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Financial Accounting Paul D. Kimmel

Financial Accounting By Paul D. Kimmel

Financial Accounting by Paul D. Kimmel

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Financial Accounting Summary

Financial Accounting: Tools for Business Decision Making by Paul D. Kimmel

This text is an unbound, three hole punched version. Access to WileyPLUS sold separately. Starting with the big picture of financial statements first, Paul Kimmel's Financial, 8th Edition, shows students why financial accounting is important to their everyday lives, business majors, and future careers. This best-selling financial accounting program is known for a student-friendly writing style, visual pedagogy, the most relevant and easy to understand examples, and teaching the accounting cycle through the lens of one consistent story of Sierra Corp, an outdoor adventure company.

About Paul D. Kimmel

Paul D. Kimmel, PhD, CPA, received his bachelor's degree from the University of Minnesota and his doctorate in accounting from the University of Wisconsin. He is an Associate Professor at the University of Wisconsin -Milwaukee, and has public accounting experience with Deloitte & Touche (Minneapolis). He was the recipient of the UWM School of Business Advisory Council Teaching Award and the Reggie Taite Excellence in Teaching Award, and is a three-time winner of the Outstanding Teaching Assisting Award at the University of Wisconsin. He is also a recipient of the Elijah Watts Sells Award for Honorary Distinction for his results on the CPA exam. He is a member of the American Accounting Association and has published articles in Accounting Review, Accounting Horizons, Advances in Management Accounting, Managerial Finance, Issues in Accounting Education, Journal of Accounting Education, as well as other journals. His research interests include accounting for financial instruments and innovation in accounting education. He has published papers and given numerous talks on incorporating critical thinking into accounting education, and helped prepare a catalog of critical thinking resources for the Federated Schools of Accountancy. Jerry J. Weygandt, PhD, CPA, is Arthur Andersen Alumni Professor of Accounting at the University of Wisconsin-Madison. He holds a Ph.D. in accounting from the University of Illinois. Articles by Professor Weygandt have appeared in the Accounting Review, Journal of Accounting Research, Accounting Horizons, Journal of Accountancy, and other academic and professional journals. These articles have examined such financial reporting issues as accounting for price-level adjustments, pensions, convertible securities, stock option contracts, and interim reports. Professor Weygandt is author of other accounting and financial reporting books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Wisconsin Society of Certified Public Accountants. He has served on numerous committees of the American Accounting Association and as a member of the editorial board of the Accounting Review; he also has served as President and Secretary-Treasurer of the American Accounting Association. He is the recipient of the Wisconsin Institute of CPAs Outstanding Educator's Award and the Lifetime Achievement Award. In 2001 he received the American Accounting Association's Outstanding Accounting Educator Award. Donald E. Kieso, PhD, CPA, received his bachelor's degree from Aurora University and his doctorate in accounting from the University of Illinois. He is currently the KPMG Peat Marwick Emeritus Professor of Accounting at Northern Illinois University. He has public accounting experience with Price Waterhouse & Co. (San Francisco and Chicago) and Arthur Andersen & Co. (Chicago) and research experience with the Research Division of the American Institute of Certified Public Accountants (New York). He has done post doctorate work as a Visiting Scholar at the University of California at Berkeley and is a recipient of NIU's Teaching Excellence Award and four Golden Apple Teaching Awards. Professor Kieso is the author of other accounting and business books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Illinois CPA Society. He is currently serving on the Board of Trustees and Executive Committee of Aurora University, as a member of the Board of Directors of Castle BancGroup Inc., and as Treasurer and Director of Valley West Community Hospital.

Table of Contents

1 Introduction to Financial Statements 2 Knowing the Numbers 3 LO 1: Study the forms of business organization and the uses of accounting information 4 Forms of Business Organization 4 Users and Uses of Financial Information 5 Ethics in Financial Reporting 7 LO 2: Explain the three principal types of business activity 8 Financing Activities 9 Investing Activities 9 Operating Activities 9 LO 3: Describe the four financial statements and how they are prepared 11 Income Statement 11 Retained Earnings Statement 12 Balance Sheet 13 Statement of Cash Flows 14 Interrelationships of Statements 15 Other Elements of an Annual Report 18 A Look at IFRS 42 2 A Further Look at Financial Statements 46 Just Fooling Around? 45 LO 1: Identity the sections of a classified balance sheet 46 Current Assets 46 Long-Term Investments 48 Property, Plant, and Equipment 48 Intangible Assets 48 Current Liabilities 50 Long-Term Liabilities 50 Stockholders' Equity 50 LO 2: Use ratios to evaluate a company's profitability, liquidity, and solvency 51 Ratio Analysis 51 Using the Income Statement 52 Using a Classified Balance Sheet 53 Using the Statement of Cash Flows 57 LO 3: Discuss financial reporting concepts 58 The Standard-Setting Environment 58 Qualities of Useful Information 59 Assumptions in Financial Reporting 60 Principles in Financial Reporting 61 Cost Constraint 62 A Look at IFRS 87 3 The Accounting Information System 90 Accidents Happen 91 LO 1: Analyze the effect of business transactions on the basic accounting equation 92 Accounting Transactions 92 Analyzing Transactions 93 Summary of Transactions 99 LO 2: Explain how accounts, debits, and credits are used to record business transactions 100 Debits and Credits 101 Debit and Credit Procedures 101 Stockholders' Equity Relationships 104 Summary of Debit/Credit Rules 105 LO 3: Indicate how a journal is used in the recording process 106 The Recording Process 106 The Journal 106 LO 4: Explain how a ledger and posting help in the recording process 109 The Ledger 109 Chart of Accounts 109 Posting 110 The Recording Process Illustrated 111 Summary Illustration of Journalizing and Posting 117 LO 5: Prepare a trial balance 119 Limitations of a Trial Balance 119 A Look at IFRS 148 4 Accrual Accounting Concepts 46 Keeping Track of Groupons 151 LO 1: Explain the accrual basis of accounting and the reasons for adjusting entries 152 The Revenue Recognition Principle 152 The Expense Recognition Principle 152 Accrual versus Cash Basis of Accounting 153 The Need for Adjusting Entries 154 Types of Adjusting Entries 155 LO 2: Prepare adjusting entries for deferrals 156 Prepaid Expenses 156 Unearned Revenues 160 LO 3: Prepare adjusting entries for accruals 163 Accrued Revenues 163 Accrued Expenses 164 Summary of Basic Relationships 167 LO 4: Prepare an adjusted trial balance and closing entries 170 Preparing the Adjusted Trial Balance 170 Preparing Financial Statements 171 Quality of Earnings 172 Closing the Books 175 Summary of the Accounting Cycle 177 LO *5: Appendix 4A: Describe the purpose and the basic form of a worksheet 182 A Look at IFRS 212 5 Merchandising Operations and the Multiple-Step Income Statement 150 Buy Now, Vote Later 215 LO 1: Describe merchandising operations and inventory systems 216 Operating Cycles 216 Flow of Costs 217 LO 2: Record purchases under a perpetual inventory system 219 Freight Costs 221 Purchase Returns and Allowances 221 Purchase Discounts 222 Summary of Purchasing Transactions 223 LO 3: Record sales under a perpetual inventory system 224 Sales Returns and Allowances 225 Sales Discounts 226 LO 4: Prepare a multiple-step income statement and a comprehensive income statement 227 Single-Step Income Statement 227 Multiple-Step Income Statement 228 Comprehensive Income Statement 231 LO 5: Determine cost of goods sold under a periodic inventory system 233 LO 6: Compute and analyze gross profit rate and profit margin 234 Gross Profit Rate 234 Profit Margin 235 LO *7: Appendix 5A: Record purchases and sales of inventory under a periodic inventory system 239 Recording Merchandise Transactions 239 Recording Purchases of Merchandise 239 Freight Costs 240 Recording Sales of Merchandise 240 Comparison of Entries-Perpetual vs. Periodic 241 A Look at IFRS 264 6 Reporting and Analyzing Inventory 266 "Where Is That Spare Bulldozer Blade?" 267 LO 1: Discuss how to classify and determine inventory 268 Classifying Inventory 268 Determining Inventory Quantities 269 LO 2: Apply inventory cost flow methods and discuss their financial effects 271 Specific Identification 272 Cost Flow Assumptions 273 Financial Statement and Tax Effects of Cost Flow Methods 277 Using Inventory Cost Flow Methods Consistently 280 LO 3: Explain the statement presentation and analysis of inventory 281 Presentation 281 Lower-of-Cost-or-Market 281 Analysis 283 Analysts' Adjustments for LIFO Reserve 284 LO *4: Appendix 6A: Apply inventory cost flow methods to perpetual inventory records 287 First-In, First-Out (FIFO) 287 Last-In, First-Out (LIFO) 288 Average-Cost 289 LO *5: Appendix 6B: Indicate the effects of inventory errors on the financial statements 289 Income Statement Effects 289 Balance Sheet Effects 290 A Look at IFRS 314 7 Fraud, Internal Control, and Cash 316 Minding the Money in Madison 317 LO 1: Define fraud and the principles of internal control 318 Fraud 318 The Sarbanes-Oxley Act 318 Internal Control 319 Principles of Internal Control Activities 320 Limitations of Internal Control 326 LO 2: Apply internal control principles to cash 327 Cash Receipts Controls 328 Cash Disbursements Controls 330 LO 3: Apply the control features of a bank account 333 Electronic Funds Transfer (EFT) System 333 Bank Statements 333 Reconciling the Bank Account 334 LO 4: Explain the reporting of cash and the basic principles of cash management 340 Reporting Cash 340 Managing and Monitoring Cash 341 Cash Budgeting 344 LO *5: Appendix 7A: Explain the operation of a petty cash fund 347 Establishing the Petty Cash Fund 347 Making Payments from Petty Cash 347 Replenishing the Petty Cash Fund 348 A Look at IFRS 371 8 Reporting and Analyzing Receivables 374 What's Cooking? 375 LO 1: Explain how companies recognize accounts receivable 376 Types of Receivables 376 Recognizing Accounts Receivable 376 LO 2: Describe how companies value accounts receivable and record their disposition 378 Valuing Accounts Receivable 378 Disposing of Accounts Receivable 385 LO 3: Explain how companies recognize, value, and dispose of notes receivable 387 Determining the Maturity Date 388 Computing Interest 388 Recognizing Notes Receivable 388 Valuing Notes Receivable 389 Disposing of Notes Receivable 389 LO 4: Describe the statement presentation of receivables and the principles of receivables management 391 Financial Statement Presentation of Receivables 391 Managing Receivables 392 Evaluating Liquidity of Receivables 394 Accelerating Cash Receipts 396 A Look at IFRS 419 9 Reporting and Analyzing Long-Lived Assets 422 A Tale of Two Airlines 423 LO 1: Explain the accounting for plant asset expenditures 424 Determining the Cost of Plant Assets 424 Expenditures During Useful Life 427 To Buy or Lease? 428 LO 2: Apply depreciation methods to plant assets 429 Factors in Computing Depreciation 430 Depreciation Methods 430 Revising Periodic Depreciation 435 Impairments 436 LO 3: Explain how to account for the disposal of plant assets 437 Sale of Plant Assets 437 Retirement of Plant Assets 438 LO 4: Identity the basic issues related to reporting intangible assets 439 Accounting for Intangible Assets 440 Types of Intangible Assets 440 LO 5: Discuss how long-lived assets are reported and analyzed 443 Presentation 443 Analysis 444 LO *6: Appendix 9A: Compute periodic depreciation using the declining-balance method and the units-of-activity method 449 Declining-Balance Method 449 Units-of-Activity Method 450 A Look at IFRS 475 10 Reporting and Analyzing Liabilities 478 And Then There Were Two 479 LO 1: Explain how to account for current liabilities 480 What Is a Current Liability? 480 Notes Payable 480 Sales Taxes Payable 481 Unearned Revenues 481 Current Maturities of Long-Term Debt 482 Payroll and Payroll Taxes Payable 483 LO 2: Describe the major characteristics of bonds 485 Types of Bonds 486 Issuing Procedures 486 Determining the Market Price of Bonds 486 LO 3: Explain how to account for bond transactions 489 Issuing Bonds at Face Value 489 Discount or Premium on Bonds 489 Issuing Bonds at a Discount 490 Issuing Bonds at a Premium 492 Redeeming Bonds at Maturity 493 Redeeming Bonds before Maturity 493 LO 4: Discuss how liabilities are reported and analyzed 495 Presentation 495 Analysis 496 LO *5: Appendix 10A: Apply the straight-line method of amortizing bond discount and bond premium 502 Amortizing Bond Discount 502 Amortizing Bond Premium 503 LO *6: Appendix 10B: Apply the effective-interest method of amortizing bond discount and bond premium 504 Amortizing Bond Discount 505 Amortizing Bond Premium 506 LO *7: Appendix 10C: Describe the accounting for long-term notes payable 507 A Look at IFRS 534 11 Reporting and Analyzing Stockholders' Equity 536 Oh Well, I Guess I'll Get Rich 537 LO 1: Discuss the major characteristics of a corporation 538 Characteristics of a Corporation 538 Forming a Corporation 541 Stockholder Rights 541 Stock Issue Considerations 542 Corporate Capital 544 LO 2: Explain how to account for the issuance of common and preferred stock, and the purchase of treasury stock 545 Accounting for Common Stock 545 Accounting for Preferred Stock 546 Treasury Stock 547 LO 3: Explain how to account for cash dividends and describe the effect of stock dividends and stock splits 549 Cash Dividends 549 Dividend Preferences 552 Stock Dividends 553 Stock Splits 555 LO 4: Discuss how stockholders' equity is reported and analyzed 557 Retained Earnings 557 Retained Earnings Restrictions 558 Balance Sheet Presentation of Stockholders' Equity 558 Analysis of Stockholders' Equity 560 Debt versus Equity Decision 562 LO *5: Appendix 11A: Prepare entries for stock dividends 565 A Look at IFRS 587 12 Statement of Cash Flows 590 Got Cash? 591 LO 1: Discuss the usefulness and format of the statement of cash flows 592 Usefulness of the Statement of Cash Flows 592 Classification of Cash Flows 592 Significant Noncash Activities 593 Format of the Statement of Cash Flows 594 LO 2: Prepare a statement of cash flows using the indirect method 595 Indirect and Direct Methods 596 Indirect Method-Computer Services Company 596 Step 1: Operating Activities 598 Summary of Conversion to Net Cash Provided by Operating Activities-Indirect Method 601 Step 2: Investing and Financing Activities 603 Step 3: Net Change in Cash 604 LO 3: Use the statement of cash flows to evaluate a company 607 The Corporate Life Cycle 607 Free Cash Flow 609 LO *4: Appendix 12A: Prepare a statement of cash flows using the direct method 611 Step 1: Operating Activities 613 Step 2: Investing and Financing Activities 617 Step 3: Net Change in Cash 618 LO *5: Appendix 12B: Use the T-account approach to prepare a statement of cash flows 618 A Look at IFRS 643 13 Financial Analysis: The Big Picture 646 It Pays to Be Patient 647 LO 1: Apply the concept of sustainable income and quality of earnings 648 Sustainable Income 648 Quality of Earnings 652 LO 2: Apply horizontal analysis and vertical analysis 654 Horizontal Analysis 655 Vertical Analysis 657 LO 3: Analyze a company's performance using ratio analysis 660 Price-Earnings Ratio 660 Liquidity Ratios 660 Solvency Ratios 661 Profitability Ratios 661 LO *4: Appendix 13A: Evaluate a company comprehensively using ratio analysis 666 Liquidity Ratios 668 Solvency Ratios 670 Profitability Ratios 672 A Look at IFRS 699 A Specimen Financial Statements: Apple Inc. A-1 B Specimen Financial Statements: Columbia Sportswear Company B-1 C Specimen Financial Statements: VF Corporation C-1 D Specimen Financial Statements: Amazon.com, Inc. D-1 E Specimen Financial Statements: Wal-Mart Stores, Inc. E-1 F Specimen Financial Statements: Louis Vuitton F-1 G Time Value of Money G-1 LO 1: Compute interest and future values G-1 Nature of Interest G-1 Future Value of a Single Amount G-3 Future Value of an Annuity G-4 LO 2: Compute present values G-7 Present Value Variables G-7 Present Value of a Single Amount G-7 Present Value of an Annuity G-9 Time Periods and Discounting G-11 Present Value of a Long-Term Note or Bond G-11 LO 3: Use a financial calculator to solve time value of money problems G-13 Present Value of a Single Sum G-14 Present Value of an Annuity G-15 Useful Applications of the Financial Calculator G-15 H Reporting and Analyzing Investments H-1 LO 1: Explain how to account for debt investments H-1 Why Corporations Invest H-1 Accounting for Debt Investments H-3 LO 2: Explain how to account for stock investments H-4 Holdings of Less than 20% H-4 Holdings Between 20% and 50% H-5 Holdings of More than 50% H-6 LO 3: Discuss how debt and stock investments are reported in the financial statements H-7 Categories of Securities H-7 Balance Sheet Presentation H-10 Presentation of Realized and Unrealized Gain or Loss H-11 Statement of Cash Flows Presentation H-12 Company Index I-1 Subject Index I-5

Additional information

CIN1119491045VG
9781119491040
1119491045
Financial Accounting: Tools for Business Decision Making by Paul D. Kimmel
Paul D. Kimmel
Used - Very Good
Hardback
John Wiley & Sons Inc
2018-08-09
816
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us

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