Financial Accounting

Financial Accounting

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Financial Accounting by K. Fred Skousen, W. Steve Albrecht

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.

Product Details

ISBN-13: 9780538828321
Publisher: South-Western
Publication date: 10/28/1994
Series: AB - Accounting Principles Ser.
Product dimensions: 4.25(w) x 1.00(h) x 6.80(d)

About the Author

W. Steve Albrecht is the Andersen Alumni Professor of Accountancy in the Marriott School of Management at Brigham Young University. 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.

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.

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.

K. Fred Skousen is Advanced Vice President at Brigham Young University. Previously, he was the Dean of the Marriott School of Management and Director of the School of Accountancy at BYU. He earned a bachelor's degree from BYU and master's and Ph.D. degrees from the University of Illinois. Dr. Skousen taught at the University of Illinois and the University of Minnesota prior to joining the faculty at Brigham Young University. In 1983 Dr. Skousen was awarded the Peat Marwick Professorship at BYU. In 1984 Dr. Skousen was elected to the AICPA Council, and in 1985 he received the UACPA Outstanding Faculty Award.

Table of Contents

Part f1Financial Reporting and the Accounting Cycle1
1Accounting Information: Users and Uses2
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 Materials21
2Financial Statements: an Overview30
The Financial Statements32
Notes to the Financial Statements47
The External Audit49
Financial Statement Analysis50
Fundamental Concepts and Assumptions54
End-of-Chapter Materials56
3The Mechanics of Accounting78
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 Balance102
Where Do Computers Fit in all this?108
End-of-Chapter Materials110
4Completing the Accounting Cycle130
Accrual Accounting132
Adjusting Entries136
Preparing Financial Statements143
Analyzing Financial Statements148
Closing the Books151
A Summary of the Accounting Cycle154
Adjusting Entries: Original Entries to Expense or Revenue155
Appendix AUsing a Work Sheet157
Appendix BSpecial Journals162
End-of-Chapter Materials168
5Ensuring the Integrity of Financial Information204
The Types of Problems that Can Occur206
Safeguards Designed to Minimize Problems208
The Need for Monitoring215
The Role of Auditors in the Accounting Process218
The Securities and Exchange Commission222
End-of-Chapter Materials223
Comprehensive Problem 1-5233
Part f2Operating Activities235
6Selling a Product or a Service236
Major Activities of a Business239
Recognizing Revenue241
Cash Collection246
Accounting for Credit Customers Who Don't Pay249
Assessing How Well Companies Manage Their Receivables255
Recording Warranty and Service Costs Associated with a Sale251
Reconciling the Bank Account258
Using Receivables to Get Cash Immediately261
Foreign Currency Transactions264
End-of-Chapter Materials266
Inventory and Cost of Goods Sold295
Accounting for Inventory Purchases and Sales299
Counting Inventory and Calculating Cost of Goods Sold304
Inventory Cost Flow Assumptions308
Assessing How Well Companies Manage Their Inventories313
Further Coverage of Inventory Errors317
Complications of the Perpetual Method with Lifo and Average Cost319
Reporting Inventory at Amounts Below Cost321
Method of Estimating Inventories324
End-of-Chapter Materials325
8Completing the Operating Cycle350
Employee Compensation353
Capitalize Versus Expense368
Summarizing Operations on an Income Statement370
End-of-Chapter Materials372
Comprehensive Problem 6-8391
Part f3Investing and Financing Activities393
9Investments in Property, Plant, and Equipment and in Intangible Assets394
Nature of Long-Term Operating Assets396
Deciding Whether to Acquire a Long-Term Operating Asset397
Accounting for Acquisition of Property, Plant, and Equipment398
Calculating and Recording Depreciation Expense405
Repairing and Improving Property, Plant, and Equipment410
Recording Impairments of Asset Value412
Disposal of Property, Plant, and Equipment414
Accounting for Intangible Assets416
Measuring Property, Plant, and Equipment Efficiency420
Accelerated Depreciation Methods421
Changes in Depreciation Estimates426
End-of-Chapter Materials427
10Long-Term Debt Financing454
Measuring Long-Term Liabilities455
Accounting for Long-Term Liabilities462
Accounting for Lease Obligations466
The Nature of Bonds469
Using Debt-Related Financial Ratios476
Bonds Issued at a Discount or at a Premium477
Table IThe Present Value of $1 Due In n Periods483
Table IIThe Present Value of an Annuity of $1 Per Number of Payments484
Table IIIAmount of $1 Due in n Periods485
Table IVAmount of an Annuity of $1 Per Number of Payments486
End-of-Chapter Materials487
11Equity Financing510
Raising Equity Financing513
Corporations and Corporate Stock515
Accounting for Stock519
Retained Earnings524
Other Equity Items529
Accounting for Stock Dividends532
Prior-Period Adjustments534
Proprietorship and Partnership Accounting535
End-of-Chapter Materials539
12Investments in Debt and Equity Securities568
Why Companies Invest in Other Companies570
Classifying a Security572
Accounting for Trading and Available-for-Sale Securities577
Accounting for Changes in the Value of Securities581
Accounting for Held-to-Maturity Securities584
Accounting for Equity Investments Using the Equity Method590
End-of-Chapter Materials592
Comprehensive Problem 9-12613
Part f4Other Dimensions of Financial Reporting615
13The Statement of Cash Flows616
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 Example624
Analyzing the Other Primary Financial Statements to Prepare a Statement of Cash Flows628
Using Information From the Statement of Cash Flows to Make Decisions640
End-of-Chapter Materials642
AMicrosoft Annual Report1
CCheck Figures1
Financial Accounting Indexes
Real World Company1

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