Accounting / Edition 24

Accounting / Edition 24

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Cengage Learning
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Accounting / Edition 24

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: 9780538475006
Publisher: Cengage Learning
Publication date: 01/01/2011
Series: Managerial Accounting Series
Edition description: Older Edition
Pages: 1360
Product dimensions: 9.30(w) x 11.00(h) x 1.80(d)

Table of Contents

1Introduction to Accounting and Business1
Nature of a Business2
The Role of Accounting in Business6
Business Ethics7
Profession of Accounting8
Generally Accepted Accounting Principles10
Assets, Liabilities, and Owners' Equity11
Business Transactions and the Accounting Equation12
Financial Statements16
Financial Analysis and Interpretation19
2Analyzing Transactions45
Usefulness of an Account46
Characteristics of an Account48
Analyzing and Summarizing Transactions in Accounts49
Illustration of Analyzing and Summarizing Transactions54
Trial Balance67
Discovery and Correction of Errors68
Financial Analysis and Interpretation70
3The Matching Concept and the Adjusting Process99
The Matching Concept100
Nature of the Adjusting Process101
Recording Adjusting Entries102
Summary of Adjustment Process110
Financial Analysis and Interpretation114
4Completing the Accounting Cycle137
Work Sheet138
Financial Statements139
Adjusting and Closing Entries141
Accounting Cycle149
Fiscal Year149
Financial Analysis and Interpretation151
AppendixReversing Entries152
Comprehensive Problem 1175
Practice Set: Tom's Asphalt Sealing
5Accounting Systems and Internal Controls179
Basic Accounting Systems180
Internal Control181
Manual Accounting Systems186
Adapting Manual Accounting Systems197
Computerized Accounting Systems198
6Accounting for Merchandising Businesses225
Nature of Merchandising Businesses226
Accounting for Purchases227
Accounting for Sales231
Transportation Costs236
Illustration of Accounting for Merchandise Transactions238
Chart of Accounts for a Merchandising Business239
Income Statement for a Merchandising Business240
The Accounting Cycle for a Merchandising Business244
Financial Analysis and Interpretation246
Appendix 1Accounting Systems for Merchandisers248
Appendix 2Work Sheet and Adjusting and Closing Entries for a Merchandising Business251
Comprehensive Problem 2273
Practice Set: The Snow Shop
Practice Set: Hazzard Travel
Nature of Cash and the Importance of Controls Over Cash280
Control of Cash Receipts281
Internal Control of Cash Payments283
Bank Accounts: Their Nature and Use as a Control Over Cash285
Bank Reconciliation289
Petty Cash292
Presentation of Cash on the Balance Sheet293
Financial Analysis and Interpretation294
Classification of Receivables314
Internal Control of Receivables315
Uncollectible Receivables316
Allowance Method of Accounting for Uncollectibles317
Direct Write-Off Method of Accounting for Uncollectibles321
Characteristics of Notes Receivable322
Accounting for Notes Receivable324
Receivables on the Balance Sheet326
Financial Analysis and Interpretation327
AppendixDiscounting Notes Receivable328
Internal Control of Inventories350
Effect of Inventory Errors on Financial Statements352
Inventory Cost Flow Assumptions353
Inventory Costing Methods Under a Perpetual Inventory System354
Inventory Costing Methods Under a Periodic Inventory System358
Comparing Inventory Costing Methods362
Valuation of Inventory at Other than Cost364
Presentation of Merchandise Inventory on the Balance Sheet365
Estimating Inventory Cost366
Financial Analysis and Interpretation368
10Fixed Assets and Intangible Assets389
Nature of Fixed Assets390
Accounting for Depreciation393
Capital and Revenue Expenditures398
Disposal of Fixed Assets400
Leasing Fixed Assets404
Internal Control of Fixed Assets405
Natural Resources406
Intangible Assets407
Financial Reporting for Fixed Assets and Intangible Assets408
Financial Analysis and Interpretation409
AppendixSum-of-the-Years-Digits Depreciation410
11Current Liabilities431
The Nature of Current Liabilities432
Short-Term Notes Payable433
Contingent Liabilities435
Payroll and Payroll Taxes436
Accounting Systems for Payroll and Payroll Taxes442
Employees' Fringe Benefits449
Financial Analysis and Interpretation452
Comprehensive Problem 3470
Practice Set: The Coddled Canine
12Corporations: Organization, Capital Stock Transactions, and Dividends475
Nature of a Corporation476
Stockholders' Equity479
Sources of Paid-In Capital480
Issuing Stock483
Treasury Stock Transactions485
Stock Splits487
Accounting for Dividends487
Financial Analysis and Interpretation490
13Corporations: Income and Taxes, Stockholders' Equity, and Investments in Stocks509
Corporate Income Taxes510
Unusual Items that Affect the Income Statement513
Earnings per Common Share515
Reporting Stockholders' Equity517
Comprehensive Income519
Accounting for Investments in Stocks520
Business Combinations525
Financial Analysis and Interpretation528
Practice Set: Nina Decorating House
Practice Set: First Designs, Inc.
14Bonds Payable and Investments in Bonds549
Financing Corporations550
Characteristics of Bonds Payable552
The Present-Value Concept and Bonds Payable553
Accounting for Bonds Payable556
Bond Sinking Funds560
Bond Redemption561
Investments in Bonds562
Corporation Balance Sheet564
Financial Analysis and Interpretation566
AppendixEffective Interest Rate Method of Amortization567
Comprehensive Problem 4583
15Statement of Cash Flows589
Purpose of the Statement of Cash Flows590
Reporting Cash Flows590
Statement of Cash Flows--The Indirect Method594
Statement of Cash Flows--The Direct Method603
Financial Analysis and Interpretation607
AppendixWork Sheet for Statement of Cash Flows609
16Financial Statement Analysis641
Basic Analytical Procedures642
Solvency Analysis647
Profitability Analysis653
Summary of Analytical Measures658
Corporate Annual Reports660
17Introduction to Managerial Accounting and Job Order Cost Systems685
The Differences Between Managerial and Financial Accounting686
The Management Accountant in the Organization687
Manufacturing Cost Terms689
Cost Accounting System Overview691
Job Order Cost Systems for Manufacturing Businesses692
Job Order Costing for Decision Making702
Job Order Cost Systems for Professional Service Businesses705
Practice Set: Sunblaze Inc.
18Process Cost Systems733
Comparing Job Order Costing and Process Costing734
Physical Flows and Cost Flows for a Process Manufacturer735
The First-In, First-Out (Fifo) Method737
Bringing It All Together: The Cost of Production Report743
Journal Entries for a Process Cost System744
Using the Cost of Production Report for Decision Making746
Just-in-Time Processing747
19Cost Behavior and Cost-Volume-Profit Analysis769
Cost Behavior770
Cost-Volume-Profit Relationships776
Mathematical Approach to Cost-Volume-Profit Analysis778
Graphic Approach to Cost-Volume-Profit Analysis783
Sales Mix Considerations787
Special Cost-Volume-Profit Relationships789
Assumptions of Cost-Volume-Profit Analysis790
AppendixVariable Costing791
Nature and Objectives of Budgeting818
Budgeting Systems821
Master Budget825
Income Statement Budgets825
Balance Sheet Budgets832
21Performance Evaluation Using Variances from Standard Costs865
Budgetary Performance Evaluation868
Direct Materials Variances870
Direct Labor Variances872
Factory Overhead Variances874
Recording and Reporting Variances from Standards879
Standards for Nonmanufacturing Expenses880
Nonfinancial Performance Measures881
22Performance Evaluation for Decentralized Operations901
Centralized and Decentralized Operations902
Responsibility Accounting for Cost Centers904
Responsibility Accounting for Profit Centers906
Responsibility Accounting for Investment Centers909
Transfer Pricing915
23Differential Analysis and Product Pricing943
Differential Analysis944
Setting Normal Product Selling Prices952
Product Profitability and Pricing Under Production Bottlenecks958
AppendixActivity-Based Costing961
24Capital Investment Analysis983
Nature of Capital Investment Analysis984
Methods of Evaluating Capital Investment Proposals985
Factors That Complicate Capital Investment Analysis994
Capital Rationing996
Appendix AInterest Tables2
Appendix BCodes of Professional Ethics for Accountants1
Appendix CAlternative Methods of Recording Deferrals1
Appendix DPeriodic Inventory Systems for Merchandising Businesses1
Appendix EForeign Currency Transactions1
Appendix FPartnerships1
Appendix GCisco Systems, Inc., Annual Report1
Subject Index1
Company Index1

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