Core Concepts of Accounting, 2nd Edition

, by Cecily A. Raiborn (University of Texas, San Marcos)

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ISBN: 9780470499474 | 0470499478
Cover: Paperback
Copyright: 11/1/2009

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Raiborn arms accountants with the resources they need to understand key financial and managerial accounting concepts. Visual Recaps are provided to illustrate significant topics in a pictorial manner or summarized in a table. Each chapter contains a summary, key terms list, and a variety of questions, exercises, problems, and short cases. Accounting Information for Decision Making sections are designed to emphasize a user perspective of accounting information. Accountants will also find discussions of international financial reporting standards (IFRSs) to gain a global perspective.

Preface
About the Author
Part I
An Introduction to the Role of Accounting in the Business World
Learning Objectives
Introduction
Major Types Of Business Entities
Common Forms of Business Organizations
Internal Functions of Business Organizations
The Nature And Role Of Accounting In Business
Internal Decision Makers
External Decision Makers
Financial Statement Definitions
Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Stockholders' Equity
Financial Statement Footnotes
An Overview Of The Accounting Profession
Private Accounting
Public Accounting
Certifications
Regulation of the Accounting Profession
Challenges Facing the Accounting Profession
Summary
Key Terms
Questions
Exercises
Problems
Cases
Concepts and Elements Underlying Accounting
Learning Objectives
Introduction
Survey Of Accounting
Composition Of Financial Statements
Balance Sheet
Assets
Liabilities
Stockholders' Equity
Income Statement
Revenues
Expenses
Gross Profit
Operating Income
Net Income
Earnings per Share
Objectives Of Financial Reporting
Key Attributes Of Accounting Information
Understandability
Relevance
Reliability
Fundamental Accounting Concepts
Accounting Period Concept
Historical Cost Principle
Unit of Measurement Concept
Going Concern Assumption
Entity Concept
Revenue Recognition Rules
Expense Recognition Rules
Full Disclosure Principle
An Introduction To The Accounting System
Accounts
The General Journal and General Ledger
Summary
Key Terms
Questions
Exercises
Problems
Cases
The Mechanics of Double-Entry Accounting
Learning Objectives
Introduction
Capturing Accounting Data
Recording Transactions: Double-Entry Bookkeeping
Debits and Credits
Using Debits and Credits
Contra-Accounts
The Accounting Cycle
Collect, Examine, and Process Transactions
Record Transactions in the General Journal
Post Transactions to the General Ledger
Prepare a Trial Balance
Adjust Account Balances as Necessary
Record Adjustments in the General Journal
Post Adjustments to the General Ledger
Prepare an Adjusted Trial Balance
Prepare Financial Statements
Close Temporary Accounts
Record Closing Entries in the General Journal
Post Closing Entries to the General Ledger
Prepare a Post-Closing Trial Balance
Summary
Key Terms
Questions
Exercises
Problems
Cases
Supplemental Problems
Accounting For Assets 93
Cash, Short-Term Investments, and Accounts Receivable 94
Learning Objectives
Introduction
Cash And Cash Equivalents
Petty Cash
Bank Reconciliations
Short-Term Investments
Accounts Receivable
Accounting for Accounts Receivable
Sales Discounts
Sales Returns and Allowances
Uncollectible Accounts
Credit Card Receivables
Notes Receivable
Accounting Information For Decision Making
Quick Ratio
Age of Accounts Receivable
Summary
Key Terms
Questions
Exercises
Problems
Cases
Supplemental Problems
Inventory
Learning Objectives
Introduction
Perpetual And Periodic Inventory Systems
Accounting For Common Inventory Transactions
Purchasing Inventory from a Supplier
Paying for Freight-In on Purchases
Returning Inventory to a Supplier
Selling Inventory to a Customer
Accepting Returns of Inventory from a Customer
Paying on Account for Purchases of Inventory
Inventory Costing Methods
Specific Identification Method
FIFO (first-in, first-out) Method
LIFO (last-in, first-out) Method
Moving-Average Method
Comparison of Income Statement Effects of Inventory Costing Methods
Balance Sheet Valuation versus Income Determination
FIFO versus LIFO: Tax Consequences
Valuing Inventory At Other Than Cost
Retail Inventory
Lower-of-Cost-or-Market
Inventory Errors
Accounting Information For Decision Making
Summary
Key Terms
Questions
Exercises
Problems
Cases
Supplemental Problems
Long-Term Assets: Property, Plant & Equipment and Intangibles
Learning Objectives
Introduction
Property, Plant & Equipment
Acquisition of PP&E
Depreciation of PP&E
Straight-Line Method
Units-of-Production Method
Double-Declining-Balance Method
Disposal of PP&E
At a Loss
At a Gain
Natural Resources
Intangible Assets
Identifiable Intangibles
Goodwill
Disposal of Intangibles
Accounting Information For Decision Making
Valuation
Capitalization versus Expensing
Disclosures
Ratio Analysis
Summary
Key Terms
Questions
Exercises
Problems
Cases
Supplemental Problems
Part III
Liabilities
Learning Objectives
Introduction
Current Liabilities
Accounts Payable
Notes Payable
Installment Notes Payable
Accrued Liabilities
Product Warranty Liability
Vacation Pay Liability
Accrued Payroll Liabilities
Deferred Liabilities
Contingent Liabilities
Long-Term Liabilities
Bonds Payable
Bond Trading
Determining the Issue Price of Bonds
Long-term Liabilities Other Than Bonds
Long-term Mortgages Payable
Long-term Lease Obligations
Postretirement Benefit Liabilities
Accounting Information For Decision Making
Completeness
Valuation Methods
Unusual Circumstances
Analyzing Liabilities
Summary
Appendix: Accounting For Bonds
Accounting for Bonds Issued at a Discount
Accounting for Bonds Issued at a Premium
Key Terms
Questions
Exercises
Problems
Cases
Supplemental Problems
Stockholders' Equity
Learning Objectives
Introduction
The Corporation
Key Advantages of the Corporation
Key Disadvantages of the Corporation
Corporate Stock
Rights and Privileges of Common Stockholders
Rights and Privileges of Preferred Stockholders
Par Value and No-Par Value Stock
Stock Issuances
Treasury Stock
Dividends
Cash Dividends
Stock Dividends
Stock Splits
Retained Earnings
Accounting Information For Decision Making
Dividend Payouts
Ratios
Summary
Key Terms
Questions
Exercises
Problems
Cases
Supplemental Problems
Analysis Of Accounting Data 249
The Corporate Income Statement and Financial Statement Analysis
Learning Objectives
Introduction
Income Statement
Earnings from Investments
Investments in Stocks
Investments in Bonds
Corporate Income Taxes
Nonrecurring Items
Discontinued Operations
Extraordinary Items
Earnings per Share
Making Informed Economic Decisions
Objectives of Financial Statement Analysis
Information Sources for Financial Statement Analysis
Analytical Techniques
Trend Analysis
Common-Sized Financial Statements
Ratio Analysis
Assessing Earnings Quality
Summary
Key Terms
Questions
Exercises
Problems
Cases
Supplemental Problems
Statement of Cash Flows
Learning Objectives
Introduction
Three Primary Types Of Business Activities And Cash Flows
Direct Versus Indirect Method Of Preparing A Statement Of Cash Flows
Preparing A Statement Of Cash Flows: Indirect Method
Analyzing Transactions for a SCF-Operating Activities
Noncash Items
Gains and Losses
Current Assets
Current Liabilities
Analyzing Transactions for a SCF-Investing and Financing Activities
Investing Activities
Financing Activities
Completing the Analysis
Noncash Investing and Financing Activities
Accounting Information For Decision Making
Cash Flow Ratios
Cash Flow per Share
Free Cash Flow
Summary
Key Terms
Questions
Exercises
Problems
Cases
Supplemental Problems
Managerial Accounting
Fundamental Managerial Accounting Concepts
Learning Objectives
Introduction
Comparison Of Financial And Managerial Accounting
Types Of Costs
Product and Period Costs
Direct and Indirect Costs
Controllable and Noncontrollable Costs
Variable and Fixed Costs 3
Components Of Product Cost For Manufacturing Companies
Direct Material Cost
Direct Labor Cost
Overhead Cost
Inventory Costing Systems
Job Order Costing
Processing Costing and Equivalent Units of Production
Valuing Inventory
Inventory Valuation Methods
Predetermined Overhead Rate
Flow Of Product Costs
Cost Of Goods Manufactured And Sold
Costs In Service Companies
Summary
Key Terms
Questions
Exercises
Problems
Cases
Supplemental Problems
Cost-Volume-Profit Analysis
Learning Objectives
Introduction
Assumptions Of Break-Even And CVP Analysis
Break-Even Point
CVP Analysis
Before-Tax Profit
After-Tax Profit
Other Considerations
Using Incremental Analysis
Increase in Fixed Cost
Decrease in Selling Price
Increase in Sales Volume and Costs (1)
Increase in Sales Volume and Costs (2)
CVP Analysis In A Multiproduct Environment
Graphic Approaches To BEP And CVP Problems
Break-Even Graph
Profit-Volume Graph
Operating Above Break-Even
Margin of Safety
Degree of Operating Leverage
Summary
Key Terms
Questions
Exercises
Problems
Cases
Supplemental Problems
The Master Budget and Standard Costing
Learning Objectives
Introduction
The Budgeting Process
The Master Budget
Preparing a Master Budget
Sales Budget
Production Budget
Purchases Budget
Direct Labor Budget
Overhead Budget
Capital Budget
Cash Budget
Schedule of Cash Collections from Sales
Schedule of Cash Payments for Purchases
Comprehensive Cash Budget
Budgeted Financial Statements
Cost of Goods Manufactured Schedule
Income Statement
Balance Sheet
Statement of Cash Flows
The Rolling Budget
Standard Costs
Material Variances
Labor Variances
Understanding Variances
Summary
Key Terms
Questions
Exercises
Problems
Cases
Supplemental Problems
Activity-Based Management and Performance Measurement
Learning Objectives
Introduction
Activity-Based Management
Analyzing Activities
Value-Added and Non-Value-Added Activities
Cost Drivers
Levels Of Cost Incurrence
Activity-Based Costing
Measuring Short-Run Performance
Cost Center
Profit Center
Investment Center
Measuring Long-Run Performance
Balanced Scorecard
Benchmarking
Deciding On Performance Measures
Rewarding Performance
Summary
Key Terms
Questions
Exercises
Problems
Cases
Supplemental Problems
Appendix
Glossary
Index
Table of Contents provided by Publisher. All Rights Reserved.

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Core Concepts of Accounting, 2nd Edition

Summary

Table of Contents

Supplemental Materials