual Inventory Records Under FIFO, LIFO, and Weighted-Average Costing
277(2)
Accounting Principles and Their Relevance to Inventories
279(2)
Consistency Principle
279(1)
Disclosure Principle
279(1)
Materiality Concept
280(1)
Accounting Conservatism
280(1)
Lower-of-Cost-or-Market Rule
280(1)
Effects of Inventory Errors
281(1)
Ethical Issues in Inventory Accounting
282(2)
Estimating Inventory
284(1)
Gross Margin (Gross Profit) Method
284(1)
Analyzing Financial Statements-Use of Accounting Information in Decision Making
285(1)
Gross Margin Percentage
285(1)
Inventory Turnover
285(1)
Internal Control over Inventory
286(2)
Reporting Inventory Transactions on the Statement of Cash Flows
288(1)
Decision Guidelines
288(1)
Summary Problem
289(20)
APPENDIX A TO CHAPTER 6: Details of Recording Inventory Transactions in a Perpetual Accounting System
309(7)
The Purchase Invoice: A Basic Business Document
309(1)
Discounts from Purchase Prices
309(2)
Purchase Returns and Allowances
311(1)
Transportation Costs
312(1)
Alternative Procedures for Purchase Discounts, Returns and Allowances, and Transportation Costs
313(1)
Sale of Inventory and Cost of Goods Sold
313(1)
Sales Discounts and Sales Returns and Allowances
314(2)
APPENDIX B TO CHAPTER 6: Analyzing Financial Statements--Converting a LIFO Company's Income to the FIFO Basis
316(3)
CHAPTER 7 Accounting for Plant Assets, Intangible Assets, and Related Expenses
319(46)
Types of Assets
322(1)
Measuring the Cost of Plant Assets
322(5)
Land
323(1)
Buildings
323(1)
Machinery and Equipment
323(1)
Land and Leasehold Improvements
324(1)
Construction in Progress and Capital Leases
324(1)
Capitalizing the Cost of Interest
324(2)
Lump-Sum (or Basket) Purchases of Assets
326(1)
Measuring the Depreciation of Plant Assets
327(6)
The Causes of Depreciation
328(1)
Measuring Depreciation
328(1)
Depreciation Methods
328(4)
Comparing the Depreciation Methods
332(1)
Mid-Chapter Summary Problem
333(1)
The Relationship Between Depreciation and Income Taxes
334(2)
Depreciation for Partial Years
336(1)
Changing the Useful Life of a Depreciable Asset
337(1)
Using Fully Depreciated Assets
338(1)
Disposal of Plant Assets
338(4)
Selling a Plant Asset
339(2)
Exchanging Plant Assets
341(1)
Internal Control of Plant Assets
341(1)
Accounting for Natural Resources and Depletion
342(1)
Accounting for Intangible Assets and Amortization
343(3)
Capital Expenditures Versus Revenue Expenditures
346(1)
Ethical Issues in Accounting for Plant Assets and Intangibles
347(1)
Reporting Plant Asset Transactions on the Statement of Cash Flows
348(2)
Summary Problems
350(15)
CHAPTER 8 Accounting for Current and Long-Term Liabilites
365(52)
Current Liabilities of Known Amount
368(7)
Accounts Payable
368(1)
Short-Term Notes Payable
368(1)
Short-Term Notes Payable Issued at a Discount
369(2)
Sales Tax Payable
371(1)
Current Portion of Long-Term Debt
372(1)
Accrued Expenses (Accrued Liabilities)
373(1)
Payroll Liabilities
373(1)
Unearned Revenues
374(1)
Current Liabilities That Must Be Estimated
375(2)
Estimated Warranty Payable
375(1)
Estimated Vacation Pay Liability
376(1)
Contingent Liabilities
377(1)
Mid-Chapter Summary Problem
378(1)
Financing Operations with Long-Term Debt
379(1)
Bonds: An Introduction
379(3)
Types of Bonds
380(1)
Bond Prices
380(1)
Present Value
381(1)
Bond Interest Rates
382(1)
Issuing Bonds Payable to Borrow Money
382(9)
Issuing Bonds and Notes Payable Between Interest Dates
383(1)
Issuing Bonds Payable at a Discount
384(1)
Effective-Interest Method of Debt Amortization
385(3)
Issuing Bonds Payable at a Premium
388(2)
Straight-Line Amortization of Bond Discount and Bond Premium
390(1)
Early Retirement of Bonds Payable
391(2)
Convertible Bonds and Notes
392(1)
Advantages of Financing Operations with Bonds Versus Stock
393(1)
Lease Liabilities
394(3)
Operating Leases
394(1)
Capital Leases
395(2)
Off-Balance-Sheet Financing
397(1)
Pension Liabilities
398(1)
Postretirement Benefits Liabilities
398(1)
Reporting Current and Long-Term Liabilities on the Balance Sheet
399(1)
Reporting Financing Activities on the Statement of Cash Flows
400(1)
Summary Problem
401(16)
CHAPTER 9 Measuring and Reporting Stockholders' Equity
417(50)
Corporations: An Overview
420(3)
Characteristics of a Corporation
420(1)
Organization of a Corporation
421(1)
Stockholders' Rights
422(1)
Stockholders' Equity: Paid-In Capital and Retained Earnings
422(1)
Classes of Stock
423(2)
Common and Preferred Stock
424(1)
Par-Value and No-Par Stock
425(1)
Issuing Stock
425(6)
Issuing Common Stock
426(3)
Issuing Preferred Stock
429(1)
Accounting for Preferred Stock Conversions
430(1)
Ethical Considerations in Accounting for the Issuance of Stock
431(1)
Donations Received by a Corporation
431(1)
Mid-Chapter Summary Problems
432(1)
Treasury Stock
433(3)
Purchase of Treasury Stock
433(1)
Sale of Treasury Stock
434(1)
Treasury Stock Transactions: A Summary
435(1)
Retirement of Stock
436(1)
Retained Earnings and Dividends
436(4)
Dividends and Dividend Dates
438(1)
Dividends on Preferred and Common Stock
438(1)
Dividends on Cumulative and Noncumulative Preferred Stock
439(1)
Stock Dividends
440(3)
Reasons for Stock Dividends
440(1)
Recording Stock Dividends
441(2)
Stock Splits
443(1)
Similarities and Differences between Stock Dividends and Stock Splits
444(1)
Different Values of Stock
444(3)
Market Value
445(1)
Redemption Value
445(1)
Liquidation Value
445(1)
Book Value
446(1)
Evaluating Operations: Rate of Return on Total Assets and Rate of Return on Common Stockholders' Equity
447(2)
Return on Assets
447(1)
Return on Equity
448(1)
Reporting Stockholders' Equity Transactions on the Statement of Cash Flows
449(1)
Summary Problem
450(17)
CHAPTER 10 Accounting for Long-Term Investments and International Operations
467(48)
Accounting for Long-Term Investments
470(1)
Stock Investments: A Review
470(2)
Stock Prices
470(1)
Investors and Investees
471(1)
Classifying Stock Investments
471(1)
Stock Investments
472(1)
Accounting for Available-for-Sale Investments
472(3)
Reporting Available-for-Sale Investments at Current Market Value
473(1)
Selling an Available-for-Sale Investment
474(1)
Accounting for Equity-Method Investments
475(2)
Joint Ventures--Accounted for by the Equity Method
477(1)
Accounting for Consolidated Subsidiaries
477(6)
Consolidated Balance Sheet--Parent Corporation Owns All of Subsidiary's Stock
478(2)
Parent Corporation Buys Subsidiary's Stock and Pays for Goodwill
480(1)
Consolidated Balance Sheet--Parent Company Owns Less than 100% of Subsidiary's Stock
481(1)
Income of a Consolidated Entity
482(1)
Computers and Consolidations
483(1)
Long-Term Investments in Bonds and Notes
483(2)
Accounting for Held-to-Maturity Investments--The Amortized Cost Method
483(2)
Summary of Accounting Methods
485(1)
Mid-Chapter Summary Problems
485(2)
Accounting for International Operations
487(1)
Economic Structures and Their Impact on International Accounting
487(5)
Foreign Currencies and Foreign-Currency Exchange Rates
488(1)
Managing Cash in International Transactions
489(3)
Consolidation of Foreign Subsidiaries
492(3)
International Accounting Standards
494(1)
Using the Statement of Cash Flows to Interpret a Company's Investing Activities
495(2)
Summary Problem
497(18)
CHAPTER 11 Using the Income Statement and the Financial Statement Notes: Additional Corporate Reporting Issues
515(66)
Quality of Earnings--Analyzing a Corporate Income Statement
518(8)
Continuing Operations
519(3)
Discontinued Operations
522(1)
Extraordinary Gains and Losses (Extraordinary Items)
523(1)
Cumulative Effect of a Change in Accounting Principle
523(1)
Earnings per Share (EPS)
524(2)
Combined Statement of Income and Retained Earnings
526(1)
Accounting for the Income Tax of a Corporation
526(5)
Prior-Period Adjustments
529(1)
Restrictions on Retained Earnings
530(1)
Mid-Chapter Summary Problem
531(2)
Analyzing the Statement of Stockholders' Equity
533(3)
Explaining the Items Reported on a Statement of Stockholders' Equity
533(3)
Interpreting Notes to the Financial Statements
536(4)
Summary of Significant Accounting Policies
536(2)
Acquisitions and Dispositions
538(1)
Pensions
538(1)
Long-Term Debt
538(2)
Reporting on the Different Segments of a Business
540(2)
Reporting for Interim Periods (Shorter than One Year)
542(1)
Management Responsibility for the Financial Statements
543(4)
Auditor's Report on the Financial Statements
545(2)
Summary Problem
547(34)
CHAPTER 12 Preparing and Using the Statement of Cash Flows
581(62)
The Statement of Cash Flows: Basic Concepts
584(1)
Overview of the Statement of Cash Flows
585(1)
Cash and Cash Equivalents
585(1)
Operating, Investing, and Financing Activities
585(3)
Interest and Dividends
587(1)
Format of the Statement of Cash Flows
588(1)
Preparing the Statement of Cash Flows: The Direct Method
589(4)
Cash Flows from Operating Activities
590(1)
Cash Flows from Investing Activities
591(1)
Cash Flows from Financing Activities
592(1)
Mid-Chapter Summary Problem
593(1)
Computing Individual Amounts for the Statement of Cash Flows
594(9)
Computing the Cash Amounts of Operating Activities
595(4)
Computing the Cash Amounts of Investing Activites
599(2)
Computing the Cash Amounts of Financing Activities
601(2)
Noncash Investing and Financing Activities
603(1)
Reconciling Net Income to Net Cash Flow from Operating Activities
604(1)
Preparing the Statement of Cash Flows: The Indirect Method
605(5)
Logic Behind the Indirect Method
607(1)
Nike's Statement of Cash Flows for Operating Activities--An Application of the Indirect Method
608(2)
Computers and the Indirect Method of Generating the Statement of Cash Flows
610(1)
Using Cash-Flow Information in Investment and Credit Analysis
610(2)
Measuring Cash Adequacy--Free Cash Flow
612(1)
Summary Problem
612(21)
APPENDIX TO CHAPTER 12: The Work Sheet Approach to Preparing the Statement of Cash Flows
633(1)
Preparing the Work Sheet--Direct Method for Operating Activities
634(3)
Transaction Analysis on the Work Sheet
636(1)
Preparing the Work Sheet--Indirect Method for Operating Activities
637(6)
Transaction Analysis Under the Indirect Method
637(6)
CHAPTER 13 Financial Statement Analysis for Decision Making
643(50)
Financial Statement Analysis
646(1)
The Objectives of Financial Statement Analysis
646(1)
Horizontal Analysis
647(3)
Trend Percentages
648(2)
Vertical Analysis
650(2)
Common-Size Statements
652(1)
Benchmarking
653(2)
Benchmarking Against the Industry Average
653(1)
Benchmarking Against a Key Competitor
654(1)
Using the Statement of Cash Flows in Decision Making
655(2)
Mid-Chapter Summary Problem
657(1)
Using Ratios to Make Business Decisions
658(14)
Measuring a Company's Ability to Pay Current Liabilities
660(4)
Measuring a Company's Ability to Sell Inventory and Collect Receivables
664(3)
Measuring a Company's Ability to Pay Long-Term Debt
667(1)
Measuring a Company's Profitability
668(3)
Analyzing a Company's Stock as an Investment
671(1)
Limitations of Financial Analysis: The Complexity of Business Decisions
672(1)
Economic Value Added--A New Measure of Performance
673(1)
Efficient Markets, Management Action, and Investor Decisions
673(1)
Summary Problem
674(19)
APPENDIX A The Annual Report of Lands' End, Inc.
693(27)
APPENDIX B Time Value of Money: Future Value and Present Value
720(9)
Future Value
720(3)
Present Value
723(4)
Capital Leases
727(1)
Appendix Problems
727(2)
APPENDIX C Summary of Generally Accepted Accounting Principles (GAAP)
729(2)
APPENDIX D Accounting for Partnerships
731(17)
Different Types of Partnerships
731(1)
Characteristics of a Partnership
732(1)
Initial Investments by Partners
733(1)
Sharing Partnership Profits and Losses
734(2)
Partner Drawings
736(1)
Admission of a Partner
737(2)
Withdrawal of a Partner
739(2)
Death of a Partner
741(1)
Liquidation of a Partnership
741(2)
Partnership Financial Statements
743(5)
APPENDIX E Modern Accounting Information Systems
748(7)
A Comparison of Computerized and Manual Accounting Systems
748(4)
Integrated Accounting Software
752(1)
Overview of an Accounting Information System
753(2)
APPENDIX F Special Accounting Journals
755(13)
Proving the Ledgers
764(4)
APPENDIX G Check Figures
768
GLOSSARYG1
COMPANY AND PRODUCT INDEXI1
SUBJECT INDEX13

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