Financial Accounting: Tools for Business Decision Making, 5th Edition

by Paul D. Kimmel (University of Wisconsin, Milwaukee); Jerry J. Weygandt (Univ. of Wisconsin, Madison); Donald E. Kieso (Northern Illinois Univ.)

• ISBN13: 9780470239803
• ISBN10: 0470239808
• Edition: 5
• Format: Hardcover
• Copyright: 2008-10-01
• Publisher: WILEY

Summary

"Teaching and learning accounting would be simple if life were simple and if the business world were simple. Of course, life and business are full of complexities. Even more confounding, life and business scenarios are a whole new world to most accounting students. Our Team for Success guides students into their future world with their skillful presentation of principles, insights and applications." "We believe that the author team of Paul Kimmel, Jerry Weygandt, and Donald Kieso is the accounting student's best ally in rising to accounting's academic challenges. They bring not only knowledge and experience, but exceptional communication skills. Most of all, they are inspired teachers who are always looking for ways to help students engage, learn, and emerge as winners."--BOOK JACKET.

Author Biography

Paul D. Kimmel, PhD, CPA, received his bachelor’s degree from the University of Minnesota and his Ph.D. from the Univ. of Wisconsin. He is an Associate Professor at the Univ. of Wisconsin—Milwaukee, and has public accounting experience with Deloitte & Touche (Minneapolis). He was the recipient of the UWM School of Business Advisory Council Teaching Award and the Reggie Taite Excellence in Teaching Award, and is a 3-time winner of the Outstanding Teaching Assisting Award at the Univ. of Wisconsin. He is also a recipient of the Elijah Watts Sells Award. He is a member of the American Accounting Association and has published articles in Accounting Review, Accounting Horizons, Advances in Management Accounting, Managerial Finance, Issues in Accounting Education, Journal of Accounting Education, and more.

Table of Contents

Introduction to Financial Statements

Knowing the Numbers

Forms of Business Organization

Users and Uses of Financial Information

Business Activities

Communicating with Users

A Quick Look at Tootsie Roll's Financial Statements

A Further Look at Financial Statements

Just Fooling Around?

The Classified Balance Sheet

Using the Financial Statements

Keeping an Eye on Cash

Financial Reporting Concepts

The Accounting Information System

Accidents Happen

The Accounting Information System

Accounting Transactions

The Account

Steps in the Recording Process

The Recording Process Illustrated

The Trial Balance

Keeping an Eye on Cash

Accrual Accounting Concepts

What Was Your Profit?

Timing Issues

The Basics of Adjusting Entries

The Adjusted Trial Balance and Financial Statements

Closing the Books

Quality of Earnings

Appendix: Adjusting Entries in an Automated World-Using a Worksheet

Merchandising Operations and the Multiple-Step Income Statement

Who Doesn't Shop at Wal-Mart?

Merchandising Operations

Recording Purchases of Merchandise

Recording Sales of Merchandise

Income Statement Presentation

Evaluating Profitability

Keeping an Eye on Cash

Appendix: Periodic Inventory System

Recording Merchandise Transactions

Recording Purchases of Merchandise

Recording Sales of Merchandise

Comparison of Entries-Perpetual vs. Periodic

Reporting and Analyzing Inventory

Where Is That Spare Bulldozer Blade?

Classifying Inventory

Determining Inventory Quantities

Inventory Costing

Keeping an Eye on Cash

Analysis of Inventory

Appendix 6A Inventory Cost Flow Methods in Perpetual Inventory Systems

First-In, First-Out (FIFO)

Last-In, First-Out (LIFO)

Average Cost

Appendix 6B Inventory Errors

Income Statement Effects

Balance Sheet Effects

Fraud, Internal Control, and Cash

Minding the Money in Moose Jaw

Fraud and Internal Control

Cash Controls

Control Features: Use of a Bank

Reporting Cash

Managing and Monitoring Cash

Keeping an Eye on Cash

Appendix Operation of the Petty Cash Fund

Establishing the Petty Cash Fund

Making Payments from Petty Cash

Replenishing the Petty Cash Fund

Reporting and Analyzing Receivables

A Dose of Careful Management Keeps Receivables Healthy

Types of Receivables

Accounts Receivable

Notes Receivable

Financial Statement Presentation of Receivables

Managing Receivables

Keeping an Eye on Cash

Reporting and Analyzing Long-Lived Assets

A Tale of Two Airlines

Plant Assets

Determining the Cost of Plant Assets

Accounting for Plant Assets

Analyzing Plant Assets

Intangible Assets

Accounting for Intangible Assets

Types of Intangible Assets

Financial Statement Presentation of Long-Lived Assets

Keeping an Eye on Cash

Appendix: Calculation of Depreciation Using Other Methods

Declining-Balance

Units-of-Activity

Reporting and Analyzing Liabilities

And Then There Were Two

Current Liabilities

Bonds: Long-Term Liabilities

Accounting for Bond Issues

Accounting for Bond Retirements

Financial Statement Presentation and Analysis

Keeping an Eye on Cash

Analysis

Off-Balance-Sheet Financing

Appendix 10A: Straight-Line Amortization

Amortizing Bond Discount

Amo

Table of Contents provided by Publisher. All Rights Reserved.