Core Concepts of Accounting

ISBN-10: 0132744392
ISBN-13: 9780132744393
Edition: 11th 2013 (Revised)
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Book details

List price: $46.99
Edition: 11th
Copyright year: 2013
Publisher: Pearson Education, Limited
Publication date: 1/24/2012
Binding: Paperback
Pages: 208
Size: 6.00" wide x 8.75" long x 0.75" tall
Weight: 0.858

Acknowledgments
Basic Concepts
Elements of the Balance Sheet
Assets
Liabilities and Equity
Dual-Aspect Concept
Money-Measurement Concept
Entity Concept
Going-Concern Concept
Asset-Measurement Concept
Balance Sheet Items
Assets
Liabilities
Current Ratio
Equity
Key Points to Remember
Balance Sheet Changes; Income Measurement
Current Assets
Noncurrent Assets
Current Liabilities
Noncurrent Liabilities
Equity
Balance Sheet Changes
Income Measurement
Key Points to Remember
Accounting Records and Systems
The Account
Rules for Increases and Decreases
Debit and Credit
Income Statement Accounts
The Ledger and the Journal
The Closing Process
A Note on Computers
Key Points to Remember
Revenues and Monetary Assets
Fiscal Year
Accrual Accounting
Conservatism Concept
Materiality Concept
Realization Concept
Service Revenue
Amount of Revenue
Monetary Assets
Days' Sales Uncollected
Key Points to Remember
Expense Measurement; The Income Statement
Expense and Expenditure
Unexpired and Expired Costs
Matching Concept
Other Assets that Will Become Expenses
Expenses that Create Liabilities
Fringe Benefits
Rent Expense
Losses
Summary of Matching Concept
An Example of Matching
The Income Statement
A Package of Accounting Reports
Income Statement Percentages
Review of Basic Concepts
Key Points to Remember
Inventories and Cost of Sales
Finding Cost of Sales
Inventory Valuation: Assumptions
First-In, First-Out (Fifo) Method
Last-In, First-Out (Lifo) Method
Average-Cost Method
Comparison of Inventory Methods
Inventory Valuation: Adjustment to Market
Inventory in a Manufacturing Company
Product Costs and Period Costs
Overhead Rates
Inventory Turnover
Key Points to Remember
Noncurrent Assets and Depreciation
Noncurrent Assets
Accounting for Acquisitions
Capital Leases
Depreciation
Depreciation Methods
Units-of-Production Depreciation
Straight-Line Depreciation
Accelerated Depreciation
Accounting for Depreciation
Sale of a PPE Asset
Significance of Depreciation
Depletion
Intangible Assets
Key Points to Remember
Liabilities and Equity
Working Capital
Sources of Capital
Debt Capital
Types of Equity Capital
Common Stock
Preferred Stock
Retained Earnings and Dividends
Distributions to Shareholders
Balance Between Debt and Equity Capital
Debt Ratio
Consolidated Financial Statements
Key Points to Remember
Statement of Cash Flows
Cash Flow from Operating Activities-Indirect Method
Adjustment for Depreciation Expense
Adjustments for Changes in Working Capital Accounts
Adjustments for Changes in Current Assets
No Change in Balance
Current Asset Balance Decreased
Current Asset Balance Increases
Analysis with Diagrams
Adjustments for Changes in Current Liabilities
Net Effect of Working Capital Changes
Summary of Operating Adjustments
Cash Flow from Investing and Financing Activities
Investing Activities
Financing Activities
Completing the Statement of Cash Flows
Uses of the Statement of Cash Flows
Key Points to Remember
Analysis of Financial Statements
Limitations of Financial Statement Analysis
Auditing
Overall Financial Measures of Performance
Factors Affecting Return on Equity
Tests of Capital Utilization
Other Measures of Performance
Comments on Profitability Measurement
Tests of Financial Condition
Dupont Analysis
Quality of Earnings
The Sarbanes-Oxley Act of 2002
Key Points to Remember
Nonprofit Financial Statements
Nonprofit Organizations
Different Missions and Goals
Net Assets
Revenues, Expenses, and Investments
Transfers
Similarities to Financial Statement of Corporations
Limitations of Ratio Analysis
Key Points to Remember
International Financial Reporting Standards (IFRS)
Gaap and IFRS: Similarities and Differences
Revenue Recognition
Inventory
Non-Current Assets and Depreciation (Property, Plant, and Equipment)
Financial Statement Presentation
Consolidated Financial Statements
Key Points to Remember
Concluding Note
Glossary

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