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Financial Accounting

by ; ; ;
Edition:
9th
ISBN13:

9780324206746

ISBN10:
0324206747
Format:
Hardcover
Pub. Date:
1/6/2004
Publisher(s):
Cengage Learning
List Price: $207.99
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Summary

Accounting is about decision making using financial information. The text focuses on developing a student's the ability to critically analyze accounting information and make informed business decisions. Students are exposed to a lot of real-world examples where they can see the effect that accounting information has on the decisions made by real companies. Also chapters are split into basic and expanded material so that the professor can easily cover the basics of a topic or, if he or she prefers, delve deeper into a selected topic. Finally, analysis is incorporated throughout the text so that students can learn to use accounting information as they learn how that information is prepared.

Table of Contents

Part I Financial Reporting and the Accounting Cycle 1(290)
1 Accounting Information: Users and Uses
2(28)
What's the Purpose of Accounting?
4(5)
The Relationship of Accounting to Business
7(2)
Who Uses Accounting Information
9(4)
Lenders
10(1)
Investors
10(1)
Management
11(1)
Other Users of Financial Information
11(2)
Within What Kind of Environment Does Accounting Operate?
13(7)
The Significance and Development of Accounting Standards
13(1)
The Financial Accounting Standards Board
14(1)
Other Organizations
14(2)
International Business
16(1)
Ethics in Accounting
17(1)
Technology
18(2)
So, Why Should I Study Accounting?
20(1)
End-of-Chapter Materials
21(6)
Competency Enhancement Opportunities
27(3)
2 Financial Statements: An Overview
30(50)
The Financial Statements
32(15)
The Balance Sheet
32(8)
The Income Statement
40(4)
The Statement of Cash Flows
44(2)
How the Financial Statements Tie Together
46(1)
Notes to the Financial Statements
47(3)
Summary of Significant Accounting Policies
48(1)
Additional Information about Summary Totals
48(1)
Disclosure of Information Not Recognized
48(1)
Supplementary Information
49(1)
The External Audit
50(1)
Fundamental Concepts and Assumptions
51(3)
The Separate Entity Concept
52(1)
The Assumption of Arm's-Length Transactions
52(1)
The Cost Principle
53(1)
The Monetary Measurement Concept
53(1)
The Going Concern Assumption
53(1)
End-of-Chapter Materials
54(26)
Competency Enhancement Opportunities
74(6)
3 The Mechanics of Accounting
80(58)
How Can We Collect All This Information?
82(2)
How Do Transactions Affect the Accounting Equation?
84(8)
The Accounting Equation
85(1)
Using Accounts to Categorize Transactions
86(4)
Expanding the Accounting Equation to Include Revenues, Expenses, and Dividends
90(1)
Why Should I Understand the Mechanics of Accounting?
90(2)
How Do We Record the Effects of Transactions?
92(12)
Acquiring Cash, Either from Owners or by Borrowing
93(1)
Acquiring Other Assets
94(3)
Selling Goods or Providing Services
97(3)
Collecting Cash and Paying Obligations
100(1)
A Note on Journal Entries
101(3)
Posting Journal Entries and Preparing a Trial Balance
104(7)
Determining Account Balances
104(1)
Illustration of the First Three Steps in the Accounting Cycle
105(6)
Where Do Computers Fit In All This?
111(27)
End-of-Chapter Materials
112(21)
Competency Enhancement Opportunities
133(5)
4 Completing the Accounting Cycle
138(64)
Accrual Accounting
140(4)
Periodic Reporting
141(1)
Accrual- versus Cash-Basis Accounting
142(2)
Adjusting Entries
144(7)
Unrecorded Receivables
145(1)
Unrecorded Liabilities
145(2)
Prepaid Expenses
147(2)
Unearned Revenues
149(2)
Preparing Financial Statements
151(6)
Financial Statement Preparation
152(2)
The Notes
154(1)
The Audit
154(3)
Closing the Books
157(3)
Real and Nominal Accounts
157(1)
Closing Entries
158(1)
Preparing a Post-Closing Trial Balance
159(1)
A Summary of the Accounting Cycle
160(1)
Adjusting Entries: Original Entries to Expense or Revenue
161(2)
End-of-Chapter Materials
163(39)
Competency Enhancement Opportunities
195(7)
5 Introduction to Financial Statement Analysis
202(52)
The Need for Financial Statement Analysis
204(2)
Widely Used Financial Ratios
206(6)
Debt Ratio
206(1)
Current Ratio
207(1)
Return on Sales
208(1)
Asset Turnover
208(1)
Return on Equity
208(1)
Price-Earnings Ratio
209(3)
Common-Size Financial Statements
212(2)
Dupont Framework
214(4)
Profitability Ratios
216(1)
Efficiency Ratios
216(1)
Leverage Ratios
217(1)
Cash Flow Ratios
218(3)
Usefulness of Cash Flow Ratios
218(1)
Cash Flow to Net Income
219(1)
Cash Flow Adequacy
220(1)
Potential Pitfalls
221(2)
Financial Statements Don't Contain All Information
221(1)
Lack of Comparability
221(1)
Search for the Smoking Gun
222(1)
Anchoring, Adjustment, and Timeliness
222(1)
End-of-Chapter Materials
223(31)
Competency Enhancement Opportunities
248(6)
6 Ensuring the Integrity of Financial Information
254(37)
The Types of Problems That Can Occur
256(4)
Types of Errors in the Reporting Process
257(1)
Disagreements in Judgment
257(2)
Fraudulent Financial Reporting
259(1)
Safeguards Designed to Minimize Problems
260(4)
The Control Environment
261(1)
The Accounting System
262(1)
Control Activities (Procedures)
262(2)
Reasons for Earnings Management
264(6)
Meet Internal Targets
265(1)
Meet External Expectations
266(1)
Income Smoothing
266(1)
Window Dressing for an IPO or a Loan
267(1)
The Earnings Management Continuum
267(1)
Is Earnings Management Ethical?
268(2)
Personal Ethics
270(1)
The Sarbanes-Oxley Act
270(2)
Public Company Oversight Board
271(1)
Constraints on Auditors
271(1)
Constraints on Management
271(1)
The Role of Auditors in the Accounting Process
272(4)
Internal Auditors
272(1)
External Auditors
272(1)
What Do Auditors Do?
273(1)
Are Auditors Independent?
274(2)
The Securities and Exchange Commission
276(2)
The Effect of the 1934 Act on Independent Accountants
277(1)
End-of-Chapter Materials
278(14)
Competency Enhancement Opportunities
285(4)
Comprehensive Problem 1-6
289(2)
Part 2 Operating Activities 291(168)
7 Selling a Product or a Service
292(58)
Major Activities of a Business
295(3)
Recognizing Revenue
298(3)
When Should Revenue Be Recognized?
298(1)
Application of the Revenue Recognition Criteria
299(2)
Cash Collection
301(3)
Sales Discounts
302(1)
Sales Returns and Allowances
302(1)
Control of Cash
303(1)
Accounting for Credit Customers Who Don't Pay
304(7)
Direct Write-Off Method
305(1)
The Allowance Method
306(4)
Real-World Illustration of Accounting for Bad Debts
310(1)
Assessing How Well Companies Manage Their Receivables
311(1)
Recording Warranty and Service Costs Associated with a Sale
312(2)
Reconciling the Bank Account
314(3)
Foreign Currency Transactions
317(2)
Foreign Currency Transaction Example
317(2)
End-of-Chapter Materials
319(31)
Competency Enhancement Opportunities
344(6)
8 Inventory
350(60)
Inventory and Cost of Goods Sold
353(4)
What Is Inventory?
353(1)
What Costs Are Included in Inventory Cost?
354(1)
Who Owns the Inventory?
355(1)
Ending Inventory and Cost of Goods Sold
356(1)
Accounting for Inventory Purchases and Sales
357(5)
Overview of Perpetual and Periodic Systems
357(1)
Perpetual and Periodic Journal Entries
358(4)
Counting Inventory and Calculating Cost of Goods Sold
362(3)
Taking a Physical Count of Inventory
363(1)
The Income Effect of an Error in Ending Inventory
364(1)
Inventory Cost Flow Assumptions
365(5)
Specific Identification Inventory Cost Flow
366(1)
FIFO Cost Flow Assumption
367(1)
LIFO Cost Flow Assumption
368(1)
Average Cost Flow Assumption
368(1)
A Comparison of All Inventory Costing Methods
369(1)
Assessing How Well Companies Manage Their Inventories
370(4)
Evaluating the Level of Inventory
370(1)
Impact of the Inventory Cost Flow Assumption
371(1)
Number of Days' Purchases in Accounts Payable
372(2)
Further Coverage of Inventory Errors
374(6)
Complications of the Perpetual Method with LIFO and Average Cost
376(2)
Reporting Inventory at Amounts below Cost
378(1)
Inventory Valued at Net Realizable Value
378(1)
Inventory Valued at Lower of Cost or Market
378(2)
Method of Estimating Inventories
380(1)
The Gross Margin Method
380(1)
End-of-Chapter Materials
381(29)
Competency Enhancement Opportunities
405(5)
9 Completing the Operating Cycle
410(49)
Employee Compensation
413(8)
Payroll
414(1)
Compensated Absences
415(1)
Bonuses
416(1)
Stock Options
417(1)
Postemployment Benefits
418(1)
Pensions
419(2)
Postretirement Benefits Other Than Pensions
421(1)
Taxes
421(5)
Sales Taxes
422(1)
Property Taxes
422(1)
Income Taxes
423(1)
Deferred Tax Example
424(2)
Contingencies
426(2)
Environmental Liabilities
427(1)
Capitalize versus Expense
428(2)
Research and Development
429(1)
Advertising
430(1)
Summarizing Operations on an Income Statement
430(3)
Other Revenues and Expenses
431(1)
Extraordinary Items
432(1)
Earnings per Share
432(1)
Differing Income Statement Formats
433(1)
End-of-Chapter Materials
433(23)
Competency Enhancement Opportunities
450(6)
Comprehensive Problem 7-9
456(3)
Part 3 Investing and Financing Activities 459(234)
10 Investments in Property, Plant, and Equipment and in Intangible Assets
460(64)
Nature of Long-Term Operating Assets
462(1)
Deciding Whether to Acquire a Long-Term Operating Asset
463(1)
Accounting for Acquisition of Property, Plant, and Equipment
464(6)
Assets Acquired by Purchase
465(1)
Assets Acquired by Leasing
465(2)
Assets Acquired by Self-Construction
467(1)
Acquisition of Several Assets at Once
468(2)
Calculating and Recording Depreciation Expense
470(6)
Straight-Line Method of Depreciation
471(2)
Units-of-Production Method of Depreciation
473(1)
A Comparison of Depreciation Methods
474(1)
Partial-Year Depreciation Calculations
474(1)
Units-of-Production Method with Natural Resources
475(1)
Repairing and Improving Property, Plant, and Equipment
476(2)
Recording Impairments of Asset Value
478(2)
Recording Decreases in the Value of Property, Plant, and Equipment
478(1)
Recording Increases in the Value of Property, Plant, and Equipment
479(1)
Disposal of Property, Plant, and Equipment
480(2)
Discarding Property, Plant, and Equipment
480(1)
Selling Property, Plant, and Equipment
481(1)
Exchanging Property, Plant, and Equipment
481(1)
Accounting for Intangible Assets
482(5)
Amortization of Intangible Assets
485(1)
Impairment of Intangible Assets
486(1)
Measuring Property, Plant, and Equipment Efficiency
487(1)
Evaluating the Level of Property, Plant, and Equipment
487(1)
Industry Differences in Fixed Asset Turnover
487(1)
Accelerated Depreciation Methods
488(4)
Declining-Balance Method of Depreciation
488(2)
Sum-of-the-Years'-Digits Method of Depreciation
490(1)
A Comparison of Depreciation Methods
491(1)
Changes in Depreciation Estimates
492(1)
End-of-Chapter Materials
493(31)
Competency Enhancement Opportunities
518(6)
11 Long-Term Debt Financing
524(60)
Measuring Long-Term Liabilities
526(6)
Present Value and Future Value Concepts
526(4)
Computing the Present Value of an Annuity
530(2)
Accounting for Long-Term Liabilities
532(4)
Interest-Bearing Notes
532(2)
Mortgages Payable
534(2)
Accounting for Lease Obligations
536(2)
Operating Leases
537(1)
The Nature of Bonds
538(8)
Types of Bonds
538(1)
Characteristics of Bonds
539(1)
Determining a Bond's Issuance Price
540(4)
Accounting for Bonds Payable Issued at Face Value
544(1)
Bond Retirements before Maturity
545(1)
Using Debt-Related Financial Ratios
546(2)
Debt Ratio and Debt-to-Equity Ratio
546(1)
Times Interest Earned Ratio
547(1)
Bonds Issued at a Discount or at a Premium
548(10)
Accounting for Bonds Issued at a Discount
548(2)
Accounting for Bonds Issued at a Premium
550(1)
Effective-Interest Amortization
551(7)
End-of-Chapter Materials
558(26)
Competency Enhancement Opportunities
577(7)
12 Equity Financing
584(54)
Raising Equity Financing
587(2)
Difference between a Loan and an Investment
587(1)
Proprietorships and Partnerships
588(1)
Corporations and Corporate Stock
589(3)
Characteristics of a Corporation
589(1)
Starting a Corporation
590(1)
Common Stock
590(1)
Preferred Stock
591(1)
Accounting for Stock
592(5)
Issuance of Stock
592(2)
Accounting for Stock Repurchases
594(2)
Balance Sheet Presentation
596(1)
Retained Earnings
597(5)
Cash Dividends
597(4)
Dividend Payout Ratio
601(1)
Other Equity Items
602(3)
Equity Items That Bypass the Income Statement
602(1)
Statement of Stockholders' Equity
603(2)
Accounting for Stock Dividends
605(2)
Stock Splits
606(1)
Prior-Period Adjustments
607(1)
End-of-Chapter Materials
608(30)
Competency Enhancement Opportunities
633(5)
13 Investments in Debt and Equity Securities
638(55)
Why Companies Invest in Other Companies
640(3)
Classifying a Security
643(3)
Held-to-Maturity Securities
644(1)
Equity Method Securities
644(1)
Trading and Available-for-Sale Securities
644(1)
Why the Different Classifications?
645(1)
Accounting for Trading and Available-for-Sale Securities
646(4)
Accounting for the Purchase of Securities
646(2)
Accounting for the Return Earned on an Investment
648(1)
Accounting for the Sale of Securities
649(1)
Accounting for Changes in the Value of Securities
650(3)
Changes in the Value of Trading Securities
650(1)
Changes in the Value of Available-for Sale Securities
651(1)
Subsequent Changes in Value
651(2)
Accounting for Held-to-Maturity Securities
653(6)
Accounting for the Initial Purchase
653(1)
Accounting for Bonds Purchased between Interest Dates
654(1)
Accounting for the Amortization of Bond Discounts and Premiums
655(3)
Accounting for the Sale or Maturity of Bond Investments
658(1)
Accounting for Equity Investments Using the Equity Method
659(2)
Illustrating the Equity Method
660(1)
Consolidated Financial Statements
661(2)
End-of-Chapter Materials
663(27)
Competency Enhancement Opportunities
685(5)
Comprehensive Problem 10-13
690(3)
Part 4 Other Dimensions of Financial Reporting 693
14 The Statement of Cash Flows
694
What's the Purpose of a Statement of Cash Flows?
696(1)
What Information Is Reported in the Statement of Cash Flows?
697(5)
Major Classifications of Cash Flows
697(3)
Noncash Investing and Financing Activities
700(2)
Cash Flow Patterns
702(1)
Preparing a Statement of Cash Flows-A Simple Example
702(3)
Analyzing the Other Primary Financial Statements to Prepare a Statement of Cash Flows
705(11)
A Six-Step Process for Preparing a Statement of Cash Flows
707(1)
An Illustration of the SixStep Process
708(8)
Using Information from the Statement of Cash Flows to Make Decisions
716(2)
End-of-Chapter Materials
718
Competency Enhancement Opportunities
745
Appendices
A Microsoft's 2002 Form 10-K
A-1
B Glossary
B-1
C Check Figures
C-1
Indexes
Subject SI-1
Real World Company C7-1


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