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9780324662962
Accounting / Edition 23 available in Hardcover
Accounting / Edition 23
by Carl S. Warren, James M. Reeve, Jonathan Duchac
Carl S. Warren
- ISBN-10:
- 0324662963
- ISBN-13:
- 9780324662962
- Pub. Date:
- 07/30/2008
- Publisher:
- Cengage Learning
- ISBN-10:
- 0324662963
- ISBN-13:
- 9780324662962
- Pub. Date:
- 07/30/2008
- Publisher:
- Cengage Learning
Accounting / Edition 23
by Carl S. Warren, James M. Reeve, Jonathan Duchac
Carl S. Warren
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Overview
The most successful higher education text of all time keeps getting better. The authors adapt their proven approach to accounting's evolving role in business and use the preparation of financial statements as the framework for understanding what accounting is all about.
Product Details
ISBN-13: | 9780324662962 |
---|---|
Publisher: | Cengage Learning |
Publication date: | 07/30/2008 |
Edition description: | 23 |
Pages: | 1215 |
Product dimensions: | 9.30(w) x 10.90(h) x 1.90(d) |
About the Author
Dr. Carl S. Warren is professor emeritus of accounting at the University of Georgia, Athens. For more than 25 years, Dr. Warren has taught all levels of accounting courses with a primary focus on introductory of accounting and auditing. Dr. Warren has taught classes at the University of Iowa, Michigan State University and the University of Chicago. He received his Ph.D. from Michigan State University and his B.A.A. and M.A. from the University of Iowa. During his career, Dr. Warren published numerous articles in professional journals, including The Accounting Review, Journal of Accounting Research, Journal of Accountancy, The CPA Journal and Auditing: A Journal of Practice and Theory. Dr. Warren s outside interests include handball, backpacking, skiing, hiking, fly-fishing and golf. He also spends as much time as possible visiting with his five grandchildren (two sets of twins). Dr. Warren resides in Bozeman, Montana.
Dr. Christine A. Jonick is Professor of Accounting at University of North Georgia, Gainesville. She received her Ed.D. from the University of Georgia, her M.B.A. from Adelphi University and her B.A. from State University of New York at Binghamton. Dr. Jonick has focused her teaching efforts on principles of accounting and intermediate financial accounting. She is the recipient of several teaching awards, including one for excellence in online instruction. She has published accounting-related articles in research journals and a case study in the IMA Journal. Dr. Jonick serves on numerous professional committees, is an active board member for the American Accounting Association SE and is a recent past president of the Georgia Association of Accounting Educators. Dr. Jonick has worked with accounting textbook publishers for more than a decade as a technology consultant, subject-matter expert and content developer. Her outside interests include travel, biking, technology development and family activities.
Jennifer S. Schneider is an associate professor at the University of North Georgia (UNG), Gainesville. Professor Schneider has taught principles of accounting, survey of accounting, principles of finance, accounting information systems and auditing. She is a Florida C.P.A. and began her career at PwC. She has more than 15 years of experience with Fortune 50 companies, primarily in audit and financial/SEC reporting. Prior to joining the University of North Georgia, Professor Schneider taught at the University of Amsterdam. Her research interests are in the scholarship of teaching and learning. Professor Schneider has published several articles, including an article in the Institute of Management Accountants (IMA) Educational Case Journal. She has also served as faculty advisor for Beta Alpha Psi, which is an international honors organization for financial information students and professionals. Professor Schneider enjoys spending time on the Atlanta BeltLine and with her two sons, Luke and Graeme.
Dr. Christine A. Jonick is Professor of Accounting at University of North Georgia, Gainesville. She received her Ed.D. from the University of Georgia, her M.B.A. from Adelphi University and her B.A. from State University of New York at Binghamton. Dr. Jonick has focused her teaching efforts on principles of accounting and intermediate financial accounting. She is the recipient of several teaching awards, including one for excellence in online instruction. She has published accounting-related articles in research journals and a case study in the IMA Journal. Dr. Jonick serves on numerous professional committees, is an active board member for the American Accounting Association SE and is a recent past president of the Georgia Association of Accounting Educators. Dr. Jonick has worked with accounting textbook publishers for more than a decade as a technology consultant, subject-matter expert and content developer. Her outside interests include travel, biking, technology development and family activities.
Jennifer S. Schneider is an associate professor at the University of North Georgia (UNG), Gainesville. Professor Schneider has taught principles of accounting, survey of accounting, principles of finance, accounting information systems and auditing. She is a Florida C.P.A. and began her career at PwC. She has more than 15 years of experience with Fortune 50 companies, primarily in audit and financial/SEC reporting. Prior to joining the University of North Georgia, Professor Schneider taught at the University of Amsterdam. Her research interests are in the scholarship of teaching and learning. Professor Schneider has published several articles, including an article in the Institute of Management Accountants (IMA) Educational Case Journal. She has also served as faculty advisor for Beta Alpha Psi, which is an international honors organization for financial information students and professionals. Professor Schneider enjoys spending time on the Atlanta BeltLine and with her two sons, Luke and Graeme.
Table of Contents
1 | Introduction to Accounting and Business | 1 |
Nature of a Business | 2 | |
The Role of Accounting in Business | 6 | |
Business Ethics | 7 | |
Profession of Accounting | 8 | |
Generally Accepted Accounting Principles | 10 | |
Assets, Liabilities, and Owners' Equity | 11 | |
Business Transactions and the Accounting Equation | 12 | |
Financial Statements | 16 | |
Financial Analysis and Interpretation | 19 | |
2 | Analyzing Transactions | 45 |
Usefulness of an Account | 46 | |
Characteristics of an Account | 48 | |
Analyzing and Summarizing Transactions in Accounts | 49 | |
Illustration of Analyzing and Summarizing Transactions | 54 | |
Trial Balance | 67 | |
Discovery and Correction of Errors | 68 | |
Financial Analysis and Interpretation | 70 | |
3 | The Matching Concept and the Adjusting Process | 99 |
The Matching Concept | 100 | |
Nature of the Adjusting Process | 101 | |
Recording Adjusting Entries | 102 | |
Summary of Adjustment Process | 110 | |
Financial Analysis and Interpretation | 114 | |
4 | Completing the Accounting Cycle | 137 |
Work Sheet | 138 | |
Financial Statements | 139 | |
Adjusting and Closing Entries | 141 | |
Accounting Cycle | 149 | |
Fiscal Year | 149 | |
Financial Analysis and Interpretation | 151 | |
Appendix | Reversing Entries | 152 |
Comprehensive Problem 1 | 175 | |
Practice Set: Tom's Asphalt Sealing | ||
5 | Accounting Systems and Internal Controls | 179 |
Basic Accounting Systems | 180 | |
Internal Control | 181 | |
Manual Accounting Systems | 186 | |
Adapting Manual Accounting Systems | 197 | |
Computerized Accounting Systems | 198 | |
6 | Accounting for Merchandising Businesses | 225 |
Nature of Merchandising Businesses | 226 | |
Accounting for Purchases | 227 | |
Accounting for Sales | 231 | |
Transportation Costs | 236 | |
Illustration of Accounting for Merchandise Transactions | 238 | |
Chart of Accounts for a Merchandising Business | 239 | |
Income Statement for a Merchandising Business | 240 | |
The Accounting Cycle for a Merchandising Business | 244 | |
Financial Analysis and Interpretation | 246 | |
Appendix 1 | Accounting Systems for Merchandisers | 248 |
Appendix 2 | Work Sheet and Adjusting and Closing Entries for a Merchandising Business | 251 |
Comprehensive Problem 2 | 273 | |
Practice Set: The Snow Shop | ||
Practice Set: Hazzard Travel | ||
7 | Cash | 279 |
Nature of Cash and the Importance of Controls Over Cash | 280 | |
Control of Cash Receipts | 281 | |
Internal Control of Cash Payments | 283 | |
Bank Accounts: Their Nature and Use as a Control Over Cash | 285 | |
Bank Reconciliation | 289 | |
Petty Cash | 292 | |
Presentation of Cash on the Balance Sheet | 293 | |
Financial Analysis and Interpretation | 294 | |
8 | Receivables | 313 |
Classification of Receivables | 314 | |
Internal Control of Receivables | 315 | |
Uncollectible Receivables | 316 | |
Allowance Method of Accounting for Uncollectibles | 317 | |
Direct Write-Off Method of Accounting for Uncollectibles | 321 | |
Characteristics of Notes Receivable | 322 | |
Accounting for Notes Receivable | 324 | |
Receivables on the Balance Sheet | 326 | |
Financial Analysis and Interpretation | 327 | |
Appendix | Discounting Notes Receivable | 328 |
9 | Inventories | 349 |
Internal Control of Inventories | 350 | |
Effect of Inventory Errors on Financial Statements | 352 | |
Inventory Cost Flow Assumptions | 353 | |
Inventory Costing Methods Under a Perpetual Inventory System | 354 | |
Inventory Costing Methods Under a Periodic Inventory System | 358 | |
Comparing Inventory Costing Methods | 362 | |
Valuation of Inventory at Other than Cost | 364 | |
Presentation of Merchandise Inventory on the Balance Sheet | 365 | |
Estimating Inventory Cost | 366 | |
Financial Analysis and Interpretation | 368 | |
10 | Fixed Assets and Intangible Assets | 389 |
Nature of Fixed Assets | 390 | |
Accounting for Depreciation | 393 | |
Capital and Revenue Expenditures | 398 | |
Disposal of Fixed Assets | 400 | |
Leasing Fixed Assets | 404 | |
Internal Control of Fixed Assets | 405 | |
Natural Resources | 406 | |
Intangible Assets | 407 | |
Financial Reporting for Fixed Assets and Intangible Assets | 408 | |
Financial Analysis and Interpretation | 409 | |
Appendix | Sum-of-the-Years-Digits Depreciation | 410 |
11 | Current Liabilities | 431 |
The Nature of Current Liabilities | 432 | |
Short-Term Notes Payable | 433 | |
Contingent Liabilities | 435 | |
Payroll and Payroll Taxes | 436 | |
Accounting Systems for Payroll and Payroll Taxes | 442 | |
Employees' Fringe Benefits | 449 | |
Financial Analysis and Interpretation | 452 | |
Comprehensive Problem 3 | 470 | |
Practice Set: The Coddled Canine | ||
12 | Corporations: Organization, Capital Stock Transactions, and Dividends | 475 |
Nature of a Corporation | 476 | |
Stockholders' Equity | 479 | |
Sources of Paid-In Capital | 480 | |
Issuing Stock | 483 | |
Treasury Stock Transactions | 485 | |
Stock Splits | 487 | |
Accounting for Dividends | 487 | |
Financial Analysis and Interpretation | 490 | |
13 | Corporations: Income and Taxes, Stockholders' Equity, and Investments in Stocks | 509 |
Corporate Income Taxes | 510 | |
Unusual Items that Affect the Income Statement | 513 | |
Earnings per Common Share | 515 | |
Reporting Stockholders' Equity | 517 | |
Comprehensive Income | 519 | |
Accounting for Investments in Stocks | 520 | |
Business Combinations | 525 | |
Financial Analysis and Interpretation | 528 | |
Practice Set: Nina Decorating House | ||
Practice Set: First Designs, Inc. | ||
14 | Bonds Payable and Investments in Bonds | 549 |
Financing Corporations | 550 | |
Characteristics of Bonds Payable | 552 | |
The Present-Value Concept and Bonds Payable | 553 | |
Accounting for Bonds Payable | 556 | |
Bond Sinking Funds | 560 | |
Bond Redemption | 561 | |
Investments in Bonds | 562 | |
Corporation Balance Sheet | 564 | |
Financial Analysis and Interpretation | 566 | |
Appendix | Effective Interest Rate Method of Amortization | 567 |
Comprehensive Problem 4 | 583 | |
15 | Statement of Cash Flows | 589 |
Purpose of the Statement of Cash Flows | 590 | |
Reporting Cash Flows | 590 | |
Statement of Cash Flows--The Indirect Method | 594 | |
Statement of Cash Flows--The Direct Method | 603 | |
Financial Analysis and Interpretation | 607 | |
Appendix | Work Sheet for Statement of Cash Flows | 609 |
16 | Financial Statement Analysis | 641 |
Basic Analytical Procedures | 642 | |
Solvency Analysis | 647 | |
Profitability Analysis | 653 | |
Summary of Analytical Measures | 658 | |
Corporate Annual Reports | 660 | |
17 | Introduction to Managerial Accounting and Job Order Cost Systems | 685 |
The Differences Between Managerial and Financial Accounting | 686 | |
The Management Accountant in the Organization | 687 | |
Manufacturing Cost Terms | 689 | |
Cost Accounting System Overview | 691 | |
Job Order Cost Systems for Manufacturing Businesses | 692 | |
Job Order Costing for Decision Making | 702 | |
Job Order Cost Systems for Professional Service Businesses | 705 | |
Practice Set: Sunblaze Inc. | ||
18 | Process Cost Systems | 733 |
Comparing Job Order Costing and Process Costing | 734 | |
Physical Flows and Cost Flows for a Process Manufacturer | 735 | |
The First-In, First-Out (Fifo) Method | 737 | |
Bringing It All Together: The Cost of Production Report | 743 | |
Journal Entries for a Process Cost System | 744 | |
Using the Cost of Production Report for Decision Making | 746 | |
Just-in-Time Processing | 747 | |
19 | Cost Behavior and Cost-Volume-Profit Analysis | 769 |
Cost Behavior | 770 | |
Cost-Volume-Profit Relationships | 776 | |
Mathematical Approach to Cost-Volume-Profit Analysis | 778 | |
Graphic Approach to Cost-Volume-Profit Analysis | 783 | |
Sales Mix Considerations | 787 | |
Special Cost-Volume-Profit Relationships | 789 | |
Assumptions of Cost-Volume-Profit Analysis | 790 | |
Appendix | Variable Costing | 791 |
20 | Budgeting | 817 |
Nature and Objectives of Budgeting | 818 | |
Budgeting Systems | 821 | |
Master Budget | 825 | |
Income Statement Budgets | 825 | |
Balance Sheet Budgets | 832 | |
21 | Performance Evaluation Using Variances from Standard Costs | 865 |
Standards | 866 | |
Budgetary Performance Evaluation | 868 | |
Direct Materials Variances | 870 | |
Direct Labor Variances | 872 | |
Factory Overhead Variances | 874 | |
Recording and Reporting Variances from Standards | 879 | |
Standards for Nonmanufacturing Expenses | 880 | |
Nonfinancial Performance Measures | 881 | |
22 | Performance Evaluation for Decentralized Operations | 901 |
Centralized and Decentralized Operations | 902 | |
Responsibility Accounting for Cost Centers | 904 | |
Responsibility Accounting for Profit Centers | 906 | |
Responsibility Accounting for Investment Centers | 909 | |
Transfer Pricing | 915 | |
23 | Differential Analysis and Product Pricing | 943 |
Differential Analysis | 944 | |
Setting Normal Product Selling Prices | 952 | |
Product Profitability and Pricing Under Production Bottlenecks | 958 | |
Appendix | Activity-Based Costing | 961 |
24 | Capital Investment Analysis | 983 |
Nature of Capital Investment Analysis | 984 | |
Methods of Evaluating Capital Investment Proposals | 985 | |
Factors That Complicate Capital Investment Analysis | 994 | |
Capital Rationing | 996 | |
Appendix A | Interest Tables | 2 |
Appendix B | Codes of Professional Ethics for Accountants | 1 |
Appendix C | Alternative Methods of Recording Deferrals | 1 |
Appendix D | Periodic Inventory Systems for Merchandising Businesses | 1 |
Appendix E | Foreign Currency Transactions | 1 |
Appendix F | Partnerships | 1 |
Appendix G | Cisco Systems, Inc., Annual Report | 1 |
Glossary | 1 | |
Subject Index | 1 | |
Company Index | 1 |
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