College Accounting Chapters 1-30

✍ Scribed by John Ellis Price, David Haddock, Michael Farina

• Publisher: McGraw Hill
• Year: 2020
• Tongue: English
• Leaves: 39
• Edition: 16
• Category: Library

✦ Table of Contents

Cover
College Accounting Chapters 1–30
About the Authors
Preface
Acknowledgments
Brief Contents
Contents
Chapter 1: Accounting: The Language of Business
Section 1 What Is Accounting?
The Need for Financial Information
Accounting Defined
Accounting Careers
Users of Financial Information
Section 1 Review
Section 2 Business and Accounting
Types of Business Entities
Generally Accepted Accounting Principles
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Problem
Business Connections
Answers to Comprehensive Self Review
Chapter 2: Analyzing Business Transactions
Section 1 Property and Financial Interest
Beginning with Analysis
Assets, Liabilities, and Owner’s Equity
Section 1 Review
Section 2 The Accounting Equation and Financial Statements
The Fundamental Accounting Equation
The Income Statement
The Statement of Owner’s Equity and the Balance Sheet
The Importance of Financial Statements
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 3: Analyzing Business Transactions Using T Accounts
Section 1 Transactions That Affect Assets, Liabilities, and Owner’s Equity
Asset, Liability, and Owner’s Equity Accounts
Account Balances
Section 1 Review
Section 2 Transactions That Affect Revenue, Expenses, and Withdrawals
Revenue and Expense Accounts
The Drawing Account
The Rules of Debit and Credit
The Trial Balance
Financial Statements
Chart of Accounts
Permanent and Temporary Accounts
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 4: The General Journal and the General Ledger
Section 1 The General Journal
Journals
The General Journal
Section 1 Review
Section 2 The General Ledger
Ledgers
Correcting Journal and Ledger Errors
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 5: Adjustments and the Worksheet
Section 1 The Worksheet
The Trial Balance Section
The Adjustments Section
Section 1 Review
Section 2 Financial Statements
The Adjusted Trial Balance Section
The Income Statement and Balance Sheet Sections
Preparing Financial Statements
Summary of Financial Statements
Journalizing and Posting Adjusting Entries
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 6: Closing Entries and the Postclosing Trial Balance
Section 1 Closing Entries
The Closing Process
Section 1 Review
Section 2 Using Accounting Information
Preparing the Postclosing Trial Balance
Interpreting the Financial Statements
The Accounting Cycle
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Mini-Practice Set 1: Service Business Accounting Cycle
Chapter 7: Accounting for Sales and Accounts Receivable
Section 1 Merchandise Sales
Special Journals and Subsidiary Ledgers
The Sales Journal
Section 1 Review
Section 2 Accounts Receivable
The Accounts Receivable Ledger
Sales Returns and Allowances
Schedule of Accounts Receivable
Section 2 Review
Section 3 Special Topics in Merchandising
Credit Sales for a Wholesale Business
Credit Policies
Sales Taxes
Section 3 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 8: Accounting for Purchases and Accounts Payable
Section 1 Merchandise Purchases
Accounting for Purchases
Section 1 Review
Section 2 Accounts Payable
The Accounts Payable Ledger
Purchases Returns and Allowances
Schedule of Accounts Payable
Determining the Cost of Purchases
Internal Control of Purchases
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 9: Cash Receipts, Cash Payments, and Banking Procedures
Section 1 Cash Receipts
Cash Transactions
The Cash Receipts Journal
Section 1 Review
Section 2 Cash Payments
The Cash Payments Journal
The Petty Cash Fund
Internal Control over Cash
Section 2 Review
Section 3 Banking Procedures
Writing Checks
Endorsing Checks
Preparing the Deposit Slip
Handling Postdated Checks
Reconciling the Bank Statement
Adjusting the Financial Records
Internal Control of Banking Activities
Using Online Banking
Section 3 Review
Appendix to Chapter 9: The Perpetual Inventory System
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 10: Payroll Computations, Records, and Payment
Section 1 Payroll Laws and Taxes
Who Is an Employee?
Federal Employee Earnings and Withholding Laws
State and Local Taxes
Employer’s Payroll Taxes and Insurance Costs
Employee Records Required by Law
Section 1 Review
Section 2 Calculating Earnings and Taxes
Computing Total Earnings of Employees
Determining Pay for Hourly Employees
Determining Pay for Salaried Employees
Recording Payroll Information for Employees
Section 2 Review
Section 3 Recording Payroll Information
Recording Payroll
Paying Employees
Individual Earnings Records
Completing January Payrolls
Section 3 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 11: Payroll Taxes, Deposits, and Reports
Section 1 Social Security, Medicare, and Employee Income Tax
Payment of Payroll Taxes
Wage and Tax Statement, Form W-2
Annual Transmittal of Wage and Tax Statements, Form W-3
Section 1 Review
Section 2 Unemployment Tax and Workers’ Compensation
Unemployment Compensation Insurance Taxes
Internal Control over Payroll Operations
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 12: Accruals, Deferrals, and the Worksheet
Section 1 Calculating and Recording Adjustments
The Accrual Basis of Accounting
Using the Worksheet to Record Adjustments
Section 1 Review
Section 2 Completing the Worksheet
Preparing the Adjusted Trial Balance Section
Preparing Income Statement and Balance Sheet Sections
Calculating Net Income or Net Loss
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 13: Financial Statements and Closing Procedure
Section 1 Preparing the Financial Statements
The Classified Income Statement
The Statement of Owner’s Equity
The Classified Balance Sheet
Section 1 Review
Section 2 Completing the Accounting Cycle
Journalizing and Posting the Adjusting Entries
Journalizing and Posting the Closing Entries
Preparing a Postclosing Trial Balance
Interpreting the Financial Statements
Journalizing and Posting Reversing Entries
Review of the Accounting Cycle
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Mini-Practice Set 2: Merchandising Business Accounting Cycle
Chapter 14: Accounting Principles and Reporting Standards
Section 1 Generally Accepted Accounting Principles
The Need for Generally Accepted Accounting Principles
The Development of Generally Accepted Accounting Principles
Users and Uses of Financial Reports
Section 1 Review
Section 2 The IASB’s Conceptual Framework of Accounting
Qualitative Characteristics of Financial Reports
Underlying Assumptions
General Principles
Modifying Constraints
The Impact of Generally Accepted Accounting Principles
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 15: Accounts Receivable and Uncollectible Accounts
Section 1 The Allowance Method of Accounting for Uncollectible Accounts
Methods of Accounting for Uncollectible Accounts
Applying the Allowance Method
Section 1 Review
Section 2 Applying the Direct Charge-Off Method; Internal Control of Accounts Receivable
Recording Uncollectible Accounts When the Direct: Charge-Off Method Is Used
Collecting an Account Previously Written Off When the Direct: Charge-Off Method Is Used
Accounting for Other Receivables and Bad Debt Losses
Internal Control of Accounts Receivable
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 16: Notes Payable and Notes Receivable
Section 1 Accounting for Notes Payable
Negotiable Instruments
Notes Payable
Section 1 Review
Section 2 Accounting for Notes Receivable
Notes Receivable
Drafts and Acceptances
Internal Control of Notes Payable, Notes Receivable, and Drafts
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 17: Merchandise Inventory
Section 1 Inventory Costing Methods
Importance of Inventory Valuation
Assigning Costs to Inventory
Comparing Results of Inventory Costing Methods
LIFO Use Internationally
Section 1 Review
Section 2 Inventory Valuation and Control
Lower of Cost or Net Realizable Value Rule
Inventory Estimation Procedures
Internal Control of Inventories
New Technology in Inventory Control
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 18: Property, Plant, and Equipment
Section 1 Acquisition and Depreciation
Property, Plant, and Equipment Classifications
Acquisition of Property, Plant, and Equipment
Depreciation of Property, Plant, and Equipment
Federal Income Tax Requirements for “Cost Recovery”: (Depreciation) of Property, Plant, and Equipment
Section 1 Review
Section 2 Disposition of Assets
Method of Disposition
Section 2 Review
Section 3 Special Topics in Long-Term Assets
Depletion
Impairment of Property, Plant, and Equipment
Intangible Assets
Internal Control of Property, Plant, and Equipment
Section 3 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 19: Accounting for Partnerships
Section 1 Forming a Partnership
The Characteristics of a Partnership
Accounting for the Formation of a Partnership
Section 1 Review
Section 2 Allocating Income or Loss
Allocating Partnership Income or Loss
Partnership Financial Statements
Section 2 Review
Section 3 Partnership Changes
Changes in Partners
Section 3 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 20: Corporations: Formation and Capital Stock Transactions
Section 1 Forming a Corporation
Characteristics of a Corporation
Formation of a Corporation
Structure of a Corporation
Section 1 Review
Section 2 Types of Capital Stock
Capital Stock
Dividends on Stock
Section 2 Review
Section 3 Recording Capital Stock Transactions
Recording the Issuance of Stock
Subscriptions for Capital Stock
Special Corporation Records and Agents
Section 3 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 21: Corporate Earnings and Capital Transactions
Section 1 Accounting for Corporate Earnings
Corporate Income Tax
Completing the Corporate Worksheet
Adjusting and Closing Entries
The Corporate Income Statement
Section 1 Review
Section 2 Accounting for Retained Earnings
Retained Earnings
Section 2 Review
Section 3 Other Capital Transactions and Financial Statements
Other Capital Transactions
Financial Statements for a Corporation
Section 3 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 22: Long-Term Bonds
Section 1 Financing Through Bonds
Types of Bonds
Stock versus Bonds as a Financing Method
Section 1 Review
Section 2 Bond Issue and Interest
Bonds Issued at Face Value
Bonds Issued at a Premium
Bonds Issued at a Discount
Balance Sheet Presentation of Bond Premium and Discount
Accounting for Bond Issue Costs
Section 2 Review
Section 3 Bond Retirement
Accumulating Funds to Retire Bonds
Retirement of Bonds
Section 3 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Mini-Practice Set 3: Corporation Accounting Cycle
Chapter 23: Financial Statement Analysis
Section 1 Vertical Analysis
The Phases of Statement Analysis
Vertical Analysis of Financial Statements
Section 1 Review
Section 2 Horizontal Analysis
Horizontal Analysis of Financial Statements
Trend Analysis of Financial Statements
Comparison with Industry Averages
Section 2 Review
Section 3 Ratios
Profitability Ratios
Financial Strength Ratios
Liquidity Ratios
Summary of Ratios
Section 3 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Mini-Practice Set 4: Financial Analysis and Decision Making
Chapter 24: The Statement of Cash Flows
Section 1 Sources and Uses of Cash
The Importance of a Statement of Cash Flows
The Meaning of Cash
Sources and Uses of Cash
Section 1 Review
Section 2 Cash Flows from Operating Activities
Statement of Cash Flows
Cash Flows from Operating Activities
Section 2 Review
Section 3 Cash Flows from Investing and Financing Activities
Cash Flows from Investing Activities
Cash Flows from Financing Activities
Preparing a Statement of Cash Flows
Section 3 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 25: Departmentalized Profit and Cost Centers
Section 1 Profit and Cost Centers and Departmental Accounting
Managerial Accounting
Profit Centers and Cost Centers
Responsibility Accounting
Departmentalized Operations
Section 1 Review
Section 2 Departmental Income Statements
Preparing the Departmental Income Statement
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 26: Accounting for Manufacturing Activities
Section 1 Accounting for Manufacturing Costs
Cost of Goods Manufactured
Statement of Cost of Goods Manufactured
Income Statement for a Manufacturing Concern
Balance Sheet for a Manufacturing Concern
Section 1 Review
Section 2 Completing the Accounting Cycle
The Worksheet and Financial Statements
Completing the Accounting Cycle
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 27: Job Order Cost Accounting
Section 1 Cost Accounting
Types of Cost Accounting Systems
Cost Flows in a Job Order Cost System
Section 1 Review
Section 2 Job Order Cost Accounting System
A Job Order Cost Accounting System
Section 2 Review
Section 3 Accounting for Job Orders
The Job Order Cost Sheet
Summary of Cost Flow Through Inventory Accounts
Section 3 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 28: Process Cost Accounting
Section 1 Process Cost Accounting System
The Process Cost Accounting System
Section 1 Review
Section 2 Work in Process Inventory
The Beginning Work in Process Inventory
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 29: Controlling Manufacturing Costs: Standard Costs
Section 1 Cost Behavior and the Budget
Cost Behavior
Preparation of the Fixed Budget
Preparation of the Flexible Budget
Section 1 Review
Section 2 Standard Costs as a Control Tool
Developing Standard Costs
Using Standard Costs
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Chapter 30: Cost-Revenue Analysis for Decision Making
Section 1 The Decision Process
Exploring the Decision Process
Section 1 Review
Section 2 Cost-Revenue Analysis
Product Pricing in Special Situations
Purchasing New Equipment
Making or Buying a Part
Section 2 Review
Chapter Review and Applications
Chapter Summary
Learning Objectives
Glossary
Comprehensive Self Review
Discussion Questions
Exercises
Problems
Business Connections
Answers to Comprehensive Self Review
Appendix A: The Home Depot 2018 Financial Statements
Appendix B: Combined Journal
Glossary
Index
Sample General Ledger Accounts
Rules of Debit and Credit