About This Course.....xi
How to Take This Course.....xiii

The Objective of Accounting
Users of Accounting Information
The Profession of Accounting
Public Accounting
Private Accounting
Governmental Accounting
Organizations Concerned with the Development of Accounting
Principles
Forms of Business Organization
Kinds of Business Activities
Some Basic Concepts and Principles Underlying Financial Accounting and Financial Statements
Objectives
Basic Underlying Assumptions Of Financial Accounting
Generally Accepted Accounting Principles
An Overview of the Course
Summary
Review Questions

Some Definitions
Current Assets and Current Liabilities
Working Capital
Noncurrent Assets

Investments
Property, Plant, and Equipment
Intangible Assets
Other Assets
Long-term Liabilities
Owners' Equity
A Sample Balance Sheet
Current Ratio and Quick Ratio
The Condensed Balance Sheet
The Comparative Balance Sheet
Summary
Review Questions

The Purpose of the Income Statement
Revenues
Expenses
An Example of an Income Statement for a Service Enterprise
Operating as a Proprietorship
A Simplified Example of an Income Statement for a Merchandising Corporation
An Expanded Example of an Income Statement for a Merchandising Corporation
Extraordinary Gains and Losses
The Fiscal Year
Cash Basis and Accrual Basis
A Comparative Income Statement
Form of the Income Statement
The Statement of Retained Earnings
The Statement of Capital and Statement of Partners' Capital
Analyzing the Results of Operations

Return On Sales
Gross Margin Percent
Return On Total Assets
Summary
Review Questions

The Expanded Accounting Equation
Illustration of the Analysis of Transactions and the Resulting
Financial Statements
The Double-entry Record-keeping System
Accounts and the General Ledger
Debits and Credits
The General Journal and Recording Transactions in the Journal
Posting from the General journal to the General Ledger
Taking a Trial Balance
Summary
Review Questions

Adjusting Entries
The Worksheet
Financial Statements
Closing Entries
Post-closing Trial Balance
The Accounting Cycle
Summary
Review Questions

Kinds of Inventory
Inventory Cost Methods

FIFO LIFO Weighted Average Comparison Of the Three Methods
Lower of Cost or Market
Inventory Systems
Inventories in the Balance Sheet
Estimating Inventories

Gross Profit Method Retail Method
Inventory Ratios
Summary
Review Questions

The Nature of Plant Assets
Valuation
Depreciation
Depreciation Methods
Straight-line Depreciation
Accelerated Depreciation
Units-of-output Method
Comparison Of Depreciation Methods
Financial Statement Presentations
Disposal of Plant Assets

Retirement from Service
Sale
Exchange
Capital and Revenue Expenditures
Summary
Review Questions

The Nature of Bonds
Issuing Bonds
Bonds Sold at Face Amount
Bonds Sold at a Premium
Bonds Sold at a Discount
Bond Sinking Funds
Bond Redemption
The Nature of Stock
Accounting for Stock
Presentation of Stock on the Balance Sheet
Dividends
Cash Dividends
Property Dividends
Stock Dividends
Stock Splits
Summary
Review Questions

Statement of Cash Flows: Its Evolution
The Usefulness of the Statement of Cash Flows
The Nature of the Statement of Cash Flows
Significant Noncash Financing and Investing Activities
Statement of Cash Flows: Format Alternatives

The Direct Method
The Indirect Method
Free Cash Flow
Interpreting Financial Statements
Profitability
Liquidity
Leverage and Solvency
Market Tests Of the Value Of Common Stock
Additional Considerations
Summary
Review Questions

Glossary.....155
Bibliography.....163
The First Examination.....165
The Practice Case 175
The Practice Case Solution.....181
The Examination Case.....195
Selected Readings.....211
Index.....219

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