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Accounting Principles 1989

Accounting Principles 1989

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1 The Nature and Purpose of Accounting
The Need for information: Operating Informai ion. Financial Accounting. Management Accounting. The Definition of Accounting. The Profession of Accounting. Our Apcn ad: n Accounting: Preconceptions about Accounting. Plan A the bc-T. The Financial Accounting Framework: Accounting’s Hisiuih A Antecedents. Accounting as a Lang Lug*., Tim Suture oj PrmmpA . Criteria. The S meet ‘Account! ,
2 basic Accounting Concepts: iir bint. She'A
Trm-c Conceits.  .un neri Concept. 2, The } Thp Baiane Sheet: An Overall
View. Account Categories Assets. Liobiiities. Owners' EqA. . Ratios. Balance Sheet Chengs: Original Capital Contribution.
Bank Loan. Purchase of Meichandise, baie of Merchandise,
3 Basic Accounting Concepts: The Income Statement 45
The Nature of Income, The Accounting Period Concept: Interim
Reports. Relation between Income and Owners’ Equity. Income Not the Same as Increase in Cash. The Conservatism Concept: Application to Revenue Recognition. The Realization Concept. The Matching Concept. Recognition of Expenses: Terminology. Criteria for Expense Recognition. Expenses and Expenditures. Dividends. Summary of Expense Measurement. Gains and Losses. The^Consistency Concept. The Materiality Concept. The Income Statement: Revenues. Cost of Sales. Gross Margin. Expenses. Net Income. Statement of Retained Earnings. Relation between Balance Sheet and Income Statement. Income Statement Percentages. Other Concepts of Income: Accrual versus Cash-Basis Accounting. Income Tax Accounting. Economic Income.
4 Accounting Records and Systems 75
Recordkeeping Fundamentals: The Account. Permanent Accounts and Temporary Accounts, The Ledger. The Chart of Accounts.
Debit and Credit. Transaction Analysis: Example: Campus Pizzeria,
Inc. Balancing Accounts. The Trial Balance. The Adjusting and Closing Process: Adjusting Entries. Closing Entries. Statement
Preparation. The Journal. Summary of the Accounting Process. Accounting Systems: Special Journals. Control Accounts and Subsidiary Ledgers. Imprest Funds. Internal Accounting Controls. Significant Recordkeeping Ideas. Computer-Based Accounting Systems: Relationship to Manual Accounting. Two Important Differences. Appendix: Additional Accounting Cycle Procedures.
5 Revenue and Monetary Assets 107
Timing of Revenue Recognition: Basic Recognition Criteria. Delivery Method. PeiLtntage-o] ' ompletion Method, F.oouriiou Method. Installment Method. Amount of Revenue Pe* ognizea: Lad Debts.
Sales Discounts. Credit Card Sales Sales JMnrn? nrd Allowances. Revenue Adjustment versus hxpense. Warranty ( * -r. Interest Revenue. Monetary Assets- Difference in Reporting notary and Nonmonetary Assets. Cash. Receivables. Marketeer Securities. Anal-V4ìs of Mniierrtrv Assert Current Ratio. Асп: ìAst Ratio. Days’
» ash > ■ r, - > cm re .
n Cost of '-ales and Inventories ' 133
T ypes of Comp „ .es' Supt :-s, h. , ng Com*. mies: Ла/М sincri Cost. T. e Basic Ме.азш^т.ш лЧосп.т.. Periodic Inventory TMA '
renter}' Accr’mrr Ma-ene.s Lse^ А -А.-.дч Manufactured,
Cost of Goods Sold. Product-Costing Systems. Product Costs and Period Costs. Service Companies inventory Costing Methods; Spn
cific Identification Method. Average Cost Method. First-In, First-Out Method. Last-In, First-Out Method. Comparison of Methods. Lower of Cost or Market. Analysis of Inventory: Inventory Turnover.
7 Long-Lived Assets and Their Amortization
Nature of Long-Lived Assets: Types of Long-Lived Assets. Plant and Equipment: Acquisition: Distinction between Asset and Expense.
Items Included in Cost. Acquisitions Recorded at Other than Cost. Basket Purchases. Plant and Equipment: Depreciation: Judgments Required. Service Life. Depreciation Methods. Choice of a Depreciation Method. Accounting for Depreciation: Change in Depreciation Rates. Partial Year Depreciation. Disclosure. Plant and Equipment: Disposal: Exchanges and Trade-Ins. Group Depreciation. Significance of Depreciation. Income Tax Considerations: Income Tax
Depreciation. Investment Tax Credit. Leased Assets: Capital
Leases. Natural Resources: Depletion. Accretion and Appreciation. Intangible Assets: Goodwill. Patents, Copyrights, Franchise Rights. Leasehold Improvements. Deferred Charges. Research and Development Costs.
8 Sources of Capitai: Debt
Nature of Liabilities: Contingencies. Liabilities as a Source of Funds. Debt Capital: Term Loans. Bonds. Accounting for Bonds: Recording a Bond Issue. Balance Sheet Presentation. Bond Interest Expense. Retirement of Bonds. Refunding a Bond Issue. Other Liabilities: Current Liabilities. Leases. Deferred Taxes. Appendix: Present Value.
9 Sources of Capital: Owners’ Equity
Forms of Business Organization: Single Proprietorship. Partnership. Corporation. Accounting TropNr tor’s tod Г-users’ Equity: Proprietorship Equity. Partnership Equity, ù'w nei ship in a Corporation: Preferred Stock. Common Stock. Treason Stock. Reserves. Rete', ned Earnings. Dividends. Wai 'ants arc bAct Options. Bale: . S rvw Presentation. Larnings Per Sr.erf : C >r;;ncr Stock Equivalents. Analysis ot Capital Structure: Debl/Equiu Haims. Times Interest
. Bond Rcur.gi. ri.jr, Lms Ore* and Equity: Zero-
Co m ' Bonds. r> ; - "N ' O ~ ''
fC ON . c - , г-П ‘ n < >' ‘c
Personnel rofits: Pension? Cnmpen rotori Absences income è axes Book-lo-Tu* Differences. De A • a Ta~.es, Non .pereiing Items: Ex trewrdinmv Hemr Пот"1 Сч^-y Pom, Gnome in Accounting, Y‘i 'p д j .-o *- иор-.ал’ \-r**, -I *~Teig~ ( • rrenry Accounting. Foreign Currency Transactions. Foreign Currency Translation. Net Income. Appendix: Accounting and Changing
1 ! The Statement of Cash Flows 265
The Concept of Flow Statements: Purpose of the Cash Flow State-
ment. ' Other Concepts of Funds. Sources and Uses of Cash. The Cash Flow Statement: Statement Categories. Investing Activities. Financing Activities. Noncash Transactions. Cash Flow from Operating Activities. Indirect Method Calculations. Summary of the Cash Flow Statement. Misconceptions about Depreciation: Cash Flow
Earnings. Preparation of the Cash Flow Statement: Cash Flow
Worksheet. Worksheet Entries. T Account Method. Statement Preparation. Summary of Preparation Procedures. Analysis of the Cash Flow Statement: Ratios. Cash Flow Projections.
12 Acquisitions and Consolidated Statements 297
Accounting for Investments: Cost Method. Equity Method. Consolidated Basis. Business Combinations: Purchase versus Pooling.
Accounting as a Pooling. Accounting as a Purchase. Impact on Balance Sheet. Impact on Earnings. Consolidated Statements: Basis for Consolidation. Consolidation Procedure. As set Valuation. Minority Interest.
13 Financial Statement Analysis
Business Objectives: Return on Investment. Sound Financial Position. Structure of the Analysis. Return on Investment. Investment Turnover and Profit Margin. Price/Earnings Ratio. Profitability Ratios: Profit Margin. Investment Utilization Ratios: Investment
Turnover. Capital Intensity. Working Capital Measures. Financial Condition Ratios: Liquidity and Solvency. Dividend Policy. Growth Measures. Making Comparisons: Difficulties. Possible Bases for
Comparison. Use of Comparisons.
14 Understanding Financial Statements
Additional Infcmadon in Annual Repots: Auditors’ Opinion
Nmvs i: Fmcm'i'J Medi .-rents. Segmen: P -oc* Un. Full Disclosure. Curnpo-av/t Stогетткь. St( u~ Am cm r.v^ •? Commission (SFCj Reports. w СгРа-гм and Очч> turn Gulfia. Concepts.
Acf oonAinc AЬтон"' -^s: 'П-гр^гк Income Toy
Prm ;pier latitude :r Method*" Ber’: A Choice C mtroversies over S' , J 7i-l• -t; r T cu- ' ? Inherent limito
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и a nee be Of ■ mo,..'
15 The Nature of Management Accounting
Management Accounting as One Type of Information: Information.
Management Accounting. Management Accountants. Contrast be
tween Management Accounting and Financial Reporting: Differences, Similarities. Source Disciplines. Types of Management
Accounting Information and Their Uses: Full Cost Accounting. Differential Accounting. Responsibility Accounting. Relation to Planning and Control. General Observations on Management Accounting: Different Numbers for Different Purposes. Accounting Numbers Are Approximations. Working with Incomplete Data. Accounting Evidence Is Only Partial Evidence. People, Not Numbers, Get Things Done.
16 The Behavior of Costs 377
Relation of Costs to Volume: Variable and Fixed Costs. Cost-Volume Diagrams, Relation to Unit Costs. Cost Assumptions. Estimating the Cost-Volume Relationship. Measures of Volume. The Profit-graph: Break-Even Volume. Operating Leverage. Contribution.
Cash versus Accrual Profitgraphs. Using the Profitgraph. Several Products. Other Influences on Costs.
Appendix: Learning Curves.
17 Full Costs and Their Uses 405
Cost Concepts: General Definition. Cost Object. Full Cost. Direct and Indirect Costs. Applicable Accounting Principles. Elements of Product Cost. Product Costing Systems: Account Flowchart. Nonmanufacturing Costs: Merchandising Companies. Service Organizations. Nonprofit Organizations. Uses of Full Cost: Financial
Reporting. Analysis of Profitability. What Did It Cost? Setting Regulated Prices. Normal Pricing.
18 Additional Aspects of Product Costing Systems 425
Job Order Costing and Process Costing: Production Processes. Averaging. Basic Types of System, fob Order Costing. Process Costing.
Choice of a System. Variations in Practice. Measurement of Direcl
Costs. Diteci Labor Cost Direct Materia Cost. Direct versus Variable Cosi. Allocation of Indirect Cc-4' Distinction between Direcl and Indirect Costs. Nature of AllocuLo.,. Cosi Centers. Cal-culc-ins C\ crhead u:::.*,*. P. vitewir/nec rp wrir jc Rates. Procedure for d ti,: '* ;• c f'^ "■ - * • w - '‘--'Tbed and Uw?rtte
• vsrfnnp f hjrir.KJtirf S rn n^nn. O t i ( fl t ' if I
]ti Standard t osts joint fasts, and Var.abie < osting System-. 453
Standard Costs* Standard Cost Account Flowchart Vuriu-
Г' in r r ' fid " J Пг 1 l'1, . ’’A'r ? Г r r " *; ; [Jsr ' of
i u, ! idol ь -_i< t iS, ji j t V - - T. . . ,* .,. - "edaci C '
ing By-Product Costing. Valid- y » r Fud v^sts: Judgment Calls. Tendencies toward Uniformity. Variable Costing Systems: Comparison of Absorption rmd Va ri able Costing. Why Use Full Costing? Cast
System Design Choices, Appendix A: Standard Costing Illustration, Appendix B: Absorption versus Variable Costing’s Impact on Income.
20 Production Cost Variances 483
Direct Material and Labor Variances: Direct Material Variances. Direct Labor Variances. Overhead Variances: Production Volume
Variance. Spending Variance. Calculation of Overhead Variances. Appendix A: Fixed Costs and the Overhead Volume Variance. Appendix B: Three-Part Overhead Variance Analysis.
21 Differential Accounting: Short-Run Decisions 501
The Differential Concept: Cost Constructions for Various Purposes.
Differential Costs and Revenues. Contrasts with Full Costs. Contribution Analysis: Types of Cost. Alternative Choice Problems: Objectives. Steps in the Analysis. Differential Costs: Mechanics of the Calculation. Other Terminology. Estimates of Future Costs. Sunk Costs. Importance of the Time Span. Example: Operating an Automobile. Types of Alternative Choice Problems: Problems Involving Costs. Problems Involving Both Revenues and Costs. Sensitivity Analysis. Some Practical Pointers. Appendix: Useful Decision
22 Longer-Run Decisions: Capital Budgeting 535
Nature of the Problem: General Approach. Return on Investment.
Estimating the Variables: Required Rate of Return. Economic Life.
Cash Inflows. Depreciation. Investment. Terminal Value. Nonmonetary Considerations. Summary of the Analytical Process.
Other Methods of Analysis : Internal Rate of Return Method. Payback Method. Unadjusted Return on Investment Method. Multiple Decision Criteria. e РтгНепе: Criteria for Preference Problems.
Comparison of Ргфитсе Rules, Nonprofit Organizations.
23 Responsibility Accounting: The Management Contro Environment 559
Management Control. The Environ meni. 7 nr Vmijre o1 Organize lions. Fulns, GuideJrs', and P" ruliu:: E' A” il Envi
ronmeni. EcsuonarTTr Centers Ir.r-ul: end OiTyeL Ecsì-.visibility A olii , FT , , of -oneibi 1
ity Centers: Revenue Centers. Expense Centers. -Profit Centers,
) <ansjn- ; rices iivestaiem n ntern • m r.rary //ensures
là Responsibility Accounting: The Management Control Process
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and Committed Costs. Behavioral Aspects or Management Control:
Behavior of Participants. Motivation. Incentives. Goal Congruence.
An Example: The Data Processing Department. Cooperation and
Conflict, Other Types of Control
25 Programming and Budgeting 599
Programming: Ongoing Programs. Proposed New Programs. Formal Programming Systems. Budgeting: Uses of the Budget. The Master Budget. The Operating Budget: Program Budgets and Responsibility Budgets. Project Budgets. Variable (Flexible) Budgets. Management by Objectives. Preparing the Operating Budget: Organization for
Budget Preparation. Budget Timetable. Setting Planning Guidelines. Preparing the Sales Budget. Initial Preparation of Other Budget Components. Negotiation. Coordination and Review. Final Approval and Distribution. Revisions, Variations in Practice. The Cash Budget. The Capital Expenditure Budget: Project Proposals. Authorization.
26 Analyzing and Reporting Performance 623
Overview of the Analytical Process: The Need for Variance Analysis.
Scope and Types of Variance. Marketing Variances: Expense Variances. Gross Margin Variance. Production Cost Variances: Correct Volume Measures. Other Variances. Complete Analysis: Marketing Variances. Production Cost Variances. Uses of Variances. Control Reports: Types of Management Reports. Contents of Control Reports.
Timing of Reports. Use of Control Reports. Steps in the Control Process. Appendix: Variances with Variable Costing. _
27 Management Accounting System Design 651
Types of Accounting Information: Full Cost Accounting. Differential Accounting. Responsibility Accounting. Relative Importance. Cost Categories. Designing the Management Accounting System: Ac-
counting Data Base. Level of Detail. Cost Accounting Systems.
Management Control Systems.
Table A. Present Value of $1 Received N Years Hence ' 602
Table B. Present Value of $1 Received Annually for N Years GC 3