Accounting, 3rd Edition

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

• ISBN13: 9780470377857
• ISBN10: 0470377852
• Edition: 3
• Format: Hardcover
• Copyright: 2008-11-01
• Publisher: WILEY

Summary

The fifth edition continues to deliver the foundation for accountants to succeed in the field. This leading book provides a careful balance of user and preparer perspectives. Updated "Accounting Across the Organization" features place accounting issues within the context of various professions. The summary after each section offers a quick check on the most important formulas, decision points, and questions from the material covered. At the end of the chapter, this material is aggregated into a "Decision ToolKit Summary" that highlights the bigger picture. The "Continuing Cookie Chronicle" problem traces the growth of an entrepreneurial venture and enables readers to apply their newly acquired accounting skills. Examples are also presented from high-profile companies, such as Tootsie Roll, Microsoft, Nike, and Intel. This gives accountants a stronger understanding of how the concepts are applied in the real world.

Author Biography

Paul D. Kimmel, PhD, CPA, received his bachelor's degree from the University of Minnesota and his doctorate in accounting from the University of Wisconsin. He is an Associate Professor at the University 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, the Reggie Taite Excellence in Teaching Award, and a three-time winner of the Outstanding Teaching Assistant Award at the University of Wisconsin. He is also a recipient of the Elijah Watts Sells Award for Honorary Distinction for his results on the CPA exam. 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, as well as other journals.

Jerry J. Weygandt, PhD, CPA, is Arthur Andersen Alumni Professor of Accounting at the University of Wisconsin-Madison. He Hold a Ph.D. in accounting from the University of Illinois. Articles by Professor Weygandt have appeared in the Accounting Review, Journal of Accounting Research, Accounting Horizons, Journal of Accountancy, and other academic and professional journals. These articles have examined such financial reporting issues as accounting for price-level adjustments, pensions, convertible securities, stock option contracts, and interim reports. Professor Weygandt is author of other accounting and financial reporting books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Wisconsin Society of Certified Public Accountants. He has served on numerous committees of the American Accounting Association and as a member of the editorial board of the Accounting Review; he also has served as President and Secretary-Treasurer of the American Accounting Association.In 2001 he received hte American Accounting Association's Outstanding Accounting Educator Award.

Donald E. Kieso, PhD, CPA, received his bachelor's degree from Aurora University and his doctorate in accounting from the University of Illinois. He has served as chairman of the Department of Accountancy and is currently the KPMG Peat Marwick Emeritus Professor of Accounting at Northern Illinois University. He has public accounting experience with Price Waterhouse & Co. (San Francisco and Chicago) and Arthur Andersen & Co. (Chicaqgo) and research experience with the Research Division of the American Institute of Certified Public Accountants (New York). He has done postdoctorate work as a Visiting Scholar at the Univresity of California at Berkeley and is a recipient of NIU's Teaching Excellence Award and four Golden Apple Teaching Awards. Professor Kieso is the author of other accounting and business books and is a member of the American Accounting Association, the American Instutute of Certified Public Accountants, and the Illinois CPA Society. He has served as a member of the Board of Directors of the Illinois CPA Society, the AACSB's Accounting Accreditation Commitees, the State of Illinois Comptroller's Commission, as Secretary-Treasurer of the Federation of the American Accounting Association. Professor Kieso is currently serving on the Board of Trustees and Executive Committee of Aurora University, as a member of the Board of Directors of Castle BancGroup Inc., and as Treasurer and Director of Valley West Community Hospital.

Table of Contents

Introduction to Financial Statements

Forms of Business Organization 4Users 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

The Classified Balance Sheet

Using the Financial Statements

Financial Reporting Concepts

The Accounting Information System

The Accounting Information System

Accounting Transactions

The Account

Steps in the Recording Process

The Recording Process Illustrated

The Trial Balance

Accrual Accounting Concepts

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 Automat

Merchandising Operations and the Multiple-Step Income Statement

Merchandising Operations

Recording Purchases of Merchandise

Recording Sales of Merchandise

Income Statement Presentation

Evaluating Profitability

Appendix

Periodic Inventory System

Reporting and Analyzing Inventory

Classifying Inventory 276Determining Inventory Quantities

Inventory Costing

Analysis of Inventory

Appendix 6A

Appendix 6B

Internal Control and Cash

Fraud and Internal Control

Cash Controls

Control Features: Use of a Bank

Reporting Cash

Managing and Monitoring Cash

Appendix

Operation of the Petty Cash Fund

Reporting and Analyzing Receivables

Types of Receivables

Accounts Receivable

Financial Statement Presentationof Receivables

Managing Receivables

Notes Receivable

Reporting and Analyzing Long-Lived Assets

Section One

Plant Assets

Determining the Cost of Plant Assets

Accounting for Plant Assets

Analyzing Plant Assets

Section Two

Intangible Assets

Accounting for Intangible Assets

Types of Intangible Assets

Financial Statement Presentation of Long-Lived Assets

Appendix

Calculation of Depreciation Using Other Methods

Reporting and Analyzing Liabilities

Reporting and Analyzing Liabilities

Current Liabilities

Bonds: Long-Term Liabilities

Accounting for Bond Issues

Accounting for Bond Retirements

Financial Statement Presentation and Analysis

Straight-Line

Appendix 10B

Appendix 10C

Notes Payable

Reporting and Analyzing StockholdersG+& Equity

The Corporate Form of Organization

Stock Issue Considerations

Accounting for Treasury Stock

Preferred Stock

Retained Earnings

Financial Statement Presentation of Stockholders' Equity

Measuring Corporate Performance

Appendix

Entries for Stock Divi

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