Financial accounting for undergraduates 3rd edition pdf download

Financial accounting for undergraduates 3rd edition pdf download

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WebJun 10,  · Financial Accounting (6 reviews) Copyright Year: ISBN Publisher: University of Minnesota Libraries Publishing Language: WebFinancial Accounting For Undergraduates 3Rd Edition PDF Book Details Product details Publisher: Wiley; 3rd edition (March 13, ) Language: English Paperback: WebJan 14,  · Financial accounting for undergraduates 3rd edition pdf download Financial Accounting For Undergraduates,Financial Accounting for WebBe governed by accounting standards and procedures. Don’t miss this great collection of over 10 financial accounting books in PDF format and download them for free to your WebAbout the Author of Financial Accounting For Undergraduates 3Rd Edition PDF Free Download Book. Editorial Reviews From the Inside Flap EXPERT GUIDANCE ON ... read more

Purchased, for cash, a desktop computer for use in the office. ANSWER: Increase assets Office Equipment Decrease assets Cash b. Rendered services and billed the client. Paid rent for the month. Rendered services to a client for cash. Received amount due from a client in Transaction b. Purchased an office desk on account. Paid employees' salaries for the month. Paid for desk purchased in Transaction f. The company paid a dividend. Chapter 2 © Cambridge Business Publishers Processing Accounting Information EA. Analysis of Accounts Calculate the unknown amount in each of the following five independent situations.

The answer to situation a is given as an example. Account Beginning Balance Ending Balance Other Information Cash Accounts payable. Stockholders' equity Total cash received. Notes payable repaid during the period Goods and services received from suppliers on account Net income , assuming that no dividends were paid Transaction Analysis The accounts below are from the general ledger of The Bast Company. For each letter given in the T-accounts, describe the type of business transaction s or event s that would most likely be reflected by entries on that side of the account.

For example, the answer to a is amounts for services performed for clients on account. Accounts Receivable a Notes Payable b c Office Equipment Accounts Payable d e Professional Fees Earned I f Dividends g h Common Stock Wage Expense i j E2-SA. The key for the letters follows the list of transactions. The correct answer for Transaction 1 is given as an illustration: Answer 1. Purchased supplies on account. Paid interest on note payable. Paid cash dividend to stockholders. Returned some defective supplies and received a reduction in the amount owed. Made payment to settle note payable. Received an invoice for utilities used. Received payment in advance from client for work to be done next month. Received additional capital contribution from stockholders.

Financial Effect of Transaction a. Debit an asset g. Debit dividends b. Credit dividends i. Debit a revenue j. Credit a revenue k. Debit an expense l. Credit an expense f. Transaction Entries Unique Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Salaries Expense. Using the accounting equation, record each of the transactions in columnar format. Use journal entries to record the following transactions for June in the general journal. E2- 7 A. Source Documents For each transaction in EA, indicate the related source document or documents that provide evidence supporting the transaction.

Nature of Accounts, Debit and Credit Rules In columns, enter debit or credit to describe the journal entry necessary to increase and decrease the account shown on the left, and which side of the account represents its normal balance. Increase Decrease Normal Balance Asset. Nature of Accounts, Debit and Credit Rules For each of the accounts listed below, indicate whether the account is increased by a debit or a credit: Accounts Receivable Advertising Revenue Building Common Stock L02, 4 Notes Payable Retained Earnings Supplies Utilities Expense EA. Transaction Analysis Match each of the following transactions ofL. The correct answer for Transaction 1 is given as an illustration: Chapter 2 © Cambridge Business Publishers 89 Processing Accounting Information Answer 1.

Stockholders contributed cash to the business. Purchased equipment on account. Received and immediately paid advertising bill. Borrowed money from a bank, giving a note payable. Billed customers for services rendered. Made a partial payment on account for equipment. Paid employee's salary. Collected amounts due from customers billed in Transaction 6. Debit an asset Credit an asset Debit a liability Credit a liability Debit common stock f. Credit common stock Debit a revenue h. Credit a revenue i. Debit an expense j. Credit an expense g. Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Dave Jennings, an attorney : Cash; Accounts Receivable; Office Equipment; Legal Database Subscription; Accounts Payable; Common Stock; Dividends; Legal Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense.

Prepare journal entries and record the following October transactions in the T-accounts and key all entries with the number identifying the transaction. Determine the balance in each account and prepare a trial balance sheet as of October Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Miller Cat Hospital, owned by R. Miller, a veterinarian: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Professional Fees Earned; Salaries Expense; and Rent Expense. Prepare journal entries and record the following December transactions in the T-accounts and key all entries with the number identifying the transaction. Finally, determine the balance in each account and prepare a trial balance as of December Miller received common stock for his investment.

The Account The following transactions occurred during December, the first month of operations for Farly Company. Prepare journal entries and create a T-account for accounts payable that includes the following five transactions. Recording Transactions with the Accounting Equation During the year, the Riley Company experienced the following accounting transactions : 1. Posting Transactions to T-accounts Using the data from short exercise EA, prepare journal entries and post your transaction analysis to the appropriate T-accounts.

L02 b. Transaction Analysis Following the example shown in a below, indicate the effects of the listed transactions on the assets, liabilities, and stockholders' equity of John Dallmus, certified public accountant, a corporation: a. L02 Assets Purchased, for cash, a desktop computer for use in the office. ANSWER : Increase assets Office Equipment Decrease assets Cash Rendered accounting services and billed client. Paid utilities for month. Rendered tax services to client for cash. Received amount due from client in Transaction b. Purchased a copying machine on account. Paid employees' salaries for month. Paid for copying machine purchased in Transaction f. Analysis of Accounts Compute the unknown amount required in each of the following five independent situations. The answer to situation a is given as an illustration: Chapter 2 © Cambridge Business Publishers Account a.

Accounts receivable. Notes payable repaid during the period. Net income, assuming that no dividends were paid Accounts Receivable a L02, 5 Unearned Revenue b c Supplies Accounts Payable d e Service Fees Earned I f Dividends g h i j Common Stock Utilities Expense E2-SB. Paid interest on a bank loan. The business paid the stockholders a dividend. Made payment to repay bank loan. Received an invoice for supplies used. Paid employee 's salary. Peralta contributed additional capital to the business. Debit an asset b. Credit an asset c. Debit a liability d. Credit a liability e. Debit common stock f. Credit common stock Debit dividends h.

Transaction Entries Final Clean, a firm providing house-cleaning services, began business on April 1. The following accounts in its general ledger are needed to record the transactions for April: Cash; Accounts Receivable; Supplies; Prepaid Van Lease; Equipment; Accounts Payable; Notes Payable; Common Stock; Retained Earnings; Dividends; Cleaning Fees Earned; Wage Expense; Advertising Expense; and Fuel Expense. Use journal entries to record the following transactions for April in the general journal. LOS EB. Source Documents For each transaction in EB indicate the related source document or documents that provide evidence supporting the transaction.

L04, S EB. Nature of Accounts, Debit and Credit Rules For each of the accounts listed below, indicate whether the account is increased by a debit or a credit: Accounts Receivable Supplies Expense Cash Equipment L04, S Common Stock Dividends Building Professional Fees Earned EB. Nature of Accounts, Debit and Credit Rules In the three columns, enter debit or credit to describe the journal entry necessary to increase and decrease the account shown to the left, and indicate which side of the account represents its normal balance. Increase Decrease Normal Balance Cash Nature of Accounts, Debit and Credit Rules For each of the accounts listed below, indicate whether the account is increased by a debit or a credit: Accounts Receivable Sales Revenue Equipment Common Stock L02, 4 Notes Payable Retained Earnings Inventory Rent Expense EB.

Transaction Analysis Match each of the following transactions of R. The key for letters follows the list of transactions. The correct answer for Transaction 1 is given as an illustration: Chapter 2 © Cambridge Business Publishers Processing Accounting Information 93 Answer 1. Purchased inventory on account. Received and immediately paid a utility bill. Made a partial payment on account. Transaction Analysis and the Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Matt Langley, an attorney : Cash; Accounts Receivable; Office Equipment; Legal Database Subscription; Accounts Payable; Common Stock; Dividends; Legal Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Determine the balance in each account and prepare a trial balance as of October Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of The Canine Hospital, owned by Kali Wells, a veterinarian : Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Professional Fees Earned; Salaries Expense; and Rent Expense.

The Account The following transactions occurred during January, the first month of operations for Red Corporation. Hint: When inventory is sold, it should be expensed to a Cost of Goods Sold expense account. Recording Transactions with the Accounting Equation During the year, the Fletcher Company experienced the following accounting transactions: 1. Posting Transactions to T-accounts Using the data from EB, a prepare journal entries and b post your transactions to the appropriate T-accounts. PROBLEMS-SET A L02 PA. Transaction Analysis The accounting equation of L. Describe each transaction that occurred. Of the transactions affecting Retained Earnings, transaction e had no effect on net income for the period. Transaction Analysis An analysis of the transactions of Pruitt Detective Agency for the month of May appears below. Show that assets equal liabilities plus stockholders ' equity as of May 1. Describe the apparent transaction indicated by each line.

If any line could reasonably represent more than one type of transaction, describe each type. Transaction 8 does not affect net income. Show that assets equal liabilities plus stockholders ' equity as of May Transaction Analysis Grand Appraisal Service provides commercial and industrial appraisals and feasibility studies. Set up an accounting equation in columnar form with the following individual assets, liabilities, and stockholders ' equity accounts : Cash, Accounts Receivable, Van, Accounts Payable, Notes Payable, Common Stock, and Retained Earnings. Enter the January 1 balances below each item. Show the impact increase or decrease of transactions on the beginning balances, and total the columns to show that assets equal liabilities plus stockholders ' equity as of January Transaction Analysis On June 1, a group of bush pilots in Thunder Bay, Ontario, Canada, formed the Thunder Fly-In Service, Inc. The group then leased several amphibious aircraft and docking facilities, equipping them to transport campers and hunters to outpost camps owned by various resorts.

Set up an accounting equation in columnar form with the following column headings: Cash, Accounts Receivable, Accounts Payable, Common Stock, and Retained Earnings. Show how the June transactions affect the items in the accounting equation, and total all columns to show that assets equal liabilities plus stockholders ' equity as of June Note : Revenues, expenses, and dividends affect Retained Earnings. Accounting Equation Determine the following : a. L02 PA. Rendered legal services to clients for cash. ANSWER: Increase assets Cash Increase stockholders ' equity increase Revenue Purchased office supplies on account. Andrews invested cash into the firm and received stock for his investment. Paid amount due on account for office supplies purchased in b. Borrowed cash from a bank and signed a six-month note payable. Rendered services and billed clients. Purchased, for cash, a desk lamp for the office.

Paid interest on a note payable to the bank. Received invoice for the current month 's utilities. Transaction Analysis On October 1, Alice Rodstein started a consulting firm. The asset, liability, and stockholders' equity account balances after each of her first six transactions are shown below. Determination of Omitted Financial Statement Data For the four unrelated situations, A-D, calculate the unknown amounts indicated by the letters appearing in each column: Chapter 2 Processing Accounting Information © Cambridge Business Publishers A c B 97 D Beginning Assets. b 40, 19, During the Year Common stock. Sales revenues a 5 , 9 , c 18, 2 , 11 , 2, 24, 6, 17, PA. Transaction Analysis Appearing below is an analysis of the June transactions for Island Consulting Services. Show that assets equal liabilities plus stockholders ' equity as of June 1.

Describe the transaction indicated by each line. Show that assets equal liabilities plus stockholders' equity as of June Transaction Analysis Grace Stewart began the Stewart Answering Service in December. The firm provides services for professional people and is currently operating with leased equipment. Assume that Retained Earnings as of January 1 were zero. Set up an accounting equation in columnar form with the following individual assets, liabilities, b. Show the impact increase or decrease of the January transactions on the beginning balances, and total all columns to show that assets equal liabilities plus stockholders' equity as of January Transaction Analysis On December 1, Fred Allen started Job Services Inc. Set up an accounting equation in columnar form with the following column headings : Cash, b. L04, s, 6 Accounts Receivable, Land, Accounts Payable, Notes Payable, Common Stock, and Retained Earnings.

Show how the December transactions affect the items in the accounting equation, and total all columns to show that assets equal liabilities plus stockholders' equity as of December Transaction Analysis and the Effect of Errors on the Trial Balance The following T-accounts contain numbered entries for the May transactions of Carol Miller, a market analyst, who opened her business on May 1: Cash 1 9 13, 4, 3, 1, Common Stock I13, 2 4 6 8 Accounts Receivable 5 5, I 3, Dividends 9 8 Office Supplies 3 3, 4, I I 6, I 1,, I 5 Rent Expense 4 Accounts Payable 6 Professional Fees Earned Office Equipment 2 1 I Utilities Expense 3 7 7 Required a. Give a description of each of the nine numbered transactions entered in the above T-accounts. The following trial balance, prepared from Miller 's data as of May 31 , contains several errors. Itemize the errors and indicate the correct totals for the trial balance. Office supplies. Office equipment. Professional fees earned Rent expense.

Transaction Analysis and Trial Balance Pam Black owns Artsy Graphics, a firm providing designs for advertisers and market analysts. On July 1, the business 's general ledger showed the following normal account balances: Cash.. Set up accounts for the general ledger accounts with July 1 balances and enter the beginning balances. Also provide the following accounts: Equipment; Service Fees Earned; Rent Expense; Salaries Expense; Delivery Expense; Advertising Expense; Utilities Expense; Supplies Expense; and Dividends. Prepare journal entries and record the listed transactions in the appropriate T-accounts. Prepare a trial balance as of July Transaction Analysis and Trial Balance Fly-In Service, Inc.

Unadjusted Trial Balance August 1 Debit Credit Cash Accounts payable.. Set up accounts for each item in the August 1 trial balance and enter the beginning balances. Also provide accounts for the following items: Service Fees Earned, Wage Expense, Advertising Expense, Rent Expense, Fuel Expense, Insurance Expense, and Interest Expense. Prepare journal entries and record the transactions for August in the appropriate T-accounts, using the references given. Prepare a trial balance as of August Transaction Analysis and Trial Balance Mary Baker opened a tax practice on June 1. The following accounts will be needed to record her transactions for June: Cash; Accounts Receivable; Office Supplies; Tax Library; Office Furniture and Fixtures; Accounts Payable; Notes Payable; Common Stock; Dividends; Professional Fees Earned; Rent Expense; Salaries Expense; Advertising Expense; Utilities Expense; and Interest Expense.

The return reduced the amount owed to the supplier. Chapter 2 Processing Accounting Information © Cambridge Business Publishers Required a. Prepare journal entries and record the above transactions in T-accounts, and key entries with the b. number of the transactions. Prepare a trial balance as of June Transaction Analysis and the Effect of Errors on the Trial Balance The following T-accounts contain numbered entries for the May transactions of Gomez Corporation, an architectural firm , which opened its offices on May 1: Cash 1 10 Accounts Payable 25, 1, 5, 5, 4 7 8 5 8 Accounts Receivable 6 8, I 5, 2 1, I Office Equipment 5,ooo 3 9 I 25,ooo 1 Professional Fees Earned I 8, Rent Expense 5 4 I Notes Payable 15,ooo I 1, Common Stock 10 Supplies 3 L04, 5, 6 1, 6 I Utilities Expense 2 9 I Salaries Expense 7 5, I Required a. Give a description of each of the 10 numbered transactions entered in the above accounts. The following trial balance, prepared for Gomez Corporation as of May 31, contains several errors.

Itemize the errors, and indicate the correct totals for the trial balance. Notes payable. Professional fees earned. Utilities expense.. Salaries expense. Transaction Analysis and Trial Balance James Green, electrical contractor, began business on May 1. Prepare journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. The following accounts will be needed to record the transactions for May: Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; Dividends; Service Revenue; Rent Expense; Wages Expense; Utilities Expense; Truck Expense; Advertising Expense; and Interest Expense. Prepare a trial balance as of May PROBLEMS-SET B L02 PB.

Transaction Analysis The accounting equation of Matthew Thomas, attorney, at the beginning of an accounting period is given below, followed by seven transactions whose effects on the accounting equation are shown. Of the transactions affecting retained earnings, transaction e had no effect on net income for the period. Cash Balance a b c d e f g L02 PB. Show that assets equal liabilities plus stockholders' equity as of May 1. Show that assets equal liabilities plus stockholders' equity as of May Transaction Analysis Wesson Appraisal Service provides commercial and industrial appraisals and feasibility studies. The following transactions occurred during the month of January: L02 Ill. Set up an accounting equation in columnar form with the following individual assets, liabilities, and stockholders' equity accounts: Cash, Accounts Receivable, Van, Accounts Payable, Notes Payable, Common Stock, and Retained Earnings.

Enter January 1 balances below each item. Show the impact increase or decrease of transactions on the beginning balances, and total the columns to show that assets equal liabilities plus stockholders' equity as of January Transaction Analysis On June 1, a group of bush pilots in British Columbia, Canada, formed the Adventure Airlines, Inc. The group then leased several aircraft and docking facilities, equipping them to transport campers and hunters to outpost camps owned by various resorts. Show how the June transactions affect the items in the accounting equation, and total all columns to show that assets equal liabilities plus stockholders' equity as of June L02 PB.

L02 Rendered services to clients for cash. ANSWER: Increase assets Cash Increase stockholders ' equity increase Revenue Invested cash in the firm in exchange for common stock. Purchased a document scanner on account. Borrowed cash from a bank and signed a nine-month note. Paid amount due on account for scanner purchased in c. Paid stockholders a cash dividend. Paid interest on note payable to bank. Received payment from clients billed in J. The asset, liability, and stockholders ' equity account balances after each of the firm 's first six transactions are shown below.

Describe each of these six transactions. L02 2, a 5, 9, PB. Transaction Analysis Appearing below is an analysis of the June transactions for Fisk Communications Company. Show that assets equal liabilities plus stockholders' equity as of June 1. Transaction Analysis Torrey Peoples began the Peoples Word Processing Service in December. The L02 firm provides word-processing services for businesses and is currently operating with leased equipment. Assume that Retained Earnings as of January 1, were zero. Set up an accounting equation in columnar form with the following individual assets, liabilities, and stockholders' equity accounts : Cash, Accounts Receivable, Equipment, Accounts Payable, Notes Payable, Common Stock, Retained Earnings. Transaction Analysis On December 1, Molly Frick started Advancement Career Services, which provided career and vocational counseling services to individuals. L02 fl]. Set up an accounting equation in columnar form with the following column headings : Cash, Accounts Receivable, Land, Accounts Payable, Notes Payable, Common Stock, and Retained Earnings.

Show how the December transactions affect the items in the accounting equation, and total all columns to show that assets equal liabilities plus stockholders ' equity as of December L04, 5, 6 PB. Transaction Analysis and the Effect of Errors on the Trial Balance The following T-accounts contain numbered entries for the May transactions of Valerie Vance who opened a consulting services business on May 1: Cash 1 9 20, 3, Common Stock 4, 1, I 20, 2 4 6 8 Accounts Receivable 5 6, I 3, Dividends 9 8 Office Supplies 3 2 I I I Rent Expense 4, I 4 Accounts Payable 6 Professional Fees Earned Office Equipment 4,ooo 1, 14, 1 6, 5 I Utilities Expense 3 7 7 I Required a.

Give a description of each of the nine numbered transactions entered in the above accounts. The following trial balance, prepared for Rankine's firm as of May 31, contains several errors. Transaction Analysis and Trial Balance Ashley Conners owns La Jolla Art Company, a firm providing designs for advertisers, market analysts, and others. On July 1, the business 's general ledger showed the following normal account balances: Cash Retained earnings. Also provide the following accounts : Equipment; Dividends; Service Fees Earned; Rent Expense; Salaries Expense; Delivery Expense; Advertising Expense; Utilities Expense; and Supplies Expense. Transaction Analysis and Trial Balance Great Outdoors Airlines, Inc. On August 1, the firm 's trial balance was as follows : GREAT OUTDOORS AIRLINES, INC.

Unadjusted Trial Balance August 1 Debit Cash.. Notes payable.. Also provide similar accounts for the following items: Service Fees Earned, Dividends, Wages Expense, Advertising Expense, Rent Expense, Fuel Expense, Insurance Expense, and Interest Expense. Create journal entries and record the transactions for August in the appropriate T-accounts, using the references given. Transaction Analysis and Trial Balance Bill Williams opened a tax practice, Bill Williams, Tax Accounting, Inc. The following accounts will be needed to record the business's transactions for June : Cash; Accounts Receivable; Office Supplies; Tax Library; Office Furniture and Fixtures; Accounts Payable; Notes Payable; Common Stock; Dividends; Professional Fees Earned; Rent Expense; Salaries Expense; Advertising Expense; Utilities Expense; and Interest Expense.

Prepare a trial balance from the general ledger as of June Transaction Analysis and the Effect of Errors on the Trial Balance The following T-accounts contain numbered entries for the May transactions of the Upland Corporation, an architectural firm, which opened its offices on May 1: Cash 1 10 Accounts Payable 50, 1, 5, 5, 1, 4 7 8 Accounts Receivable 6 8, 15, 1, I 1, I 1, 3 9 Common Stock 10 Supplies 3 5 8 , 1 Professional Fees Earned 5 I 8, 6 Chapter 2 Processing Accounting Information © Cambridge Business Publishers Office Equipment 2 5,ooo Rent Expense 4 I Notes Payable 15,ooo 1, I Utilities Expense 2 9 I Salaries Expense 7 5, I Required a. The following trial balance, prepared for Upland Corporation as of May 31, contains several errors. Salaries expense Create journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. In September , Kate incorporated Kate's Cards after investigating different organizational forms, and began the process of getting her business up and running.

The following events occurred during the month of September 1. She received common stock in exchange. Kate designed a brochure that she will use to promote her greeting cards at local stationery stores. She decided to record all of these items under the same equipment account. She opened a business account with the store and was granted 30 days credit on all purchases, including the one she just made. Kate designed her first 5 cards and prepared to show them to potential customers. Kate tells the customer that she will have them printed and delivered within the week. Kate delivered the 5, cards. Because the owner knows that Kate is just starting out, he paid her immediately in cash. He informed her that if the cards sell well that he will be ordering more, but would expect a day credit period like the one he grants to his own business customers.

Hint: This cost should be recorded as a debit to an expense called Cost of Goods Sold. Kate paid her balance due for the supplies in full. Hint: Two accounts will need to be debited here, one for the current month expense and one for the prepaid amount. Kate determined that all of her equipment will have a useful life of 4 years 48 months at which time it will not have any resale or scrap value. The credit will be to Accumulated Depreciation. Prepare a general ledger with the following accounts : Cash; Accounts Receivable; Supplies In- b. ventory; Prepaid Insurance; Equipment; Accumulated Depreciation; Accounts Payable; Common Stock; Retained Earnings; Sales Revenue; Cost of Goods Sold; Consulting Expense; Insurance Expense; Depreciation Expense; Wages Expense; Rent Expense. Prepare journal entries for the above transactions using these accounts. Post the accounting transactions for the month of September to the general ledger T-accounts. Prepare a trial balance for Kate's Cards as of September 30, Financial Reporting Problem: Columbia Sportswear Company The financial statements for the Columbia Sportswear Company can be found in Appendix A at the end of this book.

The following selected accounts, in thousands, are from those statements: Chapter 2 Processing Accounting Information © Cambridge Business Publishers Common stock. Prepaid expenses and other current assets Net sales For each of these accounts, indicate whether a debit or a credit is required to increase its balance. What other account is likely involved when: 1. Accounts receivable is increased? Accounts payable is decreased? Net sales are increased? Comparative Analysis Problem: Columbia Sportswear Company vs. Under Armour, Inc. The financial statements for the Columbia Sportswear Company can be found in Appendix A and Under Armour, Inc. Each of the following accounts is listed in the company 's financial statements: Columbia Sportswear 2 3 4 5 b.

Accounts receivable Property, plant, and equipment Accounts payable Common stock Interest income Under Armour, Inc. Identify the probable other account involved when : 1. Cost of goods sold is increased. Interest income is increased. Accounts receivable is decreased. Income taxes payable is increased. Business Decision Problem Mary Hernandez operates the Wildlife Image Gallery, selling original art and signed prints received on consignment rather than purchased from recognized wildlife artists throughout the country. The firm receives a 30 percent commission on all art sold and remits 70 percent of the sales price to the artist. All art is sold on a cash basis. Mary began the business on March 1, Mary signed a note agreeing to repay the loan in one year. No interest is being charged on the loan, but the relative does expect to receive a set of financial statements each month.

On April 1, , Sarah asks for your help in preparing the financial statements for the first month. Loan from relative Sales of art Payment of March rent for gallery space Payment of March staff wages Payment of airfare for personal vacation of Mary Hernandez vacation will be taken in April In your discussions with Mary, she tells you that she has been so busy that she is behind in sending artists their share of the sales proceeds. She plans to catch up within the next week. Required From the above information, prepare the following financial statements for Wildlife Image Gallery: a income statement for the month of March ; b statement of stockholders' equity for the month of March ; and c balance sheet as of March 31, To obtain the data needed, you may wish to use T-accounts to construct the company's accounts. Financial Analysis Problem Tim Johnson runs a local photography studio, Action Images, Inc.

Action Images is organized as a corporation. Tim's primary sources of revenue are from the events he is contracted to photograph, mostly sporting events, and from photography lessons given at a local community college. Most of Tim's photographic event customers pay him soon after they receive an invoice from Tim, approximately one week after the event, although in some cases Tim receives payment on the day of the event. The community college pays Tim at the end of each month that he teaches a class. Tim maintains the following accounts to account for these revenue transactions: Cash, Accounts Receivable, Photographic Revenue, Teaching Revenue. Tim leases the studio where he does most of his work.

He owns all his equipment, which consists of cameras, lenses, lighting, a computer, printer, furniture , and miscellaneous office equipment. These assets are accounted for in the following accounts : Photographic Equipment, Office Equipment, and Furniture. Tim does most of the work himself, but he does employ part-time help on days of his photo events, and he also employs a part-time bookkeeper. Most months Tim has expenses for the studio rent, utilities, advertising, supplies, and insurance. The following accounts are used to account for these expenses: Rent Expense, Utilities Expense, Salaries Expense, Advertising Expense, Supplies Expense, and Insurance Expense.

Tim pays himself a monthly salary. In addition, if his business does well, he will receive a dividend from Action Images. The following stockholders ' equity accounts are maintained by Tim: Common Stock and Retained Earnings. During the month of November, Tim hired a new bookkeeper while his regular bookkeeper was away on vacation. The new bookkeeper was inexperienced, and Tim is concerned that things may not have been recorded correctly. He has asked you to review the following transactions. For each transaction, Tim provides you with the account, the amount either debited or credited, and an explanation for the transaction. In each case, the explanation is correct.

Chapter 2 © Cambridge Business Publishers Account Cash Processing Accounting Information Debit I Credit 5, Photographic revenue 5, Issued common stock in exchange for cash. For each entry, state if it is correct. If the entry is in error, make the necessary correction. Will any of the errors cause the trial balance to be out of balance? What effect did the errors have on Tim's net income for November? CRITICAL THINKING EYK Accounting Research Problem Go to this book's Website and locate the annual report of General Mills, Inc. for the year ending May 28, fiscal year Required 1. For each of the income statement accounts, indicate the normal balance. For each of the balance sheet accounts, indicate the normal balance. Accounting Communication Activity Jason Timmons is struggling with some accounting concepts and has come to you for help.

In particular he does not understand what is meant by a debit and a credit. He was especially confused when he learned that sometimes debits result in account increases and sometimes debits result in account decreases. Required Write a short memorandum to Jason that explains what is meant by debits and credits as it applies to accounts used by a company. Accounting Ethics Case Devon Myers and his supervisor are sent on an out-of-town assignment by their employer. At the supervisor 's suggestion, they stay at the Spartan Inn, across the street from the Luxury Inn. After three days of work, they settle their lodging bills and leave. On the return trip, the supervisor gives Devon what appears to be a copy of a receipt from the Luxury Inn for three nights of lodging. Actually, the supervisor indicates that he prepared the Luxury Inn receipt on his office computer and plans to complete his expense reimbursement request using the higher lodging costs from the Luxury Inn.

Required What are the ethical considerations that Devon faces when he prepares his expense reimbursement request? GENERAL MILLS, INC. Sustainability reporting differs from financial reporting in several areas. One difference that is readily apparent is that sustainability reports contain performance metrics that are measured in units other than dollars. For example, greenhouse emissions may be measured in metric tons and employee in-kind volunteering may be measured in hours. Required Go to the GRI Website and near the bottom, left of the page, under Useful Pages, select Disclosure Database. Use the Search feature in the middle of the page to select a report of one of the listed firms.

What are some of the areas that the company reports on, and what measures do they use? Forensic Accounting Problem Accrual accounting is based on the idea that revenue should be recognized when earned and that any resources consumed in the revenue-generating process expenses should be matched with those revenues in the same period. Another basic principle on which GAAP is based is that of the accounting period. This principle sets the time period for which the revenues and expenses are to be measured and matched. For many firms, this date is December Revenues earned after December 31 are to be reported in the following period, and expenses in the following period are then matched to those revenues. One way that companies have been found to misrepresent their reported performance is to violate these principles by "holding the books open" beyond December In other words, the firm will improperly record revenue earned after year-end as if it were earned in the current year, and at the same time, fail to properly match the expenses associated with those revenues.

How might a forensic accountant who has been hired to investigate improper financial reporting catch this type of activity? IFRS Financial Statements Thomson Reuters is a global information company created by the merger of the Thomson Corporation, a Canadian company, with the Reuters Company, a United Kingdom-based company. The company operates in over countries and has over 50, employees. The company provides financial, legal, scientific, and tax information services to the public on a fee basis. The shares of Thomson Reuters are listed on the New York Stock Exchange and the Toronto Stock Exchange. The company prepares its financial statements using IFRS but also reconciles this information to various non-IFRS measures. You can view the company's financial statements and the Canadian GAAP-IFRS reconciliation at www.

What are the advantages of having a single, global set of accounting standards like IFRS? A competitor of Thomson Reuters is U. P, a closely held financial software, news, and data company founded by Michael Bloomberg, former mayor of New York City. Bloomberg prepares its financial statements using U. What constraints would you face in trying to compare the financial results of Thomson Reuters to Bloomberg? Working with the Takeaways Part A Each of the following accounts from the Canam Company has a normal balance as of December 31 , , the end of Canam 's first year of operations.

Sales revenue. Selling expenses. Administrative expenses. Required Prepare a trial balance for Canam Company as of December 31, Tax expense. After further research, we learn the following : 1. Which of the four errors, if any, is the reason that the trial balance is not in balance? Which of the errors, if any, must be corrected? Prepare a corrected trial balance. ANSWERS TO SELF-STUDY QUESTIONS: 1. d, pp. a, pp. b, pp. SOLUTIONS Solution 2. Debit b. Credit c. Debit d. Credit e. Debit f. Credit g. Debit Solution 2. Service revenue Wages expense - 2, e. Equity - Service revenue Chapter 2 © Cambridge Business Publishers 2. As it closes its we analyze and record books for the year, its employees must get the accounting transactions the first two information organized to prepare the financial statements steps in the accounting cycle , for its annual report.

That process normally requires several including the system of debits accounting adjustments to properly determine how well a and credits. company performed and its financial condition. Accounting adjustments involve many estimates , assumptions, and judgments. They are important to investors and This chapter completes others that rely on financial statements for valuing a com- our examination of the final pany's stock. Today, accounting cycle : adjust, its stock is selling for less than half of that price. report, and close. What precipitated such a dramatic drop in its stock price? One reason suggested by Wall Street pundits is Krispy Chapter 4 examines the balance sheet and income statement more closely and introduces techniques for analyzing and interpreting financial statements.

Kreme 's accounting methods. It appears that some adjustments that Krispy Kreme made propped up its earnings much like the yeast in its donuts. When investors began to question the "quality" of Krispy Kreme 's earnings, a sharp sell-off of its stock followed as worried stockholders moved their money to alternative investments. Why are accounting adjustments so important? This chapter focuses on the importance of those adjustments for financial statements. It also shows how companies account for adjustments and how financial statements are prepared from the final adjusted numbers.

al Holes DRlilNAL GLAZED" ·-···-- ~ Road Map Explain the accrual basis of accounting and contrast it with the cash basis with reference to revenue and expense recognition. Describe the adjusting process. For example, an individual is likely to evaluate her financial well-being in terms of her available cash. If she ends the period with a higher cash balance than she started with, she is likely to conclude that she generated a profit. The cash basis of accounting is not considered generally accepted for most businesses. Generally accepted accounting principles require that companies use the accrual basis of accounting. The accrual basis of accounting requires a business to measure and report its operating performance regardless of whether all revenues have been collected in cash and all expenses have been paid with cash. Explain the accrual basis of accounting and contrast it with the cash basis with reference to revenue and expense recognition.

Lo 1 Revenue Recognition Principle Under the cash basis of accounting, the receipt and payment of cash are the determining factors for when sales revenue is recognized and when expenses are deducted. Under the accrual basis of accounting, sales revenue is recognized as the amount the seller expects to be paid for the transfer of promised goods or services to customers. The selling company needs to apply the following five steps to determine the proper revenue to recognize: 1. Identify the contract with a customer. Identify the performance obligations or promises in the contract. Determine the transaction price. Allocate the transaction price to the performance obligations in the contract. Recognize revenue at the point the performance obligations have been satisfied. For most businesses, this means that sales revenue is recognized at the time that goods and services are delivered to the customer. Revenue may be recognized before, after, or at the same time that cash is received.

Revenue Earned When Cash Is Received For most sales, Krispy Kreme will receive cash at the same time that the customer receives donuts. Under these circumstances, accrual accounting recognizes sales revenue Chapter 3 Accrual Basis of Accounting © Cambridge Business Publishers at the same time that the company receives payment for its product. As a consequence, Krispy Kreme will debit Cash and credit Sales Revenue. Revenue Earned Before Cash Is Received Safeway purchases large quantities of Krispy Kreme donuts for resale in its grocery stores. Assume that Safeway agrees to pay for the donuts thirty days after delivery. Even though Krispy Kreme has not received payment for the delivered donuts, the company has earned the right to receive the cash, and consequently, Krispy Kreme must recognize the sales revenue prior to cash collection.

In this case, it will debit Accounts Receivable and credit Sales Revenue at the time of the sale. The subsequent collection of cash on the account does not result in sales revenue being recognized. Even though Krispy Kreme has received cash, it has not delivered the donuts, and thus, will defer the recognition of sales revenue until it does. Krispy Kreme will record a liability account, Unearned Revenue, for the cash received. When the donuts are delivered to Albertsons, it will recognize the revenue. Assessment Apply the five steps of the revenue recognition process. Early recognition of revenue overstates current period revenue; recognizing revenue too late understates current period revenue. As these examples demonstrate, the timing of revenue recognition is determined by the revenue recognition principle, and not the timing of the cash collection.

Concept SE TAKEAWAY 3. Every contract requires the seller to perform at least one performance obligation, while some contracts may require multiple obligations. The purchase of a dozen donuts simply requires Krispy Kreme to deliver to the buyer the donuts in exchange for payment from the buyer. In contrast, the contract with Xerox contains two performance obligations: 1 the delivery of a photocopier and 2 the maintenance of the photocopier over a three-year period. Step 3: Determine the transaction price. The transaction price is the amount the seller expects to receive for satisfying the performance obligations in the contract. The transaction price is easy to compute for the dozen donuts from Krispy Kreme. It is simply the price Krispy Kreme charges for the donuts. Determining the transaction price in the Xerox contract is more complex because it must be allocated between the two performance obligations in the contract as discussed in the following step.

Step 4: Allocate the transaction price to the separate performance obligations in the contract. Step 4 is quite easy in the case of single performance obligation contracts such as the donut sale. Krispy Kreme simply allocates the entire transaction price to the sale of the donuts. A more complex allocation is necessary for the Xerox contract with two performance obligations. A widely used method in a contract like this is for Xerox to base the allocation on the price that would be charged for each performance obligation if they were sold separately. Further assume that if sold separately the two performance obligations in the contract would be priced as follows: Photocopier. Maintenance agreement. The seller should recognize revenue separately as each performance obligation is satisfied. In the simple Krispy Kreme example, revenue would be recognized by Krispy Kreme at the time the donuts are delivered to the buyer.

In the more complex example, Xerox will recognize revenue for the sale of the photocopier at the time the buyer takes possession of the machine, and the revenue for the maintenance agreement over the three-year period of the agreement. In other words, business expenses are recognized matched with sales revenues so that they are reported on the same income statement. Like the recognition of revenue, the recognition of expenses can occur prior to, simultaneously with, or subsequent to the receipt of cash. It is the recognition of revenue, and not the payment of cash, that determines when expenses are recognized under the accrual basis of accounting. A cash purchase is not considered to be a business expense until Krispy Kreme sells the donuts it produces. The cash purchase of materials prior to sale would be accounted for as a reduction of cash and an increase in supplies, both assets.

But what happens if the materials are purchased on account and used in donuts sold before Krispy Kreme pays for the baking materials? In this case, the accrual basis of accounting dictates the recognition of expense prior to the cash payment for the materials so that the expense is properly matched with the revenue recognized in the same accounting period. The key point is that under accrual accounting the recognition of expense is matched to the recognition of revenue in the same period. This may occur after the cash expenditure, before the cash expenditure, or at the same time as the cash expenditure.

In addition, it should be stressed that the purpose of accrual accounting is to adjust cash flows such that revenues and expenses are recognized in the period the revenue is earned and the corresponding resources to earn the revenue are used up. Such matching would not necessarily occur under the cash basis of accounting. Ultimately both cash-basis accounting and accrual-basis accounting will yield the same results; however, the results will likely differ period by period. I appreciate introductory videos that set the tone as well as draw attention to what will be very important in the chapter. Key take-away videos presented at the end of each chapter are very useful as well. The book is very accurate, however, it does need to be updated for the most recent changes in the accounting standards. Instructors will have to introduce most recent changes in leases in particular.

The textbook material is very relevant and is written from a perspective an investor or a user prospective as opposed to a debits-credits rules book. It makes accounting very fun and intellectually interesting. It even contains a point of view from an actual financial professional. The book is written in a question and answer format or Socratic way of thinking. It challenges the students to start approaching their homework as well as other reading in a similar fashion. It models the way to ask questions as students learn on their own and promotes more intense method of learning. The book has a very predictable pattern. Once the reader figures out the logic, the order could be easily followed. Material is explain in plain English without excessive technical terms. The chapters are very concise, one of the great attributes of this book. Chapters are divided into smaller segments which could be easily omitted to accommodate a different length of course.

One weak point is that material is very text heavy. There are very few visuals to increase understanding of heavy text. The logic within the chapter could be easily followed. It is nice to see several excises embedded into the text to be able to check understanding. End of the chapter exercises contain multiple-choice question practice as well as opportunity for additional research. The module order in chapter 4 is incorrect. It goes from 4. The book does not contain either an index or a glossary. All material covered in any entry level accounting textbook is covered, even an introduction to Auditing. The depth is very good for an accounting principles textbook, with the technical "fine print" omitted.

There is good coverage of the Comprehensiveness rating: 4 see less. There is good coverage of the overriding principles of accounting. The index is very detailed, but the glossary is not. The introduction to the bookkeeping mechanics is very good, but I would like to see more early coverage of the overall message financial statements are meant to convey. The book is very accurate, but does not include more current updates or pending changes in accounting standards. Issues such as changes in rules regarding revenue recognition and leases, for example, are too current for this text to have covered when it was written. It would be necessary for the instructor to introduce these changes.

Some more current revisions in accounting standards are not addressed in this text, but these can be added or mentioned by the classroom instructor. The depth of the content for each subject area is very appropriate for a principles of accounting textbook and the text is very easy to read. The clarity is one of this book's strongest points. It can be easily comprehended by an entry level accounting student. The videos are easy to watch, and provide a decent introduction to each chapter, but do not add much to the ease of understanding the material. Very consistent. The framework is very solid and predictable, and the vocabulary is easy to understand. Technical terms are explained in plain English, with few, but good examples.

Topics are will divided and covered without a lot of boring reading about each. Each chapter is short and is well divided into even smaller sections. One of the strengths of this text is that the student is not overwhelmed with pages and pages of extraneous information. Other than the placement of Chapter 6 on Auditing, the rest of the text is in a very logical order. Each topic is presented in a clear, logical way. The author stars each section with a question, and then proceeds to answer the question. This makes the topic easier to understand. Although I question the placement of chapter 6, I am glad the author includes the topic in the text, and am really not sure exactly where I believe it should be covered. I did not find any significant interface issues. There are places where the alignment of numbers is a little out of skew, for example a row of "credits" is not perfectly straight, but not in a manner that they were misleading.

There is no clear effort to be "inclusive", but certainly nothing that is culturally insensitive in the text. This is accounting material. Social issues are not addressed, but nothing offensive was noted. The only real weakness in the text is just that it is not updated for more recent changes in accounting principles. If the instructor is willing to cover these, the text is very easy for the student to read and to comprehend. The table of contents is very different than two standard textbooks I am currently using or used recently. It is difficult to understand d exactly what topics are being covered using the table of contents. A separate chapter on financial Comprehensiveness rating: 1 see less. A separate chapter on financial statement analysis should be added, or each chapter should incorporate these concepts.

The ethical aspects of decision making need to be more fully addressed. The end of the chapter homework problems need to be increased not only in number but also increased complexity. While what is presented seems accurate, there seems to be a definite lack of substance. Each topic needs to be developed in depth. The international financial reporting standards need to be included either in a separate chapter or preferably incorporated incorporated into each chapter. The text does flow in a logical manner, but it is difficult to get the "big picture" from the way the text and individual chapters are organized. It might be very difficult for someone with no accounting background to learn from the text. The online quizzes provide and excellent way for students to monitor their learning. However, the number of these quizzes and the complexity of the quizzed need to be increased.

The text seems to be written at a level much higher than the principles level. Students likely would have a difficult understanding of the purpose and use of accounting information. By far, the weakest aspect of this text is the lack ancillary materials. My department relies heavily on the online graded homework systems. While I do not use many of the supporting materials, such as Power Points, many of my colleagues do and this would be a definite reason the text would not be adopted. Good over-all coverage No glossary Index fair--could be more descriptive read more. Comprehensiveness rating: 3 see less. Many examples of current financial statements and other material that can easily be up-dated. Well written but somewhat hard to follow.

The flow from one item to the next is somewhat muddled. The text does have some self-referencing. Presenting only certain sub-units might require some work. The presentation of corporations could be better advantages, disadvantages, sub-chapter S, etc. Th end of chapter questions should be linked to the sections in the test where the material can be found. 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. 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.

English Pages [] Year DOWNLOAD PDF FILE. Financial Accounting 6e, is designed to prepare users to succeed as future business managers. The text demonstrates how. The textbook describes a theoretical approach to the organization and methodology of financial accounting. In preparing. This practical book shows how to deal with the complicated area of accounting of financial instruments. Containing a hug. Explaining accounting as a way of understanding businesses and a means for evaluating them, this text first covers the a. Financial Accounting for Undergraduates Fourth Edition James S. Wallace The Peter F Drucker and Masatoshi Ito Graduate School of Management Claremont Graduate University Karen K.

Nelson M. Neeley School of Business Texas Christian University Theodore E. com l p 5: Shutterstock. com for all 3 photos l p 6: Shutterstock. com for all photos I p 7: Shutterstock. com for all photos I p 8: Shutterstock. com for all photos l p ll : Shutterstock. com for all photos l p 8: REDPIXEL. com Ch 4 Opener: iStock. com Ch 5 Opener: iStock. com Ch 7 Opener: iStock. com 8 p and p income statement: Shutterstock. com 8 p Shutterstock. com 9 Opener: iStock. com 9 p con struction vehicle: Joseph M. com Ch 9 p tax button: Shutterstock. com Ch 9 p 44 l : Shutterstock. com Ch IO Opener: iStock. com Ch IO p 4 7 l : Shutterstock. COPYRIGHT© by Cambridge Business Publishers, LLC.

Published by Cambridge Business Publishers, LLC. Exclusive rights by Cambridge Business Publishers, LLC for manufacture and export. ALL RIGHTS RESERVED. No part of this publication may be reproduced, distributed, or stored in a database or retrieval system in any form or by any means, without prior written consent of Cambridge Business Publishers, LLC, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Printed in the United States of America. WALLACE is an Associate Professor at The Peter F. Drucker and Masatoshi Ito Graduate School of Management at The Claremont Graduate University. He received his B. from the University of California, Santa Barbara, his M.

from the University of California, Davis, and his Ph. from the University of Washington. Professor Wallace also holds a CPA certification from the state of California. He previously served on the faculty of the University of California, Irvine and has served as a visiting professor at the University of California, San Diego. Professor Wallace's work has appeared in leading academic journals including the Journal of Accounting and Economics, the Journal of Corporate Finance, and Information Systems Research, along with leading applied journals such as the Journal of Applied Corporate Finance , the Journal ofAccountancy, Issues in Accounting Education and Accounting Horizons. Prior to his career in academics, Professor Wallace worked in public accounting and in industry with a Fortune company.

He has done consulting work with numerous companies in multiple industries. KAREN K. NELSON is the M. Neeley Professor of Accounting in the M. Neeley School of Business at Texas Christian University. She earned her Ph. from the University of Michigan and a bachelor's degree summa cum laude from the University of Colorado. Prior to joining TCU, Karen was on the faculty at Stanford University and Rice University, and a Visiting Professor at the University of Michigan. A Certified Public Accountant in Colorado, she is a member of the Standing Advisory Group of the Public Company Accounting Oversight Board. Her research focuses on financial reporting and disclosure issues, including the role of regulators, auditors, and private securities litigation in monitoring financial reporting quality.

She has held research seminars at over 50 leading business schools in the U. and abroad. Her research has been published in a variety of leading academic journals and has been featured in the financial press. Karen has taught financial accounting and reporting for undergraduate, MBA, and Ph. students, and is the recipient of numerous awards for teaching excellence. THEODORE E. Tull School of Accounting at the University of Georgia. Prior to coming to UGA, he was on the faculty at Brigham Young University and at Case Western Reserve University. He was a visiting professor at the University of Michigan, the University of Utah, and Santa Clara University. He received a B. degree in accounting at San Jose State University, a M.

degree in tax at Brigham Young University, and a Ph. in accounting from the University of Georgia. Professor Christensen has authored and coauthored articles published in many journals including The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, Review of Accounting Studies, Contemporary Accounting Research, and Accounting Organizations and Society. He is also the author of an advanced financial accounting textbook. Professor Christensen has taught financial accounting at all levels, financial statement analysis, business valuation, both introductory and intermediate managerial accounting, and corporate taxation. He is the recipient of numerous awards for both teaching and research. He has been active in serving on various committees of the American Accounting Association and is a CPA. We created this product to satisfy the needs of students taking their first financial accounting course by providing a high-quality, contemporary, and engaging textbook and online learning system at an affordable price.

Read on to learn why Financial Accounting for Undergraduates has become a best-seller, and why you should use it in your introductory financial accounting class. To help students succeed in the course, we use a number of pedagogical devices throughout the textbook, and we provide a wealth of resources through our online learning and homework system, myBusinessCourse MBC. PAST 'U UR Chapter 2 explained how This chapter completes Chapter 4 examines the we analyze and record our examination of the fina l balance sheet and income transactions the fi rst two three steps in the fi ve-step statement more close ly and steps in the accounting cycle , accounting cycle : adjust, introd uces tech niq ues fo r including the system of debits Road Maps outline each chapter and provide a quick reference table that summarizes the print and digital resources for that chapter.

Your Turns provide hands-on practice after each major concept to ensure mastery of a topic before proceeding to the next concept. iv analyzing and inte rpreting Road Map SS1 , SS2, SS4, E1A , E2A , E3A , E4A , E5A , E6A , E7 A, El B, E2B, E3B, E4B, E5B, E6B, E7B, P1A, P2A, P3A, P4A, P5A, P6A, Pl B, P2B, P3B, P4B, P5B, P6B discuss various current liabilities. Illustrate the accounting for long-term liabilities. YOUR TURN! Preface © Cambridge Business Publishers We use color and other visual cues pedagogically to help students learn and retain important concepts. The Allowance for Doubtful Accounts is also often referred to as the Allowance for Uncollectible Accounts. Margin notes provide hints and identify commonly used alternative terms. Technology is rapidly altering how accounting is performed and what can be done with the data once they are collected. In this edition, we introduce students to Data Analytics and Blockchain Technology in Chapter 1.

Data Analytics and Blockchain Technology Accounting skills are not stagnant; rather they are constantly evolving. What was once done by hand is now done with the aid of specialized software. Programs like QuickBooks from Intuit have automated the basic accounting job of transaction recording, and programs like Microsoft Excel have greatly aided in the analysis of accounting data. While some industry observers had predicted these technological advances would replace the need for accountants, these applications have simply changed the way accountants perform their jobs. Newer technologies such as data analytics and blockchain are further Where appropriate, we include boxed features highlighting new technologies. Blockchain and the Future of Accounting When most people hear the word blockchain, they likely think of Bitcoin.

What makes blockchain so important for cybercurrencies like Bitcoin also makes it likely to revolutionize the future of accounting. Blockchain technology, which is also known as distributed ledger technology, allows multiple parties to a transaction to securely share a database. Blockchain has the potential to create a completely traceable audit trail, and could potentially automate the entire financial audit. While the future possibilities appear endless, current applications in addition to auditing include cybersecurity and financial planning and analysis. vi Preface © Cambridge Business Publishers For an expanded introduction to Data Analytics and Blockchain Technology, we added a new Appendix F that provides more detail and assignments that require the use of Excel and Tableau. O A wants to send f The transaction is money to B.

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WebBe governed by accounting standards and procedures. Don’t miss this great collection of over 10 financial accounting books in PDF format and download them for free to your WebJun 10,  · Financial Accounting (6 reviews) Copyright Year: ISBN Publisher: University of Minnesota Libraries Publishing Language: WebAbout the Author of Financial Accounting For Undergraduates 3Rd Edition PDF Free Download Book. Editorial Reviews From the Inside Flap EXPERT GUIDANCE ON WebFinancial Accounting for Undergraduates, 4e , 1,MB EnglishPages []Year Report DMCA / Copyright DOWNLOAD WebFinancial Accounting For Undergraduates 3Rd Edition PDF Book Details Product details Publisher: Wiley; 3rd edition (March 13, ) Language: English Paperback: WebJan 14,  · Financial accounting for undergraduates 3rd edition pdf download Financial Accounting For Undergraduates,Financial Accounting for ... read more

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Notes payable. The company's efforts include employee training, public awareness, and support for research initiatives through the National Center for Responsible Gaming. In the business world, it is essential to have a good course in the financial area. Each chapter is short and is well divided into even smaller sections. Sing, Unburied, Sing: A Novel Sing, Unburied, Sing: A Novel. Business and Investment Books Accounting Books Advertising Books Audit Books. For each letter given in the T-accounts, describe the type of business transaction s financial accounting for undergraduates 3rd edition pdf download event s that would most likely be reflected by entries on that side of the account.