Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

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

For introductory courses in Financial Accounting. Understanding Financial Accounting as the Language of Business Once individuals see that accounting is the language of business, they are on their way to academic and professional success. Financial Accounting translates the essentials of accounting to readers so they understand why and when financially sound decisions are made in business today. The Fourth Edition uses real-world examples from Bold City Brewery and other businesses that readers encounter in their everyday lives, making the material relevant and giving readers more of those "I get it" moments. Also Available with MyAccountingLab (R) MyAccountingLab is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts. NOTE: You are purchasing a standalone product; MyAccountingLab does not come packaged with this content. If you would like to purchase both the physical text and MyAccountingLab search for: 0134436113 /9780134436111 Financial Accounting Plus MyAccountingLab with Pearson eText -- Access Card Package Package consists of: 0134115651 / 9780134115658 MyAccountingLab with Pearson eText -- Access Card -- for Financial Accounting 0134125053 / 9780134125053 Financial Accounting

General Books publication date: 2009 Original publication date: 1861 Notes: This is a black and white OCR reprint of the original. It has no illustrations and there may be typos or missing text. When you buy the General Books edition of this book you get free trial access to Million-Books.com where you can select from more than a million books for free. Excerpt: /4 very . Economical and Agreeable Soup of Lentils. Take one pint of Lentils, soak them in cold water; add six middle-sized onions; two heads of celery; two . p.. carrots; one turnip; one quart of pot liquor from boiled Beef, Mutton, or Pork, and one quart of water. Stew the whole slowly, as green peas for soup; pour it all into a mortar, and pound it well; or, use lentil powder, as sold prepared; strain through a tammy or sieve, and add one tablespoonful of powdered lump sugar. Oiie pint of lentils will make enough soup for seven persons. The poorer a man is. the more he pays for what he uses -- as Franklin very justly observed, necessity never made a good bargain. The smaller the quantity we purchase, the larger the profit charged for it. Capital Soup from Goose or Duck Giblets. The Giblets of two Ducks may be reckoned as equal to those of one Goose. Cleanse the Giblets, and parboil them; ., take the skin off the feet, and crack the bones of JuUt the legs; cut the gizzards into quarters, the neck into three pieces; the feet, livers, and pinions into two, and the head also into two, throwing away the bill. Boil them (i. e. two sets of Goose Giblets, or four sets of Ducks, ) in a quart of weak gravy soup, with an onion. Have ready boiling some rich highly seasoned brown gravy soup; add the giblets, and the liquor they have been boiled in, with some chopped parsley; take out the onion, and thicken the soup with a bit of butter kneaded in flour. 395 ggT Or, one set of Goose, or two of Duck Giblets will make a quart of healthful nourishing soup. If a larger quantity is desired, and the...