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Financial Accounting : A Business Process Approach

ISBN: 9780130779380 | 0130779385
Edition: 1st
Format: Package
Publisher: Prentice Hall
Pub. Date: 1/1/2003

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SummaryTable of ContentsAuthor Biography
"Appropriate for accounting majors AND non-majors." Students are introduced to an entrepreneur who decides to create his own business (Tom' s Wear). In subsequent chapters, students read this running case example and learn financial accounting concepts through Tom' s experiences as he grows and expands his business. This is the business process approach: Reimers 1) teaches students about the way a business works and 2) THEN shows how accounting fits into business processes. All of the traditional financial statements and the accounting equation are emphasized, but the focus is on how accounting relates to business processes. Excel Application Problems, financial statements, internal controls, and business risks are integrated into every chapter. Chapter 4 on accounting procedures (debits and credits) may be included or omitted based upon instructor preference.
Prefacexiii
Business: What It's All About
2(42)
Purpose of a Business
4(1)
... MORE
The Nature of Business Operations
5(1)
Ownership Structure of a Business
6(1)
Understanding Business: Starting a New Business: The Business Plan
7(5)
Sole Proprietorships
7(1)
Partnerships
8(1)
Corporations
8(4)
Business Activities and the Flow of Goods and Services
12(5)
An Entrepreneur
12(3)
The Acquisition/Payment Process
15(2)
The Sales/Collection Process
17(1)
Information Needs for Decision Making in a Business
17(1)
Flow of Information
18(2)
Who Needs Information About Transactions of the Business?
18(2)
Accounting Information: A Part of the Information System
20(1)
The Role of the Information System
20(1)
Overview of the Financial Statements
20(9)
Balance Sheet
21(4)
Income Statement
25(2)
Statement of Changes in Owners' Equity
27(1)
Statement of Cash Flows
28(1)
Flow of Information and the Financial Statements
29(1)
Business Risks
29(15)
No More Mr. Nerd Guy
31(1)
Understanding Excel
32(12)
Qualities of Accounting Information
44(38)
Information for Decision Making
46(1)
Statements of Financial Accounting Concepts
47(1)
Objectives of Accounting Information
48(1)
Qualitative Characteristics of Accounting Information
49(1)
Elements of the Financial Statements
50(1)
Transactions for the Second Month of Business
50(5)
Assets
55(1)
Liabilities
56(1)
Equity
56(1)
Measurement and Recognition in Financial Statements
57(2)
Measuring Assets
57(1)
Recognizing Revenue and Expenses
57(2)
Accruals and Deferrals
59(2)
Accrual Basis Accounting
59(1)
Cash Basis Versus Accrual Basis Accounting
59(1)
Accounting Periods and Cutoff Issues
60(1)
More About the Financial Statements
61(1)
Investors-Owners and Creditors
61(1)
Understanding Business: Managing Cash-Planning Inflows and Outflows
62(5)
An Example to Illustrate the Kind of Information Financial Statements Provide
63(2)
Putting It All Together-The Objectives of Financial Statements and the Information in Statements of Clean Sweep and Maids-R-Us
65(2)
Applying Our Knowledge: Ratio Analysis
67(2)
Business Risks
69(13)
Internal Controls-Definition and Objectives
69(1)
Special Internal Control issues Related to Financial Statements
69(2)
Summary of Chapters 1 and 2
71(1)
Understanding Excel
72(10)
Accruals and Deferrals: Timing Is Everything in Accounting
82(42)
Measuring Income
84(2)
Accruals
86(5)
Accruals for Interest Expense and Interest Revenue
86(1)
Receivables with Interest
87(2)
Accruals for Other Revenues and Expenses
89(2)
Deferrals
91(8)
Deferrals Related to Revenue
91(2)
Deferrals Related to Expenses
93(6)
Understanding Business: Recognizing Revenue: When Is it the Right Time?
99(1)
Summing Up
100(1)
Applying Our Knowledge: Ratio Analysis
100(2)
Business Risks
102(22)
Summary Problem: Tom s Wear in the Third Month of Business
103(7)
Understanding Excel
110(14)
Keeping the Books: The Mechanics of an Accounting System
124(44)
The General Ledger Accounting System
127(2)
Debits and Credits
129(2)
The Accounting Cycle
131(13)
Step 1: Recording Journal Entries
132(2)
Step 2: Posting Journal Entries to the General Ledger
134(1)
Step 3: Prepare an Unadjusted Trial Balance
134(1)
Step 4: Adjusting Journal Entries
134(5)
Steps 5 and 6: Preparing the Adjusted Trial Balance and the Financial Statements
139(1)
Step 7: Close the Revenue and Expense Accounts
140(4)
Step 8: Preparing a Postclosing Trial Balance
144(1)
Review and Summary of the Accounting Cycle
144(1)
What's Next? The General Ledger System Versus Integrated Information Systems
145(1)
Understanding Business: Enterprise Resource Planning Systems
146(1)
Business Risks
147(21)
Summary Problem: Tom's Wear Transactions for March 2001 in a General Ledger System
148(7)
Understanding Excel
155(13)
Acquisitions: Purchase and Use of Business Assets
168(42)
Acquisition of Long-Term Assets: The Business Process
171(1)
Allocating the Cost of Long-Term Assets
172(1)
Acquisition Costs
173(2)
Basket Purchase Allocation
174(1)
Depreciation
175(1)
Depreciation and the Financial Statements
175(6)
Straight-Line Depreciation
175(2)
Activity (units of production) Depreciation
177(1)
Declining Balance Method
178(1)
Specific Depreciation Formulas
179(2)
Capital Expenditures versus Revenue Expenditures
181(2)
Revising Estimates of Useful Life and Residual Value
183(1)
Depletion and Amortization
184(1)
Depletion
184(1)
Amortization
184(1)
Selling a Long-Term Asset
185(1)
Depreciation and Taxes
186(1)
Finding and Using Depreciation Information
187(1)
Understanding Business: Lease or Buy?
188(1)
Applying Our Knowledge: Ratio Analysis
189(1)
Business Risks
189(21)
Summary Problem: Tom's Wear Expands in April 2001
190(6)
Understanding Excel
196(14)
Acquisition and Payment: Inventory and Liabilities
210(44)
Acquiring Merchandise for Sale
212(1)
Understanding Business: Inventory Cost Flow Assumptions and Taxes
213(3)
Procedures for Acquisition of Goods
213(1)
Merchandise Inventory
214(1)
Purchases
214(2)
Selecting and Accounting for Goods Sold: Inventory Cost Flow
216(2)
Keeping Track of the Inventory: Four Cost Flow Assumptions
217(1)
Record Keeping for the Inventory
218(1)
Example of Cost Flow Assumptions and Timing of Record Keeping
218(5)
Perpetual Inventory
218(1)
Periodic Inventory
219(1)
FIFO Periodic
220(1)
FIFO Perpetual
220(1)
LIFO Periodic
221(1)
Accounting Choices Make a Difference
222(1)
Average Cost: Periodic Weighted Average
222(1)
Conclusions About Inventory Cost Flow Assumptions
222(1)
Inventory and Cost of Goods Sold in Merchandising Operations
223(1)
Inventory Errors
224(2)
Ending Inventory Errors
224(1)
Beginning Inventory Errors
225(1)
Gross Profit Method of Estimating Ending Inventory
226(1)
Valuing Inventory: Lower-of Cost-or-Market
226(1)
Finding and Using Inventory Information
227(1)
Applying Our Knowledge: Ratio Analysis
228(1)
Paying for Acquisitions: Liabilities
229(3)
Common Types of Liabilities
230(1)
Acquisition of Human Resources and Payroll Liabilities
230(2)
Business Risks
232(22)
Inventory: Risks and Controls
232(1)
Liabilities: Risks and Controls
232(1)
Summary Problem: Tom's Wear Faces New Challenges in May
233(5)
Understanding Excel
238(16)
Sales and Collection Cycle
254(40)
Sales Cycle
256(1)
Understanding Business: Managing Accounts Receivable
257(1)
Timing of Revenue Recognition
258(1)
Revenue Recognition: Some Examples
258(1)
Sales Discounts
259(1)
Sales Returns
260(1)
Payment for Goods and Services
261(1)
Accounting for Cash
261(3)
Accounts Receivable: Collecting Payment for Sales Made on Account
264(5)
Direct Write-Off Method
264(1)
Allowance Method
265(4)
Credit Card Sales
269(1)
Warranties
270(1)
Finding and Using Information about Sales and Accounts Receivable
271(1)
Using the Financial Statement Information for Analysis
272(1)
Business Risks
273(21)
Summary Problem: Tom's Wear Increases Sales in June
274(7)
Understanding Excel
281(13)
Special Acquisitions: Financing a Business with Debt
294(52)
Understanding Business: Financing Your Business: Using a Line of Credit
297(1)
Long-Term Notes Payable and Mortgages
297(4)
Time Value of Money
301(10)
Simple Versus Compound Interest
301(1)
Future Value
302(3)
Future Value of an Annuity
305(2)
Present Value
307(4)
Long-Term Liabilities: Raising Money by Issuing Bonds
311(3)
What Is a Bond?
311(1)
More About Bonds
312(2)
Issuing Bonds Payable
314(1)
Getting the Money
314(1)
Paying the Bondholders
314(1)
Accounting for Bonds Payable
315(8)
Issuing Bonds at a Discount or a Premium
315(3)
Amortizing Bond Discounts and Premiums: Effective Interest Method
318(4)
Straight-Line Amortization of Bond Discounts and Premiums
322(1)
Zero-Coupon Bonds
323(1)
Callable and Convertible Bonds
324(1)
Callable Bonds
324(1)
Convertible Bonds
324(1)
Financial Statement Analysis
325(1)
Business Risks
326(20)
Summary Problem: Tom's Wear Obtains Debt Financing in July
327(6)
Understanding Excel
333(13)
Special Acquisitions: Financing a Business with Equity
346(34)
Owners of a Business
348(1)
Components of Shareholders' Equity in a Corporation: Contributed Capital
348(5)
Stock: Authorized, Issued and Outstanding
349(4)
Understanding Business: Why Do Companies Have Preferred Stock?
353(2)
Treasury Stock
355(3)
Company Buys Its Own Stock
355(2)
Selling Treasury Stock
357(1)
Stock Dividends
358(1)
Stock Splits
358(1)
Components of Shareholders' Equity in a Corporation: Retained Earnings
359(1)
Analysis of Shareholders' Equity
359(3)
Business Risks
362(18)
Summary Problem: Tom's Wear Goes Public
362(7)
Understanding Excel
369(11)
Preparing the Statement of Cash Flows
380(34)
Importance of the Statement of Cash Flows
382(1)
Understanding Business: It's All About Cash Flow
383(1)
Two Methods of Preparing and Presenting the Statement of Cash Flows
384(1)
Review of the Three Sections of the Statement of Cash Flows
385(1)
Accrual Accounting versus Cash
386(2)
Preparing the Statement of Cash Flows
388(6)
Direct Method of Computing Cash from Operations
388(2)
Indirect Method of Computing Cash from Operations
390(2)
Cash from Investing and Financing Activities
392(2)
Summary of Direct and Indirect Methods
394(1)
Financial Statement Analysis
394(20)
Summary Problem: Tom's Wear for April 2001 Revisited
396(3)
Understanding Excel
399(15)
Financial Statement Analysis
414
Financial Information: Looking Beneath the Surface
416(1)
Closer Look at the Income Statement
416(3)
Discontinued Operations
417(1)
Extraordinary Items
418(1)
Understanding Business: Ordinary Extraordinary Items?
419(2)
Changes in Accounting Principle
419(2)
Other Financial Statement Items
421(2)
Comprehensive Income
421(1)
Investments in Securities
421(2)
Analysis of Financial Information
423(11)
Horizontal Analysis
424(1)
Vertical Analysis
424(1)
Ratio Analysis
425(9)
Conclusion
434
Summary Problem: Analysis of the Financial Tom's Wear
434(3)
Understanding Excel
437
Appendix A Aual Report of Pier 1 ImportsA-1
Appendix B Present and Future Value TablesB-1
Appendix C Check Figures for End-of Chapter ProblemsC-1
GlossaryG-1
Subject IndexI-1
Jane Reimers joined the Crummer Graduate School of Business at Rollins College following 14 years at Florida State University, where she held the KPMG Professorship in Accounting. Before joining the FSU faculty, she taught in the MBA program at Duke University's Fuqua School of Business.

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