accounting principles assignment pdf

Module 2: Accounting Principles

Assignment: accounting principles.

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Accounting Principles: A Business Perspective

(5 reviews)

Roger H. Hermanson, Georgia State University

James D. Edwards, University of Georgia

Michael W. Maher, University of California at Davis

Publisher: BCcampus

Language: English

Formats Available

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Reviewed by Kim Johnson, Professor, Hutchinson Community College on 1/25/22

Comprehensiveness rating: 5 see less

This is a book that explains a variety of financial accounting concepts, then dabbles in managerial accounting concepts toward the end of the book. It appears to be a good reference guide for someone to learn about how accounting is used in the business world. For a beginner’s guide, the depth of knowledge is outstanding in this text. For example, quality management is a topic that can be found repeatedly in this text. Explanations for how the content can be used to improve business processes are beneficial to learning. The text also explains how all stakeholders in the business can benefit from accounting knowledge.

Content Accuracy rating: 5

The book appears to be accurate. I don’t see any areas of concern when it comes to accuracy.

Relevance/Longevity rating: 4

The year 2010 is used in most of the exhibits. Sometimes a book loses credibility if it appears to be out of date, so the book could be updated to use 20XX to have the appearance of being up to date. The “Business Insight” areas of the text could lose relevance as companies leave the marketplace, but most appear to be currently relevant.

Clarity rating: 4

All exhibits are in black and white. I am not sure if this can be changed, but different colors of font or highlights might be appropriate when a new account or process is being displayed in the exhibit. The exhibits, however, seem to be very good and informational.

Consistency rating: 5

The book is consistent from chapter to chapter, with objectives coming first, then moving into the content. Key terms, questions, exercises, problems, case questions and group problems come at the end of the chapter. I especially like the group problems. I have my students work in small groups almost every day, so these short, content-specific group ideas will be useful for face-to-face classes or online group discussions.

Modularity rating: 5

The content is organized and easy-to-read. Information is given in small chunks of information, with exhibits and real world examples mixed into the reading material. Each section has its own set of questions to check for knowledge.

Organization/Structure/Flow rating: 5

The organization of the text is similar to most accounting textbooks I have used in the past, except for there is an omission of partnerships as a separate topic. The reason for this omission is explained in the first chapter. The authors omitted partnerships after surveying users and nonusers of their text because many small business owners do not operate as partnerships, but rather LLCs. So this text focuses on sole proprietorships and LLCs and only briefly discusses partnerships. Otherwise, the main concepts and flow of the book are very similar to most accounting textbooks, beginning with sole proprietorships and discussing inventory, payroll, etc. The book then moves to corporations, and ends with a few managerial accounting topics.

Interface rating: 4

It is only available in pdf format. A teacher could still link to the pdf within an online course, but a website for the book would likely help students access the book. The chapter titles in the table of contents are hyperlinks. When clicked, they take the viewer straight to the content.

Grammatical Errors rating: 5

I did not see any grammatical issues.

Cultural Relevance rating: 5

Accounting is typically not a topic that needs cultural references. The book should not be offensive to any culture.

Reviewed by Bangjun Wu, Accounting Instructor, Peralta Community College District on 1/1/20

This book covers materials taught in Financial Accounting and Managerial Accounting introductory courses. The table of contents contains links and can be clicked to reach specific sections. Key terms and excercises are provided at the end of each chapter. Concepts are explained clearly. There are also "ethical perspectives" and "uses of technology" sections throughout the chapters.

I sampled chapters to review. The book appear to be accurate and unbiased in the sections I reviewed.

The concepts and examples in this book are still very relevant and applicable as of 2019, although this book appear to be written in 2009. If possible please update "Salary potential of accountants" in Chapter 1. Also recommend evaluate new accounting pronouncements in the last decade to see if any updates needed in Chapter 5, "The Major Principles" section.

Clarity rating: 5

The book is written in accessible language and provides adequate context for accounting jargon/technical terminologies used.

Chapters follow consistent layouts, which makes it easier for students to follow.

The book is divided into smaller reading sections within chapters indicated with bold blue-colored headings. These smaller sections are also indexed in the table of contents.

Organization/Structure/Flow rating: 4

The book is overall well organized in the flow of concepts. I do, however, feel that chapter 5 "Accounting Theory" as a single chapter may not be the most effective for students' learning purpose. Accurate and important as this chapter is, it is close to 40 pages of hard concepts. If the audience of this book is students who are just starting to learn accounting, this chapter may feel hard and dry. As an instrutor, I would highlight the revenue recoginition principle and matching principle in the section where I explain accounting transactions (chapter 2). As a textbook, i think it's more effective to list these concepts in high level within the first 3 chapters- not as a separate chapter, reference these concepts throughout the chapters wherever applicable, and maybe keep all the accounting theory section as an appendix.

Interface rating: 5

I didn't notice interface issues.

The book appear to be grammatically correct.

The text is not culturally insensitive or offensive

Congratualtions on a book well-written! I appreciate the efforts the authors put into the creation of this book. I especially applaude the ethical discussions and "uses of technology" in the chapters.

Reviewed by Dr. Susan Weiss, Assistant Professor, Rhode Island College on 12/1/19

The textbook covers two semesters of accounting principles courses--both financial and managerial. Includes all the major requirements for covering asset, liability and equity accounts; in addition, covers CVP analysis, job costing, differential analysis, even simplified variance analysis and capital budgeting. Truly, for the access, it is solid coverage in a basic foundation for business students.

In general, the book provides coverage in appropriate depth to support the needs of a first year accounting curriculum. In reviewing some of the aspects within the internal control chapter, for instance, there is appropriate emphasis on the Foreign Corrupt Practices Act as well as the Sarbanes-Oxley Act. The problems which support learning objectives are of adequate difficulty to challenge principles level students. On page 93, noted "Trail balance" was indicated instead of "Trial balance."

Relevance/Longevity rating: 5

Overall, the basic theory of financial accounting changes incrementally over time, responding to new GAAP requirements as indicated. Noted were a few indications of SFASs originally numbered; a suggestion would be to include the equivalent Accounting Standards Codification (ASC) section as it has been in use for approximately a decade now. The Use of Technology sections are excellent examples of applicability which would pique interest in students of management information systems, data analysis, and finance as well as accounting. An update to replace The Limited as a subject company in the financial accounting area would be an enhancement.

The grammatical accuracy lends itself to the clarity presented. There is appropriate jargon employed when necessary. There is less depth in delving into reasons for overhead variances as an example. Certainly, the emphasis at the principles level is primarily on basic application and calculation. However, the basis is appropriate for building further complexity at the Intermediate and higher levels.

The text appropriately invokes the terminology required and maintains consistency throughout the text. This is especially critical when providing information regarding managerial accounting, which is a cumulative learning process. Although there is some terminology that is used that is not exact, it is much less the case than other textbooks I have used and reviewed.

There is potential for exclusion of chapters to conform to schedule requirements for a course, even if a different text is used for managerial or principles. Also, if there is a desire or need to exclude certain chapters the textbook provides that flexibility.

The topics within the book are sequentially arranged much like prominent texts within the discipline. The sequential presentation makes sense from a theoretical perspective, both in the financial and managerial sections.

There are no noted interface issues.

Overall I found the book to be excellently written. Many textbooks today are written in quite colloquial language. Accounting is a discipline which requires compliance with regulations and principles as established by many agencies, governments, and conventionality. We must maintain and instill compliance among the student learners of today. To do so requires a specific level of vocabulary. This text exemplifies the appropriate level of grammar in which a professional would be expected to communicate.

Noted no issues with respect to culturally or socially sensitive topics.

There are a number of times in which accounting profession career opportunities, salaries, etc. are mentioned incrementally throughout the text. It is rather interesting to remind students of these facts during the course of their studies. The text also highlights the importance of certification, as well as the requirements. This is also refreshing as students may consider their future career path as they progress through the course and become acquainted with topics that interest them. An improvement that would perhaps encourage adoption is the accompaniment of a MOOC-based homework manager for a small fee.

Reviewed by Colleen Everts, Associate Professor, Franklin College on 1/22/19

This text covers all appropriate content areas I would expect to find in a Principles textbook. The chapters mirror closely the current textbook I am using. I appreciate that the index is linked so you can click on the chapter you want and it will take you right there. The addition of a responsibility accounting chapter is my favorite topical area that is not always covered in traditional texts but is gaining traction.

I did not read all chapters thoroughly, however, what I did read was accurate and unbiased.

The content is up-to-date and is arranged in a way in which updates would be easy to make. The emphasis on going outside the book and "surf the net" is practical and needed in today's world. The authors also include "ethical perspectives" throughout each chapter highlighting the importance of integrity and honesty and asks the reader to think about what they would do.

Clarity rating: 3

The text itself is clear, however some pages are completely text and do not include pictures, graphics, breaks, color etc... While the content is clear to me I fear that my students would struggle jumping into this book. The introduction and first chapter cover too much material and include too much accounting jargon so my students would feel overwhelmed. I like the review section at the end of the chapter that reiterates, again, the main points of the chapter in a slightly different way adding another layer of clarity for the reader.

The text is consistent from chapter to chapter and follows GAAP while referencing IFRS. Each chapter has the same structure making it easy for students to get in the flow.

Modularity rating: 4

The text is easily divisible, however the chapter contents are not clearly broken into learning objectives as stated at the beginning of each chapter. To be clear the content is broken up that way, just not labelled. It would be fairly easy to divide the content, it would just take a little more work to find the right page.

This text is organized in a logical manner consistent with other accounting textbooks. The text includes links in the index to the content making it easier to maneuver.

I did not find any issues with the display of the text.

I did not find any major grammatical errors.

I did not find the text be culturally insensitive. The examples use a variety of company names and pronouns.

I am thankful to have the option to use a free textbook in my classes. Tuition rates and student-debt continue to rise so any chance I have to cut the cost for my students removes a barrier to their success. I am hesitant to use this specific text in my class because the overall appeal is uninviting as well the overwhelming amount of information included in the first few chapters. I plan to look at other options or incorporate pieces of free texts into my class even just as supplemental material.

Reviewed by Mike Matousek, Instructor, Portland Community College - Portland OR on 8/2/18

The book was comprehensive and covered a wide breadth of topics. There was an extensive table of contents but no index or glossary provided. The comprehensiveness of the book actually was a bit of a negative from my perspective because the on-ramp for students new to the subject was too steep, and I think my students would really struggle with being able to understand the material as deeply as it was presented almost from the very beginning of this text.

I did not notice any errors or biases in the content of the text. Examples and case studies seemed appropriate and correctly laid out and explained.

It seemed like the content was appropriately up to date and examples were relevant. The only thing that I noticed, and it may be a bit nit-picky, is that some really out of date years were used in the text as part of problems and examples. The oldest that I saw referred to 2009, which I guess isn't too bad but I'm used to seeing 201X as the year in the texts I regularly use.

Clarity of the text was OK. I thought the problems and examples were very well done but I did have a problem with the pacing of the material especially in the first few chapters. If these were early level accounting students I think they would have been lost in the first 3 chapters due to the complexity of the concepts introduced early in the text.

This appeared to be done well and I did not notice any inconsistencies.

The text read a lot like the texts I am currently using from major publishers. I thought the modularity of the text was probably its best feature as I found it easy to read, broken up well into sections with ample examples and sidebars. Very well done in my opinion.

Organization/Structure/Flow rating: 3

This was not terrible, but as I've already noted I thought the flow was off in the early chapters. It seemed too complex in the latter part of chapter 1 and through all of chapter 2 and the beginning of chapter 3. After that point it seemed to settle into a better pattern in terms of the flow, but by then I think many of my students would have been totally lost.

It looked like a very professionally laid out text and I did not notice anything in it that distracted or confused me in any way.

I did not notice any grammatical errors but admittedly I was skimming the material and not closely searching for them.

Cultural Relevance rating: 4

The text is not culturally insensitive. I did not notice a specific attempt to include a variety of backgrounds, although that can be somewhat difficult to include in accounting problems/scenarios without it seeming very forced. I thought the text was fine in this area.

I really enjoyed reading through this text. It was my first look at any open source material and I was surprised and impressed by the level of professionalism. I would not choose to use this book for my particular classes because of the complexity of the early "ramp-up" chapters, but I thought the problems, examples and overall layout of the material was excellent. It was far better than I expected and I look forward to reviewing and potentially using open source material in my classes in the future.

1. Accounting and its use in business decisions
2. Recording business transactions
3. Adjustments for financial reporting
4. Completing the accounting cycle
5. Accounting theory
6. Merchandising transactions
7. Measuring and reporting inventories
8. Control of cash
9. Receivables and payables
10. Property, plant, and equipment
11. Plant asset disposals, natural resources, and intangible assets
12. Stockholders' equity: Classes of capital stock
13. Corporations: Paid-in capital, retained earnings, dividends, and treasury stock
14. Stock investments
15. Long-term financing: Bonds
16. Analysis using the statement of cash flows
17. Analysis and interpretation of financial statements
18. Managerial accounting concepts/job costing
19. Process: Cost systems
20. Using accounting for quality and cost management
21. Cost-volume-profit analysis
22. Short-term decision making: Differential analysis
23. Budgeting for planning and control
24. Control through standard costs
25. Responsibility accounting: Segmental analysis
26. Capital budgeting: Long-range planning

Ancillary Material

About the book.

Accounting Principles: A Business Perspective uses annual reports of real companies to illustrate many of the accounting concepts in use in business today. Gaining an understanding of accounting terminology and concepts, however, is not enough to ensure your success. You also need to be able to find information on the Internet, analyze various business situations, work effectively as a member of a team, and communicate your ideas clearly. This text was developed to help you develop these skills.

About the Contributors

Professor Roger H. Hermanson, PhD, CPA Regents Professor Emeritus of Accounting and Ernst & Young-J. W. Holloway Memorial Professor Emeritus at Georgia State University. He received his doctorate at Michigan State University in 1963 and is a CPA in Georgia. Professor Hermanson taught and later served as chairperson of the Division of Accounting at the University of Maryland. He has authored or coauthored approximately one-hundred articles for professional and scholarly journals and has coauthored numerous editions of several textbooks, including Accounting Principles, Financial Accounting, Survey of Financial and Managerial Accounting, Auditing Theory and Practice, Principles of Financial and Managerial Accounting, and Computerized Accounting with Peachtree Complete III. He also has served on the editorial boards of the Journal of Accounting Education, New Accountant, Accounting Horizons, and Management Accounting. Professor Hermanson has served as co-editor of the Trends in Accounting Education column for Management Accounting. He has held the office of vice president of the American Accounting Association and served on its Executive Committee. He was also a member of the Institute of Management Accountants, the American Institute of Certified Public Accountants, and the Financial Executives Institute.

Professor James D. Edwards, PhD , DHC, CPA J. M. Tull Professor Emeritus of Accounting in the Terry College of Business at the University of Georgia. He is a graduate of Louisiana State University and has been inducted into the Louisiana State University Alumni Federation's Hall of Distinction. He received his MBA from the University of Denver and his PhD from the University of Texas and is a CPA in Texas and Georgia. He has served as a professor and chairman of the Department of Accounting and Financial Administration at Michigan State University, a professor and dean of the Graduate School of Business Administration at the University of Minnesota, and a Visiting Scholar at Oxford University in Oxford, England.

Professor Edwards is a past president of the American Accounting Association and a past national vice president and executive committee member of the Institute of Management Accountants. He has served on the board of directors of the American Institute of Certified Public Accountants and as chairman of the Georgia State Board of Accountancy. He was an original trustee of the Financial Accounting Foundation, the parent organization of the FASB, and a member of the Public Review Board of Arthur Andersen & Co.

Professor Michael W. Maher, PhD , CPA Professor of management at the University of California at Davis. He is a graduate of Gonzaga University (BBA) and the University of Washington (MBA, PhD). Before going to the University of California at Davis, he taught at the University of Michigan and the University of Chicago. He also worked on the audit staff at Arthur Andersen & Co. and was a self-employed financial consultant for small businesses while attending graduate school.

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Multiple Choice

Answers will vary but should include factors such as starting salaries, value of fringe benefits, cost of living, and other monetary factors.

Answers will vary but should include considerations such as price, convenience, features, ease of purchase, availability, and other decision-making factors.

Responses should comment on the growth Netflix has experienced. Although this may have been due to subscription price increases, the biggest driver of these increases is the number of subscriptions. While this is only a few data points, it does appear likely that Netflix will continue to grow sales in the next year or so. Factors influencing this prediction would be competition, changes in the streaming market, and economic considerations.

Answers will vary, but responses should state, in a sentence or two, the primary purpose of the entity. The goal of this exercise is to have students clearly communicate why the entity exists, the stakeholders served by the entity, and the role accounting plays in the organization.

Answers will vary but should highlight aspects of each model: Brick-and-mortar : higher investment in physical storefront, interior, etc., to attain visual appeal; insurance and regulatory requirements; space/storage considerations; lower delivery costs; no delivery time. Online : less overhead costs, higher delivery costs, higher website and technology costs, competition.

Manufacturer: movies; service: hotels, restaurants, waste removal, entertainment; retail: shopDisney, clothes and apparel.

Answers will vary but should include the key services of the SEC related to regulation and enforcement. You may be particularly interested to explore the SEC’s whistle-blowing initiatives. Responses regarding required filings for publicly traded companies should include a discussion about the relationship between transparency and protecting the public interest. The significant amount of invested capital by the investing public is also relevant to the discussion.

Answers will vary but should include the increase in popularity of energy drinks and Monster’s partnership with the Coca-Cola Company (which now owns close to a 17% stake in Monster). Considerations as to whether or not to purchase Monster shares today would include the estimated future performance of the company, the energy drink market, purchasing at a high point, etc.

Answers will vary but should include a discussion of the importance for accountants to provide information that is unbiased. Accountants have an obligation to protect the public interest by reporting information that is useful for decision-making but does not sway the user in a particular way. Accountants are in a unique position where they serve many stakeholders, including their employer, clients, and the public. The interests of all stakeholders must be considered while maintaining the highest level of integrity.

Answers will vary and may include certifications/licensing in nursing, information technology, engineering, human resources management, counseling, medicine, and many other occupations.

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Book title: Principles of Accounting, Volume 1: Financial Accounting
Publication date: Apr 11, 2019
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Financial Accounting and Reporting Classroom Materials

Financial Accounting and Reporting is an important part of the accounting curriculum. The skills students learn in your classroom will not only prepare them for more advanced courses, but to one day succeed in a career. The below are supplemental curriculum resources that the AICPA Academics team have reviewed and think can be used in the classroom.

Award-Winning Curricula

The Academics team is proud to offer award-winning curricula designed to encourage faculty and expand the knowledge of accounting students. The curricula below is from the Accounting Professors Curriculum Resource tool and has been recognized for excellence with the Bea Sanders/AICPA Innovation and Teaching Award , the George Krull/Grant Thornton AAA Innovation in Junior and Senior-Level Teaching Award, or the Mark Chain/FSA Innovation in Graduate Teaching Award .

A Better Way to Teach Effective Interest Method Related Problems in Accounting This resource presents a simpler method of teach accounting problems involving the use of the effective interest method. The method stimulates student interest by focusing on the economics of the transaction and relating it to real-life examples.
Accounting in the Headlines: A News Blog for the Introductory Accounting Classroom This resource shares Wendy Tietz's "Accounting in the Headlines" blog in which she writes stories about real-life companies and events that can be used in the accounting classroom to illustrate introductory financial and managerial accounting concepts.
Accounting Challenge (ACE): Mobile-Gaming App for Learning Accounting Accounting Challenge is the first mobile-gaming app for teaching financial accounting. ACE aims to enhance learning of accounting outside the classroom by engaging students to play and learn accounting on the go.
A FASB Accounting Standards Codification Project for Introductory Financial Accounting This exercise is designed as a team project in which introductory accounting students act as a consultants to a client seeking guidance on issues surrounding a start-up venture. Students must access and cite the Codification as the basis for the materials they submit in fulfillment of the project requirements.
Attracting the Best and Brightest to Accounting: Establishing an Honors Accounting Course This resource presents one school's approach to attracting and recruiting the best and brightest students toward accounting by offering an honors accounting course.
Beyond Debits and Credits... Service Learning in Accounting This resource presents a service learning project implemented in two accounting courses to enhance student skills in communication and teamwork.
Business From the Idea to the Seasoned Offering: Accounting and Financial Statements Reflecting Business Activities This project takes accounting education from bookkeeping to holistic active business learning including how financial statements build to reflect the business.
Chocolate: Accounting as a First year Seminar This resource provides a thematic approach at combining first year seminars and accounting programs using student activities that are simultaneously engaging and assessable.
Creative Strategies for Teaching MBA Level Accounting This resource presents a new concept for teaching accounting to MBA level students. At its heart, accounting centers on measurement of historical transactions or the measurement of future opportunities. this course turns the focus from rules, to the tools leaders need to manage a complex organization.
Cultivating Deep Learning in the Principles of Accounting Classes through Philanthropy-Based Education This philanthropy project goes beyond service learning or volunteerism. Students make real decisions that have immediate impacts on their community. Students award funding to not-for-profit agencies based on a competitive proposal process.
Digital Storytelling for Engaged Student Learning This resource uses digital story telling, a movie, to enhance students' technical competence in accounting. The story uses 12 episodes to follow three young business graduates who started their own business and discover along the way the role of financial information in managing a business venture.
FASB Accounting Standards Codification: Student-Authored Research Exercises This resource is based on the notion that the best way to learn something is to teach it. Students in a financial accounting graduate class demonstrate their master of GAAP research skills by creating research assignments using the FASB Accounting Standards Codification.
Forming Groups in the Age of YouTube This resource uses a variation of speed dating as a means for forming groups in an introductory accounting class. By learning more about their classmates prior to self-selecting a group this method allows students to choose better groups.
Getting Started in the Throughbred Horse Business: A Review of Some Basic Accounting Principles This resource provides reinforcement of common accrual accounting concepts centered on the breeding and racing operations of a small thoroughbred horse business. This curriculum is appropriate to use after students have been exposed to fixed assets, inventory, profit and loss and cash flow reporting.
IFRS Immersion This resource provides instructions for teaching an IFRS course from the standpoint of foreign companies that have already dealt with the problems and issues associated with converting from local GAAP to international GAAP.
IFRS Projects Using Dual Reporting of IFRS and U.S. GAAP This resource illustrates integrating IFRS learning into financial accounting curricula by incorporating valuable contrasting information from the dual reporting.
Integrated Accounting Principles: A New Approach to Traditional Accounting Principles Courses This resource describes an integrated accounting principles course that combines traditional financial and managerial accounting courses into a single six hour course.
Introducing Freshmen Students in the Accounting/Finance Course to the Library This resource describes a series of online, interactive tutorials and quizzes to help students learn fundamental concepts and skills of company and industry related research.
Introduction to Financial Accounting Case Project: Arctic Blast Ice Cream Store This case provides an opportunity for students to apply accounting concepts to a simple business venture. The project lasts 4-6 weeks and covers three distinct phases of the management process: business decision making, performance and evaluation.
Let's Go to the Movies: Using Movies as an Ethics Assignment This project involves students watching a series of predetermined movies and noting the ethical dilemma. At the end of the semester each student must defend one of the movies as a nominee for "A Must See Ethics Movie" for accounting/business students.
Mini-responsibility Centers: A Strategy for Learning by Leading This resource explains the concept of using mini-responsibility centers (MRCs) to decentralize large financial, managerial and cost accounting courses. In return the students are more focused and engaged.
Modeling Uncertainty in C-V-P Assignments: Going Beyond the Basics! This resource provides an outline for using the Monte Carlo Simulation to offer graduate students an opportunity to rapidly come to insights about probabilistic model building and interpretation. The simulation combines quantitative skills and qualitative skills along with reports and presentations.
Northwind Data Query Exercise This project encourages students to consider the evolution of data sources for financial reporting and evaluate how to acquire and manipulate information in this emerging business reality; by actually practicing queries and exporting information to worksheets.
Reinventing Student Engagement and Collaboration within Introductory Accounting Courses This resource provides ideas for increasing engagement and collaboration in the introductory accounting class. Examples include student projects, flipped classroom applications and in-class problems.
Responsibilities and Choices: An Active Engagement Exercise for Introductory Accounting Courses This exercise provides students with an opportunity to perform a basic due diligence task, complete a relatively simple working paper to document their work and make a decision. The exercise has embedded moral temptation and ethical issues and examines ethical choices that students make in the presence of time pressure and reward structures that encourage aggressive performance.
TeachingIFRS.com This document provides information on TeachingIFRS.com which was created in response to the rapid growth of IFRS and lack of high quality and effective teaching resources. The site consolidates and provides links to numerous freely available IFRS pedagogical materials.
Testing Critical Thinking Skills in Accounting Principles This resource describes a method for testing critical thinking skills in an accounting principles course. Using this method, each testing period is divided into two parts. First, students complete an individual traditional test. The second part is a critical thinking exercise called "the challenge problem".
The Accounting Profession Post Sarbanes-Oxley: An Approach to Impart Knowledge About the Conceptual Framework and Attract Students to the Accounting Major This document provides the description of a program entitled "The Accounting Profession Post Sarbanes-Oxley". The program provides students with an opportunity to better understand important elements of the conceptual framework. It also provides an overview of the career opportunities in accounting.
The Accounting Tournament - March Madness in Financial Accounting This resource describes implementation of an end of year comprehensive review using brackets as a model. Students are randomly placed in the bracket and compete against each other for extra credit points.
The Amazing Accounting Race: An Introductory Accounting Semester Project This project engages students with an exciting internet race around the professional world of accounting. Students obtain clues to complete tasks, encounter detours, road blocks and fast forwards. The assignments utilize students' synthesis skills and computer application skills as they collect facts about accounting careers from the internet and assemble data in an organized format.
The College to Professional Experience This resource outlines a program that serves to better prepare students for the "real world" by changing the perception of education from "learning by doing" to "doing and making to learn with technology". The project aims to move beyond traditional models of education to leverage technology to facilitate new methods of delivery and understanding.
The Farming Game and the Introductory Financial Accounting Course: An Accounting Simulation The Farming Game enables students to develop many of the skill-based competencies needed by students entering the accounting profession, regardless of career path. The Game provides experiential learning of various accounting principles. It is a learning opportunity that offers students a degree of reality and a larger view of the system.
Understand FX Risk by Playing Monopoly This resource uses a short version of Monopoly to understand the FX risk impact on net income.
Back to the Future: Using Accounting History to Explore Professional Opportunities In this project students read an article about a period of time in accounting history and present their findings to the class in a video format. Students then tie what they have learned in the presentations to the field of accounting today as well as the future.
From Pacioli to Picasso: Using Art to Enhance Critical Thinking in Accounting Capstone Courses This resource outlines using name cards, picture drawings and classic artwork to help students enhance their critical thinking skills. The exercise sets the tone for a course that requires them to think about more than rules and regulations and instead delve into the "why" and "what could be."
Digging Deep: Using Forensic Analytics as a Context to Teach Microsoft Excel and Access This resource describes a graduate level case that focuses on the development of technology skills through the lens of forensic analysis.
Who Moved My Classroom? Community Linked Learning and Assessment This resource describes three exercises that expand learning beyond the classroom. The first exercise allows students to discover the linkage between classroom studies and what practitioners do in the "real world". The second allows students to apply the COSO model to internal controls. The third requires students to interpret financial statements for a friend.

Additional Materials

Here are additional materials we reviewed and think are useful to incorporate into the classroom.

IIRC Database of Research on Integrated Reporting The International Integrated Reporting Council (IIRC) launched the <IR> Academic Database, a searchable collection of more than 200 articles, books, chapters, dissertations, and other pieces of scholarly research on the advancement, adoption, and practice of integrated reporting.
A destination is only as good as its compass. The new My 360 is here to help you create a free plan personalized to your financial needs by helping guide you through all the resources 360 Degrees of Financial Literacy has to offer.

We are the American Institute of CPAs, the world’s largest member association representing the accounting profession. Our history of serving the public interest stretches back to 1887. Today, you'll find our 431,000+ members in 130 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting.

About AICPA

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PRINCIPLE ACCOUNTING

Accounting information Accounting information internal and external Contents of Comprehensive Income & Financial Position Statement Differences between Financial Acc & Management Acc Depreciation method

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This paper reviews fair value accounting method relative to historical cost accounting. Although both methods are widely used by entities in computing their income and financial positions, there is controversy over superiority. Historical cost accounting reports assets and liabilities at the initial price they were exchanged for at the time of the transaction. Conversely, fair value accounting quotes the prevailing price in the market. Nevertheless, while both methods of accounting affect financial statements, the impact of fair value accounting on the balance sheet and income statement is extreme due to the potential volatility of the method. Fair value accounting is deemed superior when compared to historical cost accounting because it reflects the current situation in the market whereas the later is based on the past. In addition, in relative terms, fair value accounting provides users with more current financial information and visibility.

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Accounting Principles , Tenth Edition (PDF)

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Summary Accounting Principles , Tenth Edition

This page intentionally left blank �� accessible, affordable, active learning FMTOC_SE.qxd 12/3/10 12:09 PM Page i �� FMTOC_SE.qxd 12/3/10 12:09 PM Page ii Jerry J. Weygandt PhD, CPA University of Wisconsin—Madison Madison, Wisconsin Paul D. Kimmel PhD, CPA University of Wisconsin—Milwaukee Milwaukee, Wisconsin Donald E. Kieso PhD, CPA Northern Illinois University DeKalb, Illinois 10 ACCOUNTING P R I N C I P L E S John Wiley & Sons, Inc. FMTOC_SE.qxd 12/3/10 12:09 PM Page iii Dedicated to the Wiley sales representatives who sell our books and service our adopters in a professional and ethical manner and to Enid, Merlynn, and Donna Vice President & Executive Publisher George Hoffman Associate Publisher Christopher DeJohn Project Editor Ed Brislin Development Editor Terry Ann Tatro Project Editor Yana Mermel Production Manager Dorothy Sinclair Senior Production Editor Valerie A. Vargas Production Editor Erin Bascom Associate Director of Marketing Amy Scholz Senior Marketing Manager Ramona Sherman Executive Media Editor Allison Morris Media Editor Greg Chaput Creative Director Harry Nolan Senior Designer Madelyn Lesure Production Management Services Ingrao Associates Senior Photo Editor Mary Ann Price Editorial Assistant Jacqueline Kepping Marketing Assistant Courtney Luzzi Assistant Marketing Manager Diane Mars Cover Design Maureen Eide Cover Photo ©Bill Stevenson/Photolibrary This book was set in Times Ten by Aptara®, Inc. and printed and bound by RR Donnelley.The cover was printed by RR Donnelley. Copyright © 2007, 2009, 2012 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior writ- ten permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc. 222 Rosewood Drive, Danvers, MA 01923, website www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, (201)748-6011, fax (201)748-6008, website http://www.wiley.com/go/permissions. Founded in 1807, John Wiley & Sons, Inc. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Our company is built on a foundation of principles that include responsibility to the communities we serve and where we live and work. In 2008, we launched a Corporate Citizenship Initiative, a global effort to address the environmental, social, economic, and ethical challenges we face in our business. Among the issues we are addressing are carbon impact, paper specifications and procurement, ethical conduct within our business and among our vendors, and community and charitable support. For more information, please visit our website: www.wiley.com/go/citizenship. Evaluation copies are provided to qualified academics and professionals for review purposes only, for use in their courses during the next academic year. These copies are licensed and may not be sold or transferred to a third party. Upon completion of the review period, please return the evaluation copy to Wiley. Return instructions and a free of charge return shipping label are available at www.wiley.com/go/returnlabel. Outside of the United States, please contact your local representative. ISBN-13 978-0-470-53479-3 (main textbook) ISBN-13 978-1-118-00929-1 (BRV edition) Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 FMTOC_SE.qxd 12/11/10 3:49 AM Page iv v From the Authors Dear Student, Why This Course? Remember your biology course in high school? Did you have one of those “invisible man” models (or maybe something more high-tech than that) that gave you the opportunity to look “inside” the human body? This accounting course offers something similar: To understand a business, you have to understand the financial insides of a business organization. An accounting course will help you under- stand the essential financial components of businesses. Whether you are looking at a large multinational company like Microsoft or Starbucks or a single-owner software consulting business or coffee shop, knowing the fundamentals of accounting will help you understand what is happening. As an employee, a manager, an investor, a business owner, or a director of your own personal finances—any of which roles you will have at some point in your life—you will be much the wiser for having taken this course. Why This Book? Hundreds of thousands of students have used this textbook. Your instructor has chosen it for you because of its trusted reputation. The authors have worked hard to keep the book fresh, timely, and accurate. This textbook contains features to help you learn best, whatever your learning style. To understand what your learning style is, spend about ten minutes to take the learning style quiz at the book’s companion website. Then, look at page vii for how you can apply an understanding of your learning style to this course. When you know more about your own learning style, browse through the Student Owner’s Manual on pages viii–xi. It shows you the main features you will find in this textbook and explains their purpose. How To Succeed? We’ve asked many students and many instructors whether there is a secret for success in this course. The nearly unanimous answer turns out to be not much of a secret: “Do the homework.” This is one course where doing is learning, and the more time you spend on the homework assignments—using the various tools that this textbook provides—the more likely you are to learn the essential concepts, techniques, and methods of accounting. Besides the textbook itself, the book’s companion website offers various support resources. Good luck in this course. We hope you enjoy the experience and that you put to good use throughout a lifetime of success the knowledge you obtain in this course. We are sure you will not be disappointed. Jerry J. Weygandt Paul D. Kimmel Donald E. Kieso FMTOC_SE.qxd 12/11/10 3:49 AM Page v Jerry Weygandt Jerry J. Weygandt, PhD, CPA, is Arthur Andersen Alumni Emeritus Professor of Accounting at the University of Wisconsin— Madison. He holds a Ph.D. in accounting from the University of Illinois. Articles by Professor Weygandt have appeared in the Accounting Review. Journal of Accounting Research, Accounting Horizons, Journal of Accountancy, and other academic and professional journals. These articles have examined such financial reporting issues as accounting for price-level adjustments, pensions, convertible securities, stock option contracts, and interim reports. Professor Weygandt is author of other accounting and financial reporting books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Wisconsin Society of Certified Public Accountants. He has served on numerous committees of the American Accounting Association and as a member of the editorial board of the Accounting Review; he also has served as President and Secretary-Treasurer of the American Accounting Association. In addition, he has been actively involved with the American Institute of Certified Public Accountants and has been a member of the Accounting Standards Executive Committee (AcSEC) of that organization. He has served on the FASB task force that examined the reporting issues related to accounting for income taxes and served as a trustee of the Financial Accounting Foundation. Professor Weygandt has received the Chancellor’s Award for Excellence in Teaching and the Beta Gamma Sigma Dean’s Teaching Award. He is on the board of directors of M & I Bank of Southern Wisconsin. He is the recipient of the Wisconsin Institute of CPA’s Outstanding Educator’s Award and the Lifetime Achievement Award. In 2001 he received the American Accounting Association’s Outstanding Educator Award. Paul Kimmel Paul D. Kimmel, PhD, CPA, received his bachelor’s degree from the University of Minnesota and his doctorate in accounting from the University of Wisconsin. He is an Associate Professor at the University of Wisconsin—Milwaukee, and has public accounting experience with Deloitte & Touche (Minneapolis). He was the recipient of the UWM School of Business Advisory Council Teaching Award, the Reggie Taite Excellence in Teaching Award and a three-time winner of the Outstanding Teaching Assistant Award at the University of Wisconsin. He is also a recipient of the Elijah Watts Sells Award for Honorary Distinction for his results on the CPA exam. He is a member of the American Accounting Association and the Institute of Management Accountants and has published articles in Accounting Review, Accounting Horizons, Advances in Management Accounting, Managerial Finance, Issues in Accounting Education, Journal of Accounting Education, as well as other journals. His research interests include accounting for financial instruments and innovation in accounting education. He has published papers and given numerous talks on incorporating critical thinking into accounting education, and helped prepare a catalog of critical thinking resources for the Federated Schools of Accountancy. Don Kieso Donald E. Kieso, PhD, CPA, received his bachelor’s degree from Aurora University and his doctorate in accounting from the University of Illinois. He has served as chairman of the Department of Accountancy and is currently the KPMG Emeritus Professor of Accountancy at Northern Illinois University. He has public accounting experience with Price Waterhouse & Co. (San Francisco and Chicago) and Arthur Andersen & Co. (Chicago) and research experience with the Research Division of the American Institute of Certified Public Accountants (New York). He has done post doctorate work as a Visiting Scholar at the University of California at Berkeley and is a recipient of NIU’s Teaching Excellence Award and four Golden Apple Teaching Awards. Professor Kieso is the author of other accounting and business books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Illinois CPA Society. He has served as a member of the Board of Directors of the Illinois CPA Society, then AACSB’s Accounting Accreditation Committees, the State of Illinois Comptroller’s Commission, as Secretary-Treasurer of the Federation of Schools of Accountancy, and as Secretary-Treasurer of the American Accounting Association. Professor Kieso is currently serving on the Board of Trustees and Executive Committee of Aurora University, as a member of the Board of Directors of Kishwaukee Community Hospital, and as Treasurer and Director of Valley West Community Hospital. From 1989 to 1993 he served as a charter member of the national Accounting Education Change Commission. He is the recipient of the Outstanding Accounting Educator Award from the Illinois CPA Society, the FSA’s Joseph A. Silvoso Award of Merit, the NIU Foundation’s Humanitarian Award for Service to Higher Education, a Distinguished Service Award from the Illinois CPA Society, and in 2003 an honorary doctorate from Aurora University. About the Authors FMTOC_SE.qxd 12/3/10 12:10 PM Page vi WhatTYPEof learner are you? VISUAL AURAL READING/ WRITING KINESTHETIC • Pay close attention to charts, drawings, and handouts your instructors use. • Underline. • Use different colors. • Use symbols, flow charts, graphs, different arrangements on the page, white spaces. Convert your lecture notes into “page pictures.” To do this: • Use the “Intake” strategies. • Reconstruct images in different ways. • Redraw pages from memory. • Replace words with symbols and initials. • Look at your pages. The Navigator/Feature Story/Preview Infographics/Illustrations Accounting Equation Analyses Highlighted words Demonstration Problem/ Action Plan Questions/Exercises/Problems Financial Reporting Problem Comparative Analysis Problem On the Web Tutorials, video, iPod apps • Recall your “page pictures.” • Draw diagrams where appropriate. • Practice turning your visuals back into words. • Attend lectures and tutorials. • Discuss topics with students and instructors. • Explain new ideas to other people. • Use a tape recorder. • Leave spaces in your lecture notes for later recall. • Describe overheads, pictures, and visuals to somebody who was not in class. You may take poor notes because you prefer to listen. Therefore: • Expand your notes by talking with others and with information from your textbook. • Tape-record summarized notes and listen. • Read summarized notes out loud. • Explain your notes to another “aural” person. Preview Insight Boxes Review It/Do it!/Action Plan Summary of Study Objectives Glossary Demonstration Problem/Action Plan Self-Test Questions Questions/Exercises/Problems Financial Reporting Problem Comparative Analysis Problem On the Web Decision Making Across the Organization Tutorials, video Communication Activity Ethics Case • Talk with the instructor. • Spend time in quiet places recalling the ideas. • Practice writing answers to old exam questions. • Say your answers out loud. • Use lists and headings. • Use dictionaries, glossaries, and definitions. • Read handouts, textbooks, and supplementary library readings. • Use lecture notes. • Write out words again and again. • Reread notes silently. • Rewrite ideas and principles into other words. • Turn charts, diagrams, and other illustrations into statements. The Navigator/Feature Story/Study Objectives/Preview Review It/Do it!/Action Plan Summary of Study Objectives Glossary/Self-Test Questions Questions/Exercises/Problems Writing Problems Financial Reporting Problem Comparative Analysis Problem “All About You” Activity On the Web Decision Making Across the Organization Communication Activity Flashcards • Write exam answers. • Practice with multiple-choice questions. • Write paragraphs, beginnings and endings. • Write your lists in outline form. • Arrange your words into hierarchies and points. • Use all your senses. • Go to labs, take field trips. • Listen to real-life examples. • Pay attention to applications. • Use hands-on approaches. • Use trial-and-error methods. You may take poor notes because topics do not seem concrete or relevant. Therefore: • Put examples in your summaries. • Use case studies and applications to help with principles and abstract concepts. • Talk about your notes with another “kinesthetic” person. • Use pictures and photographs that illustrate an idea. The Navigator/Feature Story/Preview Infographics/Illustrations Review It/Do it!/Action Plan Summary of Study Objectives Demonstration Problem/ Action Plan Self-Test Questions Questions/Exercises/Problems Financial Reporting Problem Comparative Analysis Problem On the Web Decision Making Across the Organization Communication Activity “All About You” Activity • Write practice answers. • Role-play the exam situation. Intake: To take in the information To make a study package Text features that may help you the most Output: To do well on exams FMTOC_SE.qxd 12/11/10 4:49 PM Page vii Accrued Revenues Asset Revenue Debit Adjusting Entry (+) Credit Adjusting Entry (+) Illustration 3-13 Adjusting entries for accrued revenues Helpful Hint For accruals, there may have been no prior entry, and the accounts requiring adjustment may both have zero balances prior to adjustment. c03AdjustingTheAccounts.indd Page 111 11/29/10 1:14:56 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Student Owner’s Manual Using Your Textbook Effectively Helpful Hints in the margins further clarify concepts being discussed. They are like having an instructor with you as you read. Insight examples give you more glimpses into how actual companies make decisions using accounting information. These high- interest boxes focus on various themes— ethics, international, and investor concerns. A critical thinking question asks you to apply your accounting learning to the story in the example. Guideline Answers appear at the end of the chapter. Ethics Notes and International Notes point out ethical and international points related to the nearby text discussion. Accounting Across the Organization examples show the use of accounting by people in non-accounting functions—such as finance, marketing, or management. Guideline Answers appear at the end of the chapter. ● Scan Study Objectives ● ● Read Feature Story ● ● Read Preview ● ● Read text and answer Do it! p. 102 ● p. 110 ● p. 116 ● p. 121 ● ● Work Comprehensive Do it! p. 122 ● ● Review Summary of Study Objectives ● ● Answer Self-Test Questions ● ● Complete Assignments ● ● Go to WileyPLUS for practice and tutorials ● Read A Look at IFRS p. 148 ● ● [The Navigator] ✔ c03AdjustingTheAccounts.indd Page 98 11/29/10 1:14:45 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Ethics Note A report released by Fannie Mae’s board of directors stated that improper adjusting entries at the mortgage-fi nance company resulted in delayed recognition of expenses caused by interest-rate changes. The motivation for such accounting apparently was the desire to hit earnings estimates. c03AdjustingTheAccounts.indd Page 113 11/29/10 1:14:56 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 International Note Rules for accounting for specifi c events sometimes differ across countries. For example, European companies rely less on historical cost and more on fair value than U.S. companies. Despite the differences, the double-entry accounting system is the basis of accounting systems worldwide. c02TheRecordingProcess.indd Page 53 11/26/10 2:12:13 PM user-s146 /Users/user-s146/Desktop/Merry_X-Mas/New I S O NVESTORI S G NSIGHT How to Read Stock Quotes Organized exchanges trade the stock of publicly held companies at dollar prices per share established by the interaction between buyers and sellers. For each listed security, the fi nan- cial press reports the high and low prices of the stock during the year, the total volume of stock traded on a given day, the high and low prices for the day, and the closing market price, with the net change for the day. Nike is listed on the New York Stock Exchange. Here is a recent listing for Nike: 52 Weeks Stock High Low Volume High Low Close Net Change Nike 78.55 48.76 5,375,651 72.44 69.78 70.61 21.69 These numbers indicate the following: The high and low market prices for the last 52 weeks have been $78.55 and $48.76. The trading volume for the day was 5,375,651 shares. The high, low, and closing prices for that date were $72.44, $69.78, and $70.61, respectively. The net change for the day was a decrease of $1.69 per share. For stocks traded on organized exchanges, how are the dollar prices per share established? What factors might influence the price of shares in the marketplace? (See page 629.) ? c13CorporationsOrganizationAndCa600 Page 600 11/24/10 1:49:09 PM user-s146 /Users/user-s146/Desktop/Merry_X-Mas/New ACCOU G CCOUNTINGAC OSS CROSS THEO G O RGANIZATION Wall Street No Friend of Facebook In the 1990s, it was the dream of every young technology entrepreneur to start a company and do an initial public offering (IPO), that is, list company shares on a stock exchange. It seemed like there was a never-ending supply of 20-something year-old technology entrepreneurs that made millions doing IPOs of companies that never made a profit and eventually failed. In sharp contrast to this is Mark Zuckerberg, the 25-year-old founder and CEO of Facebook. If Facebook did an IPO, he would make billions of dollars. But, he is in no hurry to go public. Because his company doesn’t need to invest in factories, distribution systems, or even marketing, it doesn’t need to raise a lot of cash. Also, by not going public, Zuckerberg has more control over the direction of the company. Right now, he and the other founders don’t have to answer to outside shareholders, who might be more concerned about short- term investment horizons rather than long-term goals. In addition, publicly traded companies face many more financial reporting disclosure requirements. Source: Jessica E. Vascellaro, “Facebook CEO in No Rush to ‘Friend’ Wall Street,” Wall Street Journal Online (March 4, 2010). Why has Mark Zuckerberg, the CEO and founder of Facebook, delayed taking his company’s shares public through an initial public offering (IPO)? (See page 629.) ? c13CorporationsOrganizationAndCa598 Page 598 11/24/10 1:49:07 PM user-s146 /Users/user-s146/Desktop/Merry_X-Mas/New viii The Navigator guides you through each chapter by pulling learning tools together into one learning system. Throughout the chapter, The Navigator prompts you to use listed learning aids and to set priorities as you study. FMTOC_SE.qxd 12/3/10 12:10 PM Page viii ix Brief Do it! exercises ask you to put to work your newly acquired knowledge. They outline an Action Plan necessary to complete the exercise, and they show a Solution. Accounting equation analyses appear next to key journal entries. They will help you understand the impact of an accounting transaction on the components of the accounting equation, on the stockholders’ equity accounts, and on the company’s cash flows. Comprehensive Do it! problem with Action Plan gives you an opportunity to see a detailed solution to a representative problem before you do your homework. Coincides with the Do it! problems within the chapter. Do it! Review problems appear in the homework material and provide another way for you to determine whether you have mastered the content in the chapters. The ledger of Hammond Company, on March 31, 2012, includes these selected accounts before adjusting entries are prepared. Debit Credit Prepaid Insurance $ 3,600 Supplies 2,800 Equipment 25,000 Accumulated Depreciation—Equipment $5,000 Unearned Service Revenue 9,200 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $100 per month. 2. Supplies on hand total $800. Do it! Adjusting Entries for Deferrals c03AdjustingTheAccounts.indd Page 110 11/29/10 8:43:49 PM user-s146 /Users/user-s146/Desktop/Merry_X-Mas/New Bernie Ebbers was the founder and CEO of the phone company WorldCom. The company engaged in a series of increasingly large, debt-financed acquisitions of other companies. These acquisitions made the company grow quickly, which made the stock price increase dramatically. However, because the acquired companies all had different accounting systems, WorldCom’s financial records were a mess. When WorldCom’s performance started to flatten out, Bernie coerced WorldCom’s accountants to engage in a number of fraudulent activities to make net income look better than it really was and thus prop up the stock price. One of these frauds involved treating $7 billion of line costs as capital expenditures. The line costs, which were rental fees paid to other phone companies to use their phone lines, had always been properly expensed in previous years. Capitalization delayed expense recognition to future periods and thus boosted current-period profi ts. Total take: $7 billion THE MISSING CONTROLS Documentation procedures. The company’s accounting system was a disorganized collection of non-integrated systems, which resulted from a series of corporate acquisitions. Top management took advantage of this disorganization to conceal its fraudulent activities. Independent internal verifi cation. A fraud of this size should have been detected by a routine comparison of the actual physical assets with the list of physical assets shown in the accounting records. ANATOMY OF A FRAUD c10PlantAssetsNaturalResourcesan470 Page 470 11/20/10 2:21:11 PM user-f391 /Users/user-f391/Desktop/24_09_10/JWCL339/New File Terry Thomas opens the Green Thumb Lawn Care Company on April 1.At April 30, the trial balance shows the following balances for selected accounts. Prepaid Insurance $ 3,600 Equipment 28,000 Notes Payable 20,000 Unearned Service Revenue 4,200 Service Revenue 1,800 Do it! C O M P R E H E N S I V E c03AdjustingTheAccounts.indd Page 122 11/29/10 1:15:00 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Do it! Review Do it! 3-1 Numerous timing concepts are discussed on pages 100–102. A list of concepts is provided below in the left column, with a description of the concept in the right column.There are more descriptions provided than concepts. Match the description of the concept to the concept. 1. ____ Cash-basis accounting. 2. ____ Fiscal year. 3. ____ Revenue recognition principle. 4. ____ Expense recognition principle. (a) Monthly and quarterly time periods. (b) Accountants divide the economic life of a business into artificial time periods. (c) Efforts (expenses) should be matched with ac- complishments (revenues). Identify timing concepts. (SO 1, 2) c03AdjustingTheAccounts.indd Page 131 11/29/10 1:15:03 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 p p p q y What happens when no-par stock does not have a stated value? In that case, the corporation credits the entire proceeds to Common Stock.Thus, if Hydro-Slide does not assign a stated value to its no-par stock, it records the issuance of the 5,000 shares at $8 per share for cash as follows. Cash 40,000 Common Stock 40,000 (To record issue of 5,000 shares of no-par stock) 140,000 140,000 CS Cash Flows 140,000 SE A L 5 1 c13CorporationsOrganizationAndCa604 Page 604 11/25/10 9:55:45 AM user-s146 /Users/user-s146/Desktop/Merry_X-Mas/New Student Owner’s Manual Anatomy of a Fraud boxes illustrate how a lack of specific internal controls resulted in real-world frauds. Financial statements appear regularly. Those from actual companies are identified by a company logo or a photo. Illustration 14-11 Disclosure of restriction Tektronix Inc. Notes to the Financial Statements Certain of the Company’s debt agreements require compliance with debt covenants. Management believes that the Company is in compliance with such requirements. The Company had unrestricted retained earnings of $223.8 million after meeting those requirements. c14CorporationsDividendsRetained644 Page 644 11/24/10 2:49:28 PM users-133 /Users/users-133/Desktop/Ramakant_04.05.09/WB00113_R1:JWCL170/New FMTOC_SE.qxd 12/11/10 3:51 AM Page ix x An additional parallel set of C Problems appears at the book’s companion website. Problems: Set C Visit the book’s companion website, at www.wiley.com/college/weygandt, and choose the Student Companion site to access Problem Set C. c03AdjustingTheAccounts.indd Page 144 11/29/10 1:15:07 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 (Note: This is a continuation of the Cookie Chronicle from Chapters 1 and 2. Use the infor- mation from the previous chapters and follow the instructions below using the general ledger accounts you have already prepared.) Continuing Cookie Chronicle c03AdjustingTheAccounts.indd Page 145 11/29/10 1:15:07 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Those exercises and problems that focus on accounting situations faced by service companies are identified by the icon shown here. Comprehensive Problems combine material from the current chapter with previous chapters so that you understand how “it all fits together.” The Continuing Cookie Chronicle exercise follows the continuing saga of accounting for a small business begun by an entrepreneurial student. The Waterways Continuing Problem uses the business activities of a fictional company, to help you apply managerial accounting topics to a realistic entrepreneurial situation. h bl Waterways Continuing Problem (Note: The Waterways Problem begins in Chapter 19 and continues in the remaining chapters. You can also find this problem at the book’s Student Companion site.) c19ManagerialAccounting.indd Page 917 11/29/10 12:14:40 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Exercises: Set B Visit the book’s companion website, at www.wiley.com/college/weygandt, and choose the Student Companion site to access Exercise Set B. c03AdjustingTheAccounts.indd Page 137 11/29/10 2:10:44 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 P3-5A On September 1, 2012, the account balances of Moore Equipment Repair were as follows. Journalize transactions and follow through accounting cycle to preparation of fi nancial statements. (SO 5, 6, 7) No. Debits No. Credits 101 Cash $ 4,880 154 Accumulated Depreciation—Equipment $ 1,500 112 Accounts Receivable 3,520 201 Accounts Payable 3,400 126 Supplies 2,000 209 Unearned Service Revenue 1,400 153 Equipment 15,000 212 Salaries and Wages Payable 500 301 Owner’s Capital 18,600 $25,400 $25,400 c03AdjustingTheAccounts.indd Page 140 11/29/10 1:15:05 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Exercises: Set B are available online at www.wiley.com/college/weygandt. In the textbook, two similar sets of Problems—A and B—are keyed to the same study objectives. Selected problems, identified by this icon, can be solved using the General Ledger Software (GLS) package. An icon identifies Exercises and Problems that can be solved using Excel templates at the student website. E3-10 The income statement of Brandon Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following. 1. Insurance expired during July of $400 was omitted. 2. Supplies expense includes $250 of supplies that are still on hand at July 31. Prepare correct income statement. (SO 2, 5, 6, 7) c03AdjustingTheAccounts.indd Page 134 11/29/10 1:15:04 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 The Broadening Your Perspective section helps to pull together concepts from the chapter and apply them to real-world business situations. The Financial Reporting Problem focuses on reading and understanding the financial statements of PepsiCo, which are available in Appendix A. BROADENING BROADENING BROADENINGYOURPERSPECTIVE PERSPECTIVE PERSPECTIVE c03AdjustingTheAccounts.indd Page 145 11/29/10 1:15:07 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Financial Reporting and Analysis Financial Reporting Problem: PepsiCo, Inc. BYP3-1 The financial statements of PepsiCo, Inc. are presented in Appendix A at the end of this textbook. Instructions (a) Using the consolidated financial statements and related information, identify items that may result in c03AdjustingTheAccounts.indd Page 145 11/29/10 1:15:07 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Comparative Analysis Problem: PepsiCo, Inc. vs. The Coca-Cola Company BYP3-2 PepsiCo’s financial statements are presented in Appendix A. Financial statements for The Coca-Cola Company are presented in Appendix B. c03AdjustingTheAccounts.indd Page 145 11/29/10 1:15:07 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 A Comparative Analysis Problem compares and contrasts the financial reporting of PepsiCo and The Coca-Cola Company. E20-12 Alma Ortiz and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. Perez Rivera Sota Direct materials $600 $400 $200 Auditor labor costs $5,400 $6,600 $3,375 Auditor hours 72 88 45 Determine cost of jobs and ending balance in work in process and overhead accounts. (SO 3, 4, 6) c20JobOrderCosting.indd Page 952 11/30/10 10:44:18 AM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Comprehensive Problem: Chapters 3 to 7 CP7 Packard Company has the following opening account balances in its general and subsidiary ledgers on January 1 and uses the periodic inventory system.All accounts have normal debit and credit balances. General Ledger Account January 1 Number Account Title Opening Balance 101 Cash $33,750 c07AccountingInformationSystems.353 Page 353 12/3/10 3:40:34 PM user-s146 /Users/user-s146/Desktop/Merry_X-Mas/New FMTOC_SE.qxd 12/11/10 7:23 PM Page x Ethics Cases ask you to reflect on typical ethical dilemmas, analyze the stakeholders and the issues involved, and decide on an appropriate course of action. Decision Making Across the Organization cases help you build decision-making skills by analyzing accounting information in a less structured situation. These cases require you to work in teams. A Look at IFRS provides an overview of the International Financial Reporting Standards (IFRS) that relate to the chapter topics, highlights the differences between GAAP and IFRS, discusses IFRS/GAAP convergence efforts, and tests your understanding through IFRS Self-Test Questions and IFRS Concepts and Application. Decision Making Across the Organization BYP20-1 Burgio Parts Company uses a job order cost system. For a number of months, there has been an ongoing rift between the sales department and the production department concerning a special-order product, TC-1. TC-1 is a seasonal product that is manufactured in batches of 1,000 units. TC-1 is sold at cost plus a markup of 40% of cost. c20JobOrderCosting.indd Page 959 11/30/10 10:44:19 AM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Ethics Case BYP3-6 Bluestem Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Bluestem’s chemical pesticides. In the coming year, Bluestem will have environmentally safe and competitive chemicals to replace these discontinued prod- ucts. Sales in the next year are expected to greatly exceed any prior year’s.The decline in sales and profi ts appears to be a one-year aberration. But even so, the company president fears a large dip in the current year’s profits. He believes that such a dip could cause a significant drop in the market price of Bluestem’s stock and make the company a takeover target. T id hi ibili h id ll i C hi B ll ll di hi i d’ c03AdjustingTheAccounts.indd Page 147 11/29/10 1:15:08 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 FASB Codification Activity offers you the opportunity to use this online system, which contains all the authoritative literature related to a particular topic. FASB Codifi cation Activity BYP3-8 If your school has a subscription to the FASB Codifi cation, go to http://aaahq.org/asclogin.cfm to log in and prepare responses to the following. Instructions Access the glossary (“Master Glossary”) to answer the following. (a) What is the definition of revenue? (b) What is the definition of compensation? c03AdjustingTheAccounts.indd Page 148 11/29/10 1:15:08 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Real World Focus problems require you to apply techniques and concepts learned in the chapter to specific situations faced by actual companies. Real-World Focus BYP19-3 Anchor Glass Container Corporation, the third largest manufacturer of glass containers in the United States, supplies beverage and food producers and consumer products manufacturers nationwide. Parent company Consumers Packaging Inc. (Toronto Stock Exchange: CGC) is a leading international designer and manufacturer of glass containers. The following management discussion appeared in a recent annual report of Anchor Glass. c19ManagerialAccounting.indd Page 919 11/29/10 12:14:42 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Communication Activity problems help you to apply and practice business communication skills. Communication Activity BYP3-5 In reviewing the accounts of Keri Ann Co. at the end of the year, you discover that adjusting entries have not been made. c03AdjustingTheAccounts.indd Page 147 11/29/10 1:15:08 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 All About You activities are designed to get you thinking and talking about how accounting impacts your personal life. “All About You” Activity BYP3-7 Companies must report or disclose in their financial statements information about all liabilities, including potential liabilities related to environmental clean-up. There are many situations in which you will be asked to provide personal financial information about your assets, liabilities, revenue, and expenses. Sometimes you will face difficult decisions regarding what to disclose and how to disclose it. c03AdjustingTheAccounts.indd Page 147 11/29/10 1:15:08 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Managerial Analysis assignments build analytical and decision-making skills in situations required by managers. Managerial Analysis BYP19-2 B.J. King is a fairly large manufacturing company located in the southern United States. The company manufactures tennis rackets, tennis balls, tennis clothing, and tennis shoes, all bearing the com- pany’s distinctive logo, a large green question mark on a white-flocked tennis ball. The company’s sales have been increasing over the past 10 years. The tennis racket division has recently implemented several advanced manufacturing techniques. Robot arms hold the tennis rackets in place while glue dries, and machine vision systems check for defects. The engineering and design team uses computerized drafting and testing of new products. The following managers work in the tennis racket division. ( ) c19ManagerialAccounting.indd Page 919 11/29/10 12:14:42 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 It is often difficult for companies to determine in what time period they should report particular revenues and expenses. Both the IASB and FASB are working on a joint project to develop a common conceptual framework, as well as a revenue recognition project, that will enable com- panies to better use the same principles to record transactions consistently over time. IFRS A Look at IFRS c03AdjustingTheAccounts.indd Page 148 11/29/10 1:15:08 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Student Owner’s Manual xi On the Web exercises guide you to websites where you can find and analyze information related to the chapter topic. On the Web BYP3-3 No financial decision maker should ever rely solely on the financial information reported in the annual report to make decisions. It is important to keep abreast of financial news. This activity demon- strates how to search for financial news on the Web. Address: http://biz.yahoo.com/i, or go to www.wiley.com/college/weygandt c03AdjustingTheAccounts.indd Page 146 11/29/10 1:15:08 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 FMTOC_SE.qxd 12/3/10 12:10 PM Page xi Acknowledgments Prior Editions Thanks to the following reviewers and focus group participants of prior editions of Accounting Principles: John Ahmad, Northern Virginia Community College—Annandale; Sylvia Allen, Los Angeles Valley College; Matt Anderson, Michigan State University; Alan Applebaum, Broward Community College; Juanita Ardovany, Los Angeles Valley College; Yvonne Baker, Cincinnati State Tech Community College; Peter Battelle, University of Vermont; Colin Battle, Broward Community College; Jim Benedum; Beverly Beatty, Anne Arundel Community College; Milwaukee Area Technical College; Jaswinder Bhangal, Chabot College; Bernard Bieg, Bucks County College; Michael Blackett, National American University; Barry Bomboy, J. Sargeant Reynolds Community College; Kent D. Bowen, Butler County Community College; David Boyd, Arkansas State University; Greg Brookins, Santa Monica College; Kurt H. Buerger, Angelo State University; Leroy Bugger, Edison Community College; Leon Button, Scottsdale Community College. Ann Cardozo, Broward Community College; Steve Carlson, University of North Dakota; Fatma Cebenoyan, Hunter College; Kimberly Charland, Kansas State University; Trudy Chiaravelli, Lansing Community College; Shifei Chung, Rowan University; Siu Chung, Los Angeles Valley College; Lisa Cole, Johnson County Community College; Kenneth Couvillion, San Joaquin Delta College; Alan B. Czyzewski, Indiana State University; Thomas Davies, University of South Dakota; Peggy DeJong, Kirkwood Community College; John Delaney, Augustana College; Tony Dellarte, Luzerne Community College; Kevin Dooley, Kapi’olani Community College; Pam Donahue, Northern Essex Community College; Edmond Douville, Indiana University Northwest; Pamela Druger, Augustana College; Russell Dunn, Broward Community College; John Eagan, Erie Community College; Richard Ellison, Middlesex Community College; Dora Estes, Volunteer State Community College; Mary Falkey, Prince Georges Community College. Raymond Gardner, Ocean County College; Lori Grady, Bucks County Community College; Richard Ghio, San Joaquin Delta College; Joyce Griffin, Kansas City Community College; Amy Haas, Kingsborough Community College, CUNY; Lester Hall, Danville Community College; Becky Hancock, El Paso Community College; Jeannie Harrington, Middle Tennessee State University; Bonnie Harrison, College of Southern Maryland; William Harvey, Henry Ford Community College; Michelle Heard, Metropolitan Community College; Ruth Henderson, Union Community College; Ed Hess, Butler County Community College; Kathy Hill, Leeward Community College; Patty Holmes, Des Moines Area Community College; Zach Holmes, Oakland Community College; Paul Holt, Texas A&M—Kingsville; Audrey Hunter, Broward Community College; Verne Ingram, Red Rocks Community College; Joanne Johnson, Caldwell Community College; Naomi Karolinski, Monroe Community College; Anil Khatri, Bowie State University; Shirley Kleiner, Johnson County Community College; Jo Koehn, Central Missouri State University; Ken Koerber, Bucks County Community College; Adriana Kulakowski, Mynderse Academy. Sandra Lang, McKendree College; Cathy Xanthaky Larsen, Middlesex Community College; David Laurel, South Texas Community College; Robert Laycock, Montgomery College; Natasha Librizzi, Madison Area Technical College; William P. Lovell, Cayuga Community College; Melanie Mackey, Ocean County College; Jerry Martens, Community College of Aurora; Maureen McBeth, College of DuPage; Francis McCloskey, Community College of Philadelphia; Chris McNamara, Finger Lakes Community College; Lori Major, Luzerne County Community College; Edwin Mah, University of Maryland, University College; Thomas Marsh, Northern Virginia Community College—Annandale; Jim Martin, University of Montevallo; Suneel Maheshwari, Marshall University; Shea Mears, Des Moines Area Community College; Pam Meyer, University of Louisiana—Lafayette; Cathy Montesarchio, Broward Community College. Robin Nelson, Community College of Southern Nevada; Joseph M. Nicassio, Westmoreland County Community College; Michael O’Neill, Seattle Central Community College; Mike Palma, Gwinnett Tech; George Palz, Erie Community College; Michael Papke, Kellogg Community College; Ruth Parks, Kellogg Community College; Al Partington, Los Angeles Pierce College; Jennifer Patty, Des Moines Area Community College; Yvonne Phang, Borough of Manhattan Community College; Jan Pitera, Broome Community College; Mike Prockton, Finger Lakes Community College; Laura M. Prosser, Black Hills State University; Bill Rencher, Seminole Community College; Jenny Resnick, Santa Monica College; Renee Rigoni, Monroe Community College; Kathie Rogers, SUNY Suffolk; Al Ruggiero, SUNY Suffolk; Jill Russell, Camden County College. Roger Sands, Milwaukee Area Technical College; Marcia Sandvold, Des Moines Area Community College; Richard Sarkisian, Camden Community College; Kent Schneider, East Tennessee State University; Karen Searle, Paul J. Shinal, Cayuga Community College; Beth Secrest, Walsh University; Kevin Sinclair, Lehigh University; Alice Sineath, Forsyth Tech Community College; Leon Singleton, Santa Monica College; Michael S. Skaff, College of the Sequoias; Jeff Slater, North Shore Community College; Lois Slutsky, Broward Community College; Dan Small, J. Sargeant Reynolds Community College; Lee Smart, Southwest Tennessee Community College; James Smith, Ivy Tech State College; Carol Springer, Georgia State University; Jeff Spoelman, Grand Rapids Community College; Norman Sunderman, Angelo State University. Donald Terpstra, Jefferson Community College; Lynda Thompson, Massasoit Community College; Shafi Ullah, Broward Community College; Sue Van Boven, Paradise Valley Community College; Christian Widmer, Tidewater Community College; Wanda Wong, Chabot College; Pat Walczak, Lansing Community College; Kenton Walker, University of Wyoming; Patricia Wall, Middle Tennessee State University; Carol N. Welsh, Rowan University; Idalene Williams, Metropolitan Community College; Gloria Worthy, Southwest Tennessee Community College. Thanks also to “perpetual reviewers” Robert Benjamin, Taylor University; Charles Malone, Tammy Wend, and Carol Wysocki, all of Columbia Basin College; and William Gregg of Montgomery College. We appreciate their continuing interest in the textbook and their regular contributions of ideas to improve it. Accounting Principles has benefited greatly from the input of focus group participants, manuscript reviewers, those who have sent comments by letter or e-mail, ancillary authors, and proofers. We greatly appreciate the constructive suggestions and innovative ideas of reviewers and the creativity and accuracy of the ancillary authors and checkers. FMTOC_SE.qxd 12/3/10 12:10 PM Page xii Tenth Edition Thanks to the following reviewers, focus group participants, and others who provided suggestions for the Tenth Edition: Sylvia Allen Los Angeles Valley College Juanita Ardavany Los Angeles Valley College Shele Bannon Queensborough Community College Amy Bentley Tallahassee Community College Timothy Bergsma Davenport University Teri Bernstein Santa Monica College Patrick Borja Citrus College Stanley Carroll New York City College of Technology Siu Chung Los Angeles Valley College Carol Collinsworth University of Texas—Brownsville Kelly Cranford Hinds Community College—Raymond Liz Diers Black Hills State University Samuel A. Duah Bowie State University Carle Essig Montgomery County Community College Annette Fisher Glendale Community College Kelly Ford Queensborough Community College Lori Grady Bucks County Community College Mary Halford Prince Georges Community College Thomas Kam Hawaii Pacific University Naomi Karolinski Monroe Community College Lynn Krausse Bakersfield College David Krug Johnson County Community College Cathy X. Larson Middlesex Community College David Laurel South Texas College Christina Manzo Queensborough Community College Beverly Mason Front Range Community College Robert Maxwell College of the Canyons Jill Mitchell Northern Virginia Community College— Annandale Ronald O’Brien Fayetteville Technical Community College Michael Motes University of Maryland University College Gregory L. Prescott University of South Alabama Jan Pitera Broome Community College Debra A. Sills Porter Tidewater Community College William Prosser Cuyuga County Community College Ada Rodriguez Lehman College, The City University of New York Eric Rothenburg Kingsborough Community College, The City University of New York Al Ruggiero Suffolk County Community College Marcia Sandvold Des Moines Area Community College Mary Jane Sauceda University of Texas—Brownsville Paul J. Shinal Cayauga Community College Bradley Smith Des Moines Area Community College Scott Stroher Glendale Community College Geoffrey Tickell Indiana University of Pennsylvania Pat Walczak Lansing Community College Wanda Wong Chabot College Jack Wiehler San Joaquin Delta College Ancillary Authors, Contributors, and Proofers We sincerely thank the following individuals for their hard work in preparing the content that accompanies this textbook: LuAnn Bean Florida Institute of Technology John C. Borke University of Wisconsin—Platteville Richard Campbell Rio Grande College Siu Chung Los Angeles Valley College Mel Coe DeVry Institute of Technology, Atlanta Chris Cole Cole Creative Group Joan Cook Milwaukee Area T...

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Accounting principles assignment pdf.

Accounting Principles Assignment Pdf , This article is dedicated to providing a comprehensive overview of the Accounting Principles Assignment Pdf. Accounting principles are the fundamental concepts and standards used in preparing financial statements, managing accounting records, and performing other related tasks. Students who are studying accounting will likely be required to complete an assignment involving accounting principles during their course of study.

The Importance Of Accounting Principles In Your Assignment Pdf

Accounting Principles are essential for all businesses, no matter the size or industry. Having a good understanding of these principles is key to completing an Assignment Pdf successfully. Accounting Principles Assignment Pdf covers everything from basic bookkeeping and financial statements to more advanced topics such as taxation, budgeting, and cost accounting . In this blog post, we’ll be discussing the importance of Accounting Principles and how they can help you with your Assignment Pdf.

Why Are Accounting Principles Important?

Accounting principles are essential for the proper and accurate recording of financial information. They provide an established framework to ensure that records are kept accurately, that transactions are properly recorded, and that financial statements reflect the true picture of a company’s financial position. This is especially important in an assignment pdf, as it helps to create an accurate and consistent document. Accounting principles are not just about complying with rules, but also about taking the time to understand the underlying rationale and ensuring that all aspects of the assignment pdf comply with the standards and objectives of accounting. Adhering to accounting principles in an assignment pdf can help to ensure that the documents created are of high quality and provide a clear view of the financial status of the company.

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What Are The Objectives Of Accounting Principles?

Accounting principles are the set of rules and regulations that guide and direct the accounting profession. These principles help to ensure accuracy and consistency in financial records and statements. Accounting principles also provide a framework for preparing financial statements and reports. The objective of accounting principles is to ensure that financial information is reported fairly and accurately, and that it meets the standards of consistency and reliability required by investors, lenders, and regulators.

When it comes to Accounting Principles Assignment Pdfs, adhering to these principles is essential in order to produce accurate results. By following the correct accounting principles, you can ensure that the results of your assignments are reliable and can be used for decision making. Furthermore, accounting principles provide a consistent approach to measuring and evaluating the financial performance of a company or organization. Following these principles can also help identify potential financial risks and opportunities.

What Are The Benefits Of Adhering To Accounting Principles In Your Assignment Pdf?

Adhering to accounting principles in your Accounting Principles Assignment Pdf is essential for providing accurate and meaningful financial information. The benefits of adhering to accounting principles in your assignment pdf are numerous and include:

Increased reliability – Accounting principles ensure that financial information is consistent and reliable across multiple users, enabling a greater level of accuracy when it comes to analyzing and using the data.
Improved trustworthiness – Adhering to accounting principles makes it easier for investors and other stakeholders to trust the financial statements and reports that are produced from the assignment pdf.
Easier comparison – The consistent nature of accounting principles allows for easier comparison of financial results between organizations, time periods, and other variables.
Professional credibility – Organizations that adhere to accounting principles gain more credibility among industry professionals, making them more attractive to potential investors and customers.
Better decision-making – Accounting principles help organizations make better decisions by providing them with the accurate financial information needed to make informed decisions.

By adhering to accounting principles in your Accounting Principles Assignment Pdf, you will be able to ensure that the financial information you present is reliable, trustworthy, and comparable. This will improve your professional credibility and enable you to make better decisions based on accurate financial data.

How Can You Make Sure That Your Assignment Pdf Complies With Accounting Principles?

It’s important to make sure that your Accounting Principles Assignment Pdf is compliant with the relevant accounting principles. To ensure that your document meets the standards of accounting, there are several steps you should take.

Firstly, you should make sure that all financial data used in the assignment is accurate and up to date. It is important to be aware of the current regulations governing accounting principles and to include only factual information. In addition, it is essential that all figures used are rounded to two decimal places for accuracy and precision.

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Secondly, you should ensure that you understand the purpose of the assignment and how it applies to the relevant accounting principles. You must ensure that all accounting principles are applied correctly and accurately, as this will ensure that the assignment meets the desired objectives.

Finally, it is important to ensure that the overall formatting of the document is consistent with accepted accounting principles. This includes avoiding complex terminology, as well as using only approved abbreviations and terms. All statements should be written in plain language, so they are easy to understand. Once all these elements are taken into consideration, you can rest assured that your Accounting Principles Assignment Pdf will be compliant with the relevant accounting principles.

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What is an accounting principle?

Accounting principles are rules and guidelines that describe the essential aspects of accounting. These include rules about the nature of assets, liabilities, revenues and expenses; the meaning and recognition of economic events; and the recording of transactions.

What are the three main types of accounting principles?

Generally, there are three main types of accounting principles: accrual, cash basis and hybrid. The accrual basis is most commonly used by businesses in the United States, while cash basis accounting is more common in many other countries. Hybrid principles can also be used by businesses, depending on their legal and tax status.

What is the difference between accrual and cash accounting principles?

Cash accounting is used to measure the financial activities of a business that use physical cash as a principal method of payment. In contrast, accrual accounting records all transactions in terms of economic profit or loss (i.e., an economic benefit future benefits) rather than the actual cost of goods sold.

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PDF Unit 1Unit 1 Basic principles of Accounting
Accounting is termed as the analysis, classification and recording of financial transactions, and the ascertainment of how such transactions affect the performance and financial position of a business. Accounting is therefore concerned with: recording of data. classification and summary of data. communicating what has been learned from the data.
Principles of Accounting Volume 1 Financial Accounting
Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. Due to the comprehensive nature of the material, we are offering the book in two volumes. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core ...
Assignment: Accounting Principles
This assignment can be found in Google Docs: Financial Accounting Assignment: Accounting Principles. To make your own copy to edit: If you want a Google Doc: in the file menu of the open document, click "Make a copy.". This will give you your own Google Doc to work from. If you want a PDF or Word file: in the file menu of the open document ...
Introduction to Financial Accounting
PDF downloaded and used with ease. Grammatical Errors rating: 5 ... Any changes made to accounting principles, Canadian or International, will be very easy and straightforward to update. ... and feedback for students. Instructor aids include an exam bank, lecture slides, and a comprehensive end-of-term case assignment. This requires students to ...
Preface
Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business ...
PDF Unit 5: Accounting Principles
Roles in commercial finance, e.g. cost analyst, business controller, pricing professionals and the global business services, e.g. purchase to pay (P2P) professionals and report to report (R2R) professionals. Skills required for positions in accountancy and finance, e.g. numerical skills, problem solving, integrity, negotiation, customer service.
Accounting Principles: A Business Perspective
Accounting Principles: A Business Perspective uses annual reports of real companies to illustrate many of the accounting concepts in use in business today. Gaining an understanding of accounting terminology and concepts, however, is not enough to ensure your success. You also need to be able to find information on the Internet, analyze various business situations, work effectively as a member ...
PDF BA 212
ISBN 0 471 68413 9. (Required if not using Excel spreadsheets to complete all assignments ). Study Guide -Financial Account ing, Weygandt, Kieso & Kimmel, John Wiley, 5 ... on the application of generally acceptable accounting principles to the recording and reporting of finan cial information, the underlying theoretical foundations ...
Answer Key Chapter 1
Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business ...
PDF ACC 101 Accounting Principles I Prerequisite Course Focus
2. Identify the role of accounting in business 3. Summarize the development of accounting principles and relate them to practice 4. Define the accounting equation 5. Define each element of the accounting equation 6. Describe the characteristics of an account and a chart of accounts 7. Prepare journal entries to record routine business transactions
PDF Fundamental Accounting Principles 23rd Edition
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Moodle site and Connect Accounting to complete assignments and retrieve course information. Any due dates given for assignments will be strictly followed. Late assignments will receive 0 credit unless arrangements have been made with The instructor. Assignments: Assignments are visible on the Moodle site. Follow the instructions on the Moodle site.
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Student declaration I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand that making a false declaration is a form of malpractice. Student signature: Date: 20/07/ Unit 5: Accounting Principles Authorised Assignment Brief 1
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INTRODUCTION Accounting principles are the known as rules and principles which provides effective guidelines to companies that they need to follow in order to report financial data (Narayanaswamy, 2017).The assignment will be prepared for developing effective understanding of financial accounting and for its principles.
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The amount of owner's equity is the amount of assets minus the amount of liabilities. 7 Assignment - BP12103 Accounting Principles Typical accounting transactions are recorded within the framework of the accounting equation: Example 1: Brave Brands Marketing bought computer amounted RM3,500 for office usage from Digital Wise by credit.
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Basic accounting principles There are five basic accounting principles. These are outlined below: 1. Principle of double entry—each transaction is entered twice in the books of accounts. For every debit there must be a corresponding credit. 2. Principle of recording—all accounting entries emanate from a source document. This is the
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