The new edition — besides containing the PLUS features of the second edition, i. It will be equally useful for BBA and BCom students and those interested in the advanced study of the subject. Two new chapters, namely Human Resource Accounting and Innovative Concepts have been added as chapters 4 and 5, respectively in Section II of the book. A new Section V on Case Problems containing 17 cases in all, with detailed answers has been incorporated in the book.
The authors express their grateful thanks to them for their cooperation and value addition. We are confident that with all these changes, additions, adaptations and updating, the readers will find the revised and enlarged edition of the book all the more useful and rewarding for them. Overall, well written with excellent points made in the discussion. The "Key Takeaways" and the chapter tests were very good. The lack of a glossary and the need for a better index were the key distractors.
No index or glossary. The overall picture is presented well, but not enough emphasis on the basic mechanics of accounting The overall picture is presented well, but not enough emphasis on the basic mechanics of accounting that we need to give our two-year students.
In my present course, I do cover several topics,such as interst and compound interest, in more depth. The last eight chapters emphasis the financial statements, where I need to cover the basics of creating the financial statements in more depth.
Accounting information changes little from year to year. The examples given could be easily updated as needed. There was good discussion in some areas of what might be changing in the future. Parts are excellent, but some areas include too much discussion to get to the main points; I prefer a more factual presentation. Some of the questions used to introduce the new topic were very involved; my students would not understand the question or find it helpful.
I would need additional exercise material to allow the students more practice on the material presented. The authors were very consistent in their approach to the topics. Examples given were revlevant to the material presented. I can use their real world examples in my course. I would prefer more headings and have the headings linked to learning objectives and exercises.
This is something that all commercial texts include, and I find it helpful. The questions that start the topics should be easier to pick out. I really had a hard time finding my place in the text each time I returned to it. I did donwload the entire text, but I could not find the videos.
I did try the multiple choice questions, but each time I completed a question on the separate site, I had trouble returning and finding my place in the text. The figures presented in the text were somewhat fuzzy in my downloaded copy.
This is hard to measure when discussing corporations. The authors did include excellent international examples. I would not adopt this as a primary text for my courses, but it would make an excellent supplemental resource because of the excellelnt real-world examples. Two-year students that I teach need an higher emphasis on the basic accounting tools.
The videos may have helped, but I did not have access to them. Some of the questions used to introduce a new topic were very high-level and would not be helpful to my students.
I have trouble getting students to read the material in the text, and I'm afraid the longer discusssions used in this text would be even more discouraging to the students.
This text covers all of the usual topics in financial accounting, but with a broader business view surrounding the accounting procedures. Alternatives are addressed, such as perpetual and periodic inventory , and direct and indirect statement of cash flows. More advanced topics such as leases and deferred taxes are included in sufficient detail for this level textbook.
The basic principles and procedures of accounting are quite timeless, however IFRS is expected to continue impacting financial reporting and so portions of the text will need to be updated periodically. Global business is integrated by the inclusion of currency conversion and IFRS. The writing style is engaging and easy for the reader to follow. The socrative method is used, a question and answer format.
Lower-of-Cost-or-Market Method pg. Chapter Internal Control and Cash pg. Internal Control of Cash Receipts Transactions pg. Cash Received from Retail Cash Sales pg. Using Electronic Funds Transfer pg.
Primary Activities of Effective Cash Management pg. Chapter Accounting for Receivables pg. Percentage of Net Sales Method pg. Accounts Receivable Aging Method pg. Reporting Notes Receivable on the Balance Sheet pg. Analyzing and Managing Receivables pg. Accounting for Long-lived Assets Cost Determination pg.
Acquisition Cost of Long-Lived Assets pg. Allocation versus Valuation: Depreciation Accounting pg. Calculating Depreciation Expense pg. A Comparison of Alternative Depreciation Methods pg. Depreciation Method Estimate Changes pg. Measurement of Intangible Assets Cost Determination pg. Return on Assets and Asset Turnover pg.
Summary Of Learning Objectives pg. Chapter Accounting for Liabilities pg. Sales and Excise Taxes Payable pg. Advance Payments—Unearned Revenue pg. Long-Term Notes Term Loans pg. Examples of Contingent Liabilities pg. Summary of Accounting Treatment for Liabilities pg. Chapter Stockholders' Equity pg. Nature and Formation of a Corporation pg. Advantages of the Corporate Form of Organization pg. Disadvantages of the Corporate Form of Organization pg. Cash Dividends and Stock Dividends pg.
Dividend Yield and Dividend Payout Ratio pg. Chapter Statement of Cash Flows pg. Activity Classifications in the Statement of Cash Flows pg.
An Illustration of Activity Classification Usefulness pg. Noncash Investing and Financing Activities pg. Using the Statement of Cash Flows pg. Cash Flow from Operating Activities pg. Chapter Analysis and Interpretation of Financial Statements pg. Persistent Earnings and the Income Statement pg.
Changes in Accounting Principles pg. Financial Ratios for Common Stockholders pg. Limitations of Financial Statement Analysis pg. Summary of Financial Statement Ratios pg. Appendix A: Columbia Sportswear Company pg. Report of independent auditors pg. Investments in Debt Securities pg. Recognition of Interest Income pg.
Sale or Redemption at Maturity pg. Investments in Equity Securities pg. Recognition of Investment Income pg. Current and Noncurrent Classifications pg. Consolidated Financial Statements pg. Limitations of Consolidated Statements pg. Answers to Self-Study Questions pg. Errata Last Updated: Nov 28 Please note that the below pdf file contains further blocks.
The link to download each block is given in the pdf file. Also, the books of financial accounting provided here are not owned by us. Step 2. Open the Doc file after downloading it from the above link. In this file, you will find several blocks. After each block, there is a link to download the pdf file. B increase assets and stockholders' equity. C decrease assets and stockholders' equity. D increase liabilities and decrease stockholders' equity.
B an amount a business owes to a third party. C the bottom line on the income statement. D the total cash paid by a business during the year. F Under the continuity assumption, it is assumed that a business will continue to operate in the foreseeable future. The separate-entity assumption requires business transactions to be separate from the transactions of its owners. F Debits are always on the left and credits are always on the right.
Debits always increase asset accounts and credits always decrease assets. The opposite rule is true for liability and stockholders' equity accounts. The ending retained earnings will be put on the balance sheet as the value of retained earnings. Cash Basis vs. Accrual Accounting: - Cash basis accounting: Records revenue when cash is received and expenses when cash is paid.
Is in agreement with GAAP for the preparation of financial statements. Revenue is earned when title, risk, and rewards of ownership are transferred to the customer. The operating cycle is the time it takes for a company to purchase goods, pay for the goods, sell them to customers, and collect the cash from the customers.
The income statement provides investors with information about a company's investment activities. Accrual basis accounting recognizes revenues when cash is received from the customer. Every transaction which affects either revenue or an expense account also affects retained earnings on the balance sheet. Revenue accounts normally have debit balances because they represent assets received while expense accounts normally have credit balances because they represent assets used.
Which of the following is the correct journal entry to record this transaction? Which of the following is the correct order for preparing the financial statements? A Statement of retained earnings, balance sheet, income statement, and statement of cash flows. B Statement of cash flows, balance sheet, statement of retained earnings, and income statement.
C Balance sheet, statement of retained earnings, income statement, and statement of cash flows. D Income statement, statement of retained earnings, balance sheet, and statement of cash flows. Which of the following would cause retained earnings to decrease? A Sale of service on credit. B Gains on disposal of equipment. C Dividend declared by the board of directors.
D All of the above make retained earnings decrease. Which of the following is a peripheral transaction? Ignore taxes. F The income statement provides investors with information about operating activities.
F Accrual accounting recognizes revenue earned regardless of whether cash has come in or not. F Revenue accounts normally have credit balances because they represent earnings which increase stockholders' equity. Expense accounts usually have debit balances because they reduce stockholders' equity. Neither revenues nor expenses represent assets. When an adjustment decreases prepaid insurance and increases insurance expense for the portion expired, that is an example of a prepaid expense adjusting entry.
The earnings per share ratio are disclosed at the bottom of the statement of cash flows. Revenue and expense accounts are often called permanent real accounts because their balances are closed at the end of the accounting year. Depreciation expense is an estimated allocation of the cost of long-lived assets and is recorded in a contra asset, accumulated depreciation because it is only an estimated amount and not known with certainty.
Unearned rent revenue is an example of a liability account that will usually not be satisfied by payment of cash but rather by allowing the tenant to occupy the premises for which they have prepaid. Which of the following is TRUE about every adjusting entry? A They affect only income statement accounts.
B They affect a balance sheet account and an income statement account. C They affect only balance sheet accounts. D The affect only accounts with normal debit balances.
If the accountant forgets to adjust the Prepaid Expenses account, there will be: A an understatement of net income. B an overstatement of net income. C an overstatement of expense. D no under- or overstatement of net income. An accrued revenue would be shown on the balance sheet as: A a receivable. B a payable. C a prepaid revenue. D unearned revenue. A deferred expense would be shown on the balance sheet as: A a receivable. The accounting period ends on Wednesday, December Adjusting the salary and benefit expense for the last three days of the accounting period would: A increase a deferred expense.
B increase an accrued expense. C decrease a deferred expense. D decrease an accrued expense. Four adjusting entries must be made on this date to update the accounts. The following accounts, selected from Center Company's chart of accounts, are to be used for this purpose. They are coded on the left for easy reference. Cash I. Unearned rent B. Notes payable J.
Rent expense C. Interest receivable K. Wage expense D. Equipment L. Depreciation expense E. Accumulated depreciation M. Interest expense F. Notes payable N. Interest revenue G. Interest payable O.
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