Ideal for first-year accounting courses, this text presents balanced coverage of both financial and managerial topics. In this text, the authors refine their proven approach to accounting's expanding role in business. This text uses the prepartation of financial statements as the framework for understanding what accounting is all about.
About the Author
Dr. Carl S. Warren is Professor Emeritus of Accounting at the University of Georgia, Athens. Dr. Warren has taught classes at the University of Georgia, University of Iowa, Michigan State University, and University of Chicago. He focused his teaching efforts on principles of accounting and auditing. Dr. Warren received his PhD from Michigan State University and his BBA and MA 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 has served on numerous committees of the American Accounting Association, the American Institute of Certified Public Accountants, and the Institute of Internal Auditors. He also has consulted with numerous companies and public accounting firms. His outside interests include playing handball, golfing, skiing, backpacking, and fly-fishing.
Dr. James M. Reeve is Professor Emeritus of Accounting and Information Management at the University of Tennessee. Professor Reeve taught as part of the accounting faculty for 25 years after graduating with his PhD from Oklahoma State University. His teaching effort focused on undergraduate accounting principles and graduate education in the Master of Accountancy and Senior Executive MBA programs. Beyond this, Professor Reeve is very active in the Supply Chain Certification program, which is a major executive education and research effort of the college. His research interests are varied and include work in managerial accounting, supply chain management, lean manufacturing, and information management. He has published over 40 articles in academic and professional journals, including Journal of Cost Management, Journal of Management Accounting Research, Accounting Review, Management Accounting Quarterly, Supply Chain Management Review, and Accounting Horizons. He has consulted or provided training around the world for a variety of organizations, including Boeing, Procter & Gamble, Norfolk Southern, Hershey Foods, Coca-Cola, and Sony. When not writing books, Professor Reeve plays golf and is involved in faith-based activities.
Dr. Philip E. Fess is the Arthur Andersen & Co. Alumni Professor of Accountancy Emeritus at the University of Illinois, Champaign-Urbana. He received his Ph.D. from the University of Illinois. Dr. Fess has been involved in writing textbooks for over twenty-five years, and his knowledge of how to make texts user-friendly is reflected on the pages of this edition. Dr. Fess plays golf and tennis, and he has represented the United States in international tennis competition.
Table of ContentsF-1. Introduction to Accounting and Business. F-2. Analyzing Transactions. F-3. The Matching Concept and the Adjusting Process. F-4. Completing the Accounting Cycle. F-5. Accounting for Merchandising Businesses. F-6. Accounting Systems, Internal Controls, and Cash. F-7. Receivables. F-8. Inventories. F-9. Fixed Assets and Intangible Assets. F-10. Current Liabilities. F-11. Corporations: Organization, Capital Stock Transactions, and Dividends. F-12. Corporations: Income and Taxes, Stockholders¦ Equity, and Investments in Stocks. F-13. Bonds Payable and Investments in Bonds. F-14. Statement of Cash Flows. F-15. Financial Statement Analysis. M-1. Introduction to Managerial Accounting and Job Order Cost Systems. M-2. Process Cost Systems. M-3. Cost Behavior and Cost-Volume-Profit Analysis. M-4. Profit Reporting for Management Analysis. M-5. Budgeting. M-6. Performance Evaluation Using Variances from Standard Costs. M-7. Performance Evaluation for Decentralized Operations. M-8. Differential Analysis and Product Pricing. M-9. Capital Investment Analysis. M-10. Cost Allocation and Activity-Based Costing. M-11. Cost Managment for Just-in-Time Environments. Appendixes. A. Interest Tables. B. Codes of Professional Ethics for Accountants. C. Alternative Methods of Recording Deferrals. D. Special Journals and Subsidiary Ledgers. E. Periodic Inventory Systems for Merchandising Businesses. F. Foreign Currency Transactions. G. Cisco Systems, Inc. Annual Report. Glossary. Subject Index. Company Index.