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Survey of Accounting

by: Warren, Carl S.

Survey of Accounting

by: Warren, Carl S.

ISBN 13: 9780324183443
ISBN 10: 0324183445
Edition: 2nd
Format: Hardcover
Copyright: 03/12/2003
Publisher: South-Western College Pub
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Summary

This text provides a contemporary introduction to accounting and accounting systems. It covers the essence of both financial and managerial accounting in a non-procedural, non-debit and credit manner. After a brief introduction to financial statement preparation, the remainder of the text focuses on controls and the use of accounting information in decision making.

The Role of Accounting in Business

(42)

The Nature of Business

(6)

Types of Businesses

(1)

Forms of Business

(1)

Business Strategies

(2)

Value Chain of a Business

(1)

Business Stakeholders

(1)

Business Activities

(3)

Financing Activities

(1)

Investing Activities

(1)

Operating Activities

(1)

What Is Accounting and Its Role in Business?

(1)

Financial Statements

(7)

Income Statement

(1)

Retained Earnings Statement

(1)

Balance Sheet

(1)

Statement of Cash Flows

(2)

Interrelationships among Financial Statements

(1)

Accounting Concepts

(3)

Business Entity Concept

(1)

Cost Concept

(1)

Going Concern Concept

(1)

Matching Concept

(1)

Objectivity Concept

(1)

Unit of Measure Concept

(1)

Adequate Disclosure Concept

(1)

Accounting Period Concept

(1)

Horizontal Analysis

(20)

The Cash Basis of Accounting

(34)

Elements of an Accounting System

(1)

Rules

(1)

Framework

(1)

Controls

(1)

Cash and Accrual Bases of Accounting

(2)

Using the Cash Basis of Accounting

(1)

Using the Accrual Basis of Accounting

(1)

Summary of Differences between the Cash and Accrual Bases of Accounting

(1)

Using the Cash Basis for a Corporation's First Period of Operations

(5)

Financial Statements for a Corporation's First Period of Operations

(3)

Income Statement

(1)

Retained Earnings Statement

(1)

Balance Sheet

(1)

Statement of Cash Flows

(1)

Using the Cash Basis for the Second Period of Operations

(2)

Advantages and Disadvantages of the Cash Basis

(1)

Vertical Analysis

(18)

The Accrual Basis of Accounting

(48)

The Accrual Basis of Accounting and the Matching Concept

(2)

Using the Accrual Basis of Accounting for Family Health Care's November Transactions

(4)

The Adjustment Process

(7)

Deferrals and Accruals

(1)

Adjustments for Family Health Care

(5)

Financial Statements

(4)

Interpreting Accrual and Cash Basis Income

(1)

The Accounting Cycle

(1)

Common-Size Financial Statements

(1)

Appendix A: Reconciliation: Net Cash Flows from Operations and Net Income

100

(2)

Appendix B: Family Health Care Transactions for December: Illustrative Problem

102

(24)

Accounting for Merchandise Operations

126

(40)

Merchandise Operations

128

(1)

Financial Statements for a Merchandising Business

129

(7)

Multiple-Step Income Statement

130

(3)

Single-Step Income Statement

133

(1)

Retained Earnings Statement

134

(1)

Balance Sheet

134

(1)

Statement of Cash Flows

134

(2)

Sales Transactions

136

(4)

Cash Sales

136

(1)

Sales on Account

137

(1)

Sales Discounts

137

(2)

Sales Returns and Allowances

139

(1)

Purchase Transactions

140

(1)

Purchase Discounts

140

(1)

Purchase Returns and Allowances

141

(1)

Transportation Costs and Sales Taxes

141

(2)

Transportation Costs

141

(1)

Sales Taxes

142

(1)

Dual Nature of Merchandise Transactions

143

(2)

Merchandise Shrinkage

145

(1)

Gross Profit and Operating Profit Analysis

146

(1)

Appendix: Statement of Cash Flows: The Indirect Method

147

(19)

Cash Flows from Operating Activities

148

(2)

Cash Flows Used for Investing Activities

150

(1)

Cash Flows Used for Financing Activities

150

(16)

Internal Control and Cash

166

(44)

Internal Control

168

(6)

Objectives of Internal Control

168

(1)

Elements of Internal Control

169

(5)

Prevention and Detection of Employee Fraud

174

(6)

Preventive Controls

174

(1)

Detective Controls

175

(2)

Risk Factors Relating to Employee Fraud

177

(1)

Examples of Employee Fraud

178

(2)

Cash Controls over Receipts and Payments

180

(3)

Control of Cash Receipts

180

(2)

Control of Cash Payments

182

(1)

Bank Accounts

183

(3)

Use of Bank Accounts

183

(1)

Bank Statement

184

(1)

Bank Accounts as a Control over Cash

184

(2)

Bank Reconciliation

186

(3)

Special-Purpose Cash Funds

189

(1)

Financial Statement Reporting of Cash

189

(1)

Cash Ratios

190

(20)

Ratio of Cash Flow to Net Income

190

(1)

Ratio of Cash to Monthly Cash Expenses

191

(19)

Receivables and Inventories

210

(36)

Classification of Receivables

212

(1)

Accounts Receivable

212

(1)

Notes Receivable

212

(1)

Other Receivables

213

(1)

Uncollectible Receivables

213

(1)

Estimating Uncollectible Receivables

214

(3)

Sales Method

214

(1)

Aging-of-Receivables Method

215

(1)

Write-Offs of Customer Accounts

216

(1)

Classification of Inventories

217

(1)

Inventory Cost Flow Assumptions

218

(2)

Comparing Costing Methods

220

(3)

Use of Fifo Method

220

(1)

Use of Lifo Method

221

(1)

Use of Average Cost Method

222

(1)

Reporting Receivables and Inventory

223

(3)

Receivables

223

(1)

Inventory

224

(2)

Turnover Ratios

226

(20)

Accounts Receivable Turnover

226

(1)

Inventory Turnover

227

(19)

Fixed Assets and Intangible Assets

246

(36)

Nature of Fixed Assets

248

(2)

Classifying Costs

248

(2)

The Cost of Fixed Assets

250

(1)

Accounting for Depreciation

250

(6)

Factors in Computing Depreciation Expense

252

(2)

Comparing Depreciation Methods

254

(1)

Depreciation for Federal Income Tax

254

(2)

Natural Resources

256

(1)

Fixed Asset Disposals

256

(3)

Discarding Fixed Assets

256

(2)

Selling Fixed Assets

258

(1)

Capital and Revenue Expenditures

259

(2)

Intangible Assets

261

(3)

Patents

261

(1)

Copyrights and Trademarks

262

(1)

Goodwill

263

(1)

Reporting Fixed Assets and Intangible Assets

264

(1)

Analyzing Fixed Assets

264

(18)

Operational Utilization Analyses

265

(1)

Financial Utilization Analysis

266

(16)

Liabilities and Stockholders' Equity

282

(40)

Financing Operations

284

(1)

Liabilities

284

(6)

Current Liabilities

284

(1)

Notes Payable

284

(1)

Income Taxes

285

(2)

Contingent Liabilities

287

(1)

Payroll

288

(2)

Bonds

290

(2)

Stock

292

(3)

Common and Preferred Stock

293

(1)

Issuance of Stock

293

(2)

Reacquired Stock

295

(1)

Dividends

295

(2)

Cash Dividends

295

(1)

Stock Dividends

296

(1)

Stock Splits

297

(1)

Reporting Liabilities and Stockholders' Equity

298

(1)

Earnings per Share

299

(2)

Analyze and Interpret Solvency

301

(21)

Financial Statement Analysis

322

(40)

Basic Analytical Procedures

324

(5)

Horizontal Analysis

324

(3)

Vertical Analysis

327

(1)

Common-Size Statements

328

(1)

Other Analytical Measures

329

(1)

Solvency Analysis

329

(6)

Current Position Analysis

330

(2)

Accounts Receivable Analysis

332

(1)

Inventory Analysis

333

(1)

Ratio of Fixed Assets to Long-Term Liabilities

334

(1)

Ratio of Liabilities to Stockholders' Equity

334

(1)

Number of Times Interest Charges Earned

335

(1)

Profitability Analysis

335

(5)

Ratio of Net Sales to Assets

336

(1)

Rate Earned on Total Assets

336

(1)

Rate Earned on Stockholders' Equity

337

(1)

Rate Earned on Common Stockholders' Equity

337

(1)

Earnings per Share on Common Stock

338

(1)

Price-Earnings Ratio

339

(1)

Dividends per Share and Dividend Yield

339

(1)

Summary of Analytical Measures

340

(2)

Corporate Annual Reports

342

(20)

Financial Highlights

342

(1)

President's Letter to the Stockholders

342

(1)

Management Discussion and Analysis

342

(1)

Independent Auditors' Report

343

(1)

Historical Summary

343

(19)

Accounting Systems for Manufacturing Businesses

362

(50)

Nature of Manufacturing Businesses

364

(1)

Manufacturing Cost Terms

364

(3)

Materials

365

(1)

Factory Labor

366

(1)

Factory Overhead Cost

366

(1)

Cost Accounting System Overview

367

(1)

Job Order Cost Systems for Manufacturing Businesses

368

(10)

Materials

368

(2)

Factory Labor

370

(2)

Factory Overhead Cost

372

(3)

Work in Process

375

(1)

Finished Goods and Cost of Goods Sold

376

(1)

Sales and Cost of Goods Sold

376

(1)

Period Costs

377

(1)

Summary of Cost Flows for Goodwell Printers

378

(1)

Job Order Costing for Decision Making

378

(3)

Job Order Cost Systems for Professional Service Businesses

381

(1)

Just-in-Time Manufacturing Principles

381

(4)

Reducing Inventory

382

(1)

Reducing Lead Times

383

(1)

Reducing Setup Time

383

(1)

Emphasizing Product-Oriented Layout

383

(1)

Emphasizing Employee Involvement

384

(1)

Emphasizing Pull Manufacturing

384

(1)

Emphasizing Zero Defects

385

(1)

Emphasizing Supplier Partnering

385

(1)

Activity-Based Costing

385

(27)

Cost Behavior and Cost--Volume--Profit Analysis

412

(40)

Cost Behavior

414

(6)

Variable Costs

414

(1)

Fixed Costs

415

(2)

Mixed Costs

417

(2)

Summary of Cost Behavior Concepts

419

(1)

Reporting Variable and Fixed Costs

420

(1)

Cost-Volume-Profit Relationships

420

(2)

Contribution Margin Concept

420

(2)

Mathematical Approach to Cost-Volume-Profit Analysis

422

(5)

Break-Even Point

423

(3)

Target Profit

426

(1)

Graphic Approach to Cost-Volume-Profit Analysis

427

(5)

Cost-Volume-Profit (Break-Even) Chart

427

(2)

Profit-Volume Chart

429

(2)

Use of Computers in Cost-Volume-Profit Analysis

431

(1)

Sales Mix Considerations

432

(1)

Special Cost-Volume-Profit Relationships

433

(2)

Margin of Safety

433

(1)

Operating Leverage

434

(1)

Assumptions of Cost-Volume-Profit Analysis

435

(17)

Differential Analysis and Product Pricing

452

(30)

Differential Analysis

454

(8)

Lease or Sell

455

(1)

Discontinue a Segment or Product

456

(2)

Make or Buy

458

(1)

Replace Equipment

459

(1)

Process or Sell

460

(1)

Accept Business at a Special Price

461

(1)

Setting Normal Product Selling Prices

462

(3)

Total Cost Concept

463

(2)

Activity-Based Costing

465

(1)

Product Profitability and Pricing under Production Bottlenecks

465

(17)

Product Profitability under Production Bottlenecks

465

(1)

Product Pricing under Production Bottlenecks

466

(16)

Budgeting and Standard Cost Systems

482

(56)

Nature and Objectives of Budgeting

484

(6)

Objectives of Budgeting

484

(1)

Human Behavior and Budgeting

485

(1)

Budgeting Systems

486

(2)

Static Budget

488

(1)

Flexible Budget

488

(1)

Computerized Budgeting Systems

489

(1)

Master Budget

490

(12)

Income Statement Budgets

491

(7)

Balance Sheets Budgets

498

(4)

Standards

502

(2)

Setting Standards

502

(1)

Types of Standards

502

(1)

Reviewing and Revising Standards

503

(1)

Support and Criticism of Standards

503

(1)

Budgetary Performance Evaluation

504

(1)

Variances from Standards

505

(4)

Direct Materials Variances

506

(1)

Direct Labor Variances

507

(2)

Standards for Nonmanufacturing Expenses

509

(1)

Nonfinancial Performance Measures

510

(1)

Appendix: Factory Overhead Cost Variances

511

(27)

The Factory Overhead Flexible Budget

511

(1)

Variable Factory Overhead Controllable Variance

512

(1)

Fixed Factory Overhead Volume Variance

513

(2)

Reporting Factory Overhead Variances

515

(23)

Performance Evaluation for Decentralized Operations

538

(40)

Centralized and Decentralized Operations

540

(2)

Advantages of Decentralization

540

(1)

Disadvantages of Decentralization

541

(1)

Responsibility Accounting

541

(1)

Responsibility Accounting for Cost Centers

542

(2)

Responsibility Accounting for Profit Centers

544

(4)

Service Department Charges

544

(3)

Profit Center Reporting

547

(1)

Responsibility Accounting for Investment Centers

548

(7)

Rate of Return on Investment

549

(3)

Residual Income

552

(1)

The Balanced Scorecard

553

(2)

Transfer Pricing

555

(23)

Market Price Approach

557

(1)

Negotiated Price Approach

557

(2)

Cost Price Approach

559

(19)

Capital Investment Analysis

578

(31)

Nature of Capital Investment Analysis

580

(1)

Methods of Evaluating Capital Investment Proposals

581

(9)

Methods That Ignore Present Value

581

(2)

Present Value Methods

583

(7)

Factors That Complicate Capital Investment Analysis

590

(3)

Federal Income Tax

590

(1)

Unequal Proposal Lives

590

(2)

Lease versus Capital Investment

592

(1)

Uncertainty

592

(1)

Changes in Price Levels

592

(1)

Qualitative Considerations

593

(1)

Capital Rationing

593

(16)

Appendix A Double--Entry Accounting Systems

609

(14)

Appendix B Process Cost Systems

623

(13)

Glossary

636

(8)

Index

644

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Survey of Accounting

Survey of Accounting

Summary

Author Biography

Table of Contents

Supplemental Materials

Write a Review

Rent More, Save More! Use code: KBRENTAL

5% off 1 book, 7% off 2 books, 10% off 3+ books

Survey of Accounting

Survey of Accounting

Summary

Author Biography

Table of Contents

Supplemental Materials

Write a Review

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