Introduction to Accounting "An Integrated Approach"

por Ainsworth, Penne; Deines, Dan
Introduction to Accounting "An Integrated Approach"
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ISBN: 978-1-119-60010-7
Editorial: Wiley & Sons Ltd.
Fecha de la edición: 2019
Edición Nº: 8
idioma: Ingles
Nº Pág.: 736


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Resumen del libro

Reseña: The new, revised, and updated edition of the popular textbook for introductory accounting courses Accounting plays a central role in a multitude of areas, from everyday personal finance to global corporate operations. Introduction to Accounting helps students understand the concepts, principles, methods, and mechanisms of the field. Designed to benefit all students, regardless of major, this innovative textbook integrates life skills and business skills to provide an accessible, engaging introduction to accounting. Rather than separating financial accounting from managerial accounting, this textbook demonstrates how to plan and evaluate business activities from both external and internal reporting perspectives. Now in its eight edition, Introduction to Accounting enables students to understand both the nature and functions of business and the mechanics of the bookkeeping process. Three organizing themes'the accounting information system, business processes, and the balanced scorecard'help students learn why and how activities are planned and evaluated by different stakeholders. Based on extensive instructor feedback, as well as the authors six decades of combined teaching experience, this new edition has been thoroughly revised to enhance readability and highlight real-world examples. A complete array of pedagogical tools includes improved and expanded learning objectives, updated definitions, questions and problem sets, newcritical-thinking and ethical-challenge exercises, and more.Focuses on accounting as an information system used in each business processes to provide information to plan and evaluate activitiesStimulates interest in the field of accounting with relatable, reader-friendly narrativeEmploys various pedagogical devices to stimulate active and cooperative learning for studentsUses the example of Apple, Inc. throughout the text to illustrate central concepts and significant issuesIncludes extensive online support including test problems and essay exercises for every chapter of the text, PowerPoint slides and Excel templates, downloadable solution manuals, and links to professional resources Offering a wealth of instructor resources, Introduction to Accounting, 8th Edition is ideally suited for introductory accounting courses in both high school and university-level settings.
indice: About the Authors Prologue Part One Introduction: Business Operating Activities Chapter 1 Accounting and Business Accounting: Who Needs It? Business Today Customer-Focused Operations Global Markets Manufacturing and Communication Advances E-Business Business and Accounting: Together Forever Ancient Babylonia Commerce in Old Italy Pacioli and the Method of Venice Advent of the Corporation The Stock Market Crash of 1929 Return to the Present Generally Accepted Accounting Principles Statements of Financial Accounting Concepts International Accounting Standards Financial Statements Income Statement Statement of Owners (Shareholders) Equity Statement of Cash Flows Balance Sheet (Statement of Financial Position) Comprehensive Inome Report of the Independent Accountant (Auditor) Relationship of the Financial Statements Current Ratio Return on Sales Ratio Debt-to-Equity Ratio Codification of GAAP Summary Key Terms Chapter 2 Business Processes and Accounting Information Management Cycle Planning Phase Performing Phase Evaluating Phase Business Processes Business Organization and Strategy Process Operating Processes Capital Resources Process Performance Measurement and Management Process Balanced Scorecard Approach Financial Perspective Internal Perspective Customer Perspective Learning and Growth Perspective Internal Control Control Environment Risk Assessment Control Activities Information and Communication Monitoring Applying Internal Control to Protect Cash Cash Receipts Cash Disbursements Bank Reconciliation Bank Statement Bank Reconciliation Process Summary Key Terms Chapter 3 Operating Processes: Planning and Control Revenue Process Generate Sales Receive and Accept Orders Deliver Goods and/or Services Receive Payment from Customers Provide Customer Support Expenditure Process Determine the Companys Need for Goods Select Suppliers and Order Goods Receive Goods Pay Suppliers Conversion Process Schedule Production Obtain Direct Materials Use Labor and Other Manufacturing Resources to Make Products Store Finished Goods Until Sold Cost and Revenue Behavior Behavior Patterns Relevant Range Activity Measures Fixed Costs and Revenues Variable Costs and Revenues Mixed Costs and Revenues Cost/Revenue Estimation Methods High/Low Method Summary Appendix: Linear Regression Analysis Key Terms Part Two Planning: Operating Activities Chapter 4 Short-Term Decision Making Short-Term Decisions Cost-Volume-Profit Analysis Determining the Breakeven Point Determining the Target Profit Level Determining the Target Profit Level After Taxes Sensitivity Analysis Change in Selling Price Change in Variable Cost Change in Fixed Cost Change in Tax Rate Relevant Variable Analysis Sunk Costs Are Never Relevant Opportunity Costs Are Always Relevant Incremental Costs and Revenues May Be Relevant Identify the Alternative Actions Determine the Relevant Revenues, Costs, and Profit Choose the Best Alternative Special Order (Accept-or-Reject) Decision Outsourcing (Make-or-Buy) Decision Product Mix (Keep-or-Drop) Decision Another (More Difficult) Example Summary Key Terms Chapter 5 Strategic Planning Regarding Operating Processes Revenue Process: Determining the Selling Price Customers: Customer Perspective Competitors: Learning and Growth Perspective Legal and Social Forces: Learning and Growth Perspective Cost: Internal Process Perspective Pricing Strategies Penetration Pricing Skimming Pricing Life-Cycle Pricing Target Pricing Conversion Process: Determining the Inventory Model Reasons to Maintain Inventory Reasons to Not Maintain Inventory Balancing Ordering and Carrying Costs Inventory Models Comparison of Inventory Models Expenditure Process: Determining the Employee Compensation Package Paid Compensation Health and Life Insurance Paid Leave Contingent Compensation: Bonuses Summary Key Terms Chapter 6 Planning, the Balanced Scorecard, and Budgeting Budgeting and Goal Setting Planning Communication and Coordination Resource Allocation Evaluation and Control Time and Resource Requirements Adaptability of Departments and Segments Motivation and Behavior of Individuals Mandated versus Participatory Budgeting Mandated Budgeting Participatory Budgeting Incremental Budgeting versus Zero-Based Budgeting Incremental Budgeting Zero-Based Budgeting Master Budget Revenue Process Planning Balanced Scorecard Goals Sales Budget Cash Receipts Schedule Accounts Receivable Schedule Marketing and Distribution Budget Conversion Process Planning Balanced Scorecard Goals Production Budget Expenditure Process Planning Balanced Scorecard Goals Budgeting for Human Resources Administrative Budget Cash Disbursements Schedule Accounts Payable Schedule Summary Appendix: Conversion Process Planning Balanced Scorecard Goals Production Budget Direct Labor and Manufacturing Overhead Budget Direct Materials Purchases Budget Key Terms Part Three Recording and Evaluating: Operating Activities Chapter 7 Accounting Information Systems Manual Accounting Systems Accounting Events Chart of Accounts Journalizing Posting Adjusting Entries Closing Entries Comprehensive Example Computer-Based Transaction Systems Database Systems Summary Key Terms Chapter 8 Purchasing/Human Resources/Payment Process: Recording and Evaluating Expenditure Process Activities Expenditure Process Special Journals and Subsidiary Ledgers Special Journals Subsidiary Ledgers Inventory Perpetual versus Periodic Inventory Systems Gross versus Net Price Methods Purchasing Inventory Reporting Inventory Purchase and Payment Events Human Resources Withholdings from Employees Employer Taxes Accounting Events in the Payroll Process Reporting Human Resource Events Other Expenditure Process Activities Cash Outflow before Expense (Assets Created) Expense before Cash Outflow (Liabilities Incurred) Expense Concurrent with Payment Reporting Other Expenditure Process Activities Financial Statements and the Expenditure Process Estimating Cash Paid for Inventory Estimating Cash Paid for Operating Expenses Internal Evaluation of Expenditure Process Events Summary Key Terms Chapter 9 Recording and Evaluating Conversion Process Activities Manufacturing Inventories Recording Raw Material Activities Recording Labor Activities Recording Manufacturing Overhead Events Actual Manufacturing Overhead Applied Manufacturing Overhead Overhead Application Process Using ABC Over- and Underapplied Manufacturing Overhead Recording Finished Goods Reporting Conversion Process Events Internal Evaluation of Conversion Process Events Direct Labor Variance Analysis Direct Materials Variances Summary Key Terms Chapter 10 Marketing/Sales/Collection/Customer Support Process: Recording and Evaluating Revenue Process Activities Revenue Recognition Revenue Recognized When Cash Collected Revenue Recognized before Cash Collected (Asset Created) Revenue Recognized after Cash Received (Liability Incurred) Sales Returns and Allowances Sales Discounts Cost of Goods Sold Specific Identification Method First-In, First-Out (FIFO) Method Last-In, First-Out (LIFO) Method Periodic Inventory System and Cost Flow Assumptions FIFO, LIFO, and GAPP External Reporting Estimating Uncollectible Credit Sales Proper Income Measurement Proper Asset Valuation Recording Estimated Uncollectible Accounts Recording Actual Uncollectible Accounts Reporting Revenue Process Events Estimating Cash Receipts from Customers Internal Evaluation of Revenue Process Events Revenue Variances Summary Key Terms Part Four Introduction: Capital Resource Process Activities Chapter 11 Time Value of Money Return Time Considerations Initial Investment Considerations Rate of Return Expected Rate of Return Risk Attitudes toward Risk Types of Risk Risk/Return Relationship Risk Premiums Risk/Return and Investors Money Time Value of Money Simple and Compound Interest Future Value of the Amount of $1 Present Value of the Amount of $1 Annuities Future Value of an Annuity Present Value of an Annuity How to know which tools to use Step 1. Determine Whether the Problem Is an Annuity Step 2. Determine Whether the Problem Is Present or Future Value Step 3. Identify the Missing Element Step 4. Solve for the Missing Element More Time Value of Money Problems Summary Key Terms Appendix: Time Value of Money Tables Part Five Planning: Capital Resource Process Activities Chapter 12 Planning Investments: Capital Budgeting The Capital Budgeting Process Identifying Long-Term Investment Opportunities Tie to Business Organization and Strategy Process Selecting Appropriate Investments Net Present Value Analysis Assumptions of NPV Source of Cash Flows Uneven Cash Flows Income Taxes Tax Shield Gains and Losses on Disposal of Assets Comprehensive Example Payback Method Other Issues Human Judgment Uncertainty Qualitative/Ethical Factors Capital Expenditures and Budgeting Summary Key Terms Chapter 13 Planning Equity Financing Tie to Business Organization and Strategy Process Debt versus Equity Financing Risk of Debt Financing Debt-to-Equity Ratio Times Interest Earned Ratio Reward of Debt Financing Return on Owners Equity Ratio Reward of Equity Financing Risk of Equity Financing Equity Financing Sole Proprietorships and Partnerships Corporations Planning for Partnership Equity Partnership Income Allocations Other Changes in Capital Planning Corporate Equity Common Stock Preferred Stock Return on Common Equity Stock Shares Stock Values Dividends Dividend Dates Stock Splits Corporate Equity Planning and Budgeting Summary Key Terms Chapter 14 Planning Debt Financing Debt Financing Long-Term Debt Instruments Periodic Payment (Installment) Note Lump-Sum Payment (Noninterest-Bearing) Note Periodic Payment and Lump-Sum Note Comparison of the Three Types of Notes Sources of Debt Financing Nonpublic Funding Collateral Leases Public Funding: Bonds Comprehensive Example: Chapters 12 through 14 Summary Key Terms Part Six Recording and Evaluating Capital Resource Processes Chapter 15 Recording and Evaluating Capital Resource Process Activities: Financing Review of Transaction-Based Accounting Systems Equity Financing Activities Contributions by Owners (Shareholders) Corporate Earnings Corporate Distributions Financial Statements and Owners Equity Activities Debt Financing Activities Installment Notes Payable Noninterest-Bearing Notes Payable Bonds Payable: Market Rate Greater Than the Face Rate Bonds Payable: Market Rate Less Than the Face Rate Bonds Payable: Market Rate Equal to the Face Rate Accounting for Leases Financial Statements and Financing Activities Internal Evaluation of Financing Activities Summary Key Terms Chapter 16 Recording and Evaluating Capital Resource Process Activities: Investing Plant Assets Acquisition of PPE Use of PPE Depreciation Other PPE Usage Issues Disposal of PPE Discard PPE Sell PPE Exchange PPE Exchanges When No Gains and Losses Are Recorded Natural Resources Intangible Assets Nonoperational Investments Internal Evaluation of Investment Activities Summary Key Terms Part Seven Evaluating: Operating and Capital Resource Processes Chapter 17 Company Performance: Profitability Purpose of the Income Statement GAAP and Comprehensive Income What Are Earnings? Earnings per Share Calculating Earnings per Share Calculating Diluted Earnings per Share Other Earnings per Share Disclosures Other Required Income Statement Disclosures Reporting Issues Concerning the Income Statement Historical Cost and Conservatism Cost Allocations Full-Absorption Costing Internal Profitability Reporting Variable and Throughput Costing Methods Product Line (Divisional) Income Reports Return on Investment for the Division Du Pont Method of Return on Investment Summary Key Terms Chapter 18 Company Performance: Owners Equity and Financial Position Statement of Comprehensive Income Statement of Shareholders Equity Retained Earnings Other Disclosures Statement of Financial Position (Balance Sheet) What Is Financial Position? Why is the Distinction between Current and Noncurrent Items Important? Balance Sheet Classifications Assets Liabilities and Shareholders (Owners) Equity Internal Financial Position Reporting Summary Key Terms Chapter 19 Company Performance: Cash Flows GAAP and the Statement of Cash Flows Purpose of the Statement of Cash Flows Sections of the Statement of Cash Flows Operating Activities: Cash Flows Brief Comparison of the Direct and Indirect Methods Calculation of Operating Cash Flows: Direct Method Calculation of Operating Cash Flows: Indirect Method Comparison of Direct and Indirect Methods Apples Operating Cash Flows Investing Activities: Cash Flows Calculating Investing Cash Flows Investing Cash Flows of Apple Financing Activities: Cash Flows Calculating Financing Cash Flows Financing Cash Flows of Apple Net Change in Cash Other Investing and Financing Activities Internal Evaluation of Cash Flows Summary Key Terms Chapter 20 Company Performance: Comprehensive Evaluation External Stakeholders Creditors and Investors Society Trading in Capital Markets Information in Capital Markets Issues to Consider Role of Independent Auditor Annual Report Analysis Studying the Financial Statements Industry Analysis Statement Analyses Vertical Analysis Horizontal Analysis Ratio Analysis Other Information Managements Letter to Shareholders Segment and Quarterly Data Auditors Report Summary Key Terms Appendix Apples 2017 Financial Statements and Accompanying Notes Index