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FINANCIAL ACCOUNTING (TEXT)

by
Edition:
4th
ISBN13:

9780130128461

ISBN10:
0130128465
Pub. Date:
1/1/2001
Publisher(s):
Prentice Hall Professional Technical Reference
List Price: $117.18

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Summary

The #1 market-leading text for financial accounting. Meets the needs of both preparer-and user-oriented faculty. The Fourth edition is streamlined, rewritten to improve readability, and enhanced technology package. New "Checkpoint Exercises" serve as warm-ups/confidence-builders. New "Decision Guidelines with Excel Exercises" help ALL students to understand how to use accounting information to make good business decisions. Includes a PHLIP/CW web site with on-line study guide, and free, downloadable tutorial and general ledger software. The new distance learning course includes rich course content and is available in WebCT, Blackboard, and eCollege platforms.

Table of Contents

The Financial Statements
2(48)
Managerial Decisions
4(1)
Investor Decisions
4(1)
Accounting---The Basis of Decision Making
4(4)
Decision Makers Use Accounting Information
5(1)
Financial Accounting and Management Accounting
6(1)
Ethical Considerations in Accounting and Business
6(1)
Types of Business Organizations
7(1)
Accounting Principles and Concepts
8(3)
The Entity Concept
9(1)
The Reliability (or Objectivity) Principle
9(1)
The Cost Principle
10(1)
The Going-Concern Concept
10(1)
The Stable-Monetary-Unit Concept
10(1)
The Accounting Equation
11(2)
Assets and Liabilities
11(1)
Owners' Equity
11(2)
The Financial Statements
13(7)
Income Statement (Statement of Earnings)
14(2)
Comprehensive Income
16(1)
Statement of Retained Earnings
16(1)
Balance Sheet
17(3)
Operating, Investing, and Financing Activities
20(2)
Overview of the Statement of Cash Flows
20(2)
Relationships among the Financial Statements
22(28)
Summary Problem for Your Review
24(20)
Appendix: Accounting's Role in Business
44(6)
Processing Accounting Information
50(54)
The Account
52(2)
Assets
52(1)
Liabilities
53(1)
Stockholders' (Owners') Equity
53(1)
Accounting for Business Transactions
54(9)
Business Transactions and the Financial Statements
58(3)
Mid-Chapter Summary Problem for Your Review
61(2)
Double-Entry Accounting
63(5)
The T-Account
63(1)
Increases and Decreases in the Accounts
64(2)
Additional Stockholders' Equity Accounts: Revenues and Expenses
66(2)
Recording Transactions in the Journal
68(6)
Copying Information (Posting) from the Journal to the Ledger
69(1)
The Flow of Accounting Data: Putting Theory into Practice
70(4)
Accounts after Posting
74(1)
The Trial Balance
74(4)
Correcting Accounting Errors
75(1)
Chart of Accounts
76(1)
The Normal Balance of an Account
77(1)
Four-Column Account Format
78(1)
Quick Decision Making
78(26)
Summary Problem for Your Review
80(22)
Appendix: Typical Charts of Accounts for Different Types of Businesses
102(2)
Accrual Accounting and the Financial Statements
104(64)
The Business Cycle
106(1)
Accrual-Basis Accounting Versus Cash-Basis Accounting
106(4)
Accrual Accounting and Cash Flows
107(1)
The Time-Period Concept
107(1)
The Revenue Principle
108(1)
The Matching Principle
109(1)
Updating the Accounts for the Financial Statements: The Adjustment Process
110(12)
Prepaid Expenses
113(2)
Depreciation of Plant Assets
115(4)
Accrued Revenues
119(1)
Unearned Revenues
120(1)
Summary of the Adjusting Process
121(1)
The Adjusted Trial Balance
122(2)
Preparing the Financial Statements from the Adjusted Trial Balance
124(6)
Relationships Among the Financial Statements
124(2)
Mid-Chapter Summary Problem for Your Review
126(4)
Ethicl Issues in Accrual Accounting
130(1)
Closing the Books
131(1)
Detailed Classification of Assets and Liabilities
131(6)
Analyzing the Financial Statements of Hawaiian Airlines, Inc.
133(4)
Different Formats for the Financial Statements
137(1)
Balance Sheet Formats
137(1)
Income Statement Formats
137(1)
Financial Statement Analysis: Using Accounting Ratios
138(30)
Current Ratio
138(1)
Debt Ratio
138(3)
Summary Problem for Your Review
141(27)
Internal Control and Managing Cash
168(50)
Internal Control
170(5)
Establishing an Effective System of Internal Control
170(5)
The Limitations of Internal Control
175(1)
Using the Bank Account as a Control Device
175(10)
The Bank Reconciliation
176(7)
How Managers and Owners Use the Bank Reconciliation
183(1)
Mid-Chapter Summary Problem for Your Review
184(1)
The Operating Cycle of a Business
185(1)
Managing Cash
186(1)
Speeding the Collection of Cash from Sales
186(1)
Internal Control over Cash Receipts
187(2)
Internal Control over Cash Payments
189(2)
Controls over Payment by Check
189(2)
Controlling Petty Cash
191(1)
Using a Budget to Manage Cash
191(2)
Reporting Cash on the Balance Sheet
193(1)
Ethics and Accounting
194(1)
Corporate and Professional Codes of Ethics
194(1)
Ethical Issues in Accounting
194(24)
Ethics and External Controls
195(2)
Summary Problem for Your Review
197(21)
Receivables and Short-Term Investments
218(40)
Some Basic Terminology
220(1)
Short-Term Investments (Marketable Securities)
220(3)
Held-to-Maturity Investments
221(1)
Trading Investments
221(1)
Reporting Short-Term Investments on the Balance Sheet and the Revenues, Gains, and Losses on the Income Statement
222(1)
Mid-Chapter Summary Problem for Your Review
223(1)
Accounts and Notes Receivable
223(3)
The Different Types of Receivables
223(1)
Establishing Internal Control over the Collection of Receivables
224(1)
All Receivables Run the Risk of Not Being Collected
225(1)
Accounting for Uncollectible Accounts (Bad Debts): The Allowance Method
226(5)
The Allowance Method
226(1)
Methods of Estimating Uncollectibles
227(2)
Combining Percent-of-Sales and Aging Methods
229(1)
The Direct Write-Off Method
230(1)
Notes Receivable
231(3)
Accounting for Notes Receivable
232(1)
Strategies for Speeding Up Cash Flow
233(1)
Using Accounting Information for Decision Making
234(2)
Acid-Test (or Quick) Ratio
235(1)
Days' Sales in Receivables
235(1)
Reporting Receivables and Short-Term Investments Transactions on the Statement of Cahs Flows
236(22)
Summary Problem for Your Review
238(20)
Merchandise Inventory, Cost of Goods Sold, and Gross Profit
258(52)
Transition from Service Entities to Merchandisers
260(1)
What Goes into Inventory Cost
260(1)
The Basic Concept of Accounting for Inventory
261(3)
The Cost-of-Goods-Sold Model
262(1)
How Managers Decide the Amount of Inventory to Purchase
263(1)
Inventory Costing Methods
264(3)
Income Effects of FIFO, LIFO, and Weighted-Average Cost
266(1)
The Income Tax Advantage of LIFO
267(1)
GAAP and Practical Considerations: A Comparison of Inventory Methods
267(3)
Mid-Chapter Summary Problem for Your Review
269(1)
Accounting Principles and Their Relevance to Inventories
270(3)
Consistency Principle
270(1)
Disclosure Principle
271(1)
Materiality Concept
271(1)
Accounting Conservatism
271(1)
Lower-of-Cost-of-Market Rule
272(1)
Effects of Inventory Errors
273(1)
Ethical Issues in Inventory Accounting
274(1)
Analyzing Financial Statements
275(1)
Gross Profit Percentage
275(1)
Inventory Turnover
275(1)
Inventory Accounting Systems
276(3)
Perpetual Inventory System
277(2)
Internal Control over Inventory
279(1)
Estimating Inventory
280(1)
Gross Profit (Gross Margin) Method
280(1)
Reporting Inventory Transactions on the Statement of Cash Flows
281(1)
Detailed Income Statement
282(28)
Summary Problem for Your Review
284(22)
Appendix A: Accounting for Inventory in the Periodic System
306(3)
Appendix B: How Analysts Use the LIFO Reserve---Converting a LIFO Company's Income to the FIFO Basis
309(1)
Plant Assets, Intangible Assets, and Related Expenses
310(48)
Types of Assets
312(1)
Measuring the Cost of a Plant Asset
313(3)
Land
313(1)
Buildings
313(1)
Machinery and Equipment
314(1)
Land and Leasehold Improvements
314(1)
Construction in Progress and Capital Leases
314(1)
Capitalizing the Cost of Interest
315(1)
Lump-Sum (or Basket) Purchases of Assets
315(1)
Capital Expenditures versus Revenue Expenditures
316(1)
Measuring the Depreciation of Plant Assets
317(8)
The Causes of Depreciation
318(1)
Measuring Depreciation
318(1)
Depreciation Methods
319(3)
Comparing the Depreciation Methods
322(2)
Mid-Chapter Summary Problem for Your Review
324(1)
Depreciation and Income Taxes
325(2)
Depreciation for Partial Years
327(1)
Changing the Useful Life of a Depreciable Asset
327(2)
Using Fully Depreciated Assets
329(1)
Disposal of Plant Assets
329(3)
Selling a Plant Asset
329(2)
Exchanging Plant Assets
331(1)
Accounting for Natural Resources and Depletion
332(1)
Accounting for Intangible Assets and Amortization
333(3)
Ethical Issues in Accounting for Plant Assets and Intangibles
336(1)
Reporting Plant Asset Transactions on the Statement of Cash Flows
337(21)
Summary Problems for Your Review
339(19)
Current and Long-Term Liabilities
358(48)
Current Liabilities of Known Amount
360(4)
Accounts Payable
360(1)
Short-Term Notes Payable
360(1)
Sales Tax Payable
361(1)
Current Portion of Long-Term Debt
362(1)
Accrued Expenses (Accrued Liabilities)
362(1)
Payroll Liabilities
363(1)
Unearned Revenues
363(1)
Current Liabilities That Must Be Estimated
364(1)
Estimated Warranty Payable
364(1)
Contingent Liabilities
365(2)
Mid-Chapter Summary Problem for Your Review
366(1)
Financing Operations with Long-Term Debt
367(1)
Bonds: An Introduction
367(4)
Types of Bonds
368(1)
Bond Prices
369(1)
Present Value
369(1)
Bond Interest Rates
370(1)
Issuing Bonds Payable to Borrow Money
371(10)
Issuing Bonds and Notes Payable Between Interest Dates
372(1)
Issuing Bonds Payable at a Discount
372(1)
Effective-Interest Method of Debt Amortization
373(3)
Issuing Bonds Payable at a Premium
376(2)
Straight-Line Amortization of Bond Discount and Bond Premium
378(1)
Early Retirement of Bonds Payable
379(1)
Convertible Bonds and Notes
380(1)
Advantages of Financing Operations with Bonds versus Stock
381(2)
Lease Liabilities
383(1)
Operating Leases
383(1)
Capital Leases
383(1)
Reporting Liabilities on the Balance Sheet
384(2)
Reporting the Fair Market Value of Long-Term Debt
385(1)
Pension and Postretirement Liabilities
386(1)
Reporting Financing Activities on the Statement of Cash Flows
386(20)
Summary Problem for Your Review
387(19)
Stockholders' Equity
406(52)
Corporations: An Overview
408(4)
Characteristics of a Corporation
408(1)
Organization of a Corporation
409(1)
Stockholders' Rights
410(1)
Stockholders' Equity: Paid-In Capital and Retained Earnings
411(1)
Classes of Stock
412(1)
Common and Preferred Stock
412(1)
Par Value and No-Par Stock
413(1)
Issuing Stock
413(5)
Issuing Common Stock
414(3)
Issuing Preferred Stock
417(1)
Ethical Considerations in Accounting for the Issuance of Stock
418(2)
Mid-Chapter Summary Problems for Your Review
419(1)
Treasury Stock
420(2)
Purchase of Treasury Stock
420(1)
Sale of Treasury Stock
421(1)
Treasury Stock Transactions: A Summary
422(1)
Retirement of Stock
422(1)
Retained Earnings and Dividends
423(3)
Dividends and Dividend Dates
423(1)
Dividends on Preferred and Common Stock
423(2)
Dividends on Cumulative and Noncumulative Preferred Stock
425(1)
Stock Dividends
426(1)
Reasons for Stock Dividends
426(1)
Recording Stock Dividends
426(1)
Stock Splits
427(2)
Similarities and Differences between Stock Dividends and Stock Splits
428(1)
Differnt Values of Stock
429(2)
Market Value
429(1)
Redemption Value
429(1)
Book Value
429(2)
Evaluating Operations: Rate of Return on Total Assets and Rate of Return on Common Stockholders' Equity
431(2)
Return on Assets
431(1)
Return on Equity
432(1)
Reporting Stockholders' Equity Transactions on the Statement of Cash Flows
433(1)
Variations in Reporting Stockholders' Equity
434(24)
Summary Problem for Your Review
435(23)
Long-Term Investments and International Operations
458(40)
Accounting for Long-Term Investments
460(1)
Stock Investments: A Review
460(1)
Stock Prices
460(1)
Investors, Investees, and Types of Investments
460(1)
Stock Investments
461(1)
Accounting for Available-for-Sale Investments
461(3)
Reporting Available-for-Sale Investments at Current Market Value
462(2)
Selling an Available-for-Sale Investment
464(1)
Accounting for Equity-Method Investments
464(2)
The Investor's Percentage of Investee Income
465(1)
Receiving Dividends under the Equity Method
465(1)
Summary of the Equity Method
466(1)
Accounting for Consolidated Subsidiaries
466(4)
Consolidated Balance Sheet
468(1)
The Consolidation Worksheet
468(1)
Goodwill and Minority Interest
469(1)
Income of a Consolidated Entity
470(1)
Long-Term Investments in Bonds and Notes
470(4)
Accounting for Held-to-Maturity Investments---The Amortized Cost Method
470(2)
Summary of Accounting Methods
472(1)
Mid-Chapter Summary Problems for Your Review
472(2)
Accounting for International Operations
474(1)
Economic Structures and Their Impact on International Accounting
474(4)
Foreign Currencies and Foreign-Currency Exchange Rates
475(1)
Managing Cash in International Transactions
476(2)
Consolidation of Foreign Subsidiaries
478(2)
International Accounting Standards
479(1)
Using the Statement of Cash Flows to Interpret a Company's Investing Activities
480(18)
Summary Problem for Your Review
481(17)
Using the Income Statement and the Statement of Stockholders' Equity
498(36)
Quality of Earnings
500(8)
Continuing Operations
500(4)
Discontinued Operations
504(1)
Extraordinary Gains and Losses (Extraordinary Items)
504(1)
Cumulative Effect of a Change in Accounting Principle
505(1)
Earnings per Share of Common Stock
505(2)
Reporting Comprehensive Income
507(1)
Analyzing Both Accounting Income and Cash Flows to Gain an Overall Picture of a Company
508(1)
Accounting for Income Taxes by Corporations
508(4)
Prior-Period Adjustments
510(1)
Restrictions on Retained Earnings
511(1)
Analyzing the Statement of Stockholders' Equity
512(2)
Explaining the Items Reported on a Statement of Stockholders' Equity
512(2)
Management Responsibility for the Financial Statements
514(20)
Auditor's Report on the Financial Statements
515(2)
Summary Problem for Your Review
517(17)
The Statement of Cash Flows
534(56)
The Statement of Cash Flows: Basic Concepts
536(1)
Overview of the Statement of Cash Flows
536(1)
Cash and Cash Equivalents
537(1)
Operating, Investing, and Financing Activities
537(2)
Interest and Dividends
539(1)
Format of the Statement of Cash Flows
539(2)
Preparing the Statement of Cash Flows: The Direct Method
541(4)
Cash Flows from Operating Activities
541(1)
Cash Flows from Investing Activities
542(1)
Cash Flows from Financing Activities
543(1)
Mid-Chapter Summary Problem for Your Review
544(1)
Computing Individual Amounts for the Statement of Cash Flows
545(10)
Computing the Cash Amounts of Operating Activities
546(4)
Computing the Cash Amounts of Investing Activities
550(2)
Computing the Cash Amounts of Financing Activities
552(3)
Noncash Investing and Financing Activities
555(1)
Reconciling Net Income to Net Cash Flow from Operating Activities
555(1)
Preparing the Statement of Cash Flows: The Indirect Method
556(5)
Logic Behind the Indirect Method
556(4)
Nike's Statement of Cash Flows for Operating Activities---An Application of the Indirect Method
560(1)
Using Cash-Flow Information in Investment and Credit Analysis
561(1)
Measuring Cash Adequacy---Free Cash Flow
562(28)
Summary Problem for Your Review
563(27)
Financial Statement Analysis
590(53)
Financial Statement Analysis
592(1)
The Objectives of Financial Statement Analysis
593(1)
Horizontal Analysis
593(3)
Trend Percentages
595(1)
Vertical Analysis
596(2)
Common-Size Statements
598(1)
Benchmarking
598(2)
Benchmarking Against the Industry Average
598(2)
Benchmarking Against a Key Competitor
600(1)
Using the Statement of Cash Flows in Decision Making
600(3)
Mid-Chapter Summary Problem for Your Review
602(1)
Using Ratios to Make Business Decisions
603(14)
Measuring a Company's Ability to Pay Current Liabilities
604(5)
Measuring a Company's Ability to Sell Inventory and Collect Receivables
609(2)
Measuring a Company's Ability to Pay Long-Term Debt
611(2)
Measuring a Company's Profitability
613(3)
Analyzing a Company's Stock as an Investment
616(1)
Limitations of Financial Analysis: The Complexity of Business Decisions
617(1)
Economic Value Added---A New Measure of Performance
618(1)
Efficient Markets, Management Action, and Investor Decisions
619(24)
Summary Problem for Your Review
620(23)
Appendix A Annual Report of Gap, Inc. 643(25)
Appendix B Time Value of Money: Future Value and Present Value 668(9)
Future Value
668(3)
Present Value
671(4)
Capital Leases
675(1)
Appendix Problems
676(1)
Appendix C Summary of Generally Accepted Accounting Principles (GAAP) 677(2)
Appendix D Check Figures 679(7)
Glossary 686(8)
Indexes 694(1)
Company Index 694(5)
Subject Index 699


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