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Preface
Mitchell Franklin; Patty Graybeal; and Dixon Cooper
Why It Matters
Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
Identify Users of Accounting Information and How They Apply Information
Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
Explain Why Accounting Is Important to Business Stakeholders
Describe the Varied Career Paths Open to Individuals with an Accounting Education
Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses
Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet
Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
Define and Describe the Initial Steps in the Accounting Cycle
Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements
Use Journal Entries to Record Transactions and Post to T-Accounts
Prepare a Trial Balance
Explain the Concepts and Guidelines Affecting Adjusting Entries
Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
Record and Post the Common Types of Adjusting Entries
Use the Ledger Balances to Prepare an Adjusted Trial Balance
Prepare Financial Statements Using the Adjusted Trial Balance
Describe and Prepare Closing Entries for a Business
Prepare a Post-Closing Trial Balance
Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
Appendix: Complete a Comprehensive Accounting Cycle for a Business
Compare and Contrast Merchandising versus Service Activities and Transactions
Compare and Contrast Perpetual versus Periodic Inventory Systems
Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System
Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System
Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System
Define and Describe the Components of an Accounting Information System
Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders
Analyze and Journalize Transactions Using Special Journals
Prepare a Subsidiary Ledger
Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
Analyze Fraud in the Accounting Workplace
Define and Explain Internal Controls and Their Purpose within an Organization
Describe Internal Controls within an Organization
Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions
Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
Determine the Efficiency of Receivables Management Using Financial Ratios
Discuss the Role of Accounting for Receivables in Earnings Management
Apply Revenue Recognition Principles to Long-Term Projects
Explain How Notes Receivable and Accounts Receivable Differ
Appendix: Comprehensive Example of Bad Debt Estimation
Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method
Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet
Examine the Efficiency of Inventory Management Using Financial Ratios
Distinguish between Tangible and Intangible Assets
Analyze and Classify Capitalized Costs versus Expenses
Explain and Apply Depreciation Methods to Allocate Capitalized Costs
Describe Accounting for Intangible Assets and Record Related Transactions
Describe Some Special Issues in Accounting for Long-Term Assets
LO 12.1 Identify and Describe Current Liabilities
LO 12.2 Analyze, Journalize, and Report Current Liabilities
LO 12.3 Define and Apply Accounting Treatment for Contingent Liabilities
LO 12.4 Prepare Journal Entries to Record Short-Term Notes Payable
LO 12.5 Record Transactions Incurred in Preparing Payroll
Explain the Pricing of Long-Term Liabilities
Prepare Journal Entries to Reflect the Life Cycle of Bonds
Special Topics Related to Long-Term Liabilities
Present and Future Value Tables
Explain the Process of Securing Equity Financing through the Issuance of Stock
Analyze and Record Transactions for the Issuance and Repurchase of Stock
Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
Compare and Contrast Owners’ Equity versus Retained Earnings
Discuss the Applicability of Earnings per Share as a Method to Measure Performance
Describe the Advantages and Disadvantages of Organizing as a Partnership
Describe How a Partnership Is Created, Including the Associated Journal Entries
Compute and Allocate Partners’ Share of Income and Loss
Prepare Journal Entries to Record the Admission and Withdrawal of a Partner
Discuss and Record Entries for the Dissolution of a Partnership
Explain the Purpose of the Statement of Cash Flows
Differentiate between Operating, Investing, and Financing Activities
Prepare the Statement of Cash Flows Using the Indirect Method
Prepare the Completed Statement of Cash Flows Using the Indirect Method
Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method
Financial Statement Analysis
About "Chapter 18"
Chapter 18 -- Investments (from UMN Financial Accounting-Chapter 12)
18.1 Accounting for Investments in Trading Securities
18.2 Accounting for Investments in Securities That Are Available for Sale
18.3 Accounting for Investments by Means of the Equity Method
18.4 The Reporting of Consolidated Financial Statements
Time Value of Money
17.1 Financial Statement Analysis
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