Accounting Handbook

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  • Edition: 5th
  • Format: Hardcover
  • Copyright: 2010-10-01
  • Publisher: Barrons Educational Series Inc
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The newly updated edition of this authoritative reference volume deserves a place in the library of every accountant, bookkeeper, accounting manager, CPA, CFO, controller, business manager, and business student. An opening overview of financial accounting describes financial statements and presents details on financial reporting requirements and compliance, and USA GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). Chapters that follow cover cost management, as well as taxation forms and their preparation. An extensive A-to-Z dictionary of accounting terms presents short-entry definitions of everything fromAbacusandAbsorption CostingtoZero-Base BudgetingandZ Score.The book's concluding chapters cover information technology in accounting, quantitative methods for accounting, auditing, personal financial planning, governmental and nonprofit accounting, international accounting, and forensic accounting. Appendices cover recent accounting-related legislation, financial reporting differences among different countries, and more.

Table of Contents

Prefacep. vii
Financial Accounting: The Financial Statementsp. 1
Income Statement Reportingp. 1
Balance Sheetp. 14
Statement of Cash Flowsp. 34
Financial Accounting: Financial Reporting Requirementsp. 45
Interim Reportingp. 45
Hierarchy of GAAPp. 47
FASB Accounting Standards Codification (ASC)p. 48
Accounting Changesp. 49
Prior Period Adjustmentsp. 51
Disclosure of Accounting Policiesp. 52
Segmental Reportingp. 52
Imputing Interest on Notesp. 54
Business Combinationsp. 55
Consolidationp. 60
Investments in Securitiesp. 64
Fair Value Measurementsp. 70
Fair Value Option for Financial Assets and Financial Liabilitiesp. 72
Leasesp. 78
Pension Plansp. 84
Income Tax Accountingp. 95
Foreign Currency Translation and Transactionsp. 99
Financial Instrumentsp. 102
Related Partiesp. 106
Management Accounting/Cost Management Ip. 107
Introduction: The Role of Management Accountingp. 107
Cost Accounting vs. Cost Managementp. 108
Processing Cost Data for Cost Accumulationp. 116
Cost Concepts, Terms, and Classificationsp. 116
Cost-Accumulation Systemsp. 120
Costing Joint Products and By-productsp. 132
Allocation of Service Department Costs to Production Departmentsp. 133
Activity-Based Costingp. 136
Activity-Based Managementp. 140
Just-in-Time (JIT) and Total Quality Management (TQM)p. 147
Measuring Quality Costsp. 151
Backflush Costingp. 154
Throughputp. 154
Environmental Costs and Ecoefficiencyp. 157
Life-Cycle Costs and Target Costingp. 161
Using Cost Data for Planningp. 166
Cost Behavior Analysis-Analysis of Mixed Costsp. 166
Cost-Volume-Profit (CVP) and Break-Even Analysisp. 177
Absorption Versus Variable Costingp. 184
Budgeting for Profit Planningp. 188
A Shortcut Approach to Formulating the Budgetp. 199
Management Accounting/Cost Management IIp. 201
Using Cost Data for Controlp. 201
Responsibility Accounting: Introductionp. 201
Standard Costs and Variance Analysis for Cost Centersp. 202
Segmental Reporting for Profit Centersp. 226
Responsibility Accounting for Investment Centersp. 236
Balanced Scorecardp. 242
Transfer Pricingp. 244
Using Cost Data for Decision Makingp. 249
Short-Term and Nonroutine Decisionsp. 249
Capital Budgeting Decisionsp. 259
How Does MACRS Affect Investment Decisions?p. 268
Financial Statement Analysisp. 274
Importancep. 274
Horizontal Analysisp. 275
Ratio Analysisp. 279
Summary and Limitations of Ratio Analysisp. 296
Individual Income Taxation: Preparation and Planningp. 308
How to Postpone Taxesp. 308
Sources of Tax-Exempt Incomep. 309
How to Delay Paying Tax on Interestp. 311
Gains or Losses on Securities Transactionsp. 312
Tax Strategies When Children Are Involvedp. 313
Itemized Deductionsp. 314
Self-Employmentp. 319
Personal Exemptionsp. 319
Standard Deductionp. 320
Tax Implications of Pension Plansp. 320
Real Estate Transactionsp. 322
Giftsp. 323
Determination of Taxp. 324
Estate Planningp. 326
Advantages of Having a Trustp. 328
Alternative Minimum Taxp. 329
Dictionary of Accounting Termsp. 332
Information Technology in Accountingp. 778
Accounting Packagesp. 778
Activity-Based Costing (ABC) Softwarep. 785
Spreadsheets (Electronic Worksheets)p. 788
Auditing Tasksp. 791
Spreadsheet-Program-Assisted Auditingp. 794
Tax Preparation and Planningp. 797
Using Database Management Systems (DBMS)p. 798
Software Systems That Impact Value Chain Managementp. 799
Wireless Technologyp. 800
Quantitative Methods for Accountingp. 816
Decision Makingp. 816
Linear Programming and Shadow Pricingp. 821
Learning Curvep. 827
Inventory Planningp. 828
Program Evaluation and Review Technique (PERT)p. 835
Auditing and Internal Control Over Financial Reportingp. 841
Sarbanes-Oxley Act and the Public Company Accounting Oversight Board (PCAOB)p. 841
Audit Reportsp. 843
Compilation of Financial Statementsp. 851
Review of Financial Statementsp. 853
Reports on Prospective Financial Statementsp. 855
Audit Documentationp. 863
Internal Auditingp. 863
Section 404 of the Sarbanes-Oxley Actp. 865
The Sox Section 302 and Section 906 Considerationsp. 875
Personal Financial Planningp. 882
Objectives of Personal Financial Planningp. 882
Governmental and Nonprofit Accountingp. 917
Characteristics of Nonbusiness Organizationsp. 917
Governmental Accountingp. 919
Nonprofit Organizations and Financial Reportingp. 950
International Accounting and International Financial Reporting Standards (IFRS)p. 957
Introduction: Accounting Dimensions of International Businessp. 958
Foreign Currency Exchange Ratesp. 959
U.S. GAAP vs. IFRSp. 968
Required Financial Statements and Structural Differences in Primary Financial Reportingp. 969
IFRS Differences Affecting the Statement of Financial Positionp. 971
IFRS Differences Affecting the Income Statementp. 976
Forensic Accountingp. 980
Why is Forensic Accounting Necessary?p. 981
When Does One Employ a Forensic Accountant?p. 982
Where Is a Forensic Accountant Used?p. 983
How Does a Forensic Accountant Work?p. 984
Forensic Accounting and Fraud Examinationp. 985
Forensic Specialists' Investigation Procedurep. 987
Forensic Computing and the Use of Technologyp. 988
IT and Data Mining Used to Detect Corporate Fraudp. 989
A Case in Forensic Accountingp. 990
Appendicesp. 1006
Summary of the Sarbanes-Oxley Act of 2002p. 1006
Sarbanes-Oxley Compliance Practice Aidp. 1018
Indexp. 1042
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