Accounting / Edition 3

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This text is an unbound, binder-ready edition.

Students get accounting when using Kimmel Accounting because wemake learning accounting easy and accessible for today’sdifferent types of learners. Written in a concise, clear, andconversation way, Kimmel Accounting provides just the right amountof information students need to come to class prepared, whilepowerful visuals, Interactive Tutorials, and Problem Solving Videosmake complex accounting concepts possible to absorb quickly.

WileyPLUS sold separately from text.

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Product Details

  • ISBN-13: 9780470377857
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 11/24/2008
  • Edition description: Older Edition
  • Edition number: 3
  • Pages: 1360
  • Product dimensions: 8.60 (w) x 11.10 (h) x 2.00 (d)

Meet the Author

Paul D. Kimmel, PhD, CPA, received his bachelor's degree from the University of Minnesota and his doctorate in accounting from the University of Wisconsin. He is an Associate Professor at the University of Wisconsin-Milwaukee, and has public accounting experience with Deloitte & Touche (Minneapolis). He was the recipient of the UWM School of Business Advisory Council Teaching Award, the Reggie Taite Excellence in Teaching Award, and a three-time winner of the Outstanding Teaching Assistant Award at the University of Wisconsin. He is also a recipient of the Elijah Watts Sells Award for Honorary Distinction for his results on the CPA exam. He is a member of the American Accounting Association and has published articles in Accounting Review, Accounting Horizons, Advances in Management Accounting, Managerial Finance, Issues in Accounting Education, Journal of Accounting Education, as well as other journals.

Jerry J. Weygandt, PhD, CPA, is Arthur Andersen Alumni Professor of Accounting at the University of Wisconsin-Madison. He Hold a Ph.D. in accounting from the University of Illinois. Articles by Professor Weygandt have appeared in the Accounting Review, Journal of Accounting Research, Accounting Horizons, Journal of Accountancy, and other academic and professional journals. These articles have examined such financial reporting issues as accounting for price-level adjustments, pensions, convertible securities, stock option contracts, and interim reports. Professor Weygandt is author of other accounting and financial reporting books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Wisconsin Society of Certified Public Accountants. He has served on numerous committees of the American Accounting Association and as a member of the editorial board of the Accounting Review; he also has served as President and Secretary-Treasurer of the American Accounting Association.In 2001 he received hte American Accounting Association's Outstanding Accounting Educator Award.

Donald E. Kieso, PhD, CPA, received his bachelor's degree from Aurora University and his doctorate in accounting from the University of Illinois. He has served as chairman of the Department of Accountancy and is currently the KPMG Peat Marwick Emeritus Professor of Accounting at Northern Illinois University. He has public accounting experience with Price Waterhouse & Co. (San Francisco and Chicago) and Arthur Andersen & Co. (Chicaqgo) and research experience with the Research Division of the American Institute of Certified Public Accountants (New York). He has done postdoctorate work as a Visiting Scholar at the Univresity of California at Berkeley and is a recipient of NIU's Teaching Excellence Award and four Golden Apple Teaching Awards. Professor Kieso is the author of other accounting and business books and is a member of the American Accounting Association, the American Instutute of Certified Public Accountants, and the Illinois CPA Society. He has served as a member of the Board of Directors of the Illinois CPA Society, the AACSB's Accounting Accreditation Commitees, the State of Illinois Comptroller's Commission, as Secretary-Treasurer of the Federation of the American Accounting Association. Professor Kieso is currently serving on the Board of Trustees and Executive Committee of Aurora University, as a member of the Board of Directors of Castle BancGroup Inc., and as Treasurer and Director of Valley West Community Hospital.

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Table of Contents

1. Introduction to Financial Statements.

Forms of Business Organization 4

Users and Uses of Financial Information.

Business Activities.

Communicating with Users.

A Quick Look at Tootsie Roll’s Financial Statements.

2. A Further Look at Financial Statements.

The Classified Balance Sheet.

Using the Financial Statements.

Financial Reporting Concepts.

3. The Accounting Information System.

The Accounting Information System.

Accounting Transactions.

The Account.

Steps in the Recording Process.

The Recording Process Illustrated.

The Trial Balance.

4. Accrual Accounting Concepts.

Timing Issues.

The Basics of Adjusting Entries.

The Adjusted Trial Balance and Financial


Closing the Books.

Quality of Earnings.

Appendix. Adjusting Entries in an Automat.

5. Merchandising Operations and the Multiple-Step Income Statement.

Merchandising Operations.

Recording Purchases of Merchandise.

Recording Sales of Merchandise.

Income Statement Presentation.

Evaluating Profitability.

Appendix. Periodic Inventory System.

6. Reporting and Analyzing Inventory.

Classifying Inventory 276

Determining Inventory Quantities.

Inventory Costing.

Analysis of Inventory.

Appendix 6A. Inventory Cost Flow Methods in Perpetual Inventory Systems.

Appendix 6B. Inventory Errors.

7. Internal Control and Cash.

Fraud and Internal Control.

Cash Controls.

Control Features: Use of a Bank.

Reporting Cash.

Managing and Monitoring Cash.

Appendix. Operation of the Petty Cash Fund.

8. Reporting and Analyzing Receivables.

Types of Receivables.

Accounts Receivable.

Financial Statement Presentationof Receivables.

Managing Receivables.

Notes Receivable.

9. Reporting and Analyzing Long-Lived Assets.

Section One. Plant Assets.

Determining the Cost of Plant Assets.

Accounting for Plant Assets.

Analyzing Plant Assets.

Section Two. Intangible Assets.

Accounting for Intangible Assets.

Types of Intangible Assets.

Financial Statement Presentation of Long-Lived Assets.

Appendix. Calculation of Depreciation Using Other Methods.

10. Reporting and Analyzing Liabilities.

Reporting and Analyzing Liabilities.

Current Liabilities.

Bonds: Long-Term Liabilities.

Accounting for Bond Issues.

Accounting for Bond Retirements.

Financial Statement Presentation and Analysis.

Appendix 10A. Straight-Line.

Appendix 10B. Effective-Interest.

Appendix 10C. Accounting for Long-Term.

Notes Payable.

11. Reporting and Analyzing Stockholders' Equity.

The Corporate Form of Organization.

Stock Issue Considerations.

Accounting for Treasury Stock.

Preferred Stock.

Retained Earnings.

Financial Statement Presentation of Stockholders’ Equity.

Measuring Corporate Performance.

Appendix. Entries for Stock Dividends.

12. Statement of Cash Flows.

The Statement of Cash Flows: Usefulness and Format.

Preparation of the Statement of Cash Flows—Indirect Method.

Using Cash Flows to Evaluate a Company.

Appendix. Statement of Cash Flows—Direct Method.

13. Performance Measurement.

Sustainable Income.

Comparative Analysis.

Ratio Analysis.

Quality of Earnings.

Appendix. Comprehensive Illustration of Ratio Analysis.

14. Managerial Accounting.

Managerial Accounting Basics.

Managerial Cost Concepts.

Manufacturing Costs in Financial Statements.

Managerial Accounting Today.

Appendix. Accounting Cycle for a Manufacturing Company.

15. Job Order Costing.

Cost Accounting Systems.

Job Order Cost Flow.

Reporting Job Cost Data.

16. Process Costing.

The Nature of Process Cost Systems.

Equivalent Units.

Comprehensive Example of Process Costing.

Costing Systems—Final Comments.

Appendix. FIFO Method.

17. Activity-Based Costing.

Traditional Costing and Activity-Based Costing.

Example of Traditional Costing versus ABC.

Activity-Based Costing: A Closer Look.

Activity-Based Costing in Service Industries.

Appendix. Just-in-Time Processing.

18. Cost-Volume-Profit.

Cost Behavior Analysis.

Cost-Volume-Profit Analysis.

19. Variable Costing: A Decision-Making Perspective.

Cost-Volume-Profit (CVP) Review.

Sales Mix.

Cost Structure and Operating Leverage.

20. Budgetary Planning.

Budgeting Basics.

Preparing the Operating Budgets.

Preparing the Financial Budgets.

Budgeting in Nonmanufacturing Companies.

21. Budgetary Control and Responsibility Accounting.

The Concept of Budgetary Control.

Static Budget Reports.

Flexible Budgets.

The Concept of Responsibility Accounting.

Types of Responsibility Centers.

Appendix. Residual Income—Another Performance Measurement.

22. Standard Costs and Balanced Scorecard.

The Need for Standards.

Setting Standard Costs—A Difficult Task.

Analyzing and Reporting Variances from Standards.

Balanced Scorecard.

Appendix 22A. The Standard Cost Accounting System.

Appendix 22B. A Closer Look at Overhead Variance.

23. Incremental Analysis and Capital Budgeting.

Section one. Incremental Analysis.

Management’s Decision-Making Process.

Appendix A: Specimen FinancialStatements: Tootsie Roll Industries, Inc.

Appendix B: Specimen Financial Statements: Hershey Foods Corporation.

Appendix C: Time Value of Money.

Appendix D: Payroll Accounting.

Appendix E: Subsidiary Ledgers & Special Journals.

Appendix F: Accounting for Sole Proprietorships.

Appendix G: Accounting for Partnerships.

Appendix H: Reporting and Analyzing Investments.

Photo credits.

Company index.

Subject index.

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