Chapter 1 Business, Accounting, and You 1 Business, Accounting, and
You 1 What Is a Business, and Why Study Accounting? 2 The
Definition of a Business 2 The General Concept of Value 3 Business
Owners and Other Stakeholders 4 The Goal of a Business 5 How Does a
Business Operate? 5 Resources Needed to Start and Operate a
Business 5 Operating the Business 5 The Cost of Money 6 How Are
Businesses Organized? 6 The Types of Businesses 6 The Legal Forms
of Businesses 7 What Is Accounting, and What Are the Key Accounting
Principles and Concepts? 9 Generally Accepted Accounting Principles
9 International Financial Reporting Standards 10 The Business
Entity Principle 10 The Reliability (Objectivity) Principle 10 The
Cost Principle 10 Accounting Ethics: A Matter of Trust 10 What Is
the Role of Accounting in a Business? 11 How Do You Recognize a
Business Transaction? 12 Cash Accounting 12 Accrual Accounting 12
How Do You Measure a Business Transaction? 12 How Do You Record
Business Transactions Using the Accounting Equation? 13 Transaction
Analysis 14 Stockholders' Equity 14 How Do You Report Business
Transactions Using Financial Statements?20 The Income Statement 20
The Statement of Retained Earnings 22 The Balance Sheet 22 The
Statement of Cash Flows 22 Relationships Among the Financial
Statements 23 Accounting, Business, and You-Putting It All Together
24 Summary 25 Accounting Practice 28 Apply Your Knowledge 49 Know
Your Business 50 Chapter 2 Analyzing and Recording Business
Transactions 53 Business, Accounting, and You 53 How Are Accounts
Used to Keep Business Transactions Organized? 54 Organizing
Accounts 54 Assets 55 Liabilities 55 Stockholders' Equity 55 What
Is Double-Entry Accounting? 56 Normal Balance 58 How Are the
General Journal and General Ledger Used to Keep Track of Business
Transactions? 58 Transaction Analysis 60 Applying Transaction
Analysis 60 Balancing the T-Accounts 67 How Is a Trial Balance
Prepared, and What Is It Used For? 69 Correcting Errors 70
Preparation of Financial Statements 71 Summary 74 Accounting
Practice 75 Apply Your Knowledge 99 Know Your Business 99 Chapter 3
Adjusting and Closing Entries 102 Business, Accounting, and You 102
How Does a Company Accurately Report Its Income?104 Revenue
Recognition and Matching Principles 104 What Is the Role of
Adjusting Entries, and When Are They Prepared? 105 Accruing
Revenues 106 Accruing Expenses 107 Adjusting Deferred Revenues 107
Adjusting Deferred Expenses 108 How Are Financial Statements
Prepared from an Adjusted Trial Balance? 113 The Adjusted Trial
Balance 113 Preparing the Financial Statements 115 How Does a
Company Prepare for a New Accounting Period? 117 Completing the
Accounting Cycle 117 The Three Closing Entries: Revenues, Expenses,
and Dividends 118 Post-Closing Trial Balance 120 Summary of the
Adjusting and Closing Processes 120 Summary 123 Accounting Practice
125 Apply Your Knowledge 154 Know Your Business 154 Comprehensive
Problem 157 Chapter 4 Accounting for a Merchandising Business 159
Business, Accounting, and You 159 What Are the Relationships Among
Manufacturers, Wholesalers, Retailers, and Customers? 160 How Do
Periodic and Perpetual Inventory Systems Differ? 161 How Do You
Account for the Purchase of Inventory? 162 Cash and Credit
Purchases 162 Purchase Returns and Allowances 162 Purchase
Discounts 163 How Do You Account for the Sale of Inventory?164 Cash
Sales 165 Credit Sales 165 Sales Returns and Allowances 166 Sales
Returns 167 Sales Allowances 167 Sales Discounts 168 How Do You
Account for Freight Charges and Other Selling Expenses? 169 Costs
Related to the Receipt of Goods from Suppliers 170 Costs Related to
Delivering Goods to Customers 171 Other Selling Costs 173 How Do
You Prepare a Merchandiser's Financial Statements? 174 The Income
Statement 174 The Statement of Retained Earnings 177 The Balance
Sheet 177 Summary 180 Accounting Practice 183 Apply Your Knowledge
205 Know Your Business 205 Chapter 5 Inventory 208 Business,
Accounting, and You 208 What Inventory Costing Methods Are Allowed?
209 Cost Flow Versus Physical Flow of Inventory 210 How Are the
Four Inventory Costing Methods Applied? 212 Inventory Cost Flows
212 Specific-Identification Method 213 First-In, First-Out (FIFO)
Method 214 Last-In, First-Out (LIFO) Method 215 Average Cost Method
216 Journalizing Inventory Transactions 217 What Effect Do the
Different Costing Methods Have on Net Income? 218 What Else
Determines How Inventory Is Valued? 220 How Is Inventory Reported
on the Balance Sheet?222 Inventory Shrinkage 222 How Do Inventory
Errors Affect the Financial Statements? 223 Is It Possible to
Estimate the Value of Inventory If the Inventory Is Accidentally
Destroyed? 224 Summary 228 Accounting Practice 230 Apply Your
Knowledge 252 Know Your Business 252 Comprehensive Problem 254
Chapter 6 The Challenges of Accounting: Standards, Internal
Control, Audits, Fraud, and Ethics 256 Business, Accounting, and
You 256 What Are the Rules that Govern Accounting? 257
Understandable 257 Relevant 258 Reliable 258 Generally Accepted
Accounting Principles (GAAP) in the United States 258 Generally
Accepted Accounting Principles Around the World: IFRS 259
Differences Between FASB and IFRS 259 What Is Internal Control? 261
Elements of an Internal Control System 261 What Is Fraud, and Who
Commits It? 265 Management Fraud 265 Employee Embezzlement 265 The
Factors Usually Present When Fraud Is Committed 266 What Is a
Certified Public Accountant (CPA)? 268 Audits 268 Audit Opinions
269 What Are the Legal and Ethical Responsibilities of
Accountants?270 The Legal Responsibilities of Accountants 270
Ethical Responsibilities of Accountants 271 Summary 273 Accounting
Practice 275 Apply Your Knowledge 282 Know Your Business 285
Chapter 7 Cash and Receivables 288 Business, Accounting, and You
288 What Are the Different Types of Sales? 289 Cash Sales 289
Credit Card Sales 290 Debit Card Sales 290 Credit/Debit Card
Processing 290 Sales on Account 291 What In
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