Accounting, 3rd Edition

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.

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.

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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Accounting, 3rd Edition

Summary

Author Biography

Table of Contents

Supplemental Materials