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Financial Accounting as a Second Language

by: Weiner, David P.

Financial Accounting as a Second Language

by: Weiner, David P.

ISBN 13:
9780470043882
ISBN 10:
0470043881
Edition: 1st
Format: Paperback
Copyright: 08/25/2008
Publisher: WILEY

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Summary

Many readers find it difficult to master the fundamental skills that are essential to succeeding in a financial accounting course. Now with this helpful book, they'll quickly learn the keys to success in their course. Author David Weiner presents the material in a way that will motivate and empower them. He offers clear explanations of key concepts as well as helpful tips for solving the problems that often leave students floundering.

Preface	p. ix
Basic Financial Accounting Concepts	p. 1
Learning Objectives	p. 1
Accounting as the Language of Business	p. 2
Objectives of Financial Reporting	p. 4
Basic Accounting Concepts	p. 5
The Basic Financial Statements	p. 8
Using Financial Statement Information	p. 17
Review Questions	p. 18
Practice Multiple Choice Questions	p. 21
The Accounting Cycle	p. 24
Learning Objectives	p. 24
Transaction Analysis	p. 26
The Accounting Cycle	p. 29
Summary of the Seven Types of Accounts	p. 30
The Rules for Debits and Credits	p. 30
The Chart of Accounts	p. 32
Cash Basis versus Accrual Basis	p. 33
The Journal Entry	p. 33
Recording Journal Entries	p. 38
Posting to the Ledger	p. 40
The Trial Balance	p. 41
Adjusting Entries	p. 41
The Closing Process	p. 45
Balancing the Permanent Accounts	p. 47
Correcting Errors	p. 47
Preparing the Financial Statements	p. 48
Comprehensive Illustration	p. 49
Review Questions	p. 59
Practice Multiple Choice Questions	p. 61
Internal Controls, Cash, and Receivables	p. 64
Learning Objectives	p. 64
The Sarbanes-Oxley Act Requirements	p. 65
Sarbanes-Oxley and Internal Control	p. 66
Reporting Cash	p. 68
The Bank Reconciliation	p. 70
Accounts Receivable	p. 73
Notes Receivable	p. 77
Getting Cash for Receivables	p. 78
Summary of Journal Entries	p. 79
Review Questions	p. 80
Practice Multiple Choice Questions	p. 83
Inventory	p. 85
Learning Objectives	p. 85
Basic Inventory Issues	p. 86
Purchasing and Selling Inventory	p. 89
The Cost of Goods Sold Model	p. 91
The Periodic Method versus the Perpetual Method	p. 92
Taking Inventory and the Cost Flow Assumptions	p. 95
Lower of Cost or Market (LCM)	p. 102
Impact of Inventory Errors	p. 104
Review Questions	p. 107
Practice Multiple Choice Questions	p. 109
Noncurrent Assets and Depreciation	p. 113
Learning Objectives	p. 113
Noncurrent Assets	p. 114
Long-Term Investments	p. 114
Property, Plant, and Equipment	p. 116
Declining-Balance Method	p. 121
Depreciation Conventions	p. 123
Intangible Assets	p. 126
Impairment	p. 129
Accounting for Research and Development	p. 131
Summary of Journal Entries	p. 132
Review Questions	p. 133
Practice Multiple Choice Questions	p. 135
Current and Noncurrent Liablities	p. 139
Learning Objectives	p. 139
Liabilities	p. 140
Current Liabilities	p. 140
Long-Term Liabilities	p. 147
Summary of Journal Entries	p. 154
Review Questions	p. 155
Practice Multiple Choice Questions	p. 158
Stockholders' Equity	p. 160
Learning Objectives	p. 160
Stockholders' Equity	p. 162
Summary of Journal Entries	p. 173
Review Questions	p. 174
Practice Multiple Choice Questions	p. 176
The Statement of Cash Flows	p. 178
Learning Objectives	p. 178
Objectives of the Statement of Cash Flows	p. 179
Format of the Statement of Cash Flows	p. 180
A Step-by-Step Approach to Solving Statement of Cash Flows Problems	p. 182
Review Questions	p. 202
Practice Multiple Choice Questions	p. 203
Review of Financial Statements and Financial Statement Analysis	p. 205
Learning Objectives	p. 205
Horizontal and Vertical Analysis	p. 206
DuPont Method	p. 207
Financial Ratio Analysis	p. 208
Review Questions	p. 217
Practice Multiple Choice Questions	p. 218
Basic College Skills	p. 221
Learning Objectives	p. 221
College Skills	p. 222
The Time Value of Money	p. 239
Learning Objectives	p. 239
Introduction	p. 239
Basic Concepts	p. 239
Making Present Value and Future Value Calculations: A Summary	p. 245
Practice Multiple Choice Questions	p. 260
Gross Profit Inventory Computation	p. 262
The Gross Profit Method	p. 262
Advanced Topics for Chapter Five: Capitalization of Interest and Nonmonetary Exchanges	p. 266
Capitalization of Interest on Self-Constructed Assets	p. 266
Nonmonetary Exchanges	p. 268
The Cpa and the Auditor's Report	p. 272
Introduction	p. 272
Generally Accepted Auditing Standards	p. 273
Glossary	p. 277
Index	p. 299
Table of Contents provided by Ingram. All Rights Reserved.

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Financial Accounting as a Second Language

Financial Accounting as a Second Language

9780470043882

0470043881

Summary

Author Biography

Table of Contents

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