Holdings: Accounting principles

Accounting principles:

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Bibliographic Details
Main Authors:	Smith, Jack L. (Author), Keith, Robert M. (Author), Stephens, William L. (Author)
Format:	Book
Language:	English
Published:	New York u.a. McGraw-Hill 1993
Edition:	4. ed.
Subjects:	Accounting Rechnungswesen
Online Access:	Inhaltsverzeichnis
Physical Description:	XXX, 1314, 12 S. Ill., graph. Darst.
ISBN:	0071128239 0070591830

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adam_text	Contents in Brief Preface xxiii Part One THE ENVIRONMENT AND STRUCTURE OF ACCOUNTING 1 INTRODUCTION The Accounting Environment 2 CHAPTER 1 Basic Concepts and the Accounting Model 24 Part Two THE ACCOUNTING INFORMATION SYSTEM 61 CHAPTER 2 Analyzing and Recording Business Transactions 62 CHAPTER 3 The Adjusting Process 112 CHAPTER 4 Preparing Worksheets, Closing Entries, and Reversing Entries 162 CHAPTER 5 Accounting for Merchandise 218 CHAPTER 6 Internal Control and Accounting Systems Design 262 Part Three ACCOUNTING FOR ASSETS AND CURRENT LIABILITIES 307 CHAPTER 7 Cash 308 CHAPTER 8 Receivables 350 CHAPTER 9 Merchandise Inventory 390 CHAPTER 10 Property, Plant, and Equipment, and Intangible Assets 440 CHAPTER 11 Payroll and Other Current Liabilities 490 CHAPTER 12 Generally Accepted Accounting Principles and International Accounting 528 Part Four ACCOUNTING FOR PARTNERSHIPS AND CORPORATIONS 565 CHAPTER 13 Partnerships 566 CHAPTER 14 Corporations: Formation and Operations 618 CHAPTER 15 Corporations: Retained Earnings and Corporate Income 662 CHAPTER 16 Corporations: Long Term Liabilities 712 CHAPTER 17 Corporations: Investments and Consolidations 750 Part Five USING FINANCIAL STATEMENTS 795 CHAPTER 18 The Statement of Cash Flows 796 CHAPTER 19 Financial Statement Analysis 869 FINANCIAL STATEMENTS: PepsiCo, Inc. 915 Part Six MANAGEMENT ACCOUNTING: ITS STRUCTURE AND ENVIRONMENT 933 CHAPTER 20 Introduction to Management Accounting and Cost Accounting Systems 934 CHAPTER 21 Job Order Costing 976 CHAPTER 22 Process Costing 1018 CHAPTER 23 The Contribution Approach to Cost Volume Prof it Analysis 1064 CHAPTER 24 The Master Budget 1112 CHAPTER 25 Controlling Costs with Flexible Budgets, Standard Costs, and Variances 1158 CHAPTER 26 Evaluating the Performance of Cost Centers, Profit Centers, and Investment Centers 1208 CHAPTER 27 Relevant Information for Planning Short Run and Long Run Decisions 1246 Appendix A: Income Taxes 1295 Appendix B: The Periodic Method of Accounting for Manufacturing Costs 1302 Index 1 1 Conteni Preface xxiii THE ENVIRONMENT AND STRUCTURE OF ACCOUNTING 1 INTRODUCTION The Accounting Environment 2 Learning Objectives 3 Chapter Outline 3 Relying on Financial Reports 4 Users of Accounting Information 5 Business Entities and User Groups 5 Types of Financial Reports 6 Preparers of Accounting Information 7 Management 7 Certified Public Accountants 7 Accounting Activities and Careers 8 Private Accounting Careers in Business 8 Accounting Careers in Not for Profit Entities 11 Careers in Public Accounting 11 Types of Business Entities 12 Proprietorship 12 Partnership 13 Corporation 13 Generally Accepted Accounting Principles 14 Why Users Need GAAP 14 Major Developers of GAAP 15 Business Ethics 17 Summary 18 Key Terms 19 Review Questions 21 Questions for Further Thought 21 Objective Assignment 21 Ethics Case 23 Objective Assignment Answers 23 ts CHAPTER 1 Basic Concepts and the Accounting Model 24 Learning Objectives 25 Chapter Outline 25 The Principal Financial Statements 26 The Income Statement 26 The Statement of Owner s Equity 28 The Balance Sheet 28 The Statement of Cash Flows 30 Five Basic Generally Accepted Accounting Principles . 31 The Cost Principle 31 The Objectivity Principle 32 The Business Entity Concept 32 The Going Concern Concept 32 The Stable Dollar Concept 33 The Basic Accounting Model 33 Effects of Financial Transactions on the Accounting Model 35 Preparing the Financial Statements from the Transaction Worksheet 41 The Income Statement 42 The Statement of Owner s Equity 43 The Balance Sheet 43 Demonstration Problem 44 Chapter Summary 45 Key Terms 46 Review Questions 48 Questions for Further Thought 48 Objective Assignment 50 Exercises 52 Problems: Set A 55 Problems: Set B 55 Decision Problem 58 Ethics Case 59 Objective Assignment Answers 60 Xii CONTENTS THE ACCOUNTING INFORMATION SYSTEM 61 CHAPTER 2 Analyzing and Recording Business Transactions 62 Learning Objectives 63 Chapter Outline 63 The Account 64 The General Ledger 65 How Accounts Are Classified in the General Ledger 65 The Chart of Accounts 66 Debit and Credit 67 Revenues and Expenses 70 Normal Balances 71 Recording Transactions: An Illustration 72 Standard Ledger Account Format 78 The Journal 78 Journalizing 79 Posting 80 The Trial Balance 82 Errors 84 Common Types of Errors 84 Finding Errors 85 Some Minor Procedural Points 86 Review of the Steps in the Accounting Process 86 Demonstration Problem 87 Chapter Summary 91 Key Terms 92 Review Questions 93 Questions for Further Thought 94 Objective Assignment 94 Exercises 96 Problems: Set A 99 Problems: Set B 105 Decision Problem 110 Ethics Case 110 Objective Assignment Answers 111 CHAPTER 3 The Adjusting Process 112 Learning Objectives 113 Chapter Outline 113 Cash versus Accrual Accounting 116 Types of Adjusting Entries 118 Deferrals 118 Accruals 123 The Adjusted Trial Balance 127 The Accounting Process Reviewed 129 The Form and Content of Classified Financial Statements 130 Classifying the Balance Sheet 131 Classifying the Income Statement 134 Demonstration Problem 136 Chapter Summary 141 Key Terms 143 Review Questions 144 Questions for Further Thought 145 Objective Assignment 145 Exercises 146 Problems: Set A 147 Problems: Set B 153 Comprehensive Problems 157 Decision Problem 158 Ethics Case 160 Objective Assignment Answers 160 CHAPTER 4 Preparing Worksheets, Closing Entries, and Reversing Entries 162 Learning Objectives 163 Chapter Outline 163 The Worksheet 164 Unadjusted Trial Balance Columns 165 Adjustments Columns 166 Adjusted Trial Balance Columns 168 Income Statement and Balance Sheet Columns 169 Preparing the Financial Statements 172 Interim Financial Statements 172 The Closing Process 175 Closing the Expense Accounts 177 Closing the Revenue Accounts 178 Closing the Income Summary Account 179 Closing the Withdrawals Account 179 Journalizing the Adjusting and Closing Entries 180 The Post Closing Trial Balance 182 Reversing Entries 184 The Accounting Process Reviewed 188 Demonstration Problem 190 Chapter Summary 193 APPENDIX: The Effect of Accounting Policy on Adjusting Entries 193 Recording a Deferral as an Asset or as an Expense 194 Recording a Deferral as a liability or as a Revenue 195 Reversal of Adjusting Entries: Deferrals 196 Reversal of Adjusting Entries: Accruals 198 Key Terms 198 Review Questions 199 Questions for Further Thought 200 Objective Assignment 200 Exercises 202 Problems: Set A 206 Problems: Set B 210 Comprehensive Problems 213 Decision Problem 216 Ethics Case 217 Objective Assignment Answers 217 CHAPTER 5 Accounting for Merchandise 218 Learning Objectives 219 Chapter Outline 220 The Income Statement of a Merchandising Concern 221 The Operating Expenses Section 221 The Sales Section 222 The Cost of Goods Sold Section 225 Gross Profit 232 Periodic Procedures of a Merchandising Concern 232 The Closing Entry Approach 232 The Adjusting Entry Approach 236 Demonstration Problem 239 Chapter Summary 242 Key Terms 243 Review Questions 244 Questions for Further Thought 244 Objective Assignment 245 Exercises 246 Problems: Set A 249 Problems: Set B 253 Comprehensive Problems 257 Decision Problem 260 Ethics Case 261 Objective Assignment Answers 261 CHAPTER 6 Internal Control and Accounting Systems Design 262 Learning Objectives 263 Chapter Outline 263 Objectives of Internal Control and Accounting Systems Design 264 System Installation 264 System Analysis 265 System Design 265 System Implementation 265 Internal Control 265 Administrative Controls 265 Accounting Controls 265 Special Journals 268 Four Major Groups of Transactions 269 The Sales Journal 270 The Cash Receipts Journal 273 The Purchases Journal 277 The Cash Payments Journal 278 The General Journal 280 CONTENTS xiii Proving the Control Accounts 281 Manual versus Electronic Accounting Systems 284 Demonstration Problem 284 Chapter Summary 286 Key Terms 287 Review Questions 288 Questions for Further Thought 288 Objective Assignment 289 Exercises 290 Problems: Set A 293 Problems: Set B 297 Comprehensive Problems 301 Decision Problem 305 Ethics Case 305 Objective Assignment Answers 306 ACCOUNTING FOR ASSETS AND CURRENT LIABILITIES 307 CHAPTER 7 Cash 308 Learning Objectives 309 Chapter Outline 309 The Nature of Cash 310 Internal Control over Cash 310 Control over Cash Receipts 310 Control over Cash Payments 312 Bank Reconciliation 312 Recording Unrecorded Transactions and Correcting Errors 315 Petty Cash 317 Setting Up a Petty Cash Fund 317 Replenishing the Petty Cash Fund 318 Cash Short and Over 319 Cash Discounts 320 The Gross Method 320 The Net Method 320 The Voucher System 322 Steps in Documenting the Acquisition of Goods and Services 322 The Voucher Register 328 The Check Register 330 Demonstration Problem 331 Chapter Summary 332 Key Terms 333 Review Questions 335 Questions for Further Thought 335 Objective Assignment 336 Exercises 337 Xiv CONTENTS Problems: Set A 339 Problems: Set B 344 Decision Problem 349 Ethics Case 349 Objective Assignment Answers 349 CHAPTER 8 Receivables 350 Learning Objectives 351 Chapter Outline 351 Accounts Receivable 352 Methods of Accounting for Uncollectible Accounts Receivable 352 The Direct Write Off Method 353 Estimation Methods 354 Notes Receivable 363 Notes Receivable versus Accounts Receivable 364 Determining the Due Date of Notes 365 Determining Interest on Notes 365 Recording Notes and Interest 366 Dishonored Notes 367 Discounting Notes Receivable 368 Receivables from Officers and Owners 370 External Credit Card Sales 370 Demonstration Problem 372 Chapter Summary 373 Key Terms 374 Review Questions 375 Questions for Further Thought 376 Objective Assignment 376 Exercises 378 Problems: Set A 380 Problems: Set B 384 Decision Problem 388 Ethics Case 388 Objective Assignment Answers 389 CHAPTER 9 Merchandise Inventory 390 Learning Objectives 391 Chapter Outline 391 Determining the Cost of Merchandise Purchased 392 Determining Physical Units in Ending Inventory 394 The Physical Count 394 Goods in Transit 394 Goods on Consignment 395 Periodic Cost Methods of Determining Ending Inventory 396 The First In, First Out (FIFO) Method 396 The Last In, First Out (LIFO) Method 400 The Weighted Average Method 401 The Specific Identification Method 402 Advantages and Disadvantages of the Four Inventory Cost Methods 403 Consistency of Inventory Method 405 Valuing Inventory at Lower of Cost or Market 406 Methods of Estimating Ending Inventory 408 The Gross Profit Method 408 The Retail Inventory Method 409 Inventory Errors 410 The Perpetual Inventory System 412 Recording Inventory Acquisitions and Sales 412 Perpetual FIFO 415 Perpetual LIFO 416 Perpetual Weighted Average 416 Computerized Perpetual Inventory Records 417 Current Assets on the Balance Sheet: A Review 417 Demonstration Problem 418 Chapter Summary 419 Key Terms 420 Review Questions 421 Questions for Further Thought 422 Objective Assignment 422 Exercises 424 Problems: Set A 427 Problems: Set B 433 Decision Problem 438 Ethics Case 439 Objective Assignment Answers 439 CHAPTER 10 . Property, Plant, and Equipment, and Intangible Assets 440 Learning Objectives 441 Chapter Outline 441 Property, Plant, and Equipment Cost Determination 442 Acquisition Cost 442 Lump Sum Acquisitions 444 Capital Expenditures and Revenue Expenditures 445 Depreciation of Plant and Equipment 446 Causes of Depreciation 446 Methods of Calculating Depreciation 447 Disclosure of Depreciation on the Balance Sheet 456 Changes in Depreciation Estimates 456 Depreciation Does Not Affect Cash 457 Depreciation Theory and Income Tax Laws 457 Low Cost Assets Not Depreciated 458 Subsidiary Ledger for Property, Plant, and Equipment Assets 458 Disposal of Property, Plant, and Equipment Assets 459 Write Off of Assets 460 Sale of Assets 460 Exchange of Dissimilar Assets 461 Exchange of Similar Assets 462 Exchanges and Income Taxes 464 Natural Resources and Depletion 464 Intangible Assets 466 Cost of Intangible Assets 466 Amortization of Intangibles 469 Demonstration Problem 470 Chapter Summary 471 Key Terms 472 Review Questions 474 Questions for Further Thought 474 Objective Assignment 475 Exercises 477 Problems: Set A 479 Problems: Set B 483 Decision Problem 487 Ethics Case 488 Objective Assignment Answers 489 CHAPTER 11 Payroll and Other Current Liabilities 490 Learning Objectives 491 Chapter Outline 491 Payroll Accounting 492 Overview of the Payroll System 492 Some Important Distinctions 492 Computing Gross Pay 495 Deductions from Gross Pay 496 Payment of Taxes Withheld 499 Employer Payroll Taxes 499 The Employee Earnings Record 501 The Payroll Register 502 The Payroll Bank Account 504 Other Current liabilities 504 Notes Payable 504 Product Warranties 507 Demonstration Problem 509 Chapter Summary 510 Key Terms 511 Review Questions 512 Questions for Further Thought 513 Objective Assignment 513 Exercises 515 Problems: Set A 517 Problems: Set B 522 Decision Problem 526 Ethics Case 527 Objective Assignment Answers 527 CHAPTER 12 Generally Accepted Accounting Principles and International Accounting 528 Learning Objectives 529 CONTENTS XV Chapter Outline 529 The Need for GAAP 530 Authoritative Support for GAAP 530 Objectives of Financial Statements 531 Qualitative Characteristics of Accounting Information 532 The Basic Assumptions of GAAP 534 The Business Entity Concept 534 The Accounting Period Concept 535 The Going Concern Concept 536 The Stable Dollar Concept 536 The Basic Principles of GAAP 537 The Cost Principle 537 The Matching Principle 538 The Revenue Recognition Principle 538 The Expense Recognition Principle 540 The Full Disclosure Principle 540 The Consistency Principle 541 The Basic Modifiers of GAAP 541 Materiality 541 Conservatism 542 Industry Practices 542 International Accounting 542 Foreign Currency Transactions 543 Unrealized Exchange Gains and Losses 546 Chapter Summary 549 Key Terms 551 Review Questions 552 Questions for Further Thought 553 Objective Assignment 553 Exercises 555 Problems: Set A 557 Problems: Set B 560 Ethics Case 563 Objective Assignment Answers 563 ACCOUNTING FOR PARTNERSHIPS AND CORPORATIONS 565 CHAPTER 13 Partnerships 566 Learning Objectives 567 Chapter Outline 567 Partnership Characteristics 568 Ease of Formation 568 Voluntary Association 568 Articles of Partnership 569 Mutual Agency 569 Unlimited Liability 569 Limited life 570 XVi CONTENTS Co Ownership of Property 571 Income Participation 571 Advantages and Disadvantages of the Partnership Form 571 Advantages 571 Disadvantages 572 Partnership Accounting 573 Partnership Formation 573 Partnership Income Division 575 Partnership Financial Statements 578 Partnership Dissolution 580 Partnership liquidation 587 Demonstration Problem 593 Chapter Summary 595 Key Terms 596 Review Questions 597 Questions for Further Thought 598 Objective Assignment 598 Exercises 601 Problems: Set A 605 Problems: Set B 610 Decision Problem 615 Ethics Case 616 Objective Assignment Answers 617 CHAPTER 14 Corporations: Formation and Operations 618 Learning Objectives 619 Chapter Outline 619 The Corporation Described 620 Articles of Incorporation 620 Advantages of Corporations 621 Disadvantages of Corporations 622 Corporate Organization Structure 623 Corporations versus Proprietorships and Partnerships 624 Corporate Owners Equity: An Overview 626 Paid in Capital: Capital Stock 626 Earned Capital: Retained Earnings 627 Owners Equity versus Stockholders Equity 627 Organizing a Corporation and Issuing Common Stock 628 Par versus No Par Stock 628 Issuing Stock for Cash 629 Issuing Stock by Subscription 629 Issuing Stock in Exchange for Noncash Consideration 630 Treasury Stock 632 Purchase of Treasury Stock 632 Sale of Treasury Stock above Cost 632 Sale of Treasury Stock below Cost 633 Preferred Stock 634 Characteristics of Preferred Stock 635 Accounting for Preferred Stock 637 Donated Capital 638 Stockholders Equity on the Balance Sheet 639 Stock Value: A Review 639 Par Value and Stated Value 639 Market Value 641 Equity per Share 641 liquidation Value 642 Demonstration Problem 642 Chapter Summary 644 Key Terms 645 Review Questions 646 Questions for Further Thought 647 Objective Assignment 647 Exercises 649 Problems: Set A 652 Problems: Set B 652 Decision Problem 659 Ethics Case 660 Objective Assignment Answers 661 CHAPTER 15 Corporations: Retained Earnings and Corporate Income 662 Learning Objectives 663 Chapter Outline 663 Retained Earnings 664 Retained Earnings: Appropriated and Unappropriated 664 Prior Period Adjustments 666 Retained Earnings: A Recap 667 Statement of Retained Earnings 668 Dividends 668 Cash Dividends 669 Property Dividends 670 Stock Dividends 671 liquidating Dividends 675 Dividends and Treasury Stock 675 Stock Splits 675 Recording Dividends on Preferred Stock 677 Stockholders Equity—A Comprehensive Illustration 678 Accounting for Corporate Income Taxes 678 Estimating and Paying Income Taxes 678 Permanent Differences 680 Temporary Differences 680 Income Taxes on the Corporate Income Statement 682 Unusual Income Statement Items 682 Discontinued Operations 682 Extraordinary Items 683 Changes in Accounting Principles 684 Earnings per Share 685 Historical Earnings per Share 685 Primary and Fully Diluted Earnings per Share 687 The Corporate Income Statement 689 Demonstration Problem 691 Chapter Summary 693 Key Terms 694 Review Questions 695 Questions for Further Thought 696 Objective Assignment 696 Exercises 698 Problems: Set A 700 Problems: Set B 705 Decision Problem 710 Ethics Case 711 Objective Assignment Answers 711 CHAPTER 16 Corporations: Long Term Liabilities 712 Learning Objectives 713 Chapter Outline 713 Selecting a Method of Long Term Financing 714 Bonds Payable 715 Bonds Issued at Face Value 716 Bonds Sold between Interest Payment Dates 717 Bonds Issued at a Discount 719 Bonds Issued at a Premium 721 The Present Value of Long Term liabilities 724 The Effective Interest Method of Amortizing Bond Discounts and Premiums 728 Financial Statement Disclosure of Bonds Payable 733 Contingent Liabilities 733 Long Term Leases 734 Demonstration Problem 737 Chapter Summary 738 Key Terms 739 Review Questions 740 Questions for Further Thought 741 Objective Assignment 741 Exercises 743 Problems: Set A 744 Problems: Set B 746 Decision Problem 749 Ethics Case 749 Objective Assignment Answers 749 CHAPTER 17 Corporations: Investment and Consolidations 750 Learning Objectives 751 Chapter Outline 751 Investments hi Bonds 752 Temporary Investments in Bonds 752 Long Term Investments in Bonds 753 Investments hi Stock 762 Reasons for Investing in Stock 762 Investments in Stock—Temporary vs. Long Term 762 Accounting for Investments in Stock—Cost Method 762 Accounting for Investments in Stock—Equity Method 766 Consolidated Financial Statements 768 CONTENTS XVii The Parent and Subsidiary Relationship 768 Consolidation on the Date of Acquisition— 100% Ownership 769 Consolidation on the Date of Acquisition—Less than 100% Ownership 772 Demonstration Problem 774 Chapter Summary 776 Key Terms 777 Review Questions 778 Questions for Further Thought 779 Objective Assignment 779 Exercises 781 Problems: Set A 784 Problems: Set B 788 Decision Problem 792 Ethics Case 792 Objective Assignment Answers 793 USING FINANCIAL STATEMENTS 795 CHAPTER 18 The Statement of Cash Flows 796 Learning Objectives 797 Chapter Outline 797 The Purpose of the Statement of Cash Flows 798 The Structure of the Statement of Cash Flows 799 The Operating Activities Section 799 The Investing Activities Section 808 The Financing Activities Section 810 The Statement of Cash Flows: The T Account Approach 812 The Indirect Method 812 The Direct Method 828 The Statement of Cash Flows: The Worksheet Approach 831 Demonstration Problem 834 Chapter Summary 837 Key Terms 838 Review Questions 838 Questions for Further Thought 839 Objective Assignment 839 Exercises 841 Problems: Set A 843 Problems: Set B 851 Decision Problem 860 Ethics Case 861 Objective Assignment Answers 861 xviii contents CHAPTER 19 Financial Statement Analysis 862 Learning Objectives 863 Chapter Outline 863 Horizontal Analysis: Comparison of 2 or More Years 864 Comparative Financial Statements 864 Trend Analysis 866 Vertical Analysis: Comparison of Items within a Single Time Period 867 Common Size Financial Statements 867 Ratios 869 Analysis of Liquid Position 870 Working Capital 870 The Current Ratio 870 The Quick Ratio 872 Inventory Turnover 873 Accounts Receivable Turnover 873 Average Age of Receivables 874 Analysis of Debt Paying Ability 874 The Tunes Interest Earned Ratio 874 The Debt to Total Assets Ratio 875 The Stockholders Equity to Total Assets Ratio 875 Analysis of Earnings Performance 876 Rate of Return on Total Assets 876 Rate of Return on Common Stockholders Equity 876 Earnings per Share of Common Stock 878 The Price Earnings Ratio 878 Dividend Yield Rate 879 Interpretation of Financial Ratios 879 Company History 879 External Standards 880 Analysis of Notes to the Financial Statements 880 Accounting Policies Note 881 Contingencies Note 881 Other Descriptive Notes 882 Analysis of the Independent Auditor s Report 882 Other Sources of Information 884 Demonstration Problem 884 Chapter Summary 887 Key Terms 889 Review Questions 891 Questions for Further Thought 891 Objective Assignment 891 Exercises 893 Problems: Set A 897 Problems: Set B 904 Decision Problem 912 Ethics Case 913 Objective Assignment Answers 914 FINANCIAL STATEMENTS: PepsiCo, Inc. 915 MANAGEMENT ACCOUNTING: ITS STRUCTURE AND ENVIRONMENT 933 CHAPTER 20 Introduction to Management Accounting and Cost Accounting Systems 934 Learning Objectives 935 Chapter Outline 935 The Differences between Management Accounting and Financial Accounting 936 Two Basic Differences 936 Other Differences 937 The Primary Roles of Management Accountants and Cost Accountants 939 Planning 939 Control 939 Product Costing 941 Financial Statements for Merchandisers and Manufacturers 952 The Income Statement 953 Schedules for Determining a Manufacturer s Cost of Goods Sold 953 The Balance Sheet 955 Beginning and Ending Inventories: A Simplifying Assumption 955 Ethics and Management Accounting 956 Competence Standards 957 Confidentiality Standards 957 Integrity Standards 957 Objectivity Standards 958 Demonstration Problem 958 Chapter Summary 960 Key Terms 961 Review Questions 963 Questions for Further Thought 964 Objective Assignment 964 Exercises 965 Problems: Set A 969 Problems: Set B 972 Decision Problem 974 Ethics Case 975 Objective Assignment Answers 975 CHAPTER 21 Job Order Costing 976 Learning Objectives 977 Chapter Outline 977 Job Order Costing versus Process Costing 978 Accounting Records in Job Order Costing 979 Job Order Costing Procedures 981 Purchases of Raw Materials 981 Direct Materials Used 983 Direct Labor Costs 984 Factory Overhead Incurred 985 Factory Overhead Applied 988 Payment of Salaries 990 Summary of Costs of Producing Jobs 2 and 3 991 Completion of Job 2 992 Sale of Job 1 992 Overview of the Monthly Flow of Product Costs 992 Year End Handling of Under or Overapplied Overhead 993 Application of Job Order Costing to Service Organizations 994 A Review of Job Order Costing 995 Demonstration Problem 996 Chapter Summary 998 Key Terms 999 Review Questions 1000 Questions for Further Thought 1000 Objective Assignment 1001 Exercises 1002 Problems: Set A 1004 Problems: Set B 1010 Decision Problem 1016 Ethics Case 1017 Objective Assignment Answers 1017 CHAPTER 22 Process Costing 1018 Learning Objectives 1019 Chapter Outline 1019 The Process Costing Method 1021 Equivalent Whole Units 1022 Basic Steps in Accounting for the Process Costing Method 1024 Process Costing Illustrated: Processing Department 1 1024 Step 1 for the Processing Department 1: Tracing the Physical Flow 1025 Step 2 for Processing Department 1: Preparing a Production Report 1026 Step 3 for Processing Department 1: Preparing a Summary of Costs Report 1029 Journal Entries and T Accounts for Processing Department 1 1031 The Illustration Continued: Processing Department 2 1033 Step 1 for Processing Department 2: Tracing the Physical Flow 1033 CONTENTS xix Step 2 for Processing Department 2: Preparing a Production Report 1034 Step 3 for Processing Department 2: Preparing a Summary of Costs Report 1036 Journal Entries and T Accounts for Processing Department 2 1037 The Illustration Concluded: Some Final Comments 1038 Combining Direct Labor and Factory Overhead 1038 Raw Materials Added at the End of Processing 1038 Sale of Goods 1039 The Flow of Costs from Beginning to End 1039 An Overview of Process Costing 1039 Just in Time (JTT) Philosophy 1041 Just in Time versus Just in Case 1041 Major Concepts of the Just in Time Philosophy 1042 Demonstration Problem 1043 Chapter Summary 1046 Key Terms 1047 Review Questions 1048 Questions for Further Thought 1049 Objective Assignment 1049 Exercises 1051 Problems: Set A 1054 Problems: Set B 1058 Decision Problem 1061 Ethics Case 1062 Objective Assignment Answers 1063 CHAPTER 23 The Contribution Approach to Cost Volume Profit Analysis 1064 Learning Objectives 1065 Chapter Outline 1065 Variable and Fixed Costs 1066 Graphs for Variable and Fixed Costs 1067 Relevant Range of Activity 1068 Cost Drivers 1070 Mixed Costs 1071 Determining the Variable Cost Rate and Total Fixed Costs for a Mixed Cost 1072 Introduction to the Techniques of Cost Volume Profit Analysis 1074 The Contribution Margin Format of the Income Statement 1075 Additional Concepts Needed for Cost Volume Profit Analysis 1077 Applying the Techniques of Cost Volume Profit Analysis 1080 The Income Equation Technique 1080 The Contribution Margin Technique 1081 The Margin of Safety 1081 The Effect of Income Taxes 1082 XX CONTENTS Graphical Approach to Cost Volume Profit Analysis 1083 Overview of Cost Volume Profit Relationships 1085 Cost Volume Profit Analysis for a Multiproduct Firm 1086 Sales Mix 1087 Sales Mix and C V P Analysis 1087 Assumptions Underlying Cost Volume Profit Analysis 1089 Direct Costing versus Absorption Costing 1089 The Difference between Direct Costing and Absorption Costing 1090 Demonstration Problem 1092 Chapter Summary 1094 Key Terms 1096 Review Questions 1097 Questions for Further Thought 1098 Objective Assignment 1098 Exercises 1100 Problems: Set A 1104 Problems: Set B 1107 Decision Problem 1110 Ethics Case 1111 Objective Assignment Answers 1111 CHAPTER 24 The Master Budget 1112 Learning Objectives 1113 Chapter Outline 1113 Advantages of Using Budgets 1114 Direction for Planning 1114 Control of Performance 1115 Coordination of Activities 1115 Positive Motivation 1115 Types of Budgets 1116 Participants in the Budget Process 1117 Preparing the Master Budget 1117 Components of the Master Budget 1117 An Overview of the Budget Process 1118 Steps in the Budget Process 1121 Demonstration Problem 1133 Chapter Summary 1137 Key Terms 1138 Review Questions 1139 Questions for Further Thought 1140 Objective Assignment 1140 Exercises 1142 Problems: Set A 1145 Problems: Set B 1150 Decision Problem 1154 Ethics Case 1157 Objective Assignment Answers 1157 CHAPTER 25 Controlling Costs with Flexible Budgets, Standard Costs, and Variances 1158 Learning Objectives 1159 Chapter Outline 1159 Responsibility Centers 1160 Responsibility Accounting 1160 Controllability of Costs 1161 The Master Budget Revisited 1161 The Performance Report: Comparing the Master Budget to Actual Results 1162 Effectiveness and Efficiency 1162 Flexible Budgets 1163 Flexible Budgets as a Planning Tool 1163 Flexible Budgets as a Control Tool 1164 Standard Costs 1166 The Uses of Standard Costs 1167 Types of Standards and Variances 1167 Standard Costs and Flexible Budgets: A Clarification 1169 Direct Materials 1170 Direct Labor 1173 Variable Factory Overhead 1177 Fixed Factory Overhead: Price and Quantity Variances 1181 Using Standard Costs for Product Costing 1183 Demonstration Problem 1187 Chapter Summary 1190 Key Terms 1191 Review Questions 1193 Questions for Further Thought 1193 Objective Assignment 1194 Exercises 1195 Problems: Set A 1198 Problems: Set B 1202 Decision Problem 1205 Ethics Case 1207 Objective Assignment Answers 1207 CHAPTER 26 Evaluating the Performance of Cost Centers, Profit Centers, and Investment Centers 1208 Learning Objectives 1209 Chapter Outline 1209 Cost Centers 1210 Multiple Cost Centers 1210 Service Department Costs 1211 The Direct Method of Cost Allocation 1212 How Operating Departments Use Allocated Service Costs 1215 Profit Centers 1216 Evaluating the Performance of Profit Centers 1217 Assessment of Income Statements 1220 Investment Centers 1221 Return on Investment (ROD 1222 Assessing Performance with ROI 1223 Criticisms of Reliance on ROI 1225 Demonstration Problem 1226 Chapter Summary 1228 Key Terms 1229 Review Questions 1230 Questions for Further Thought 1230 Objective Assignment 1231 Exercises 1232 Problems: Set A 1236 Problems: Set B 1239 Decision Problem 1243 Ernies Case 1244 Objective Assignment Answers 1245 CHAPTER 27 Relevant Information for Planning Short Run and Long Run Decisions 1246 Learning Objectives 1247 Chapter Outline 1247 The Concept of Relevance 1248 Quantitative versus Qualitative Factors in Decision Making 1248 Types of Decision Situations 1249 Planning Short Run Decisions 1250 Accepting Special Orders 1250 Dropping a Product line 1253 Maximizing Profits with Sales Mix Analysis 1255 Making or Buying Raw Materials 1256 CONTENTS xxi Other Short Run Decisions 1258 Planning Long Run Decisions: Capital Budgeting s Role 1259 Discounted Cash Flow Methods 1260 Nondiscounted Cash Flow Methods 1267 Overview of Capital Budgeting Methods 1270 Income Tax Considerations with Capital Budgeting 1271 Determining Aftertax Cash Flows 1272 Capital Budgeting Methods Using Aftertax Cash Flows Demonstration Problem 1274 Chapter Summary 1277 Key Terms 1278 Review Questions 1279 Questions for Further Thought 1280 Objective Assignment 1280 Exercises 1283 Problems: Set A 1286 Problems: Set B 1290 Decision Problem 1293 Ethics Case 1294 Objective Assignment Answers 1294 Appendix A: Income Taxes 1295 Appendix B: The Periodic Method of Accounting for Manufacturing Costs 1302 Index 1 1
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id	DE-604.BV010060300
illustrated	Illustrated
indexdate	2024-07-09T17:45:46Z
institution	BVB
isbn	0071128239 0070591830
language	English
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-006674546
oclc_num	25787159
open_access_boolean
owner	DE-703 DE-19 DE-BY-UBM DE-634
owner_facet	DE-703 DE-19 DE-BY-UBM DE-634
physical	XXX, 1314, 12 S. Ill., graph. Darst.
publishDate	1993
publishDateSearch	1993
publishDateSort	1993
publisher	McGraw-Hill
record_format	marc
spelling	Smith, Jack L. Verfasser aut Accounting principles Jack L. Smith ; Robert M. Keith ; William L. Stephens 4. ed. New York u.a. McGraw-Hill 1993 XXX, 1314, 12 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Accounting gtt Accounting Rechnungswesen (DE-588)4048732-5 gnd rswk-swf Rechnungswesen (DE-588)4048732-5 s DE-604 Keith, Robert M. Verfasser aut Stephens, William L. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006674546&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	Smith, Jack L. Keith, Robert M. Stephens, William L. Accounting principles Accounting gtt Accounting Rechnungswesen (DE-588)4048732-5 gnd
subject_GND	(DE-588)4048732-5
title	Accounting principles
title_auth	Accounting principles
title_exact_search	Accounting principles
title_full	Accounting principles Jack L. Smith ; Robert M. Keith ; William L. Stephens
title_fullStr	Accounting principles Jack L. Smith ; Robert M. Keith ; William L. Stephens
title_full_unstemmed	Accounting principles Jack L. Smith ; Robert M. Keith ; William L. Stephens
title_short	Accounting principles
title_sort	accounting principles
topic	Accounting gtt Accounting Rechnungswesen (DE-588)4048732-5 gnd
topic_facet	Accounting Rechnungswesen
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006674546&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT smithjackl accountingprinciples AT keithrobertm accountingprinciples AT stephenswilliaml accountingprinciples

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