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Core Concepts of Accounting

by: Breitner, Leslie K.; Anthony, Robert N.

Core Concepts of Accounting

by: Breitner, Leslie K.; Anthony, Robert N.

ISBN 13:
9780132744393
ISBN 10:
0132744392
Edition: 11th
Format: Paperback
Copyright: 01/24/2012
Publisher: Pearson

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Summary

Core Concepts of Accountingcaptures the full text (but not the programmed approach) of Essentials of Accounting,while including important accounting concepts and terms.

Acknowledgments	p. xiv
Basic Concepts	p. 1
Elements of the Balance Sheet	p. 1
Assets	p. 3
Liabilities and Equity	p. 3
Dual-Aspect Concept	p. 4
Money-Measurement Concept	p. 6
Entity Concept	p. 6
Going-Concern Concept	p. 7
Asset-Measurement Concept	p. 8
Balance Sheet Items	p. 10
Assets	p. 10
Liabilities	p. 12
Current Ratio	p. 12
Equity	p. 12
Key Points to Remember	p. 13
Balance Sheet Changes; Income Measurement	p. 15
Current Assets	p. 15
Noncurrent Assets	p. 16
Current Liabilities	p. 17
Noncurrent Liabilities	p. 18
Equity	p. 18
Balance Sheet Changes	p. 18
Income Measurement	p. 25
Key Points to Remember	p. 29
Accounting Records and Systems	p. 31
The Account	p. 31
Rules for Increases and Decreases	p. 33
Debit and Credit	p. 35
Income Statement Accounts	p. 36
The Ledger and the Journal	p. 37
The Closing Process	p. 39
A Note on Computers	p. 41
Key Points to Remember	p. 42
Revenues and Monetary Assets	p. 45
Fiscal Year	p. 46
Accrual Accounting	p. 46
Conservatism Concept	p. 47
Materiality Concept	p. 48
Realization Concept	p. 48
Service Revenue	p. 51
Amount of Revenue	p. 52
Monetary Assets	p. 54
Days' Sales Uncollected	p. 55
Key Points to Remember	p. 55
Expense Measurement; The Income Statement	p. 57
Expense and Expenditure	p. 58
Unexpired and Expired Costs	p. 60
Matching Concept	p. 60
Other Assets that Will Become Expenses	p. 61
Expenses that Create Liabilities	p. 62
Fringe Benefits	p. 63
Rent Expense	p. 64
Losses	p. 64
Summary of Matching Concept	p. 65
An Example of Matching	p. 66
The Income Statement	p. 69
A Package of Accounting Reports	p. 71
Income Statement Percentages	p. 71
Review of Basic Concepts	p. 72
Key Points to Remember	p. 72
Inventories and Cost of Sales	p. 75
Finding Cost of Sales	p. 75
Inventory Valuation: Assumptions	p. 79
First-In, First-Out (Fifo) Method	p. 81
Last-In, First-Out (Lifo) Method	p. 81
Average-Cost Method	p. 82
Comparison of Inventory Methods	p. 83
Inventory Valuation: Adjustment to Market	p. 83
Inventory in a Manufacturing Company	p. 84
Product Costs and Period Costs	p. 85
Overhead Rates	p. 86
Inventory Turnover	p. 86
Key Points to Remember	p. 87
Noncurrent Assets and Depreciation	p. 89
Noncurrent Assets	p. 89
Accounting for Acquisitions	p. 90
Capital Leases	p. 90
Depreciation	p. 91
Depreciation Methods	p. 93
Units-of-Production Depreciation	p. 93
Straight-Line Depreciation	p. 94
Accelerated Depreciation	p. 95
Accounting for Depreciation	p. 96
Sale of a PPE Asset	p. 98
Significance of Depreciation	p. 99
Depletion	p. 99
Intangible Assets	p. 100
Key Points to Remember	p. 100
Liabilities and Equity	p. 103
Working Capital	p. 103
Sources of Capital	p. 104
Debt Capital	p. 105
Types of Equity Capital	p. 106
Common Stock	p. 108
Preferred Stock	p. 109
Retained Earnings and Dividends	p. 110
Distributions to Shareholders	p. 110
Balance Between Debt and Equity Capital	p. 111
Debt Ratio	p. 113
Consolidated Financial Statements	p. 114
Key Points to Remember	p. 116
Statement of Cash Flows	p. 119
Cash Flow from Operating Activities-Indirect Method	p. 122
Adjustment for Depreciation Expense	p. 123
Adjustments for Changes in Working Capital Accounts	p. 124
Adjustments for Changes in Current Assets	p. 124
No Change in Balance	p. 124
Current Asset Balance Decreased	p. 125
Current Asset Balance Increases	p. 126
Analysis with Diagrams	p. 126
Adjustments for Changes in Current Liabilities	p. 129
Net Effect of Working Capital Changes	p. 129
Summary of Operating Adjustments	p. 131
Cash Flow from Investing and Financing Activities	p. 131
Investing Activities	p. 131
Financing Activities	p. 132
Completing the Statement of Cash Flows	p. 133
Uses of the Statement of Cash Flows	p. 133
Key Points to Remember	p. 134
Analysis of Financial Statements	p. 135
Limitations of Financial Statement Analysis	p. 135
Auditing	p. 136
Overall Financial Measures of Performance	p. 136
Factors Affecting Return on Equity	p. 138
Tests of Capital Utilization	p. 141
Other Measures of Performance	p. 144
Comments on Profitability Measurement	p. 146
Tests of Financial Condition	p. 147
Dupont Analysis	p. 147
Quality of Earnings	p. 150
The Sarbanes-Oxley Act of 2002	p. 154
Key Points to Remember	p. 156
Nonprofit Financial Statements	p. 159
Nonprofit Organizations	p. 159
Different Missions and Goals	p. 160
Net Assets	p. 161
Revenues, Expenses, and Investments	p. 162
Transfers	p. 166
Similarities to Financial Statement of Corporations	p. 167
Limitations of Ratio Analysis	p. 168
Key Points to Remember	p. 168
International Financial Reporting Standards (IFRS)	p. 171
Gaap and IFRS: Similarities and Differences	p. 173
Revenue Recognition	p. 175
Inventory	p. 175
Non-Current Assets and Depreciation (Property, Plant, and Equipment)	p. 175
Financial Statement Presentation	p. 176
Consolidated Financial Statements	p. 176
Key Points to Remember	p. 177
Concluding Note	p. 179
Glossary	p. 181
Table of Contents provided by Ingram. All Rights Reserved.

Amazon no longer offers textbook rentals. We do!

Core Concepts of Accounting

Core Concepts of Accounting

9780132744393

0132744392

Summary

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

Core Concepts of Accounting

Core Concepts of Accounting

9780132744393

0132744392

Summary

Table of Contents

Supplemental Materials

Write a Review

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