Accounting

ISBN-10: 0071486038
ISBN-13: 9780071486033
Edition: 4th 2008
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Description: Quickly get up-to-speed in all basic accounting principles and procedures and apply that knowledge to real-world financial decisions and requests "The McGraw-Hill 36-Hour Accounting Course" has been the gold standard for anyone looking for a fast,  More...

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Book details

List price: $19.95
Edition: 4th
Copyright year: 2008
Publisher: McGraw-Hill Companies, The
Publication date: 7/16/2007
Binding: Paperback
Pages: 416
Size: 6.00" wide x 9.00" long x 1.00" tall
Weight: 1.496
Language: English

Quickly get up-to-speed in all basic accounting principles and procedures and apply that knowledge to real-world financial decisions and requests "The McGraw-Hill 36-Hour Accounting Course" has been the gold standard for anyone looking for a fast, no-nonsense primer in all the fundamentals of financial, managerial, and tax accounting concepts. Now thoroughly revised and updated, the fourth edition features new coverage of the technological developments in the field, the recent sweeping tax reforms, and the latest Financial Accounting Standards Board pronouncements. "The McGraw-Hill 36-Hour Accounting Course" offers such up-to-date coverage as: Complete analysis of the current trends in computer hardware and accounting software Coverage of current tax issues, such as the revision of tax rate structure, new deductions and credits for higher education costs, and taxation of Social Security benefits New test problems throughout to help you gauge your progress, as well as a final exam that can earn you a Certificate of Achievement Complete with a doable study plan, "The McGraw-Hill 36-Hour Accounting Course" is your fast track to easily mastering the essentials of accounting in the shortest time possible.

Preface
Instructions and Study Plan
The Balance Sheet
What Is a Balance Sheet?
The Balance Sheet-What Good Is It?
Does the Balance Sheet Really Show Financial Position?
Does the Balance Sheet Actually Show What You Think It May?
How Are Assets Valued?
Why Are Nonmonetary Assets Reported at Cost?
Balance Sheet Illustrations
Balance Sheet Categories
Balance Sheet Relationships
Balance Sheet Terminology
Test Problem
Required
Test Problem Solution Space
The Income Statement
What Is the Income Statement's Purpose?
What Is Net Income?
What Is Revenue?
The Accrual Concept
What Is an Expense?
Some Other Offsets to Revenue
What Are Income Taxes?
Interest and Dividends
Income Statement Illustrated
Comments on Illustrative Income Statement
Test Problem
Revenue Data
Expense Data
Required
Test Problem Solution Space
The Accounting Structure
Management Decisions
Business Forms
The Accounting Journal
The Accounting Ledger
The Ledger Account
Asset and Expense Accounts
Equity and Revenue Accounts
The Process of Recording Complete Transactions
The General Journal
Comments on Figures 3.7 and 3.8
Closing Entries Revisited
Use of Subsidiary Ledgers
The Trial Balance
The Financial Statements
Conclusion
Test Problem
Transaction Data (Month of July)
Test Problem Solution Space
The Accounting Cycle
Elements of the Accounting Cycle
What Is Meant, by the Accounting Period?
What and Why Are Adjusting Entries?
Problem Data
The Worksheet
The Worksheet-Comments
Financial Statements
Are Interim Statements Dependable?
Internal Control Structure
Conclusion
Test Problem
Required
Test Problem Solution Space
Working Capital
What Is Working Capital?
Cash Receipts Transactions
Cash Disbursement Transactions
Marketable Securities
Accounts Receivable
Inventories
Prepayments
Current Liabilities
What Can Your Accountants Do for You?
The Budget
The Cash Budget
Comments on Cash Budget Illustration
Control of Receivables
Comments on Aging Schedule
Test Problem
Test Problem Solution Space
Statement of Cash Flows
Cash Receipts and Disbursement Statement
Major Sources and Uses of Cash
"Funds" Provided by Operations
Extended Example
Certain Noncash Items
Test Problem
Required
Test Problem Solution Space
Inventories
What Are Inventories?
Typical Inventory Transactions
Inventory Valuation
Specific Identification Method
First-in, First-out
What Are Inventory Profits and Holding Gains?
Last-in, First-out
Dollar Value LIFO
Average Cost
Cost or Market, the Lower
Inventory Turnover
Inventory Reports for Management
Gross Profit (or Gross Margin) Method of Inventory Estimation
Example
Test Problem
Required
Test Problem Solution Space
Property, Plant, and Equipment and Depreciation
Classes of Noncurrent (Long-Term) Assets
Initial Valuation of Property, Plant, and Equipment
Historical Cost Less Depreciation
Replacement Cost
Depreciation of Property, Plant, and Equipment
What Is Depreciation?
Depreciation Patterns
Straight-Line Depreciation
Wavy-Line Depreciation
Decreasing-Line Depreciation
Composite and Group Depreciation
Typical Depreciation Entries
A Caveat
Change of Depreciation Estimates
Depreciation Fallacies
Test Problem
Required
Test Problem Solution Space
Corporation Accounts
What Is Unique about Corporation Accounting?
The Issue of Capital Stock with Par Value
The Issue of Capital Stock with No Par Value
The Issue of Capital Stock for Property
Treasury Stock-What, Why, and How?
Stock Splits-What, Why and How?
Stock Rights
Stock Options
Stock Warrants
Convertible Preferred Stock
Callable Preferred Stock
Common Stock Equivalents
Earnings Per Share
Organization Costs
Test Problem
Required
Test Problem Solution Space
Dividends and Reserves
What Is a True Dividend?
Corporate Investment in Affiliated Company
Liquidating "Dividends"
Stock Dividends
What Do Accountants Mean by "Reserves"?
Contra Accounts Used to Be Called Reserves
Some Liabilities Used to Be Called Reserves
Retained Earnings May Be Reserved
Deferred Credits when in Doubt
Cumulative Preferred Stock
Test Problem
Required
Test Problem Solution Space
Long-Term Debt
Why Go into Debt?
Installment Purchases
Leases and Sale-and-Leaseback Transactions
Long-Term Notes
Mortgage Loans
Mortgage and Debenture Bonds
Sale of Bonds Between Interest Payment Dates
Convertible Bonds
Bonds with Warrants Attached
Test Problem
Required
Test Problem Solution Space
Basic Cost Accounting
What Is Cost Accounting?
What Are the Purposes of Cost Accounting?
Job-Order versus Process Cost Accounting
Use of Subsidiary Ledgers
Job-Order Cost Accounting
Process Cost Accounting
Test Problem
Test Problem Solution Space
Cost Standards
What's a Standard?
Illustration of Standards-Standard Cost per Unit
Raw Materials Standards
Raw Materials Accounting-Standard Costs
Direct Labor Accounting-Standard Costs
Manufacturing Overhead Accounting-Standard Costs
Standard Cost Applications
Test Problem
Required
Test Problem Solution Space
Internal Management Accounting
The Concept of Management Accounting
Responsibility Accounting
Standard Costing
Direct Costing
Differential Costs and Related Decisions
Should We Make It or Buy It?
Decisions to Acquire Plant Assets
Miscellaneous Topics
Test Problem
Test Problem Solution Space
Federal Income Tax Concepts
Taxpayers and Tax Returns
Accounting Periods and Methods
Income
Deductions
Property Transactions
Credits Against Tax
Rate Structure
Tax Shelters
Summary
Test Problems
Personal Computers and Software
Acknowledgment
Consolidated Statements
What Is a Consolidated Statement?
Why Isn't a Consolidated Statement a Combined Statement?
Consolidation Buzz Words
Elimination Entries
Where Are Elimination Entries Recorded?
Consolidation of Balance Sheets at Acquisition Date
Consolidated Balance Sheet Sometime Later
Consolidation of Income Statements
Consolidated Statements-Conclusion
Test Problem
Required
Test Problem Solution Space
Income Tax Allocation
Why Bother?
What Conditions Make Interperiod Allocation Necessary?
General Principles of Interperiod Allocation
Revenue Recognized before It Is Taxed
Expenses Recognized before They Become Tax Deductions
Revenue Taxed before It Is Recognized
Expenses as Tax Deductions before They Are Recognized
Tax Allocation and Permanent Differences
Arguments Against Tax Allocation
Tax Allocation with in a Period
Test Problems
Business Combinations: Mergers, Acquisitions, and Consolidations
How Business Combinations Are Achieved
Valuation Using the Purchase Method
The Physiology of an Acquisition Under the Purchase Method
Impact of Acquisition Transaction on Income
Required Disclosure under the Purchase Method
Test Problem
Required
Test Problem Solution Space
Accounting for Foreign Operations
Our Foreign Relations
Accounts Receivable
Accounts Payable
Foreign Branches
Foreign Subsidiaries
Accounting for Receivables and Payables
Foreign Branch Accounting
Foreign Currency Translation
Identifying a Foreign Entity's Functional Currency
Accounting for the Cumulative Translation Adjustment
Solutions to Tests
Supplementary Problems
Solutions to Supplementary Problems
Index
Final Examination
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