The newest edition to the series of books students choose to buy, this SecondLanguage title offers the concepts and techniques needed to grasp the concepts of financial accounting. In order to make learning easier, this book provides more user-friendly advice than is found in the traditional accounting book. It takes the basic concepts of each chapter and presents them in an easy to understand format along with numerous, simple examples. In addition to summariesor explanations of basic accounting concepts, each of these chapters includespractice multiple choice questions and solutions. INDICE: Preface. Chapter One. Basic Accounting Concepts. Roadmap. Accounting As the Language of Business. Objectives of Financial Reporting. Basic Accounting Concepts. Economic Entity. Going Concern. Stable Monetary Unit. Accounting Periods. Historical Cost. Revenue Recognition. Matching. Full Disclosure. Materiality. Conservatism. The Basic Financial Statements. The Income Statement. The Balance Sheet. The Statement of Changes in Owners Equity. The Statement of Cash Flows. Using Financial Statement Information. Frequently Asked Questions. Practice Multiple Choice Questions. Chapter Two. The Accounting Cycle And Accrual Accounting. Roadmap. Transaction Analysis. The Account. The Rules for Debit and Credit. The Chart of Accounts. The Cash basis versus the Accrual basis. The Journal Entry. Recording Journal Entries. Adjusting Entries. Prepayments and Accruals. Depreciation. Cost of Goods Sold and Inventory. Closing Entries. The Closing Process. Balancing the Permanent Accounts. Correcting Errors. Correcting Out of Balance Errors. Correcting Other Bookkeeping Errors. Preparing the Financial Statements. Comprehensive Example. Frequently Asked Questions. Practice Multiple Choice Questions. Chapter Three. Internal Control, Cash, And Receivables. Roadmap. Sarbanes-Oxley and Internal Controls. The Control Environment. Risk Assessment. Accounting Information System. Control Activities. Reporting Cash. Petty Cash. The Bank Reconciliation. Accounts Receivable. Demonstration Problem: Accounts Receivable. Notes Receivable. Getting Cash for Receivables. Summary of Journal Entries. Frequently Asked Questions. Practice Multiple Choice Questions. Chapter Four. Inventory. Roadmap. Basic Inventory Issues. Inventory Cost. Inventory Terminology. Inventory Units. Inventory Flow Assumptions. Purchasing and Selling Inventory. Example One: Selling inventory. The Cost of Goods Sold Model. The Periodic method vs. the Perpetual Method. The Periodic Method. The Perpetual Method. Taking Inventory and the Cost Flow Assumptions. Example Two: Inventory Flow Assumptions. Example Three: Inventory Flow Assumptions. Lower of Cost or Market. Example Four: Lower of Cost or Market.Impact of Inventory Errors. Example Five: Impact of Inventory Errors. Summaryof Journal Entries. Frequently Asked Questions. Practice Multiple Choice Questions. Chapter Five. Long Term Assets, Intangible Assets, And Depreciation/Amortization. Roadmap. Non-Current Assets. Long Term Investments. Trading Securities. Available for Sale Securities. Property, Plant, and Equipment. Demonstration Problem 1: Acquisition of Plant Assets. Costs Subsequent to acquisition. Depreciation. Units of Activity. Straight Line. Sum of the Years Digits. Declining Balance. Depreciation Conventions. Partial Year Depreciation. Disposal of Plant Assets. Demonstration Problem 2: Property, Plant and Equipment Transactions. Intangible Assets. Patents. Legal fees. Copyrights. Trademarks and Trade names. Franchises and Licenses. Goodwill. Example: Calculation of Goodwill. Impairment. Example: calculating Impairment. Demonstration Problem 3: Assorted Intangible Assets in a Single Ledger Account. Accounting for R and D. Summary of Journal Entries. Frequently Asked Questions. Practice Multiple Choice Questions. Chapter Six. Liabilities, Current And Non-Current. Liabilities. Current liabilities. Accounts Payable. Notes Payable. Interest Bearing Notes. Non Interest Bearing Notes. Salaries Payable. Demonstration Problem: Salaries Payable. Interest Payable. Sales Tax Payable. Advances from Customers. Current Portion of Long-Term Debt. Estimated Liability for Warranties. Short Term Debt Expected to be Refinanced. Long Term Liabilities. Bank Loans and Long Term Notes Payable. Pensions and Other Post Retirement Benefits. Bonds. Bond Terminology. Principle Amount. Stated (Coupon) Rate of Interest. Market Rate of Interest (yield). Discount and Premium. Example: Issuing Bonds. Term Bonds versus Serial Bonds. Mortgage Bonds versus Debentures. Leases. Summary of Journal Entries. Frequently Asked Questions. Practice Multiple Choice Questions. Chapter Seven. Owners' Equity. Owners' Equity. Corporations. Contributed Capital. Retained Earnings. Common and Preferred Stock. Cash Dividends, Stock Dividends and Stock Splits. Treasury Stock. Example: Treasury Stock. Statement of Owners' Equity. Balance Sheet Presentation. Comprehensive Owners' Equity Demonstration Problem. Summary of Journal Entries. Frequently Asked Questions. Practice Multiple Choice Questions. Chapter Eight. Statement Of Cash Flows. Objectives of the Statement. Format of the Statement. A Step by Step Approach to Solving Statement of Cash. Flows Problems. Preparing the Statement of Cash Flows (Direct Approach). Demonstration Problem 1 (Direct Approach). Preparing the Statement of Cash Flows (Indirect Approach). Reviewing the Six Step Approach. Demonstration Problem2 (Indirect Approach). Demonstration Problem 3 Comprehensive Statement of Cash. Flows Problem (Direct and Indirect Approaches). Frequently Asked Questions.Practice Multiple Choice Questions. Chapter Nine. Review Of Financial Statements And Financial Statement Analysis. Roadmap. Horizontal and Vertical Analysis. DuPont Analysis. Financial Ratio Analysis. Liquidity Measures. Activity Measures. Solvency and Leverage Measures. Profitability Measures. Summary of Financial Ratios. Comprehensive Demonstration Problems. Preparation of a Partial Income Statement. Preparation of a Balance Sheet. Frequently Asked Questions. Practice Multiple Choice Questions. Appendix A. Basic College Skills. Introduction. College Skills. Preparing for Class. Reading the Textbook. Doing HomeworkProblems. What to do in Class. Being Prepared. Correcting Your Homework. Forming a Study Group. How to Select Group Members. Activities for the Study Group. Practicing What You Have Learned and Testing Yourself. Preparing for Exams. Taking Exams. General Exam Strategies. Which Question to Answer First. Tips for answering Multiple Choice Questions. Tips for Solving Accounting Problems. Tips for Writing Essays. Tips for Maximizing Partial Credit on Exams. Appendix B. The Time Value Of Money. Basic Concepts. Future value of a sum. Present value of a sum. Future value of an ordinary annuity. Present value of an ordinaryannuity. Future Value of an Annuity Due. Present Value of an Annuity Due. OneEquation. Four Basic Interest Tables. Drawing a Time Diagram. Computing the Issue Price of a Bond Practice Multiple Choice Questions Appendix C. The Gross Profit Metho. The Gross Profit Method. Demonstration Problem: Gross Profit Method. Appendix D. Advanced Topics For Chapter Five. Capitalization of Interest on Self Constructed Assets. Non-Monetary Exchange. Demonstration Problem: Non-Monetary Exchange. Appendix E. The Audit Report. Introduction. Financial Statement Audit. Generally Accepted Auditing Standards. General Standards. Standards of Fieldwork. Standards of Reporting. Types of Opinions. The Standard Unqualified Audit Report.
- ISBN: 978-0-470-04388-2
- Editorial: John Wiley & Sons
- Encuadernacion: Rústica
- Páginas: 320
- Fecha Publicación: 15/09/2008
- Nº Volúmenes: 1
- Idioma: Inglés