Core Concepts of Accounting

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  • Edition: 11th
  • Format: Paperback
  • Copyright: 2012-01-24
  • Publisher: Pearson

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Core Concepts of Accountingcaptures the full text (but not the programmed approach) of Essentials of Accounting,while including important accounting concepts and terms.

Table of Contents

Acknowledgmentsp. xiv
Basic Conceptsp. 1
Elements of the Balance Sheetp. 1
Assetsp. 3
Liabilities and Equityp. 3
Dual-Aspect Conceptp. 4
Money-Measurement Conceptp. 6
Entity Conceptp. 6
Going-Concern Conceptp. 7
Asset-Measurement Conceptp. 8
Balance Sheet Itemsp. 10
Assetsp. 10
Liabilitiesp. 12
Current Ratiop. 12
Equityp. 12
Key Points to Rememberp. 13
Balance Sheet Changes; Income Measurementp. 15
Current Assetsp. 15
Noncurrent Assetsp. 16
Current Liabilitiesp. 17
Noncurrent Liabilitiesp. 18
Equityp. 18
Balance Sheet Changesp. 18
Income Measurementp. 25
Key Points to Rememberp. 29
Accounting Records and Systemsp. 31
The Accountp. 31
Rules for Increases and Decreasesp. 33
Debit and Creditp. 35
Income Statement Accountsp. 36
The Ledger and the Journalp. 37
The Closing Processp. 39
A Note on Computersp. 41
Key Points to Rememberp. 42
Revenues and Monetary Assetsp. 45
Fiscal Yearp. 46
Accrual Accountingp. 46
Conservatism Conceptp. 47
Materiality Conceptp. 48
Realization Conceptp. 48
Service Revenuep. 51
Amount of Revenuep. 52
Monetary Assetsp. 54
Days' Sales Uncollectedp. 55
Key Points to Rememberp. 55
Expense Measurement; The Income Statementp. 57
Expense and Expenditurep. 58
Unexpired and Expired Costsp. 60
Matching Conceptp. 60
Other Assets that Will Become Expensesp. 61
Expenses that Create Liabilitiesp. 62
Fringe Benefitsp. 63
Rent Expensep. 64
Lossesp. 64
Summary of Matching Conceptp. 65
An Example of Matchingp. 66
The Income Statementp. 69
A Package of Accounting Reportsp. 71
Income Statement Percentagesp. 71
Review of Basic Conceptsp. 72
Key Points to Rememberp. 72
Inventories and Cost of Salesp. 75
Finding Cost of Salesp. 75
Inventory Valuation: Assumptionsp. 79
First-In, First-Out (Fifo) Methodp. 81
Last-In, First-Out (Lifo) Methodp. 81
Average-Cost Methodp. 82
Comparison of Inventory Methodsp. 83
Inventory Valuation: Adjustment to Marketp. 83
Inventory in a Manufacturing Companyp. 84
Product Costs and Period Costsp. 85
Overhead Ratesp. 86
Inventory Turnoverp. 86
Key Points to Rememberp. 87
Noncurrent Assets and Depreciationp. 89
Noncurrent Assetsp. 89
Accounting for Acquisitionsp. 90
Capital Leasesp. 90
Depreciationp. 91
Depreciation Methodsp. 93
Units-of-Production Depreciationp. 93
Straight-Line Depreciationp. 94
Accelerated Depreciationp. 95
Accounting for Depreciationp. 96
Sale of a PPE Assetp. 98
Significance of Depreciationp. 99
Depletionp. 99
Intangible Assetsp. 100
Key Points to Rememberp. 100
Liabilities and Equityp. 103
Working Capitalp. 103
Sources of Capitalp. 104
Debt Capitalp. 105
Types of Equity Capitalp. 106
Common Stockp. 108
Preferred Stockp. 109
Retained Earnings and Dividendsp. 110
Distributions to Shareholdersp. 110
Balance Between Debt and Equity Capitalp. 111
Debt Ratiop. 113
Consolidated Financial Statementsp. 114
Key Points to Rememberp. 116
Statement of Cash Flowsp. 119
Cash Flow from Operating Activities-Indirect Methodp. 122
Adjustment for Depreciation Expensep. 123
Adjustments for Changes in Working Capital Accountsp. 124
Adjustments for Changes in Current Assetsp. 124
No Change in Balancep. 124
Current Asset Balance Decreasedp. 125
Current Asset Balance Increasesp. 126
Analysis with Diagramsp. 126
Adjustments for Changes in Current Liabilitiesp. 129
Net Effect of Working Capital Changesp. 129
Summary of Operating Adjustmentsp. 131
Cash Flow from Investing and Financing Activitiesp. 131
Investing Activitiesp. 131
Financing Activitiesp. 132
Completing the Statement of Cash Flowsp. 133
Uses of the Statement of Cash Flowsp. 133
Key Points to Rememberp. 134
Analysis of Financial Statementsp. 135
Limitations of Financial Statement Analysisp. 135
Auditingp. 136
Overall Financial Measures of Performancep. 136
Factors Affecting Return on Equityp. 138
Tests of Capital Utilizationp. 141
Other Measures of Performancep. 144
Comments on Profitability Measurementp. 146
Tests of Financial Conditionp. 147
Dupont Analysisp. 147
Quality of Earningsp. 150
The Sarbanes-Oxley Act of 2002p. 154
Key Points to Rememberp. 156
Nonprofit Financial Statementsp. 159
Nonprofit Organizationsp. 159
Different Missions and Goalsp. 160
Net Assetsp. 161
Revenues, Expenses, and Investmentsp. 162
Transfersp. 166
Similarities to Financial Statement of Corporationsp. 167
Limitations of Ratio Analysisp. 168
Key Points to Rememberp. 168
International Financial Reporting Standards (IFRS)p. 171
Gaap and IFRS: Similarities and Differencesp. 173
Revenue Recognitionp. 175
Inventoryp. 175
Non-Current Assets and Depreciation (Property, Plant, and Equipment)p. 175
Financial Statement Presentationp. 176
Consolidated Financial Statementsp. 176
Key Points to Rememberp. 177
Concluding Notep. 179
Glossaryp. 181
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