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Financial & Managerial Accounting 16th Edition



Financial & Managerial Accounting 16th Edition

Author: Jan Williams and Susan Haka

Publisher: McGraw-Hill Education

Genres:

Publish Date: January 11, 2011

ISBN-10: 0078111048

Pages: 1264

File Type: PDF

Language: English

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Book Preface

Understanding and using accounting information is an important ingredient of any business undertaking. Terms such as sales revenue, net income, cost, expense, operating margin, and cash flow have clearly defined meanings and are commonly used in business-related communications. Although the precise meaning of these terms may be unfamiliar to you at this point, to become an active participant in the business world, you must gain a basic understanding of these and other accounting concepts. Our objective in this book is to provide those who both use and prepare accounting information with that basic understanding.

Information that is provided to external parties who have an interest in a company is sometimes referred to as financial accounting information. Information used internally by management and others is commonly referred to as managerial accounting information. Whereas these two types of information have different purposes and serve different audiences, they have certain attributes in common. For example, both financial and managerial accounting require the use of judgment and information prepared for either purpose should be subject to the company’s system of internal control. Financial accounting concepts are critical in order to understand the financial condition of a business enterprise. Determining a company’s net income by subtracting its expenses from its revenue is a particularly important part of financial reporting today. This may appear to be a simple process of keeping accounting records and preparing reports from those records, but a great deal of judgment is required. For example, when should the cost of acquiring a resource that is used for several years be recognized as an expense in the company’s financial statements? What information is particularly useful for management, but not appropriate for public distribution because of the potential competitive disadvantage that might result? These are among the many complex issues that business faces on a day-to-day basis and which have a critical impact on the company’s responsibility to its owners, creditors, the government, and society in general.

As we begin the study of accounting, keep in mind that business does not exist solely to earn a return for its investors and creditors that supply a company’s financial resources. Business also has a responsibility to operate in a socially responsible manner and to balance its desire for financial success within this broader social responsibility. We begin our development of these ideas in this chapter, and continue their emphasis throughout this text.

Brief Contents
1 ACCOUNTING: INFORMATION FOR DECISION MAKING 2
2 BASIC FINANCIAL STATEMENTS 36
3 THE ACCOUNTING CYCLE: CAPTURING ECONOMIC EVENTS 84
4 THE ACCOUNTING CYCLE: ACCRUALS AND DEFERRALS 138
5 THE ACCOUNTING CYCLE: REPORTING FINANCIAL RESULTS 190
COMPREHENSIVE PROBLEM 1: SUSQUEHANNA EQUIPMENT RENTALS 241
6 MERCHANDISING ACTIVITIES 244
7 FINANCIAL ASSETS 286
8 INVENTORIES AND THE COST OF GOODS SOLD 338
COMPREHENSIVE PROBLEM 2: GUITAR UNIVERSE, INC. 381
9 PLANT AND INTANGIBLE ASSETS 384
10 LIABILITIES 428
11 STOCKHOLDERS’ EQUITY: PAID-IN CAPITAL 482
COMPREHENSIVE PROBLEM 3: MCMINN RETAIL, INC. 519
12 INCOME AND CHANGES IN RETAINED EARNINGS 520
13 STATEMENT OF CASH FLOWS 562
14 FINANCIAL STATEMENT ANALYSIS 620
COMPREHENSIVE PROBLEM 4: HOME DEPOT, INC. 680
15 GLOBAL BUSINESS AND ACCOUNTING 682
16 MANAGEMENT ACCOUNTING: A BUSINESS PARTNER 720
17 JOB ORDER COST SYSTEMS AND OVERHEAD ALLOCATIONS 758
18 PROCESS COSTING 802
19 COSTING AND THE VALUE CHAIN 840
20 COST-VOLUME-PROFIT ANALYSIS 878
21 INCREMENTAL ANALYSIS 916
COMPREHENSIVE PROBLEM 5: THE GILSTER COMPANY 949
22 RESPONSIBILITY ACCOUNTING AND TRANSFER PRICING 952
23 OPERATIONAL BUDGETING 990
24 STANDARD COST SYSTEMS 1036
25 REWARDING BUSINESS PERFORMANCE 1076
COMPREHENSIVE PROBLEM 6: UTEASE CORPORATION 1112
26 CAPITAL BUDGETING 1114
APPENDIX A: HOME DEPOT 2009 FINANCIAL STATEMENTS A
APPENDIX B: THE TIME VALUE OF MONEY: FUTURE AMOUNTS AND PRESENT VALUES B
APPENDIX C: FORMS OF BUSINESS ORGANIZATION C
INDEX


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