Financial and Mangerial Accounting

ISBN-10: 0135128056

ISBN-13: 9780135128053

Edition: 2008

List price: $183.47
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Book details

List price: $183.47
Copyright year: 2008
Publisher: Prentice Hall PTR
Publication date: 5/22/2007
Binding: Hardcover
Size: 8.75" wide x 11.00" long x 1.75" tall
Weight: 7.084
Language: English

Accounting and the Business Environment
Describe the modern business environment and the role of information in that environment
Define accounting and its role in creating financial information
Describe the corporate form of business
Describe basic accounting principles and concepts
Describe the fundamental accounting equation and its components
Use the fundamental accounting equation to record and summarize transactions
Develop an income statement, statement of retained earnings, statement of cash flows and a balance sheet from the summary of transactions
Recording Business Transactions
Describe the basic tools of an accounting system, the account, the ledger, and the journal
Describe the double-entry system and define debits and credits
Explain the flow of information through an accounting system by use of journals and ledgers
Explain the purpose and use of source documentation in the accounting system
Prepare trial balances and explain their use and limitations
The Adjusting Process
Define accrual accounting and distinguish between accrual and cash-based accounting
Describe the basic concepts underpinning accrual accounting, including the time-period concept, revenue recognition rules and the matching principle
Define and distinguish between prepaid expenses and accrued expenses
Describe and utilize the process of adjusting account balances
Prepare an adjusted trial balance
Use an adjusted trial balance to prepare financial statements
Completing the Accounting Cycle and Accounting
Identify the principles of accounting system design
Describe the sequence of the accounting cycle
Describe the purpose of closing entries and record those entries
Prepare a post-closing trial balance
Use a post-closing trial balance to develop a classified balance sheet, distinguishing between current and long-term assets, current and long-term liabilities, contributed capital and retained earnings
Use a classified balance sheet to evaluate liquidity and leverage of a corporation
Merchandising Operations
Distinguish between a merchandising business and a service business
Describe the flow of inventory through a merchandising business
Record transactions involving the purchase and sale of inventory using a perpetual inventory system
Prepare a merchandiser's multi-step income statement
Evaluate the performance of merchandiser by calculating gross profit margin, net profit margin and inventory turnover
Appendix - Periodic inventory systems
Merchandise Inventory
Define inventory costs and distinguish between cost flow and goods flow
Describe different inventory valuation methods and their impact on financial statements and cash flow
Use FIFO, LIFO, Average-cost and Specific Identification methods to value inventory, calculate cost of goods sold, and determine net income
Use the lower of cost or market rules to value inventory
Estimate the value of inventories using different methods
Internal Control and Cash
Define cash and describe internal control procedures involving cash
Describe the modern banking environment and the use of electronic payment and disbursement processes
Describe the accounting procedures for electronic payment systems
Describe the bank reconciliation process and reconcile cash accounts to banking statements
Describe other internal control and auditing standards and procedures
Receivables
Describe internal control procedure for receivables
Explain the concept and use of the allowance method to account for uncollectible accounts
Explain the concept and use of the direct write-off method to account for uncollectible accounts
Describe the process of accounting for credit-card, bankcard and debit-card sales
Define notes receivable and explain the process of accounting for notes receivable
Understand the process and impact of discounting notes receivable
Understand how to use accounting information, including the acid test (quick) ratio and the days' sales in receivables, to make critical business decisions. Evaluate liquidity using quick ratios, receivable turnover, accounts receivable aging and days' sales outstanding
Plant Assets and Intangibles
Account for the costs of plant assets
Define depreciation, journalize an adjusting entry to record depreciation, and compute depreciation expense, using the straight-line, declining balance, and production methods
Apply the matching rule to the allocation of costs for capital and revenue expenditures. Calculate the impact of changes in depreciation estimates
Record transactions for the disposal, sale and exchange of plant assets
Record transactions for the costs and allocation of costs for intangible assets
Appendix - Record transactions for the costs and allocation of costs for natural resources
Current Liabilities and Payroll
Describe current liabilities and reporting requirements for current and long-term liabilities. Define the current portion of long-term liabilities
Record transactions for accounts payable and accrued expenses
Record transactions for sales taxes and payroll taxes
Record transactions for notes payable and interest expense
Record transactions for estimated liabilities and expenses
Describe contingent liabilities and the full disclosure principle
Corporations: Paid-in Capital and the Balance Sheet
Define a corporation and describe the characteristics of corporations
Identify the components of stockholders' equity
Record transactions for the issuance of common stock and preferred stock
Record transactions for dividends paid to holders of common and preferred stock
Record transactions for purchase and resale of treasury stock
Define and compute book value of common stock
Compare book value to market value of common stock
Evaluate financial performance using return on assets and return on equity
Corporations: Retained Earnings and the Income Statement
Identify the issues related to evaluating the quality of a company's earnings
Calculate earnings per share and a price/earnings ratio
Define and explain prior period adjustments and comprehensive income
Account for stock dividends and stock splits
Prepare a statement of stockholders' equity
Evaluate the effects of stock splits, stock and cash dividends, treasury stock transactions, and the acquisition of assets on a corporation's financial statements and performance measures
Long-term Liabilities
Explain the purpose and use of using long-term liabilities to finance investment in long-term assets
Evaluate financial leverage using different measures
Calculate payments, debt reduction and interest expense for installment notes and mortgages
Record transactions involving installment notes and mortgages
Describe the major characteristics of bonds payable. Utilize various sources to identify types, prices and credit ratings of various types of bonds
Record transactions for the issuance of bonds at face value, at a discount, and at a premium
Record transactions for the recording of bond interest expense using the straight-line method
Record transactions for the retirement of bonds and the conversion of bonds into stock
The Statement of Cash Flows
Describe the statement of cash flows, and define cash and cash equivalents
Calculate cash flows from operations using the indirect method
Calculate cash flows from investing and from financing activities
Prepare a statement of cash flows in good format
Interpret and use the statement of cash flows to analyze management decisions. Calculate free cash flow
Financial Statement Analysis
Describe and discuss the objectives and standards of financial statement analysis
Describe the sources of information for financial statement analysis, including benchmarking and industry averages
Apply horizontal, vertical and trend analysis to financial statements
Evaluate the liquidity, leverage, solvency and profitability of a corporation
Introduction to Management Accounting
Describe the need for management accounting information in a competitive business environment
Distinguish between financial and management accounting, Distinguish between merchandising and manufacturing operations
Describe and define management accounting cost terms
Develop income statements and balance sheets for a manufacturer
Prepare schedules of Cost of Goods Manufactured and Cost of Goods Sold
Job Order Costing
Explain the flows of costs through the manufacturing process
Identify manufacturing costs, including labor, materials, and overhead
Differentiate between product and period costs
Differentiate between direct costs and indirect costs
Define cost allocation and explain the overhead allocation process
Prepare management accounting reports summarizing job costs
Evaluate operating performance using job-costing information
Process Costing
Compare and contrast Job Order Costing and Process Costing
Explain the flow of costs and work-in-process inventory in a process costing system
Define equivalent units in terms of process costing information and inventories
Prepare management accounting reports summarizing and reconciling process costs
Evaluate operating performance using process costing information
Activity-Based Costing and Other Cost Management Tools
Explain why indirect costs are allocated
Describe how indirect costs are allocated using a single overhead rate
Describe the limitations of using a single rate to allocate indirect costs
Describe how indirect costs can be classified into multiple cost pools
Describe how indirect costs are allocated using multiple overhead rates
Evaluate operating performance using activity-based costing information
Cost-Profit-Volume Analysis
Distinguish between variable costs and fixed costs
Explain the effects of activity changes on total and per-unit costs
Describe and use different methods to estimate variable and fixed costs
Use a cost formula to predict costs at a new level of activity
Describe effects of change in cost, price and volume on contribution margin and net income
Use Cost-Volume-Profit Analysis to predict and evaluate operating performance
Short-term Business Decisions and Differential Analysis
Distinguish between relevant and irrelevant costs for decision-making
Compute the optimal price for a product or service
Evaluate decisions to retain or drop product lines and organizational segments
Evaluate decisions to make or buy a product, or whether to accept a special order
Evaluate decisions to determine the appropriate use of resources
Capital Investment Decisions
Distinguish between short-term and long-term investment decisions
Define capital budgeting and capital investment decisions
Use the payback method and the accounting rate of return method to evaluate capital investment projects
Describe the time value of money
Use internal rate of return and net present value methods to evaluate capital investment projects
Budgeting
Define budgeting, and explain the differences between planning and control
Explain the master budget interrelationships
Prepare budgets for sales, production, direct materials, overhead, selling and administration, and a cash budget
Prepare a budgeted income statement and balance sheet
Define responsibility accounting and responsibility centers
Flexible Budgets and Standard Costs
Describe flexible budgets and explain differences between flexible and static budgets
Demonstrate impact of changes in volume on budgets
Define standard costs and how standards are derived
Compute direct materials price and quantity variances
Compute direct labor rate and efficiency variances
Compute manufacturing overhead spending and quantity variances, Develop performance reports using flexible budgets and variances from standards
Evaluate operating performance using performance reports
Performance Management and Evaluation
Describe performance measurement and the issues that affect measurement of performance
Prepare performance reports for various types of responsibility centers
Use profit margin, return on investment and other measures to evaluate performance of responsibility centers
Use the balanced scorecard to develop performance measures that are consistent with organizational goals
Table of Contents provided by Publisher. All Rights Reserved.
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