Primary Navigation
Want to create or adapt books like this? Learn more about how Pressbooks supports open publishing practices.
Book Contents Navigation
Introduction
Preface
Mitchell Franklin; Patty Graybeal; and Dixon Cooper
1. test header formats
2. Why it matters
LO 1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
LO 1.2 Identify Users of Accounting Information and How They Apply Information
LO 1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
LO 1.4 Explain Why Accounting Is Important to Business Stakeholders
LO 1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
3. Why It Matters
LO 2.1 Describe the Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
LO 2.2 Moved to later chapter
Patty Graybeal; Mitchell Franklin; and Dixon Cooper
LO 2.3 Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet
4. Why It Matters
LO 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
LO 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
LO 3.3 Define and Describe the Initial Steps in the Accounting Cycle
LO 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements
LO 3.5 Use Journal Entries to Record Transactions and Post to T-Accounts
LO 3.6 Prepare a Trial Balance
5. Why It Matters
LO 4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
LO 4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
LO 4.3 Record and Post the Common Types of Adjusting Entries
LO 4.4 Use the Ledger Balances to Prepare an Adjusted Trial Balance
LO 4.5 Prepare Financial Statements Using the Adjusted Trial Balance
6. LO 4.6 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities
7. LO 4.7 Use a 10-column worksheet (optional step in the accounting cycle)
8. Why It Matters
LO 5.1 Describe and Prepare Closing Entries for a Business
LO 5.2 Prepare a Post-Closing Trial Balance
LO 5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
LO 5.4 Appendix: Complete a Comprehensive Accounting Cycle for a Business
9. Why It Matters
LO 6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
LO 6.2 Compare and Contrast Perpetual versus Periodic Inventory Systems
LO 6.3 Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System
LO 6.4a Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System
10. LO 6.4b -- Analyze and Record Adjusting Entries for the Sale of Merchandise Using the Perpetual Inventory System
LO 6.5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
LO 6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
LO 6.7 Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System
11. Why It Matters
Mitchell Franklin
LO 7.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
LO 7.2 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method
LO 7.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
LO 7.4 Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet
LO 7.5 Examine the Efficiency of Inventory Management Using Financial Ratios
12. Why It Matters
LO 8.1 Analyze Fraud in the Accounting Workplace
LO 8.2 Define and Explain Internal Controls and Their Purpose within an Organization
LO 8.3 Describe Internal Controls within an Organization
LO 8.4 Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
LO 8.5 Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
LO 8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
LO 8.7 Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
13. Why It Matters
LO 9.1 Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions
LO 9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
LO 9.3 Determine the Efficiency of Receivables Management Using Financial Ratios
LO 9.4 Discuss the Role of Accounting for Receivables in Earnings Management
LO 9.5 Apply Revenue Recognition Principles to Long-Term Projects
LO 9.6 Explain How Notes Receivable and Accounts Receivable Differ
LO 9.7 Appendix: Comprehensive Example of Bad Debt Estimation
14. Why It Matters
LO 10.1 Distinguish between Tangible and Intangible Assets
LO 10.2 Analyze and Classify Capitalized Costs versus Expenses
LO 10.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
LO 10.4 Describe Accounting for Intangible Assets and Record Related Transactions
LO 10.5 Describe Some Special Issues in Accounting for Long-Term Assets
15. Why It Matters
LO 11.1 Identify and Describe Current Liabilities
LO 11.2 Analyze, Journalize, and Report Current Liabilities
LO 11.3 Define and Apply Accounting Treatment for Contingent Liabilities
LO 11.4 Prepare Journal Entries to Record Short-Term Notes Payable
LO 11.5 Record Transactions Incurred in Preparing Payroll
16. Why It Matters
LO 12.1 Explain the Pricing of Long-Term Liabilities
LO 12.2 Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method
LO 12.3 Prepare Journal Entries to Reflect the Life Cycle of Bonds
LO 12.4 Appendix: Special Topics Related to Long-Term Liabilities
17. Why It Matters
LO 13.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
LO 13.2 Analyze and Record Transactions for the Issuance and Repurchase of Stock
LO 13.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
LO 13.4 Compare and Contrast Owners’ Equity versus Retained Earnings
LO 13.5 Discuss the Applicability of Earnings per Share as a Method to Measure Performance
18. Why It Matters
LO 14.1 Explain the Purpose of the Statement of Cash Flows
LO 14.2 Differentiate between Operating, Investing, and Financing Activities
LO 14.3 Prepare the Statement of Cash Flows Using the Indirect Method
LO 14.4 Prepare the Completed Statement of Cash Flows Using the Indirect Method
LO 14.5 Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
LO 14.6 Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method
19. LO 15.1 Conduct, report, and interpret horizontal, vertical, and ratio analyses of financial statements
20. Why It Matters
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
21. Why It Matters
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
Appendix
Time Value of Money -- Tables of Factors
Financial Statement Analysis
Suggested Resources
Glossary
Footnote 1
Footnote 2
Footnote 8
Footnote 9
Previous/next navigation
Time Value of Money -- Tables of Factors Copyright © 2020 by Mitchell Franklin is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.