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Financial Accounting

This text is designed to meet the scope and sequence requirements of an accounting course that covers the fundamentals of financial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields.

Accounting Business

Tác giả: OpenStax
Nhà xuất bản: LibreTexts
Nguồn: LibreTexts
Giấy phép: CC BY-NC-SA
Ngôn ngữ: EN
Danh mục: Kế toán - Kiểm toán

Đọc trực tuyến Tải PDF (nguồn mở)

Mục lục· 136 mục

01: Role of Accounting in Society
1.00: Introduction to the Role of Accounting in Society
1.01: Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
1.02: Identify Users of Accounting Information and How They Apply Information
1.03: Describe Typical Accounting Activities and the Role Accountants Play in Identifying Recording and Reporting Financial Activities
1.04: Explain Why Accounting Is Important to Business Stakeholders
1.05: Describe the Varied Career Paths Open to Individuals with an Accounting Education
1.06: Summary
1.07: Practice Questions
02: Introduction to Financial Statements
2.00: Prelude to Financial Statements
2.01: Describe the Income Statement Statement of Owners Equity Balance Sheet and Statement of Cash Flows and How They Interrelate
2.02: Define Explain and Provide Examples of Current and Noncurrent Assets Current and Noncurrent Liabilities Equity Revenues and Expenses
2.03: Prepare an Income Statement Statement of Owners Equity and Balance Sheet
2.04: Summary
2.05: Practice Questions
03: Analyzing and Recording Transactions
3.00: Prelude to Analyzing and Recording Transactions
3.01: Describe Principles Assumptions and Concepts of Accounting and Their Relationship to Financial Statements
3.02: Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
3.03: Define and Describe the Initial Steps in the Accounting Cycle
3.04: Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements
3.05: Use Journal Entries to Record Transactions and Post to T-Accounts
3.06: Prepare a Trial Balance
3.6.00: Summary
3.07: Practice Questions
05: Completing the Accounting Cycle
5.00: Prelude to Completing the Accounting Cycle
5.01: Describe and Prepare Closing Entries for a Business
5.02: Prepare a Post-Closing Trial Balance
5.03: Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance and Explain How These Measures Represent Liquidity
5.04: Appendix- Complete a Comprehensive Accounting Cycle for a Business
5.05: Summary
5.06: Practice Questions
06: Merchandising Transactions
6.00: Prelude to Merchandising Transactions
6.01: Compare and Contrast Merchandising versus Service Activities and Transactions
6.02: Compare and Contrast Perpetual versus Periodic Inventory Systems
6.03: Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System
6.04: Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System
6.05: Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
6.06: Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
6.07: Appendix- Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System
6.08: Summary
07: Accounting Information Systems
7.00: Prelude to Accounting Information Systems
7.01: Define and Describe the Components of an Accounting Information System
7.02: Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders
7.03: Analyze and Journalize Transactions Using Special Journals
7.04: Prepare a Subsidiary Ledger
7.05: Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
7.06: Summary
7.07: Practice Questions
08: Fraud Internal Controls and Cash
8.00: Prelude to Fraud Internal Controls and Cash
8.01: Analyze Fraud in the Accounting Workplace
8.02: Define and Explain Internal Controls and Their Purpose within an Organization
8.03: Describe Internal Controls within an Organization
8.04: Define the Purpose and Use of a Petty Cash Fund and Prepare Petty Cash Journal Entries
8.05: Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
8.06: Define the Purpose of a Bank Reconciliation and Prepare a Bank Reconciliation and Its Associated Journal Entries
8.07: Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
8.08: Summary
09: Accounting for Receivables
9.00: Prelude to Accounting for Receivables
9.01: Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions
9.02: Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
9.03: Determine the Efficiency of Receivables Management Using Financial Ratios
9.04: Discuss the Role of Accounting for Receivables in Earnings Management
9.05: Apply Revenue Recognition Principles to Long-Term Projects
9.06: Explain How Notes Receivable and Accounts Receivable Differ
9.07: Appendix- Comprehensive Example of Bad Debt Estimation
9.08: Summary
10: Inventory
10.00: Prelude to Inventory
10.01: Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
10.02: Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method
10.03: Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
10.04: Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet
10.05: Examine the Efficiency of Inventory Management Using Financial Ratios
10.06: Summary
10.07: Practice Questions
11: Long-Term Assets
11.00: Prelude to Long-Term Assets
11.01: Distinguish between Tangible and Intangible Assets
11.02: Analyze and Classify Capitalized Costs versus Expenses
11.03: Explain and Apply Depreciation Methods to Allocate Capitalized Costs
11.04: Describe Accounting for Intangible Assets and Record Related Transactions
11.05: Describe Some Special Issues in Accounting for Long-Term Assets
11.06: Summary
11.07: Practice Questions
12: Current Liabilities
12.00: Introduction
12.01: Identify and Describe Current Liabilities
12.02: Analyze Journalize and Report Current Liabilities
12.03: Define and Apply Accounting Treatment for Contingent Liabilities
12.04: Prepare Journal Entries to Record Short-Term Notes Payable
12.05: Record Transactions Incurred in Preparing Payroll
12.06: Summary
12.07: Practice Questions
13: Long-Term Liabilities
13.00: Prelude to Long-Term Liabilities
13.01: Explain the Pricing of Long-Term Liabilities
13.02: Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method
13.03: Prepare Journal Entries to Reflect the Life Cycle of Bonds
13.04: Appendix- Special Topics Related to Long-Term Liabilities
13.05: Summary
13.06: Practice Questions
14: Corporation Accounting
14.00: Prelude to Corporation Accounting
14.01: Explain the Process of Securing Equity Financing through the Issuance of Stock
14.02: Analyze and Record Transactions for the Issuance and Repurchase of Stock
14.03: Record Transactions and the Effects on Financial Statements for Cash Dividends Property Dividends Stock Dividends and Stock Splits
14.04: Compare and Contrast Owners Equity versus Retained Earnings
14.05: Discuss the Applicability of Earnings per Share as a Method to Measure Performance
14.06: Summary
14.07: Practice Questions
15: Partnership Accounting
15.00: Prelude to Partnership Accounting
15.01: Describe the Advantages and Disadvantages of Organizing as a Partnership
15.02: Describe How a Partnership Is Created Including the Associated Journal Entries
15.03: Compute and Allocate Partners Share of Income and Loss
15.04: Prepare Journal Entries to Record the Admission and Withdrawal of a Partner
15.05: Discuss and Record Entries for the Dissolution of a Partnership
15.06: Summary
15.07: Practice Questions
16: Statement of Cash Flows
16.00: Prelude to Statements of Cash Flows
16.01: Explain the Purpose of the Statement of Cash Flows
16.02: Differentiate between Operating Investing and Financing Activities
16.03: Prepare the Statement of Cash Flows Using the Indirect Method
16.04: Prepare the Completed Statement of Cash Flows Using the Indirect Method
16.05: Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
16.06: Appendix- Prepare a Completed Statement of Cash Flows Using the Direct Method
16.07: Summary
16.08: Practice Questions