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Survey of Accounting,9780324183443
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Survey of Accounting

by
Edition:
2nd
ISBN13:

9780324183443

ISBN10:
0324183445
Media:
Paperback
Pub. Date:
3/12/2003
Publisher(s):
South-Western College Pub
List Price: $178.33

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What version or edition is this?
This is the 2nd edition with a publication date of 3/12/2003.
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.

Summary

This text provides a contemporary introduction to accounting and accounting systems. It covers the essence of both financial and managerial accounting in a non-procedural, non-debit and credit manner. After a brief introduction to financial statement preparation, the remainder of the text focuses on controls and the use of accounting information in decision making.

Author Biography

Dr. Carl S. Warren is the Arthur Andersen Alumni Professor of Accounting at the J.M. Tull School of Accounting at the University of Georgia, Athens. Professor Warren received his Ph.D. from Michigan State University in 1973.

Table of Contents

The Role of Accounting in Business
2(42)
The Nature of Business
4(6)
Types of Businesses
4(1)
Forms of Business
5(1)
Business Strategies
6(2)
Value Chain of a Business
8(1)
Business Stakeholders
9(1)
Business Activities
10(3)
Financing Activities
11(1)
Investing Activities
12(1)
Operating Activities
12(1)
What Is Accounting and Its Role in Business?
13(1)
Financial Statements
14(7)
Income Statement
15(1)
Retained Earnings Statement
16(1)
Balance Sheet
17(1)
Statement of Cash Flows
18(2)
Interrelationships among Financial Statements
20(1)
Accounting Concepts
21(3)
Business Entity Concept
21(1)
Cost Concept
21(1)
Going Concern Concept
22(1)
Matching Concept
22(1)
Objectivity Concept
22(1)
Unit of Measure Concept
23(1)
Adequate Disclosure Concept
23(1)
Accounting Period Concept
23(1)
Horizontal Analysis
24(20)
The Cash Basis of Accounting
44(34)
Elements of an Accounting System
46(1)
Rules
46(1)
Framework
46(1)
Controls
47(1)
Cash and Accrual Bases of Accounting
47(2)
Using the Cash Basis of Accounting
48(1)
Using the Accrual Basis of Accounting
49(1)
Summary of Differences between the Cash and Accrual Bases of Accounting
49(1)
Using the Cash Basis for a Corporation's First Period of Operations
49(5)
Financial Statements for a Corporation's First Period of Operations
54(3)
Income Statement
56(1)
Retained Earnings Statement
56(1)
Balance Sheet
56(1)
Statement of Cash Flows
56(1)
Using the Cash Basis for the Second Period of Operations
57(2)
Advantages and Disadvantages of the Cash Basis
59(1)
Vertical Analysis
60(18)
The Accrual Basis of Accounting
78(48)
The Accrual Basis of Accounting and the Matching Concept
80(2)
Using the Accrual Basis of Accounting for Family Health Care's November Transactions
82(4)
The Adjustment Process
86(7)
Deferrals and Accruals
87(1)
Adjustments for Family Health Care
88(5)
Financial Statements
93(4)
Interpreting Accrual and Cash Basis Income
97(1)
The Accounting Cycle
98(1)
Common-Size Financial Statements
99(1)
Appendix A: Reconciliation: Net Cash Flows from Operations and Net Income
100(2)
Appendix B: Family Health Care Transactions for December: Illustrative Problem
102(24)
Accounting for Merchandise Operations
126(40)
Merchandise Operations
128(1)
Financial Statements for a Merchandising Business
129(7)
Multiple-Step Income Statement
130(3)
Single-Step Income Statement
133(1)
Retained Earnings Statement
134(1)
Balance Sheet
134(1)
Statement of Cash Flows
134(2)
Sales Transactions
136(4)
Cash Sales
136(1)
Sales on Account
137(1)
Sales Discounts
137(2)
Sales Returns and Allowances
139(1)
Purchase Transactions
140(1)
Purchase Discounts
140(1)
Purchase Returns and Allowances
141(1)
Transportation Costs and Sales Taxes
141(2)
Transportation Costs
141(1)
Sales Taxes
142(1)
Dual Nature of Merchandise Transactions
143(2)
Merchandise Shrinkage
145(1)
Gross Profit and Operating Profit Analysis
146(1)
Appendix: Statement of Cash Flows: The Indirect Method
147(19)
Cash Flows from Operating Activities
148(2)
Cash Flows Used for Investing Activities
150(1)
Cash Flows Used for Financing Activities
150(16)
Internal Control and Cash
166(44)
Internal Control
168(6)
Objectives of Internal Control
168(1)
Elements of Internal Control
169(5)
Prevention and Detection of Employee Fraud
174(6)
Preventive Controls
174(1)
Detective Controls
175(2)
Risk Factors Relating to Employee Fraud
177(1)
Examples of Employee Fraud
178(2)
Cash Controls over Receipts and Payments
180(3)
Control of Cash Receipts
180(2)
Control of Cash Payments
182(1)
Bank Accounts
183(3)
Use of Bank Accounts
183(1)
Bank Statement
184(1)
Bank Accounts as a Control over Cash
184(2)
Bank Reconciliation
186(3)
Special-Purpose Cash Funds
189(1)
Financial Statement Reporting of Cash
189(1)
Cash Ratios
190(20)
Ratio of Cash Flow to Net Income
190(1)
Ratio of Cash to Monthly Cash Expenses
191(19)
Receivables and Inventories
210(36)
Classification of Receivables
212(1)
Accounts Receivable
212(1)
Notes Receivable
212(1)
Other Receivables
213(1)
Uncollectible Receivables
213(1)
Estimating Uncollectible Receivables
214(3)
Sales Method
214(1)
Aging-of-Receivables Method
215(1)
Write-Offs of Customer Accounts
216(1)
Classification of Inventories
217(1)
Inventory Cost Flow Assumptions
218(2)
Comparing Costing Methods
220(3)
Use of Fifo Method
220(1)
Use of Lifo Method
221(1)
Use of Average Cost Method
222(1)
Reporting Receivables and Inventory
223(3)
Receivables
223(1)
Inventory
224(2)
Turnover Ratios
226(20)
Accounts Receivable Turnover
226(1)
Inventory Turnover
227(19)
Fixed Assets and Intangible Assets
246(36)
Nature of Fixed Assets
248(2)
Classifying Costs
248(2)
The Cost of Fixed Assets
250(1)
Accounting for Depreciation
250(6)
Factors in Computing Depreciation Expense
252(2)
Comparing Depreciation Methods
254(1)
Depreciation for Federal Income Tax
254(2)
Natural Resources
256(1)
Fixed Asset Disposals
256(3)
Discarding Fixed Assets
256(2)
Selling Fixed Assets
258(1)
Capital and Revenue Expenditures
259(2)
Intangible Assets
261(3)
Patents
261(1)
Copyrights and Trademarks
262(1)
Goodwill
263(1)
Reporting Fixed Assets and Intangible Assets
264(1)
Analyzing Fixed Assets
264(18)
Operational Utilization Analyses
265(1)
Financial Utilization Analysis
266(16)
Liabilities and Stockholders' Equity
282(40)
Financing Operations
284(1)
Liabilities
284(6)
Current Liabilities
284(1)
Notes Payable
284(1)
Income Taxes
285(2)
Contingent Liabilities
287(1)
Payroll
288(2)
Bonds
290(2)
Stock
292(3)
Common and Preferred Stock
293(1)
Issuance of Stock
293(2)
Reacquired Stock
295(1)
Dividends
295(2)
Cash Dividends
295(1)
Stock Dividends
296(1)
Stock Splits
297(1)
Reporting Liabilities and Stockholders' Equity
298(1)
Earnings per Share
299(2)
Analyze and Interpret Solvency
301(21)
Financial Statement Analysis
322(40)
Basic Analytical Procedures
324(5)
Horizontal Analysis
324(3)
Vertical Analysis
327(1)
Common-Size Statements
328(1)
Other Analytical Measures
329(1)
Solvency Analysis
329(6)
Current Position Analysis
330(2)
Accounts Receivable Analysis
332(1)
Inventory Analysis
333(1)
Ratio of Fixed Assets to Long-Term Liabilities
334(1)
Ratio of Liabilities to Stockholders' Equity
334(1)
Number of Times Interest Charges Earned
335(1)
Profitability Analysis
335(5)
Ratio of Net Sales to Assets
336(1)
Rate Earned on Total Assets
336(1)
Rate Earned on Stockholders' Equity
337(1)
Rate Earned on Common Stockholders' Equity
337(1)
Earnings per Share on Common Stock
338(1)
Price-Earnings Ratio
339(1)
Dividends per Share and Dividend Yield
339(1)
Summary of Analytical Measures
340(2)
Corporate Annual Reports
342(20)
Financial Highlights
342(1)
President's Letter to the Stockholders
342(1)
Management Discussion and Analysis
342(1)
Independent Auditors' Report
343(1)
Historical Summary
343(19)
Accounting Systems for Manufacturing Businesses
362(50)
Nature of Manufacturing Businesses
364(1)
Manufacturing Cost Terms
364(3)
Materials
365(1)
Factory Labor
366(1)
Factory Overhead Cost
366(1)
Cost Accounting System Overview
367(1)
Job Order Cost Systems for Manufacturing Businesses
368(10)
Materials
368(2)
Factory Labor
370(2)
Factory Overhead Cost
372(3)
Work in Process
375(1)
Finished Goods and Cost of Goods Sold
376(1)
Sales and Cost of Goods Sold
376(1)
Period Costs
377(1)
Summary of Cost Flows for Goodwell Printers
378(1)
Job Order Costing for Decision Making
378(3)
Job Order Cost Systems for Professional Service Businesses
381(1)
Just-in-Time Manufacturing Principles
381(4)
Reducing Inventory
382(1)
Reducing Lead Times
383(1)
Reducing Setup Time
383(1)
Emphasizing Product-Oriented Layout
383(1)
Emphasizing Employee Involvement
384(1)
Emphasizing Pull Manufacturing
384(1)
Emphasizing Zero Defects
385(1)
Emphasizing Supplier Partnering
385(1)
Activity-Based Costing
385(27)
Cost Behavior and Cost--Volume--Profit Analysis
412(40)
Cost Behavior
414(6)
Variable Costs
414(1)
Fixed Costs
415(2)
Mixed Costs
417(2)
Summary of Cost Behavior Concepts
419(1)
Reporting Variable and Fixed Costs
420(1)
Cost-Volume-Profit Relationships
420(2)
Contribution Margin Concept
420(2)
Mathematical Approach to Cost-Volume-Profit Analysis
422(5)
Break-Even Point
423(3)
Target Profit
426(1)
Graphic Approach to Cost-Volume-Profit Analysis
427(5)
Cost-Volume-Profit (Break-Even) Chart
427(2)
Profit-Volume Chart
429(2)
Use of Computers in Cost-Volume-Profit Analysis
431(1)
Sales Mix Considerations
432(1)
Special Cost-Volume-Profit Relationships
433(2)
Margin of Safety
433(1)
Operating Leverage
434(1)
Assumptions of Cost-Volume-Profit Analysis
435(17)
Differential Analysis and Product Pricing
452(30)
Differential Analysis
454(8)
Lease or Sell
455(1)
Discontinue a Segment or Product
456(2)
Make or Buy
458(1)
Replace Equipment
459(1)
Process or Sell
460(1)
Accept Business at a Special Price
461(1)
Setting Normal Product Selling Prices
462(3)
Total Cost Concept
463(2)
Activity-Based Costing
465(1)
Product Profitability and Pricing under Production Bottlenecks
465(17)
Product Profitability under Production Bottlenecks
465(1)
Product Pricing under Production Bottlenecks
466(16)
Budgeting and Standard Cost Systems
482(56)
Nature and Objectives of Budgeting
484(6)
Objectives of Budgeting
484(1)
Human Behavior and Budgeting
485(1)
Budgeting Systems
486(2)
Static Budget
488(1)
Flexible Budget
488(1)
Computerized Budgeting Systems
489(1)
Master Budget
490(12)
Income Statement Budgets
491(7)
Balance Sheets Budgets
498(4)
Standards
502(2)
Setting Standards
502(1)
Types of Standards
502(1)
Reviewing and Revising Standards
503(1)
Support and Criticism of Standards
503(1)
Budgetary Performance Evaluation
504(1)
Variances from Standards
505(4)
Direct Materials Variances
506(1)
Direct Labor Variances
507(2)
Standards for Nonmanufacturing Expenses
509(1)
Nonfinancial Performance Measures
510(1)
Appendix: Factory Overhead Cost Variances
511(27)
The Factory Overhead Flexible Budget
511(1)
Variable Factory Overhead Controllable Variance
512(1)
Fixed Factory Overhead Volume Variance
513(2)
Reporting Factory Overhead Variances
515(23)
Performance Evaluation for Decentralized Operations
538(40)
Centralized and Decentralized Operations
540(2)
Advantages of Decentralization
540(1)
Disadvantages of Decentralization
541(1)
Responsibility Accounting
541(1)
Responsibility Accounting for Cost Centers
542(2)
Responsibility Accounting for Profit Centers
544(4)
Service Department Charges
544(3)
Profit Center Reporting
547(1)
Responsibility Accounting for Investment Centers
548(7)
Rate of Return on Investment
549(3)
Residual Income
552(1)
The Balanced Scorecard
553(2)
Transfer Pricing
555(23)
Market Price Approach
557(1)
Negotiated Price Approach
557(2)
Cost Price Approach
559(19)
Capital Investment Analysis
578(31)
Nature of Capital Investment Analysis
580(1)
Methods of Evaluating Capital Investment Proposals
581(9)
Methods That Ignore Present Value
581(2)
Present Value Methods
583(7)
Factors That Complicate Capital Investment Analysis
590(3)
Federal Income Tax
590(1)
Unequal Proposal Lives
590(2)
Lease versus Capital Investment
592(1)
Uncertainty
592(1)
Changes in Price Levels
592(1)
Qualitative Considerations
593(1)
Capital Rationing
593(16)
Appendix A Double--Entry Accounting Systems 609(14)
Appendix B Process Cost Systems 623(13)
Glossary 636(8)
Index 644


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