Accounting Principles, Volume 1 / Edition 8 available in Other Format
Accounting Principles, Volume 1 / Edition 8
- ISBN-10:
- 111950242X
- ISBN-13:
- 9781119502425
- Pub. Date:
- 01/29/2019
- Publisher:
- Wiley
Accounting Principles, Volume 1 / Edition 8
Other Format
Buy New
$139.75-
SHIP THIS ITEM— Temporarily Out of Stock Online
-
PICK UP IN STORE
Your local store may have stock of this item.
Available within 2 business hours
Temporarily Out of Stock Online
Overview
Product Details
ISBN-13: | 9781119502425 |
---|---|
Publisher: | Wiley |
Publication date: | 01/29/2019 |
Edition description: | 8th Canadian Edition |
Pages: | 720 |
Product dimensions: | 8.30(w) x 10.90(h) x 1.00(d) |
Table of Contents
1 Accounting in Action 1-1Accounting Keeps Aritzia Fashionably in the Black 1-1
Why Is Accounting Important? 1-3
Using Accounting Information 1-5
Objective of Financial Reporting 1-6
Forms of Business Organization 1-7
Determining the Cost of Property, Plant, and
Equipment 9-3
Proprietorship 1-8
Partnership 1-8
Corporation 1-8
Generally Accepted Accounting Principles 1-9
Ethics in Financial Reporting 1-9
Conceptual Framework 1-11
Accounting Standards 1-14
The Accounting Model 1-16
Financial Statements 1-16
The Expanded Accounting Equation 1-20
Transaction Analysis 1-21
Preparing Financial Statements 1-28
Income Statement 1-28
Statement of Owner’s Equity 1-30
Balance Sheet 1-30
Cash Flow Statement 1-30
Understanding the Information in the Financial Statements 1-30
2 The Recording Process 2-1
Slaying the Dragons to Brew Up Sales 2-2
The Account 2-3
Debits and Credits 2-4
Double-Entry Accounting 2-7
Analyzing and Recording Transactions 2-8
The Accounting Cycle and Steps in the Recording Process 2-8
The Journal 2-10
The Ledger 2-12
Posting 2-13
The Recording Process Illustrated 2-15
Summary Illustration of Journalizing and Posting 2-19
The Trial Balance 2-21
Limitations of a Trial Balance 2-23
Locating Errors 2-23
Some Process Explanations 2-24
3 Adjusting the Accounts 3-1
Advance Sports Revenue Is Just the Ticket 3-2
Timing Issues 3-3
Accrual Versus Cash Basis Accounting 3-4
Revenue and Expense Recognition 3-5
Adjusting Entries and Prepayments 3-7
The Basics of Adjusting Entries 3-7
Adjusting Entries for Prepayments 3-8
Adjusting Entries for Accruals 3-15
The Adjusted Trial Balance and Financial
Statements 3-22
Preparing the Adjusted Trial Balance 3-23
Preparing Financial Statements 3-23
4 Completion of the Accounting Cycle 4-1
Getting a Good “Handle” on Accounting Information 4-2
Closing the Books 4-3
Preparing Closing Entries 4-4
Posting Closing Entries 4-8
Preparing a Post-Closing Trial Balance 4-9
Summary of the Accounting Cycle 4-11
Steps in the Accounting Cycle 4-11
Correcting Entries—An Avoidable Step 4-13
Classified Balance Sheet 4-15
Standard Balance Sheet Classifications 4-15
Alternative Balance Sheet Presentation 4-20
Using the Information in the Financial Statements 4-22
Working Capital 4-22
Current Ratio 4-22
Acid-Test Ratio 4-23
Appendix 4A: Work Sheets 4-24
Steps in Preparing a Work Sheet 4-24
Preparing Financial Statements from a Work Sheet 4-27
Appendix 4B: Reversing Entries 4-28
Accounting with and Without Reversing Entries 4-28
5 Accounting for Merchandising Operations 5-1
A “Frank” Look at Tracking Inventory 5-1
Merchandising Operations 5-3
Inventory Systems 5-5
Recording Purchases of Merchandise 5-7
Subsidiary Inventory Records 5-8
Freight Costs 5-8
Purchase Returns and Allowances 5-9
Discounts 5-10
Summary of Purchase Transactions 5-11
Recording Sales of Merchandise—Earnings Approach 5-12
Revenue Recognition 5-12
Freight Costs 5-15
Sales Returns and Allowances 5-15
Discounts 5-16
Summary of Sales Transactions 5-17
Sales Taxes 5-17
Completing the Accounting Cycle 5-18
Adjusting Entries 5-18
Closing Entries 5-19
Post-Closing Trial Balance 5-20
Summary of Merchandising Entries in a Perpetual Inventory System 5-20
Merchandising Financial Statements 5-22
Single-Step Income Statement 5-22
Multiple-Step Income Statement 5-23
Classified Balance Sheet 5-26
Using the Information in the Financial
Statements 5-27
Gross Profit Margin 5-27
Profit Margin 5-27
Appendix 5A: Periodic Inventory System 5-28
Recording Purchases of Merchandise 5-29
Recording Sales of Merchandise 5-30
Comparison of Entries—Perpetual versus Periodic 5-31
Calculating Cost of Goods Sold 5-31
Multiple-Step Income Statement 5-33
Completing the Accounting Cycle 5-34
Appendix 5B: Recording Sales of Merchandise— Contract-Based Approach 5-36
Recording Sales with Sales Returns 5-36
Recording Sales with Sales Discounts 5-39
Freight Costs 5-40
Summary of Sales Transactions 5-40
Sales Taxes 5-41
Adjusting Entries 5-41
Financial Statements 5-41
Completing the Accounting Cycle 5-41
6 Inventory Costing 6-1
A Fresh Approach to Costing Inventory 6-2
Determining Inventory Quantities 6-3
Taking a Physical Inventory 6-4
Determining Ownership of Goods 6-4
Inventory Cost Determination Methods 6-7
Specific Identification 6-7
Cost Formulas: FIFO and Weighted Average 6-8
Financial Statement Effects 6-15
Choice of Cost Determination Method 6-16
Inventory Errors 6-18
Presentation and Analysis of Inventory 6-22
Valuing Inventory at the Lower of Cost and Net Realizable Value 6-22
Reporting and Analyzing Inventory 6-25
Presenting Inventory in the Financial Statements 6-25
Appendix 6A: Inventory Cost Formulas in Periodic Systems 6-27
Periodic System—First-In, First-Out (FIFO) 6-28
Periodic System—Weighted Average 6-29
Appendix 6B: Estimating Inventories 6-31
Gross Profit Method 6-31
Retail Inventory Method 6-32
7 Internal Control and Cash 7-1
Keeping a Tight Lid on Cash 7-1
Cash and Internal Control 7-3
What Is Cash? 7-3
Internal Control 7-4
Control Activities 7-4
Limitations of Internal Control 7-8
Cash Controls 7-9
Internal Control over Cash Receipts 7-10
Internal Control over Cash Payments 7-13
Petty Cash Fund 7-14
Establishing the Fund 7-14
Making Payments from the Fund 7-15
Replenishing the Fund 7-15
Bank Accounts 7-17
Use of a Bank Account 7-17
Reconciling the Bank Account 7-20
Reporting Cash 7-26
8 Accounting for Receivables 8-1
Last Call for Customer Payments 8-1
Accounts Receivable 8-2
Types of Receivables 8-3
Recognizing Accounts Receivable 8-3
Valuing Accounts Receivable 8-6
Notes Receivable 8-15
Recognizing Notes Receivable 8-16
Disposing of Notes Receivable 8-17
Statement Presentation and Management of Receivables 8-19
Presentation 8-19
Analysis 8-21
Accelerating Cash Receipts from Receivables 8-23
9 Long-Lived Assets 9-1
Capitalizing on Education 9-2
Property, Plant, and Equipment 9-3
Determining the Cost of Property, Plant, and Equipment 9-3
Depreciation 9-7
Factors in Calculating Depreciation 9-8
Depreciation Methods 9-9
Comparison of Depreciation Methods 9-13
Partial Period Depreciation 9-13
Depreciation and Income Tax 9-15
Revising Periodic Depreciation 9-16
Capital Expenditures During Useful Life 9-17
Impairments 9-17
Cost Model Versus Revaluation Model 9-18
Changes in Depreciation Method, Estimated Useful Life, or Residual Value 9-19
Revised Depreciation Calculations 9-19
Disposal of Property, Plant, and Equipment 9-21
Steps in Recording Disposals of Property, Plant, and Equipment 9-21
Retirement of Property, Plant, and Equipment 9-22
Sale of Property, Plant, and Equipment 9-24
Exchanges of Property, Plant, and Equipment 9-25
Natural Resources 9-28
Cost 9-29
Depletion 9-29
Disposal 9-30
Intangible Assets and Goodwill 9-31
Accounting for Intangible Assets 9-31
Intangible Assets with Finite Lives 9-32
Intangible Assets with Indefinite Lives 9-33
Goodwill 9-34
Statement Presentation and Analysis 9-35
Presentation 9-35
Analysis 9-36
10 Current Liabilities and Payroll 10-1
Butterflies Bring About Better Banknotes 10-2
Determinable (Certain) Current Liabilities 10-3
Accounts Payable 10-3
Unearned Revenues 10-4
Operating Line of Credit and Bank Overdraft 10-5
Short-Term Notes Payable 10-5
Sales Taxes 10-6
Property Taxes 10-7
Current Maturities of Long-Term Debt 10-8
Uncertain Liabilities 10-9
Provisions 10-9
Contingencies 10-13
Payroll 10-15
Employee Payroll Costs 10-16
Employer Payroll Costs 10-18
Recording the Payroll 10-19
Financial Statement Presentation 10-23
Appendix 10A: Payroll Deductions 10-24
Mandatory Payroll Deductions 10-24
Using Payroll Deduction Tables 10-26
Appendix A Specimen Financial Statements: Aritzia Inc. A-1
Appendix B Sales Taxes B-1
Appendix C Subsidiary Ledgers and Special Journals C-1
Company Index / Subject Index I-1