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Brief Contents
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Contents
Acknowledgments
Preface xiii
xi
chapter 1
Introduction to Accounting
1.1 Entity Concepts 3
1.2 The Language of Business
Disciplines of Accounting 4
Financial Accounting 5
Sources of Capital 9
Comprehensive Illustration 11
Statement of Cash Flows: A Fourth Financial Statement 13
14
Concept Check 16
Key Terms 17
Critical Thinking Questions 18
Exercises 19
Problems 22
chapter 2
The Accounting System
2.1 System Design
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28
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CONTENTS
29
33
45
Concept Check 46
Key Terms 47
Critical Thinking Questions 47
Exercises 48
Problems 49
chapter 3
Income Measurement and
the Accounting Cycle 53
3.1 An Emphasis on Transactions and Events
3.2 The Periodicity Assumption 55
3.3 Revenue Recognition 56
3.4 Expense Recognition 57
3.5 Adjusting Entries 58
54
68
A Comprehensive Example 69
The Adjusted Trial Balance 70
Financial Statement Preparation 71
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CONTENTS
72
79
Concept Check 80
Key Terms 81
Critical Thinking Questions 83
Exercises 83
Problems 86
chapter 4
Cash, Receivables, and Controls
4.1 Concepts of Cash
89
90
98
chapter 5
Inventory
111
113
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CONTENTS
126
127
chapter 6
Plant Assets
135
137
139
143
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CONTENTS
chapter 7
Current Liabilities
155
156
Accruals 158
Prepayments, Deposits, and Collections for Others 159
Estimated Liabilities 159
Contingencies 160
Balance Sheet Presentation 161
Being a Better Borrower 161
163
chapter 8
Corporate and Partnership Equity
175
182
187
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CONTENTS
193
chapter 9
Analysis
197
Glossary 225
Concept Check Answer Key
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Acknowledgments
The publisher would like to thank all the manuscript reviewers for their feedback. They
include Wendy Achilles, Ashford University; Brent Beyer, Ashford University; William Blix,
Ashford University; Margaret Diaz-Fugetta, Nicholls State University; Kenneth Edwards,
Lincoln University; Laura Lopez, Ashford University; Ronald Pearson, Bay College; and
Jess Stern, Ashford University. We would especially like to thank Gregory Gousak of Ashford University for his valuable assistance.
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Preface
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