Accounting: Concepts and Applications / Edition 7

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Skousen introduces students to basic accounting concepts, excites them by using lots of real world examples (both U.S. and international), provides them with some basic accounting knowledge, and then shows them how accounting is used and analyzed in actual case situations.
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Editorial Reviews

New edition of a textbook that blends procedure and concepts in order to connect financial accounting principles to the real-life business world. With a focus on global economy and ethics, Albrecht, James D. Stice, Earl K. Stice, and K. Fred Skousen (all of Brigham Young U.) present 13 chapters that discuss financial reporting and the accounting cycle, operating activities, investing and financing activities, and other dimensions of financial reporting. Each chapter contains learning objectives, real-life scenarios, business environment essays, key terms, summaries, cumulative spreadsheet projects, and comprehensive problems. The included CD-ROM provides insights on how to use the principles set forth in the text. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780538876247
  • Publisher: Cengage South-Western
  • Publication date: 8/28/1998
  • Series: Accounting Series
  • Edition description: Older Edition
  • Edition number: 7
  • Pages: 1288
  • Product dimensions: 8.92 (w) x 11.21 (h) x 1.91 (d)

Meet the Author

W. Steve Albrecht is the Andersen Alumni Professor of Accountancy in the Marriott School of Management at Brigham Young University. He has done extensive research on business fraud and ethics, resulting in the publication of more than 100 articles in professional and academic journals, several awards, and having one of the Association of Certified Fraud Examiners headquarters named after him. He received a bachelor's degree in accounting from BYU and MBA and PhD degrees from the University of Wisconsin. He is a Certified Public Accountant, Certified Internal Auditor, and Certified Fraud Examiner. Dr. Albrecht has consulted with numerous organizations, including Fortune 500 companies, major financial institutions, the United Nations, FBI, and other organizations, and has been an expert witness in over 35 major fraud cases.

James D. Stice is the Distinguished Teaching Professor in the Marriott School of Management at Brigham Young University. He is currently Associate Dean of the Marriott School. Dr. Stice served for eight years as the director of BYU's MBA Program. He holds bachelor's and master's degrees in accounting from BYU and a PhD in accounting from the University of Washington. Professor Stice has been on the faculty at BYU since 1988. During that time, he has been selected by graduating accounting students as "Teacher of the Year" on numerous occasions; he was selected by his peers in the Marriott School at BYU to receive the "Outstanding Teaching Award" and he was selected by the University to receive its highest teaching award, the Maeser Excellence in Teaching Award. Professors Stice has taught in academic and executive education programs in the United States, Europe, South Africa and China for such companies as IBM, Bank of America, and Ernst & Young. Professor Stice has published articles in JOURNAL OF ACCOUNTING RESEARCH, THE ACCOUNTING REVIEW, DECISION SCIENCES, ISSUES IN ACCOUNTING EDUCATION, THE CPA JOURNAL, and other academic and professional journals and has written several accounting textbooks. In addition to his teaching and research, he currently serves on the board of directors of Nutraceutical Corporation. Dr. Stice and his wife, Kaye, have seven children and eight grandchildren.

Earl K. Stice is the PricewaterhouseCoopers Professor of Accounting in the School of Accountancy at Brigham Young University, where he has been on the faculty since 1998. He holds bachelor's and master's degrees from Brigham Young University and a PhD from Cornell University. Dr. Stice has taught at Rice University, the University of Arizona, Cornell University, and the Hong Kong University of Science and Technology (HKUST). He won the Phi Beta Kappa teaching award at Rice University, was twice selected as one of the ten best lecturers on campus at HKUST, and has won the Marriott School Teaching Award at BYU. Dr. Stice also has taught in a variety of executive education and corporate training programs in the United States, Hong Kong, China, Malaysia, and South Africa, and he has been on the executive MBA faculty of the China Europe International Business School in Shanghai, HKUST, the University of Illinois, and INSEAD (in Singapore). He has published papers in the JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, THE ACCOUNTING REVIEW, REVIEW OF ACCOUNTING STUDIES, JOURNAL OF BUSINESS, FINANCE, AND ACCOUNTING, and ISSUES IN ACCOUNTING EDUCATION. Dr. Stice has presented his research results at seminars in the United States, Finland, Taiwan, Australia, and Hong Kong. He has coauthored several accounting texts including INTERMEDIATE ACCOUNTING, 17TH EDITION. Dr. Stice and his wife, Ramona, have seven children — Derrald, Han, Ryan Marie, Lorien, Lily, Taraz, and Kamila - and one adorable granddaughter.

Dr. Swain received his Ph.D. in managerial accounting and information systems from Michigan State University. His dissertation, which examined the impact of information load on capital budgeting decision processes, was awarded an Institute of Management Accountants Dissertation Grant. At BYU, Dr. Swain has received the Teaching Excellence Award for Management Skills in 1994, 1995, and 1997, the Marriott School of Management Outstanding Teacher in 1999, and was selected as the Deloitte & Touche Research Fellow in 2001. His research area includes the development and use of computer programs that capture and analyze the interaction of human decision processes and computerized information systems. Additionally, he uses the events-driven business solutions to study the incorporation of activity-based costing, the Balanced Scorecard, and the Theory of Constraints in management information systems. He has published numerous papers in leading academic and practitioner journals, sits on the editorial board for two academic journals, and is a coauthor on a management accounting textbook. Dr. Swain has spent significant time working with or researching organizations such as IBM, Clorox, Deere and Company, the Church of Jesus Christ of Latter-Day Saints, and Habitat for Humanity. He is a certified public accountant and a certified management accountant. Dr. Swain took an academic leave from BYU from July 1999 to July 2000 to serve as the Chief Financial Officer for Authorize.Net (payment-processing service for e-commerce), a wholly owned subsidiary of InfoSpace, Inc. He currently serves as the Associate Director of the School of Accountancy and Information Systems where he is the Deloitte & Touche Professor of Accounting. He and his wife, Shannon, have seven children.

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Table of Contents

Part f1 Financial Reporting and the Accounting Cycle 1
1 Accounting Information: Users and Uses 2
What's the Purpose of Accounting? 5
Who Uses Accounting Information? 9
Within what Kind of Environment Does Accounting Operate? 13
So, Why Should I Study Accounting? 21
End-of-Chapter Materials 21
2 Financial Statements: an Overview 30
The Financial Statements 32
Notes to the Financial Statements 47
The External Audit 49
Financial Statement Analysis 50
Fundamental Concepts and Assumptions 54
End-of-Chapter Materials 56
3 The Mechanics of Accounting 78
How Can We Collect all this Information? 80
How Do Transactions Affect the Accounting Equation? 82
How Do we Record the Effects of Transactions? 90
Posting Journal Entries and Preparing a Trial Balance 102
Where Do Computers Fit in all this? 108
End-of-Chapter Materials 110
4 Completing the Accounting Cycle 130
Accrual Accounting 132
Adjusting Entries 136
Preparing Financial Statements 143
Analyzing Financial Statements 148
Closing the Books 151
A Summary of the Accounting Cycle 154
Adjusting Entries: Original Entries to Expense or Revenue 155
Appendix A Using a Work Sheet 157
Appendix B Special Journals 162
End-of-Chapter Materials 168
5 Ensuring the Integrity of Financial Information 204
The Types of Problems that Can Occur 206
Safeguards Designed to Minimize Problems 208
The Need for Monitoring 215
The Role of Auditors in the Accounting Process 218
The Securities and Exchange Commission 222
End-of-Chapter Materials 223
Comprehensive Problem 1-5 233
Part f2 Operating Activities 235
6 Selling a Product or a Service 236
Major Activities of a Business 239
Recognizing Revenue 241
Cash Collection 246
Accounting for Credit Customers Who Don't Pay 249
Assessing How Well Companies Manage Their Receivables 255
Recording Warranty and Service Costs Associated with a Sale 251
Reconciling the Bank Account 258
Using Receivables to Get Cash Immediately 261
Foreign Currency Transactions 264
End-of-Chapter Materials 266
7 Inventory 292
Inventory and Cost of Goods Sold 295
Accounting for Inventory Purchases and Sales 299
Counting Inventory and Calculating Cost of Goods Sold 304
Inventory Cost Flow Assumptions 308
Assessing How Well Companies Manage Their Inventories 313
Further Coverage of Inventory Errors 317
Complications of the Perpetual Method with Lifo and Average Cost 319
Reporting Inventory at Amounts Below Cost 321
Method of Estimating Inventories 324
End-of-Chapter Materials 325
8 Completing the Operating Cycle 350
Employee Compensation 353
Taxes 361
Contingencies 365
Capitalize Versus Expense 368
Summarizing Operations on an Income Statement 370
End-of-Chapter Materials 372
Comprehensive Problem 6-8 391
Part f3 Investing and Financing Activities 393
9 Investments in Property, Plant, and Equipment and in Intangible Assets 394
Nature of Long-Term Operating Assets 396
Deciding Whether to Acquire a Long-Term Operating Asset 397
Accounting for Acquisition of Property, Plant, and Equipment 398
Calculating and Recording Depreciation Expense 405
Repairing and Improving Property, Plant, and Equipment 410
Recording Impairments of Asset Value 412
Disposal of Property, Plant, and Equipment 414
Accounting for Intangible Assets 416
Measuring Property, Plant, and Equipment Efficiency 420
Accelerated Depreciation Methods 421
Changes in Depreciation Estimates 426
End-of-Chapter Materials 427
10 Long-Term Debt Financing 454
Measuring Long-Term Liabilities 455
Accounting for Long-Term Liabilities 462
Accounting for Lease Obligations 466
The Nature of Bonds 469
Using Debt-Related Financial Ratios 476
Bonds Issued at a Discount or at a Premium 477
Table I The Present Value of $1 Due In n Periods 483
Table II The Present Value of an Annuity of $1 Per Number of Payments 484
Table III Amount of $1 Due in n Periods 485
Table IV Amount of an Annuity of $1 Per Number of Payments 486
End-of-Chapter Materials 487
11 Equity Financing 510
Raising Equity Financing 513
Corporations and Corporate Stock 515
Accounting for Stock 519
Retained Earnings 524
Other Equity Items 529
Accounting for Stock Dividends 532
Prior-Period Adjustments 534
Proprietorship and Partnership Accounting 535
End-of-Chapter Materials 539
12 Investments in Debt and Equity Securities 568
Why Companies Invest in Other Companies 570
Classifying a Security 572
Accounting for Trading and Available-for-Sale Securities 577
Accounting for Changes in the Value of Securities 581
Accounting for Held-to-Maturity Securities 584
Accounting for Equity Investments Using the Equity Method 590
End-of-Chapter Materials 592
Comprehensive Problem 9-12 613
Part f4 Other Dimensions of Financial Reporting 615
13 The Statement of Cash Flows 616
What's the Purpose of a Statement of Cash Flows? 618
What Information is Reported in the Statement of Cash Flows? 619
Preparing a Statement of Cash Flows--a Simple Example 624
Analyzing the Other Primary Financial Statements to Prepare a Statement of Cash Flows 628
Using Information From the Statement of Cash Flows to Make Decisions 640
End-of-Chapter Materials 642
A Microsoft Annual Report 1
B Glossary 1
C Check Figures 1
Financial Accounting Indexes
Subject 1
Real World Company 1
Internet 1
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