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Machine generated contents note: 1. Accounting: Information for Decision Making -- Accounting Information: A Means to an End -- Accounting from a User's Perspective -- Types of Accounting Information -- Accounting Systems -- Determining Information Needs -- Cost of Producing Accounting Information -- Basic Functions of an Accounting System -- Who Designs and Installs Accounting Systems? -- Components of Internal Control -- Financial Accounting Information -- External Users of Accounting Information -- Objectives of External Financial Reporting -- Characteristics of Externally Reported Information -- Management Accounting Information -- Users of Internal Accounting Information -- Objectives of Management Accounting Information -- Characteristics of Management Accounting Information -- Integrity of Accounting Information -- Institutional Features -- Professional Organizations -- Competence, Judgment, and Ethical Behavior -- Careers in Accounting -- Public Accounting -- Management Accounting -- Governmental Accounting -- Accounting Education -- What about Bookkeeping? -- Accounting as a Stepping-Stone -- But What about Me? I'm Not an Accounting Major -- Ethics, Fraud, & Corporate Governance -- Concluding Remarks -- End-of-Chapter Review -- Assignment Material -- 2. Basic Financial Statements -- Introduction to Financial Statements -- Starting Point: Statement of Financial Position -- Assets -- Liabilities -- Owners' Equity -- Accounting Equation -- Effects of Business Transactions: An Illustration -- Effects of These Business Transactions on the Accounting Equation -- Income Statement -- Statement of Cash Flows -- Relationships among Financial Statements -- Financial Analysis and Decision Making -- Forms of Business Organization -- Sole Proprietorships -- Partnerships -- Corporations -- Reporting Ownership Equity in the Statement of Financial Position -- Use of Financial Statements by External Parties -- Need for Adequate Disclosure -- Management's Interest in Financial Statements -- Ethics, Fraud, & Corporate Governance -- Concluding Remarks -- End-of-Chapter Review -- Assignment Material -- 3. Accounting Cycle: Capturing Economic Events -- Accounting Cycle -- Role of Accounting Records -- Ledger -- Use of Accounts -- Debit and Credit Entries -- Double-Entry Accounting---The Equality of Debits and Credits -- Journal -- Posting Journal Entries to the Ledger Accounts (and How to "Read" a Journal Entry) -- Recording Balance Sheet Transactions: An Illustration -- Ledger Accounts after Posting -- What Is Net Income? -- Retained Earnings -- Income Statement: A Preview -- Revenue -- Expenses -- Accrual Basis of Accounting -- Debit and Credit Rules for Revenue and Expenses -- Dividends -- Recording Income Statement Transactions: An Illustration -- Journal -- February's Ledger Balances -- Trial Balance -- Uses and Limitations of the Trial Balance -- Concluding Remarks -- Accounting Cycle in Perspective -- Ethics, Fraud, & Corporate Governance -- End-of-Chapter Review -- Assignment Material -- 4. Accounting Cycle: Accruals and Deferrals -- Adjusting Entries -- Need for Adjusting Entries -- Types of Adjusting Entries -- Adjusting Entries and Timing Differences -- Characteristics of Adjusting Entries -- Year-End at Overnight Auto Service -- Converting Assets to Expenses -- Concept of Depreciation -- Converting Liabilities to Revenue -- Accruing Unpaid Expenses -- Accruing Uncollected Revenue -- Accruing Income Taxes Expense: The Final Adjusting Entry -- Adjusting Entries and Accounting Principles -- Concept of Materiality -- Effects of the Adjusting Entries -- Concluding Remarks -- Ethics, Fraud, & Corporate Governance -- End-of-Chapter Review -- Assignment Material -- 5. Accounting Cycle: Reporting Financial Results -- Preparing Financial Statements -- Income Statement -- Statement of Retained Earnings -- Balance Sheet -- Relationships among the Financial Statements -- Drafting the Notes That Accompany Financial Statements -- What Types of Information Must Be Disclosed? -- Closing the Temporary Accounts -- Closing Entries for Revenue Accounts -- Closing Entries for Expense Accounts -- Closing the Income Summary Account -- Closing the Dividends Account -- Summary of the Closing Process -- After-Closing Trial Balance -- Last Look at Overnight: Was 2015 a Good Year? -- Financial Analysis and Decision Making -- Preparing Financial Statements Covering Different Periods of Time -- Ethics, Fraud, & Corporate Governance -- Concluding Remarks -- Supplemental Topic: The Worksheet -- Isn't This Really a Spreadsheet? -- How Is a Worksheet Used? -- Mechanics: How It's Done -- What If: A Special Application of Worksheet Software -- End-of-Chapter Review -- Assignment Material -- Comprehensive Problem 1 Susquehanna Equipment Rentals -- 6. Merchandising Activities -- Merchandising Companies -- Operating Cycle of a Merchandising Company -- Income Statement of a Merchandising Company -- Accounting System Requirements for Merchandising Companies -- Two Approaches Used in Accounting for Merchandise Inventories -- Perpetual Inventory Systems -- Taking a Physical Inventory -- Closing Entries in a Perpetual Inventory System -- Periodic Inventory Systems -- Operation of a Periodic Inventory System -- Closing Process in a Periodic Inventory System -- Comparison of Perpetual and Periodic Inventory Systems -- Selecting an Inventory System -- Transactions Relating to Purchases -- Credit Terms and Cash Discounts -- Returns of Unsatisfactory Merchandise -- Transportation Costs on Purchases -- Transactions Relating to Sales -- Sales Returns and Allowances -- Sales Discounts -- Delivery Expenses -- Accounting for Sales Taxes -- Modifying an Accounting System -- Special Journals Provide Speed and Efficiency -- Financial Analysis and Decision Making -- Ethics, Fraud, & Corporate Governance -- Concluding Remarks -- End-of-Chapter Review -- Assignment Material -- 7. Financial Assets -- How Much Cash Should a Business Have? -- Valuation of Financial Assets -- Cash -- Reporting Cash in the Balance Sheet -- Cash Management -- Internal Control over Cash -- Bank Statements -- Reconciling the Bank Statement -- Short-Term Investments -- Accounting for Marketable Securities -- Purchase of Marketable Securities -- Recognition of Investment Revenue -- Sale of Investments -- Adjusting Marketable Securities to Market Value -- Accounts Receivable -- Internal Control over Receivables -- Uncollectible Accounts -- Allowance for Doubtful Accounts -- Writing Off an Uncollectible Account Receivable -- Monthly Estimates of Credit Losses -- Recovery of an Account Receivable Previously Written Off -- Direct Write-Off Method -- Factoring Accounts Receivable -- Credit Card Sales -- Notes Receivable and Interest Revenue -- Nature of Interest -- Accounting for Notes Receivable -- Financial Analysis and Decision Making -- Ethics, Fraud, & Corporate Governance -- Concluding Remarks -- End-of-Chapter Review -- Assignment Material -- 8. Inventories and the Cost of Goods Sold -- Inventory Defined -- Flow of Inventory Costs -- Which Unit Did We Sell? -- Data for an Illustration -- Specific Identification -- Cost Flow Assumptions -- Average-Cost Method -- First-In, First-Out Method -- Last-In, First-Out Method -- Evaluation of the Methods -- Do Inventory Methods Really Affect Performance? -- Principle of Consistency -- Just-in-Time (JIT) Inventory Systems -- Taking a Physical Inventory -- Recording Shrinkage Losses -- LCM and Other Write-Downs of Inventory -- Year-End Cutoff of Transactions -- Periodic Inventory Systems -- International Financial Reporting Standards -- Importance of an Accurate Valuation of Inventory -- Techniques for Estimating the Cost of Goods Sold and the Ending Inventory -- Gross Profit Method -- Retail Method -- "Textbook" Inventory Systems Can Be Modified... and They Often Are -- Financial Analysis and Decision Making -- Ethics, Fraud, & Corporate Governance -- Concluding Remarks -- End-of-Chapter Review -- Assignment Material -- Comprehensive Problem 2 Music-Is-Us, Inc. -- 9. Plant and Intangible Assets -- Plant Assets as a "Stream of Future Services" -- Major Categories of Plant Assets -- Accountable Events in the Lives of Plant Assets -- Acquisitions of Plant Assets -- Determining Cost: An Example -- Some Special Considerations -- Capital Expenditures and Revenue Expenditures -- Depreciation -- Allocating the Cost of Plant and Equipment over the Years of Use -- Causes of Depreciation -- Methods of Computing Depreciation -- Straight-Line Method -- Declining-Balance Method -- Which Depreciation Methods Do Most Businesses Use? -- Financial Statement Disclosures -- Impairment of Plant Assets -- Other Depreciation Methods -- Units-of-Output Method -- MACRS -- Sum-of-the-Years' Digits -- Decelerated Depreciation Methods -- Depreciation Methods in Use: A Survey -- Disposal of Plant and Equipment -- Gains and Losses on the Disposal of Plant and Equipment -- Trading in Used Assets for New Ones -- International Financial Reporting Standards -- Intangible Assets -- Characteristics -- Operating Expenses versus Intangible Assets -- Amortization -- Goodwill -- Patents -- Trademarks and Trade Names -- Franchises -- Copyrights -- Other Intangibles and Deferred Charges -- Research and Development (R&D) Costs -- Financial Analysis and Decision Making -- Natural Resources -- Accounting for Natural Resources -- |
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