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Corporate Financial Accounting,9780324188042
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Corporate Financial Accounting

by
Edition:
8th
ISBN13:

9780324188042

ISBN10:
0324188048
Format:
Paperback
Pub. Date:
2/4/2004
Publisher(s):
South-Western College Pub

Questions About This Book?

What version or edition is this?
This is the 8th edition with a publication date of 2/4/2004.
What is included with this book?
  • The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any CDs, lab manuals, study guides, etc.

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Summary

Like the most successful businesses, this book successfully integrates innovation with tradition. Warren/Reeve/Fess uses the preparation of financial statements as the framework for understanding what accounting is all about.

Table of Contents

1. Introduction to Accounting and Business
1(46)
Nature of a Business
2(6)
Types of Businesses
2(1)
Types of Business Organizations
3 (1)
Business Strategies
4(2)
Value Chain of a Business
6 (1)
Business Stakeholders
6(2)
The Role of Accounting in Business
8 (1)
Business Ethics
8(2)
Profession of Accounting
10 (2)
Private Accounting
11(1)
Public Accounting
11(1)
Specialized Accounting Fields
11(1)
Generally Accepted Accounting Principles
12 (2)
Business Entity Concept
13 (1)
The Cost Concept
13(1)
Assets, Liabilities, and Owner's Equity 13
Business Transactions and the Accounting Equation
14(5)
Financial Statements
19(3)
Income Statement
19(1)
Retained Earnings Statement
19 (2)
Balance Sheet
21(1)
Statement of Cash Flows
21(1)
Financial Analysis and Interpretation
22(25)
2. Analyzing Transactions
47 (54)
Usefulness of an Account
48 (1)
Characteristics of an Account
49(1)
Analyzing and Summarizing Transactions in Accounts
50(5)
Balance Sheet Accounts
50(2)
Income Statement Accounts
52(2)
Dividends Account
54(1)
Normal Balances of Accounts
55(1)
Illustration of Analyzing and Summarizing Transactions
55(13)
Trial Balance
68(1)
Discovery and Correction of Errors
69 (2)
Discovery of Errors
69 (1)
Correction of Errors
70(1)
Financial Analysis and Interpretation
71(30)
3. The Matching Concept and the Adjusting Process
101(38)
The Matching Concept
102(1)
Nature of the Adjusting Process
103(1)
Recording Adjusting Entries
104(9)
Deferred Expenses (Prepaid Expenses)
105 (2)
Deferred Revenue (Unearned Revenue)
107 (1)
Accrued Expenses (Accrued Liabilities)
108 (3)
Accrued Revenues (Accrued Assets)
111 (1)
Fixed Assets
112(1)
Summary of Adjustment Process
113 (4)
Financial Analysis and Interpretation
117(22)
4. Completing the Accounting Cycle
139 (49)
Accounting Cycle
140(1)
Work Sheet
140(6)
Unadjusted Trial Balance Columns
141 (1)
Adjustments Columns
142(1)
Adjusted Trial Balance Columns
143 (1)
Income Statement and Balance Sheet Columns
143(3)
Financial Statements
146 (4)
Income Statement
147(1)
Retained Earnings Statement
148 (1)
Balance Sheet
149(1)
Adjusting and Closing Entries
150 (9)
Journalizing and Posting Closing Entries
151 (7)
Post-Closing Trial Balance
158(1)
Fiscal Year
159(2)
Financial Analysis and Interpretation
161 (1)
Appendix: Reversing Entries
161 (22)
Comprehensive Problem 1
183(5)
Practice Set: Tom's Asphalt
This set is a service business operated as a proprietorship. It includes a narrative of transactions and instructions for an optional solution with no debits and credits. This set can be solved manually or with the P.A.S.S. software.
5. Accounting for Merchandising Businesses
188(49)
Nature of Merchandising Businesses
189(1)
Financial Statements for a Merchandising Business
190(6)
Multiple-Step Income Statement
191 (3)
Single-Step Income Statement
194(1)
Retained Earnings Statement
194(1)
Balance Sheet
194(2)
Sales Transactions
196(4)
Cash Sales
196(1)
Sales on Account
197(1)
Sales Discounts
197(2)
Sales Returns and Allowances
199(1)
Purchase Transactions
200 (3)
Purchases Discounts
200(1)
Purchases Returns and Allowances
201(2)
Transportation Costs, Sales Taxes, and Trade Discounts
203(3)
Transportations Costs
203(1)
Sales Taxes
204(1)
Trade Discounts
205(1)
Illustration of Accounting for Merchandise Transactions
206(1)
Chart of Accounts for a Merchandising Business
207(1)
The Accounting Cycle for a Merchandising Business
208(1)
Merchandise Inventory Shrinkage
208 (1)
Work Sheet
209(1)
Closing Entries
209(1)
Financial Analysis and Interpretation
209(1)
Appendix: Work Sheet and Adjusting and Closing Entries for a Merchandising Business
210(21)
Comprehensive Problem 2
231(6)
Practice Set: Specialty Sports
This set is a merchandising business operated as a proprietorship. It includes business documents, and it can be solved manually or with the P.A.S.S. software.
6. Accounting Systems, Internal Controls, and Cash
237(42)
Basic Accounting Systems
238(1)
Internal Control
239(6)
Objectives of Internal Control
239 (1)
Elements of Internal Control
240(5)
Nature of Cash and the Importance of Controls Over Cash
245(1)
Control of Cash Receipts
245(2)
Controlling Cash Received from Cash Sales
245 (1)
Controlling Cash Received in the Mail
246(1)
Internal Control of Cash Payments
247 (2)
Basic Features of the Voucher System
247 (2)
Electronic Funds Transfer
249(1)
Bank Accounts: Their Nature and Use as a Control Over Cash
249(4)
Business Bank Accounts
249(2)
Bank Statement
251(1)
Bank Accounts as a Control Over Cash
251(2)
Bank Reconciliation
253 (2)
Petty Cash
255(2)
Presentation of Cash on the Balance Sheet
257(1)
Financial Analysis and Interpretation
258(21)
7. Receivables
279(37)
Classification of Receivables
280 (1)
Accounts Receivable
280(1)
Notes Receivable
280(1)
Other Receivables
280(1)
Internal Control of Receivables
281 (1)
Uncollectible Receivables
282(1)
Allowance Method of Accounting for Uncollectibles
283(4)
Write-Offs to the Allowance Account
284 (1)
Estimating Uncollectibles
285(2)
Direct Write-Off Method of Accounting for Uncollectibles
287(1)
Characteristics of Notes Receivable
288 (2)
Due Date
289(1)
Interest
290(1)
Maturity Value
290(1)
Accounting for Notes Receivable
290 (2)
Receivables on the Balance Sheet
292 (1)
Financial Analysis and Interpretation
292 (2)
Appendix: Discounting Notes Receivable
294(22)
8. Inventories
316(38)
Internal Control of Inventories
317(2)
Effect of Inventory Errors on Financial Statements
319(1)
Inventory Cost Flow Assumptions
320(2)
Inventory Costing Methods Under a Perpetual Inventory System
322(3)
First-In, First-Out Method
322(1)
Last-In, First-Out Method
323(1)
Average Cost Method
324(1)
Computerized Perpetual Inventory Systems
324(1)
Inventory Costing Methods Under a Periodic Inventory System
325(2)
First-In, First-Out Method
325 (1)
Last-In, First-Out Method
326 (1)
Average Cost Method
326(1)
Comparing Inventory Costing Methods
327 (2)
Use of the First-In, First-Out Method
328 (1)
Use of the Last-In, First-Out Method
328 (1)
Use of the Average Cost Method
329(1)
Valuation of Inventory at Other than Cost
329(1)
Valuation at Lower of Cost or Market
329 (1)
Valuation at Net Realizable Value
330(1)
Presenting Merchandise Inventory on the Balance Sheet
330(1)
Estimating Inventory Cost
331(2)
Retail Method of Inventory Costing
332 (1)
Gross Profit Method of Estimating Inventories
333(1)
Financial Analysis and Interpretation
333 (21)
9. Fixed Assets and Intangible Assets
354(42)
Nature of Fixed Assets
355 (4)
Classifying Costs
356(1)
The Cost of Fixed Assets
356 (1)
Donated Assets
357(1)
Nature of Depreciation
357(2)
Accounting for Depreciation
359 (5)
Straight-Line Method
360(1)
Units-of-Production Method
361 (1)
Declining-Balance Method
361 (1)
Comparing Depreciation Methods
362 (1)
Depreciation for Federal Income Tax
362 (1)
Revising Depreciation Estimates
363 (1)
Composite-Rate Method
364(1)
Capital and Revenue Expenditures
364 (3)
Stages of Acquiring Fixed Assets
364 (1)
Fixed Asset Components
365(2)
Disposal of Fixed Assets 366
Discarding Fixed Assets
367(1)
Selling Fixed Assets
367(1)
Exchanging Similar Fixed Assets
368(2)
Leasing Fixed Assets
370(1)
Internal Control of Fixed Assets
371(1)
Natural Resources
372(1)
Intangible Assets
372(4)
Patents
373(1)
Copyrights and Trademarks
373 (1)
Goodwill
374(2)
Financial Reporting for Fixed Assets and Intangible Assets
376(1)
Financial Analysis and Interpretation
376(2)
Appendix: Sum-of-the-Years-Digits Depreciation
378(18)
10. Current Liabilities 396(47)
The Nature of Current Liabilities
397(1)
Short-Term Notes Payable and Current Portion of Long-Term Debt
398(2)
Short-Term Notes Payable
398(1)
Current Portion of Long-Term Debt
399(1)
Contingent Liabilities
400(1)
Payroll and Payroll Taxes
401(7)
Liability for Employee Earnings
402 (1)
Deductions from Employee Earnings
403 (3)
Computing Employee Net Pay
406 (1)
Liability for Employer's Payroll Taxes
406(2)
Accounting Systems for Payroll and Payroll Taxes
408(7)
Payroll Register
408(2)
Employee's Earnings Record
410(1)
Payroll Checks
410(1)
Payroll System Diagram
411(1)
Internal Controls for Payroll Systems
411(4)
Employees' Fringe Benefits
415(2)
Vacation Pay
415(1)
Pensions
416(1)
Postretirement Benefits Other Than Pensions
417(1)
Financial Analysis and Interpretation
417 (19)
Comprehensive Problem 3
436(7)
Practice Set: Groom and Board
This set includes payroll transactions for a merchandising business operated as a proprietorship. It includes business documents, and it can be solved manually or with the P.A.S.S. software.
Practice Set: The Coddled Canine with PeachtreeŽ Accounting Software
This set includes payroll transactions for a merchandising business operated as a proprietorship. It can be solved with the Peachtree software.
11. Corporations: Organization, Capital Stock Transactions, and Dividends 443(36)
Nature of a Corporation
444 (2)
Characteristics of a Corporation
444 (1)
Forming a Corporation
445(1)
Sources of Paid-In Capital
446 (3)
Stock
446(3)
Issuing Stock
449 (3)
Premium on Stock
450 (1)
No-Par Stock
451(1)
Treasury Stock Transactions
452 (1)
Stock Splits
453(1)
Accounting for Dividends
454 (2)
Cash Dividends
454 (1)
Stock Dividends
455(1)
Reporting Stockholders' Equity
456 (3)
Stockholders' Equity in the Balance Sheet
457 (1)
Reporting Retained Earnings
458(1)
Financial Analysis and Interpretation
459(20)
12. Income Taxes, Unusual Income Items, and Investments in Stocks 479(42)
Corporate Income Taxes
480 (4)
Payment of Income Taxes
480 (1)
Allocating Income Taxes
481(2)
Reporting and Analyzing Taxes
483(1)
Unusual Items Affecting the Income Statement
484(4)
Unusual Items Affecting Income from Continuing Operations
484(2)
Unusual Items Not Affecting Income from Continuing Operations
486(2)
Reporting Unusual Below-the-Line Items
488(1)
Earnings per Common Share
488 (2)
Comprehensive Income
490(1)
Accounting for Investments in Stocks
491 (4)
Short-Term Investments in Stocks
491 (2)
Long-Term Investments in Stocks
493(2)
Sale of Investments in Stocks
495(1)
Business Combinations
495(3)
Mergers and Consolidations
495(1)
Parent and Subsidiary Corporations
496 (1)
Consolidated Financial Statements
496(2)
Financial Analysis and Interpretation
498(23)
Practice Set: Nina's Decorating House
This set is a service and merchandising business operated as a corporation. It includes narrative for six months of transactions, which are to be recorded in a general journal. The set can be solved manually or with the P.A.S.S. software.
Practice Set: First Designs, Inc.
This set is a departmentalized merchandising business operated as a corporation. It includes a narrative of transactions, which are to be recorded in special journals. The set can be solved manually or with the P.A.S.S. software.
13. Bonds Payable and Investments in Bonds 521(39)
Financing Corporations
522 (1)
Characteristics of Bonds Payable
523(1)
The Present-Value Concept and Bonds Payable
524(4)
Present Value of the Face Amount of Bonds
525 (1)
Present Value of the Periodic Bond Interest Payments
526(2)
Accounting for Bonds Payable
528 (4)
Bonds Issued at Face Amount
528 (2)
Bonds Issued at a Discount
530 (1)
Amortizing a Bond Discount
530 (1)
Bonds Issued at a Premium
531 (1)
Amortizing a Bond Premium
531 (1)
Zero-Coupon Bonds
531(1)
Bond Sinking Funds
532 (1)
Bond Redemption
533(1)
Investments in Bonds
534(2)
Accounting for Bond Investments-Purchase, Interest, and Amortization
534(1)
Accounting for Bond Investments-Sale
535(1)
Corporation Balance Sheet
536(2)
Balance Sheet Presentation of Bonds Payable
536 (2)
Balance Sheet Presentation of Bond Investments
538(1)
Financial Analysis and Interpretation
538(1)
Appendix: Effective Interest Rate Method of Amortization
539(16)
Amortization of Discount by the Interest Method
539(1)
Amortization of Premium by the Interest Method
540(15)
Comprehensive Problem 4
555(5)
14. Statement of Cash Flows 560(51)
Reporting Cash Flows
561(4)
Cash Flows from Operating Activities
562 (1)
Cash Flows from Investing Activities
563 (1)
Cash Flows from Financing Activities
563 (1)
Noncash Investing and Financing Activities
564 (1)
No Cash Flow per Share
564(1)
Statement of Cash Flows-The Indirect Method
565(9)
Retained Earnings
565(6)
Common Stock
571(1)
Bonds Payable
571(1)
Building
572(1)
Land
572(1)
Preparing the Statement of Cash Flows
573(1)
Statement of Cash Flows-The Direct Method
574(4)
Cash Received from Customers
574(1)
Cash Payments for Merchandise
575(1)
Cash Payments for Operating Expenses
576 (1)
Gain on Sale of Land
577(1)
Interest Expense
577(1)
Cash Payments for Income Taxes
577(1)
Reporting Cash Flows from Operating Activities-Direct Method
577(1)
Financial Analysis and Interpretation
578(2)
Appendix: Work Sheet for Statement of Cash Flows
580(32)
Work Sheet-Indirect Method
580(3)
Work Sheet-Direct Method
583(28)
15. Financial Statement Analysis 611
Basic Analytical Procedures
612 (5)
Horizontal Analysis
612 (2)
Vertical Analysis
614(2)
Common-Size Statements
616 (1)
Other Analytical Measures
617(1)
Solvency Analysis
617(7)
Current Position Analysis
618(1)
Accounts Receivable Analysis
619(1)
Inventory Analysis
620(1)
Ratio of Fixed Assets to Long-Term Liabilities
621 (1)
Ratio of Liabilities to Stockholders' Equity
622 (1)
Number of Times Interest Charges Earned
622(2)
Profitability Analysis
624 (4)
Ratio of Net Sales to Assets
624 (1)
Rate Earned on Total Assets
624(1)
Rate Earned on Stockholders' Equity
625 (1)
Rate Earned on Common Stockholders' Equity
626(1)
Earnings per Share on Common Stock
626 (1)
Price-Earnings Ratio
627(1)
Dividends per Share and Dividend Yield
627(1)
Summary of Analytical Measures
628(1)
Corporate Annual Reports
628
Management Discussion and Analysis
630 (1)
Independent Auditors' Report
630
Appendix A: Interest Tables A-2
Appendix B: Alternative Methods of Recording Deferrals B-1
Appendix C: Special Journals and Subsidiary Ledgers C-1
Appendix D: Periodic Inventory Systems for Merchandising Businesses D-1
Appendix E: Foreign Currency Transactions E-1
Appendix F: The Home Depot Annual Report F-1
Glossary G-1
Subject Index I-1
Company Index I-10


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