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Table of Contents:
1 Accounting in Action.What Is Accounting?The Building Blocks of Accounting. The Basic Accounting Equation.Using the Basic Accounting Equation.Financial Statements.All About You: ETHICS: MANAGING PERSONAL FINANCIAL REPORTING.APPENDIX: Accounting Career Opportunities.2 The Recording Process.The Account.Steps in the Recording Process.The Recording Process Illustrated. The Trial Balance.All About You: YOUR PERSONAL ANNUAL REPORT.3 Adjusting the Accounts.Timing Issues.The Basics of Adjusting Entries. The Adjusted Trial Balance and Financial Statements. APPENDIX: Alternative Treatment of Prepaid Expenses and Unearned Revenues.4 Completing the Accounting Cycle.Using a Worksheet.Closing the Books.Summary of the Accounting Cycle. Classified Balance Sheet.Long-Term Investments.All About You: YOUR PERSONAL BALANCE SHEET.APPENDIX: Reversing Entries.5 Accounting for Merchandising Operations.Merchandising Operations.Recording Purchases of Merchandise.Recording Sales of Merchandise. Completing the Accounting Cycle.All About You: WHEN IS A SALE A SALE?Determining Cost of Goods Sold Under a Periodic System.APPENDIX 5A: Periodic Inventory System.APPENDIX 5B: Worksheet for a Merchandising Company.6 Inventories.Classifying Inventory.Determining Inventory Quantities.Inventory Costing.Inventory Errors.Statement Presentation and Analysis.All About You: EMPLOYEE THEFT-AN INSIDE JOB.APPENDIX 6A: Inventory Cost Flow Methods in Perpetual Inventory Systems.APPENDIX 6B: Estimating Inventories.7 Accounting Information Systems.Basic Concepts of Accounting Information Systems.Computerized Accounting Systems.Manual Accounting Systems. Special Journals.All About You: KEEPING TRACK OF THE DOCUMENTS IN YOUR LIFE.8 Internal Control and Cash.Internal Control.Cash Controls.Use of a Bank. Reporting Cash.9 Accounting for Receivables.Types of Receivables. Accounts Receivable.Notes Receivable.Statement Presentation and Analysis. All About You: SHOULD YOU BE CARRYING PLASTIC?10 Plant Assets, Natural Resources, and Intangible Assets.SECTION 1 Plant Assets.Determining the Cost of Plant Assets.Depreciation.Expenditures During Useful Life. Plant Asset Disposals.SECTION 2 Natural Resources.SECTION 3 Intangible Assets.Accounting for Intangible Assets.Research and Development Costs.Statement Presentation and Analysis.All About You: BUYING A WRECK OF YOUR OWN.APPENDIX: Exchange of Plant Assets.11 Current Liabilities and Payroll Accounting.Accounting for Current Liabilities.Contingent Liabilities.Payroll Accounting.All About You: YOUR BOSS WANTS TO KNOW IF YOU JOGGED TODAY. APPENDIX: Additional Fringe Benefits.12 Accounting for Partnerships.Partnership Form of Organization.Basic Partnership Accounting.Liquidation of a Partnership. All About You: HOW WELL DO YOU KNOW YOUR PARTNER?APPENDIX: Admission and Withdrawal of Partners.13 Corporations: Organization and Capital Stock Transactions.The Corporate Form of Organization.Accounting for Common Stock Issues.Accounting for Treasury Stock.Preferred Stock. Statement Presentation and Analysis.All About You: HOME-EQUITY LOANS.14 Corporations: Dividends, Retained Earnings, and Income Reporting.Dividends.Retained Earnings.All About You: CORPORATIONS HAVE GOVERNANCE STRUCTURES-DO YOU?15 Long-Term Liabilities.Bond Basics.Accounting for Bond Issues. Accounting for Bond Retirements. Accounting for Other Long-Term Liabilities. Statement Presentation and Analysis.All About You: THE RISKS OF ADJUSTABLE RATES.APPENDIX 15A: Present Value Concepts Related to Bond Pricing.APPENDIX 15B: Effective-Interest Method of Bond Amortization.APPENDIX 15C: Straight-Line Amortization.16 Investments.Why Corporations Invest.Accounting for Debt Investments.Accounting for Stock Investments.Valuing and Reporting Investments.All About You: A GOOD DAY TO START SAVING.17 The Statement of Cash Flows.The Statement of Cash Flows: Usefulness and Format.SECTION 1 Preparing the Statement of Cash.Flows-Indirect Method.Step 1: Operating Activities.Summary of Conversion to Net Cash Provided by Operating Activities-Indirect Method.Step 2: Investing and Financing Activities.Step 3: Net Change in Cash.Using Cash Flows to Evaluate a Company.All About You: WHERE DOES THE MONEY GO?APPENDIX 17A: Using a Work Sheet to Prepare the Statement of Cash Flows-Indirect Method.APPENDIX 17B: Statement of Cash Flows-Direct Method.18 Financial Statement Analysis.Basics of Financial Statement Analysis.Horizontal Analysis.Vertical Analysis. Ratio Analysis. Earning Power and Irregular Items. Quality of Earnings.All About You: SHOULD I PLAY THE MARKET YET?19 Managerial Accounting.Managerial Accounting Basics.Managerial Cost Concepts.Manufacturing Costs in Financial Statements.Managerial Accounting Today. All About You: OUTSOURCING AND JOBS.20 Job Order Cost Accounting.Cost Accounting Systems.Job Order Cost Flow.Reporting Job Cost Data.Under- or Overapplied Manufacturing Overhead.All About You: MINDING YOUR OWN BUSINESS.21 Process Cost Accounting.The Nature of Process Cost Systems.Equivalent Units.Comprehensive Example of Process Costing.Contemporary Developments. All About You: WAL-MART IS ON THE PHONE.APPENDIX: Example of Traditional Costing versus Activity-Based Costing.22 Cost-Volume-Profit. Cost Behavior Analysis.Cost-Volume-Profit Analysis.All About You: A HYBRID DILEMMA.APPENDIX: Variable Costing.23 Budgetary Planning.Budgeting Basics.Preparing the Operating Budgets.Direct Labor Budget.Preparing the Financial Budgets.Budgeting in Non-Manufacturing Companies. All About You: AVOIDING PERSONAL FINANCIAL DISASTER.24 Budgetary Control and Responsibility Accounting.The Concept of Budgetary Control.Static Budget Reports.Flexible Budgets. The Concept of Responsibility Accounting.Types of Responsibility Centers. All About You: BUDGETING FOR HOUSING COSTS. 25 Standard Costs and Balanced Scorecard.The Need for Standards.Setting Standard Costs-A Difficult Task. Analyzing and Reporting Variances from Standards.Balanced Scorecard.All About You: BALANCING COSTS AND QUALITY IN HEALTH CARE.APPENDIX: Standard Cost Accounting System.26 Incremental Analysis and Capital Budgeting. SECTION 1 Incremental Analysis.Management's Decision-Making Process.Types of Incremental Analysis.SECTION 2 Capital Budgeting.Evaluation Process.Annual Rate of Return.Cash Payback.Discounted Cash Flow.All About You: WHAT IS A DEGREE WORTH?APPENDIX A: Specimen Financial Statements: PepsiCo, Inc.APPENDIX B: Specimen Financial Statements: The Coca-Cola Company.APPENDIX C: Present Value Concepts.APPENDIX D: Using Financial Calculators.APPENDIX E: Standards of Ethical Conduct for Management Accountants. IMA Statement of Ethical Professional Practice.Principles.Standards.Resolution of Ethical Conflict.Photo Credits.Company Index.Subject Index.