Accounting [NOOK Book]

Overview

This new sixth edition of Accounting makes a useful supplement to college textbooks, and is also excellent as a main text in business brush-up programs. Author Peter J. Eisen familiarizes students with key accounting terms, explains the accounting equation, and goes on to instruct in the use and preparation of financial statements, the recording of business transactions in journals, and in closing and adjusting entries at the end of a business period. The book is organized to closely follow a standard college ...
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Accounting

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Overview

This new sixth edition of Accounting makes a useful supplement to college textbooks, and is also excellent as a main text in business brush-up programs. Author Peter J. Eisen familiarizes students with key accounting terms, explains the accounting equation, and goes on to instruct in the use and preparation of financial statements, the recording of business transactions in journals, and in closing and adjusting entries at the end of a business period. The book is organized to closely follow a standard college textbook, but concentrates on student understanding of what is done, and, more importantly, how and why. Other helpful features include review questions, computational problems with complete detailed solutions, an extensive glossary of accounting terms, plus much more.

This updated edition offers a step-by-step overview for accounting students. It explains the accounting equation and financial statements and shows how to record business transactions, adjust and reverse entries, keep special journals, record receivables and payables, and more.

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Product Details

  • ISBN-13: 9781438092317
  • Publisher: Barron's Educational Series, Incorporated
  • Publication date: 9/1/2013
  • Series: Business Review Series
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 6
  • Sales rank: 274,869
  • File size: 25 MB
  • Note: This product may take a few minutes to download.

Table of Contents


Preface     ix
The Accounting Equation     1
The Art of Accounting     1
What Is Accounting?     1
Who Uses Accounting Information?     1
What Information Does an Accountant Gather?     2
What Are Assets?     2
Keeping Track of Assets     2
Types of Assets     3
A Common Way to Express Assets     4
Determining the Money Value of Assets     4
How Is the Proprietor's Ownership Expressed?     5
Proprietor's Contributions     5
Assets = Capital     5
How Are Borrowed Assets Expressed?     6
Expressing Borrowed Assets     6
The Accounting Equation     7
What Are Revenue, Expenses, and Profit?     8
Recording Revenue     8
Recording Expenses     9
How Revenue and Expenses Affect Capital     9
Know the Concepts     11
Practical Application     13
Answers     19
Financial Statements     24
What Are Financial Statements?     24
The Income Statement     25
The Statement of Capital     27
The Balance Sheet     28
The Report and Account Forms     29
The Classified Balance Sheet     30
Know the Concepts     33
Practical Application     34
Answers     37
Recording Business Transactions     46
What Are Business Transactions?     46
Information to Keep Track Of     47
Changes Resulting from a Business Transaction     47
Where to Record Business Transactions     47
The Account     48
The Standard Form of the Ledger Account     48
Making Entries in Ledger Accounts     48
Recording Asset Changes     50
Recording Changes in Liability and Permanent Capital Accounts     51
Analyzing Business Transactions     52
Recording Transactions in Temporary Capital Accounts     53
The Rule of Double-Entry Accounting     54
Standard Form for the Ledger Account     55
Other Forms of the Ledger Account     56
Proving the Accuracy of Recorded Transactions     57
The Journal     58
The Purpose and Form of the Journal     59
Recording Business Transactions in the Journal     60
Recording Transactions in Both Journal and Ledger      61
Transferring Transactions from the Journal to the Ledger     63
Verifying Ledger Balances     65
Know the Concepts     67
Practical Application     68
Answers     75
Recording Adjusting, Closing, and Reversing Entries     87
Adjusting Entries     87
Types of Adjusting Entries     88
Accruals     88
Accrued Expenses     89
Accrued Revenue     90
Deferrals     92
Deferred Expenses     92
Deferred Revenue     94
Adjusting Noncurrent Assets     96
What Is Depreciation?     96
Preparing the Worksheet     98
How to Record Adjustments on the Worksheet     100
Using the Completed Worksheet     101
Closing Entries     103
Eliminating the Temporary Account Balances     103
Using the Income Summary Account     103
Post-Closing Trial Balance     106
Verifying the Ledger After Closing     106
Steps in the Accounting Cycle     106
Reversing Entries     107
The Need for Reversing Entries     108
When to Use Reversing Entries     110
Know the Concepts     112
Practical Application     113
Answers     119
A Trading Business     130
How Service and Trading Businesses Differ     130
Special Accounts for a Trading Business     131
Methods of Determining Income     132
Determining Net Sales     132
Recording Sales, and Sales Returns and Allowances     133
Recording Sales Discounts     134
Determining the Cost of Goods Available for Sale     136
Determining Net Purchases     136
Determining the Merchandise Inventory     137
Determining the Cost of Merchandise Sold     139
Recording Daily Business Transactions     140
Adjusting and Closing Entries     142
Converting Beginning Inventory to an Expense     142
Establishing Ending Inventory     142
Preparing a Worksheet     144
Reversing Entries     145
Know The Concepts     146
Practical Application     147
Answers     152
Special Journals and Controls     161
What Are Special Journals?     161
Kinds of Special Journals     162
Sales Journal      163
Cash Receipts Journal     169
Purchases Journal     172
Cash Payments Journal     174
Bracket Entries     177
Other Special Journals     178
Know the Concepts     181
Practical Application     182
Answers     193
Safeguarding Cash-Special Controls     211
Internal Control     211
Special Controls to Safeguard Cash     212
Bank Reconciliation Statement     214
Recording Adjusting Entries     219
Petty Cash Fund     220
Voucher System     223
Know the Concepts     229
Practical Application     230
Answers     236
Receivables and Payables     244
Selling Goods and Services     244
Recognizing Bad Debts     245
Direct Write-off Method     246
Net Sales Method     247
Aging of Accounts Receivable Method     249
Extending Credit     251
Promissory Notes     251
Interest-Bearing Promissory Notes     253
Transferring Notes     258
Know the Concepts     264
Practical Application      265
Answers     271
Long-Life and Intangible Assets     279
Long-Life Assets     279
Using Long-Life Assets     279
Determining Plant and Equipment Costs     280
Allocating Plant and Equipment Costs     281
Depreciation     282
Recording Depreciation for Federal Income Tax Purposes     292
Disposal of Plant Assets     293
Depletion     296
Intangible Assets     298
Amortization     298
Capital Improvements     300
Know the Concepts     301
Practical Application     302
Answers     307
Inventories     313
What Is Merchandise Inventory?     313
Inventories and the Trading Business     314
Errors in Valuing Merchandise Inventories     314
Types of Inventory Systems     317
Determining the Cost of Inventories     321
The FIFO Method     321
The LIFO Method     322
The Weighted Average Method     323
Recognizing Significant Changes in Inventory Value     324
Estimating Inventory Value     326
The Gross Profit Method      326
The Retail Method     327
Know the Concepts     329
Practical Application     330
Answers     334
Payroll     340
What Is Payroll?     340
Payroll Deductions     341
Social Security Tax     342
Federal Income Tax     344
State and Local Taxes     357
Disability Insurance Taxes     358
The Payroll Register     359
The Employee Earnings Record     360
Payroll and Government Regulations     363
Unemployment Compensation Taxes     364
Calculating Employee Earnings     365
The W-2 Form     367
Know the Concepts     368
Practical Application     369
Answers     372
Financial Statements for Partnership and Corporate Forms of Business Organizations     377
Forms of Business Organizations     378
The Partnership     378
Characteristics of the Partnership     378
Advantages and Disadvantages of the Partnership     380
The Partnership Capital and Drawing Accounts     381
Financial Statements of a Partnership     383
The Corporation      385
Characteristics of the Corporation     385
Advantages and Disadvantages of the Corporation     386
Corporate Capital     387
Types of Stock     388
Recording Stock Transactions     392
Financial Statements for a Corporation     397
Know the Concepts     399
Practical Application     400
Answers     405
Appendix A     411
Statement of Cash Flows     411
Appendix B     414
Accounting and the Microcomputer     414
Electronic Spreadsheet     415
Data Base     416
Word Processor     417
Graphics     417
Networking and the Internet (World Wide Web)     418
Glossary     420
Index     434
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Customer Reviews

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  • Posted January 2, 2010

    more from this reviewer

    Accounting

    Thie book was fantabulous! I was already in advance accounting III with no real understanding of the previous two classes and I just felt like maybe I was going to have to change my major. Once I purchased this book and read hte first few chapters, I grasped the concept of accounting immediately. I will forever look for books by this publisher to help further my basic understandings of subject I have problems with. The book is very clear and the computational problems at the end of each chapter is a plus. It allows you to work the problems and then it gives the answers in an explanatory form to help you understand what you did! Fantabulous!

    6 out of 6 people found this review helpful.

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  • Posted March 28, 2014

    Excellent book

    Best way to learn accounting using this well explained book. Highly recommended.

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  • Anonymous

    Posted September 6, 2003

    Precise & Concise

    Wonderful demonstration of accounting concepts. Makes sure every important information is connected with the rest and covered. Just the Right book to give you a wide precise view of how accounting works in a concise way. I recommend it.

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  • Anonymous

    Posted March 19, 2003

    IM ONLY 14 YEARS OLD!!

    Im only 14 years old and i understood this book just fine, its very interesting and informative, id recommend it to anyone. Very good when compared to other accounting books ive read, i just purchased the book in this series on finance and im looking forward to reading it.

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    Posted February 22, 2011

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