Horngren’s Financial & Managerial Accounting, The Financial Chapters, Global Edition, 6th Edition
- Length: 984 pages
- Edition: 6
- Language: English
- Publisher: Pearson Education
- Publication Date: 2018-07-10
- ISBN-10: 1292234407
- ISBN-13: 9781292234403
- Sales Rank: #1720989 (See Top 100 Books)
For courses in Financial and Managerial Accounting.
Expanding on proven success with Horngren’s financial and managerial accounting
Horngren’s Financial and Managerial Accounting presents the core content of principles of accounting in a fresh format designed to help today’s learners succeed. As teachers first, the author team knows the importance of delivering a reader experience free of obstacles. Their pedagogy and content uses leading methods in teaching readers critical foundational topics and concentrates on improving results–all tested in class by the authors themselves. With this in mind, the 6th Edition continues to focus on readability and comprehension and takes this a step further in the managerial chapters by employing a new theme to help individuals see how managerial accounting is used as a tool to help all business people make decisions. By providing more meaningful learning tools, this title gives readers the resources needed to them clear hurdles like never before.
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Cover Title Page Copyright Page About the Authors Brief Contents Contents Changes to This Edition Financial & Managerial Accounting . . . Expanding on Proven Success Instructor and Student Resources Acknowledgments Chapter 1 Accounting and the Business Environment Why Is Accounting Important? Decision Makers: The Users of Accounting Information Accounting Matters What Are the Organizations and Rules That Govern Accounting? Governing Organizations Generally Accepted Accounting Principles The Economic Entity Assumption The Cost Principle The Going Concern Assumption The Monetary Unit Assumption International Financial Reporting Standards Ethics in Accounting and Business What Is the Accounting Equation? Assets Liabilities Equity How Do You Analyze a Transaction? Transaction Analysis for Smart Touch Learning How Do You Prepare Financial Statements? Income Statement Statement of Retained Earnings Balance Sheet Statement of Cash Flows How Do You Use Financial Statements to Evaluate Business Performance? Kohl’s Corporation Return on Assets (ROA) Review Assess Your Progress Critical Thinking Chapter 2 Recording Business Transactions What Is an Account? Assets Liabilities Equity Chart of Accounts Ledger What Is Double-Entry Accounting? The T-Account Increases and Decreases in the Accounts Expanding the Rules of Debit and Credit The Normal Balance of an Account Determining the Balance of a T-Account How Do You Record Transactions? Source Documents—The Origin of the Transactions Journalizing and Posting Transactions The Ledger Accounts After Posting The Four-Column Account: An Alternative to the T-Account What Is the Trial Balance? Preparing Financial Statements from the Trial Balance Correcting Trial Balance Errors How Do You Use the Debt Ratio to Evaluate Business Performance? Review Assess Your Progress Critical Thinking Chapter 3 The Adjusting Process What Is the Difference Between Cash Basis Accounting and Accrual Basis Accounting? What Concepts and Principles Apply to Accrual Basis Accounting? The Time Period Concept The Revenue Recognition Principle The Matching Principle What Are Adjusting Entries, and How Do We Record Them? Deferred Expenses Accrued Expenses Accrued Revenues What Is the Purpose of the Adjusted Trial Balance, and How Do We Prepare It? What Is the Impact of Adjusting Entries on the Financial Statements? How Could a Worksheet Help in Preparing Adjusting Entries and the Adjusted Trial Balance? APPENDIX 3A: Alternative Treatment of Recording Deferred Expenses and Deferred Revenues What Is an Alternative Treatment of Recording Deferred Expenses and Deferred Revenues? Deferred Expenses Deferred Revenues Review Assess Your Progress Critical Thinking Chapter 4 Completing the Accounting Cycle How Do We Prepare Financial Statements? Relationships Among the Financial Statements Classified Balance Sheet How Could a Worksheet Help in Preparing Financial Statements? Section 5—Income Statement Section 6—Balance Sheet Section 7—Determine Net Income or Net Loss What Is the Closing Process, and How Do We Close the Accounts? Closing Temporary Accounts—Net Income for the Period Closing Temporary Accounts—Net Loss for the Period Closing Temporary Accounts—Summary How Do We Prepare a Post-Closing Trial Balance? What Is the Accounting Cycle? How Do We Use the Current Ratio to Evaluate Business Performance? APPENDIX 4A: Reversing Entries: An Optional Step What Are Reversing Entries? Accounting for Accrued Expenses Accounting Without a Reversing Entry Accounting With a Reversing Entry Review Assess Your Progress Critical Thinking Comprehensive Problem 1 for Chapters 1–4 Comprehensive Problem 2 for Chapters 1–4 Chapter 5 Merchandising Operations What Are Merchandising Operations? The Operating Cycle of a Merchandising Business Merchandise Inventory Systems: Perpetual and Periodic Inventory Systems How Are Purchases of Merchandise Inventory Recorded in a Perpetual Inventory System? Purchase of Merchandise Inventory Purchase Discounts Purchase Returns and Allowances Transportation Costs Cost of Inventory Purchased How Are Sales of Merchandise Inventory Recorded in a Perpetual Inventory System? Cash and Credit Card Sales Sales on Account Sales Discounts Sales Returns and Allowances Transportation Costs—Freight Out What Are the Adjusting and Closing Entries For a Merchandiser? Adjusting Merchandise Inventory Based on a Physical Count Closing the Accounts of a Merchandiser How Are a Merchandiser’s Financial Statements Prepared? Income Statement Statement of Retained Earnings and the Balance Sheet How Do We Use the Gross Profit Percentage to Evaluate Business Performance? APPENDIX 5A: Accounting for Multiple Peformance Obligations How Are Multiple Performance Obligations Recorded in a Perpetual Inventory System? APPENDIX 5B: Accounting for Merchandise Inventory in a Periodic Inventory System How Are Merchandise Inventory Transactions Recorded in a Periodic Inventory System? Purchases of Merchandise Inventory Sales of Merchandise Inventory Preparing Financial Statements Adjusting and Closing Entries Review Assess Your Progress Critical Thinking Chapter 6 Merchandise Inventory What Are the Accounting Principles and Controls That Relate to Merchandise Inventory? Accounting Principles Control Over Merchandise Inventory How Are Merchandise Inventory Costs Determined Under a Perpetual Inventory System? Specific Identification Method First-In, First-Out (FIFO) Method Last-In, First-Out (LIFO) Method Weighted-Average Method How Are Financial Statements Affected by Using Different Inventory Costing Methods? Income Statement Balance Sheet How Is Merchandise Inventory Valued When Using the Lower-of-Cost-or-Market Rule? Computing the Lower-of-Cost-or-Market Recording the Adjusting Journal Entry to Adjust Merchandise Inventory What Are the Effects of Merchandise Inventory Errors on the Financial Statements? How Do We Use Inventory Turnover and Days’ Sales in Inventory to Evaluate Business Performance? Inventory Turnover Days’ Sales in Inventory APPENDIX 6A: Merchandise Inventory Costs Under a Periodic Inventory System How Are Merchandise Inventory Costs Determined Under a Periodic Inventory System? First-In, First-Out (FIFO) Method Last-In, First-Out (LIFO) Method Weighted-Average Method Review Assess Your Progress Critical Thinking Comprehensive Problem for Chapters 5 and 6 Chapter 7 Internal Control and Cash What Is Internal Control, and How Can It Be Used to Protect a Company’s Assets? Internal Control and the Sarbanes-Oxley Act The Components of Internal Control Internal Control Procedures The Limitations of Internal Control—Costs and Benefits What Are the Internal Control Procedures With Respect to Cash Receipts? Cash Receipts Over the Counter Cash Receipts by Mail What Are the Internal Control Procedures With Respect to Cash Payments? Controls Over Payment by Check How Can a Petty Cash Fund Be Used for Internal Control Purposes? Setting Up the Petty Cash Fund Replenishing the Petty Cash Fund Changing the Amount of the Petty Cash Fund How Are Credit Card Sales Recorded? How Can the Bank Account Be Used as a Control Device? Signature Card Deposit Ticket Check Bank Statement Electronic Funds Transfers Bank Reconciliation Examining a Bank Reconciliation Journalizing Transactions from the Bank Reconciliation How Can the Cash Ratio Be Used to Evaluate Business Performance? Review Assess Your Progress Critical Thinking Chapter 8 Receivables What Are Common Types of Receivables, and How Are Credit Sales Recorded? Types of Receivables Exercising Internal Control Over Receivables Recording Sales on Credit Decreasing Collection Time and Credit Risk How Are Uncollectibles Accounted for When Using the Direct Write-Off Method? Recording and Writing Off Uncollectible Accounts—Direct Write-off Method Recovery of Accounts Previously Written Off—Direct Write-off Method Limitations of the Direct Write-off Method How Are Uncollectibles Accounted For When Using the Allowance Method? Recording Bad Debts Expense—Allowance Method Writing Off Uncollectible Accounts—Allowance Method Recovery of Accounts Previously Written Off—Allowance Method Estimating and Recording Bad Debts Expense—Allowance Method Comparison of Accounting for Uncollectibles How Are Notes Receivable Accounted For? Identifying Maturity Date Computing Interest on a Note Accruing Interest Revenue and Recording Honored Notes Receivable Recording Dishonored Notes Receivable How Do We Use the Acid-Test Ratio, Accounts Receivable Turnover Ratio, and Days’ Sales in Receivables to Evaluate Business Performance? Acid-Test (or Quick) Ratio Accounts Receivable Turnover Ratio Days’ Sales in Receivables Review Assess Your Progress Critical Thinking Chapter 9 Plant Assets, Natural Resources, and Intangibles How Does a Business Measure the Cost of Property, Plant, and Equipment? Land and Land Improvements Buildings Machinery and Equipment Furniture and Fixtures Lump-Sum Purchase Capital and Revenue Expenditures What Is Depreciation, and How Is It Computed? Factors in Computing Depreciation Depreciation Methods Partial-Year Depreciation Changing Estimates of a Depreciable Asset Reporting Property, Plant, and Equipment How Are Disposals of Plant Assets Recorded? Discarding Plant Assets Selling Plant Assets How Are Natural Resources Accounted For? How Are Intangible Assets Accounted For? Accounting for Intangibles Specific Intangibles Reporting of Intangible Assets How Do We Use the Asset Turnover Ratio to Evaluate Business Performance? APPENDIX 9A: Exchanging Plant Assets How Are Exchanges of Plant Assets Accounted For? Exchange of Plant Assets–Gain Situation Exchange of Plant Assets–Loss Situation Review Assess Your Progress Critical Thinking Comprehensive Problem for Chapters 7, 8, and 9 Chapter 10 Investments Why Do Companies Invest? Debt Securities Versus Equity Securities Reasons to Invest Classification and Reporting of Investments How Are Investments in Debt Securities Accounted For? Purchase of Debt Securities Interest Revenue Disposition at Maturity How Are Investments in Equity Securities Accounted For? Equity Securities with No Significant Influence Equity Securities with Significant Influence (Equity Method) Equity Securities with Control (Consolidations) How Are Debt and Equity Securities Reported? Trading Debt Investments Available-for-Sale Debt Investments Held-to-Maturity Debt Investments Equity Investments with No Significant Influence How Do We Use the Rate of Return on Total Assets to Evaluate Business Performance? Review Assess Your Progress Critical Thinking Chapter 11 Current Liabilities and Payroll How Are Current Liabilities of Known Amounts Accounted For? Accounts Payable Sales Tax Payable Income Tax Payable Unearned Revenues Short-term Notes Payable Current Portion of Long-term Notes Payable How Do Companies Account For and Record Payroll? Gross Pay and Net (Take‐Home) Pay Employee Payroll Withholding Deductions Payroll Register Journalizing Employee Payroll Employer Payroll Taxes Payment of Employer Payroll Taxes and Employees’ Withholdings Internal Control Over Payroll How Are Current Liabilities That Must Be Estimated Accounted For? Bonus Plans Vacation, Health, and Pension Benefits Warranties How Are Contingent Liabilities Accounted For? Remote Contingent Liability Reasonably Possible Contingent Liability Probable Contingent Liability How Do We Use the Times-Interest-Earned Ratio to Evaluate Business Performance? Review Assess Your Progress Critical Thinking Chapter 12 Long-Term Liabilities How Are Long-Term Notes Payable and Mortgages Payable Accounted For? Long-term Notes Payable Mortgages Payable What Are Bonds? Types of Bonds Bond Prices Present Value and Future Value Bond Interest Rates Issuing Bonds Versus Issuing Stock How Are Bonds Payable Accounted For Using the Straight-Line Amortization Method? Issuing Bonds Payable at Face Value Issuing Bonds Payable at a Discount Issuing Bonds Payable at a Premium How Is the Retirement of Bonds Payable Accounted For? Retirement of Bonds at Maturity Retirement of Bonds Before Maturity How Are Liabilities Reported On the Balance Sheet? How Do We Use the Debt to Equity Ratio to Evaluate Business Performance? APPENDIX 12A: The Time Value of Money What Is the Time Value of Money, and How Is Present Value and Future Value Calculated? Time Value of Money Concepts Present Value of a Lump Sum Present Value of an Annuity Present Value of Bonds Payable Future Value of a Lump Sum Future Value of an Annuity APPENDIX 12B: Effective-Interest Method of Amortization How Are Bonds Payable Accounted For Using the Effective-Interest Amortization Method? Effective-Interest Amortization for a Bond Discount Effective-Interest Amortization of a Bond Premium Review Assess Your Progress Critical Thinking Chapter 13 Stockholders’ Equity What Is A Corporation? Characteristics of Corporations Stockholders’ Equity Basics How Is the Issuance of Stock Accounted For? Issuing Common Stock at Par Value Issuing Common Stock at a Premium Issuing No-Par Common Stock Issuing Stated Value Common Stock Issuing Common Stock for Assets Other Than Cash Issuing Preferred Stock How Is Treasury Stock Accounted For? Treasury Stock Basics Purchase of Treasury Stock Sale of Treasury Stock Retirement of Stock How Are Dividends and Stock Splits Accounted For? Cash Dividends Stock Dividends Cash Dividends, Stock Dividends, and Stock Splits Compared How Is the Complete Corporate Income Statement Prepared? Continuing Operations Discontinued Operations Earnings per Share How Is Equity Reported For a Corporation? Statement of Retained Earnings Statement of Stockholders’ Equity How Do We Use Stockholders’ Equity Ratios to Evaluate Business Performance? Earnings per Share Price/Earnings Ratio Rate of Return on Common Stockholders’ Equity Review Assess Your Progress Critical Thinking Comprehensive Problem for Chapters 11, 12, and 13 Chapter 14 The Statement of Cash Flows What Is the Statement of Cash Flows? Purpose of the Statement of Cash Flows Classification of Cash Flows Two Formats for Operating Activities How Is the Statement of Cash Flows Prepared Using the Indirect Method? Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Net Change in Cash and Cash Balances Non-cash Investing and Financing Activities How Do We Use Free Cash Flow to Evaluate Business Performance? APPENDIX 14A: Preparing the Statement of Cash Flows by the Direct Method How Is the Statement of Cash Flows Prepared Using the Direct Method? Cash Flows from Operating Activities APPENDIX 14B: Preparing the Indirect Statement of Cash Flows Using a Spreadsheet How Is the Statement of Cash Flows Prepared Using the Indirect Method And a Spreadsheet? Review Assess Your Progress Critical Thinking Chapter 15 Financial Statement Analysis How Are Financial Statements Used to Analyze a Business? Purpose of Analysis Tools of Analysis Corporate Financial Reports How Do We Use Horizontal Analysis to Analyze a Business? Horizontal Analysis of the Income Statement Horizontal Analysis of the Balance Sheet Trend Analysis How Do We Use Vertical Analysis to Analyze a Business? Vertical Analysis of the Income Statement Vertical Analysis of the Balance Sheet Common-Size Statements Benchmarking How Do We Use Ratios to Analyze a Business? Evaluating the Ability to Pay Current Liabilities Evaluating the Ability to Sell Merchandise Inventory and Collect Receivables Evaluating the Ability to Pay Long-term Debt Evaluating Profitability Evaluating Stock as an Investment Red Flags in Financial Statement Analyses Review Assess Your Progress Critical Thinking Appendix A— Present Value Tables and Future Value Tables Appendix B— Accounting Information Systems Glossary Index Photo Credits
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