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Copyrighted Material 15339_Index.qxd 12/13/07 11:52 PM Page 505 INDEX A financial reporting problem, 165 turnover, 216, 226 Accelerated-depreciation method, Web exploration, 166 equation, 221 392, 393, 406 Accounting information illustration, 216 Account adjustments comparability, 34–35 types, 348–349 ethics case, 134 consistency, 35 valuation, 349, 350–357 exercises, 129–134 neutrality, 34 Accounts receivable (A/R) accounting timing, issues, 104–107 qualitative characteristics, 33, ethics case, 378 Account balance, appearance, 140 34–35 exercises, 374–378 Accounting relevance, 34 financial reporting problem, 378 assumptions, 9–11 reliability, 34 Web exploration, 377–378 usage, 38 Accounting principles, –41 Accrual-basis accounting, 129 components, 7–13 assumptions, 36–37 cash-basis accounting, contrast, 105–106 conceptual framework, 32–36 demonstration problem, 56–60 Accruals constraints, 41–44 economic/political conditions, adjusting entries illustration, 42 impact, 33 illustration, 115 data, users (identification), 4–5 ethics, example, 65 usage, 115–120 definition, 2–5 exercises, 62–65 adjustment, 115 department, organizational chart, 20 usage, 41 Accrued expenses (accrued liabilities), entity, representation, 413 Web exploration, 64 116–120, 129 entries, source documents, 293 Accounts, 68–74, 96 adjusting entry, 117–118 equation, 11–13, 25 basic form, 68 impact, 117 expansion, 73–74 chart, 80–81, 96 adjustment type, 120 illustration, 11 illustration, 81 alternative adjusting entries, inapplicability, ethics, example, 114 comparison, illustration, 125 127 external users, 4–5 normal balance, 70 Accrued interest, 117–118 glossary, 25 reconciliation, 302 Accrued revenues (accrued receivables), history, 5–6 standard form, 78–79 115–116, 129 information three-column form, 96 adjustment type, 120 relevance, 34 illustration, 78 Accrued salaries, 118–119 reliability, 33 type, identification, 81 Accumulated depreciation internal users, 4 uniform systems, 15–17 analysis, equipment category, 191 methods Accounts payable, 12 balance sheet, presentation, advertising alternatives, 223 account, 68 outlays 112 usage, disclosure, 34–35 analysis, illustration, 187 difference, 112 operating guidelines, 36 credit, 152 increase, 190–191 origins, 5 demonstration problem, 372–373 equipment category, 191 period increase, 187, 190 Accumulated depreciation—office equipment, cost of goods sold, determination, ledger, posting, 495 contra asset account, 112 237 payment, transaction, 49 Acid-test ratio (quick ratio), 215–216, 226 data, accumulation, 145 responsibility, 21 equation, 221 policies, 461–462 subsidiary ledger, 484, 501 illustration, 215 summary, 40 Accounts payables accounting Actual physical flow, costing (usage), process, 3 ethics case, 378 273–280 assumptions, usage, 36 COPYRIGHTEDexercises, 374–378 MATERIALAdditional debt, issuance, 210 constraints, impact, 36 financial reporting problem, 378 Additions and improvements, 406 profession, explanation, 25–27 Web exploration, 377–378 incurred costs, 395 reports, 3 Accounts receivable (A/R), 348–360, Adjusted cash balance per books, 308 study, usefulness, 6–7 374 Adjusted trial balance, 14, 122–123, 129 time period, selection, 105 account, 68 amounts, extension, 140. See also Financial Accounting cycle, 14–15, 73–74 aging, 374 statements adjusting entries, importance, 152 analysis, illustration, 187 columns, adjusted balances (entry), 140 steps, 15 current assets, 155 contents, display, 250 summary, 150–151 decrease, 190 demonstration problem, 197 Accounting cycle, completion, demonstration problem, 372–373 illustration, 122 246–248 disposal, 349, 357–360 preparation, 122 comparative analysis problem, increase, 186–187, 190 Adjusting entries, 129. See also Daily 166 recognition, 349–350 recurring adjusting/ ethics case, 166 responsibility, 21 closing entries exercises, 163–165 subsidiary ledger, 484, 501 basics, 107–121 505 15339_Index.qxd 12/13/07 11:52 PM Page 506 506 Index categories, 108 sale, 435 Basic equation, expansion, 73 journalizing, facilitation, 139 turnover, 218, 226 Beginning inventory, 269 necessity, 107 equation, 221 Beverage cost calculations, 271–272 nonusage, problems, 110, 116, 118 illustration, 218 Beverage operation, food costs, 271 preparation, work sheet (usage), 144 Assistant controller, 20–21 Blum, Scott, 233 relationships, summary, 120–121 Assistant Director of Finance, assistant Boeing Co., high profit margins, 218 requirement, 107 controller (similarity), 20–21 Boise Cascade Corporation, units-of-activity types, 108 Association of Certified Fraud depreciation method, 391 Adjusting process, computer systems Examiners, 301 Bonds (usage), 119 Assumed cost flow methods, usage, common stock conversion, 180 Adjustments, 14 274–278 payable, increase, 192 approaches, comparison, 125, 126 Auditing, 27 Bonus, 340 columns, 249–250 Authorized stock, 426–427, 451 agreements, 324 demonstration problem, 128 Automobile insurance, 110 Book error, 309 entry, 139–140 Average collection period, 216 Bookkeeping, 25 journalization, 152 Average cost accounting, contrast, 6 nonjournalization, 139 illustration, 278 Book value (carrying value // unexpired relationships, summary, 127–128 method, 285 cost), 112, 129, 386. See also Assets; Administrative expenses (general usage, 274, 277–278 Declining book value expenses), 174, 198 Brunswick Corporation, balance sheet, Advertising purchase (on credit), 157 transaction, 47–48 B Building, increase, 192 Aging schedule, 355 Bad debts accounts, posting, 354, 356 Buildings, assets, 382, 384–385 illustration, 355 Bad debts expense, 374 Business, funding, 347 Allowance for Doubtful Accounts, increase, absence, 352–353 Business document, 74 disregarding, 354 recording, 350 Businesses, economic life (time period Allowance method, bases, 353–357 reporting, 352 divisions), 105 Already issued shares, transfer, 428 Bad debts losses, importance, 351 Business judgment rule, 424 Amazon.com Balance sheet, 52, 54, 61. See also Buy.com, game plan, 233 popularity, 369 Comparative balance sheets Bylaws, 451 profit, absence, 233 account, decrease, 109 American Airlines columns, 250 receipts, treatment, 112 credit amount, balancing, 141 C ticket sales, cash (receiving), 371 entries, reporting, 107 Calendar year, 105, 129 American Express format, international differences, Campbell Soup Company A/R billing/collecting, 357 155 advertising outlays, 110 credit sales, 359 horizontal analysis, 209 LIFO, usage, 278 national credit cards, offering, 358 increase, adjusting entry (impact), straight-line depreciation, usage, 389 American Hotel and Lodging Association 115 working capital, absence, 214 (AHLA), 17, 25 percentages, calculation (formula), Can cutting, 23 American Standard, working capital 211 Capital acquisition, ability, 421 (absence), 213 usage, 208 Capital expenditures, 395, 407 America Online, usage, 205 vertical analysis, 211 Capital stock, authorization, 427 Amortization, 401, 407 Bank Carrying costs, 283 Annual accounting period, 145, 151 account, reconciliation, 305–310 Cash Annual depreciation, prorating, 389 procedure, 306–307 account, 68 Application solution providers (ASPs), deposits, making, 302 adequacy, 438 93, 96 errors, 307, 308 amount, 55 Arm’s length transaction, 349 memoranda, 307, 308 cash equivalents, 179 Assets, 11, 25. See also Total assets reconciliation, 308–310 components, 297 account, credit (decrease), 109 entries, 308–310 controls, 296–302 accountability, 293 illustration, 307–308 count sheet, illustration, 298 book value, 112. See also Invested procedure, illustration, 307 credit cards, comparison, 359 assets service charges, 309, 312 current asset, 155 fair market value, difference, 398 statements, 304–310, 312 disbursements, internal control, depreciation, recognition, 387 demonstration problem, 311 300–302 equation, 70 illustration, 304 principles, application (illustration), maintenance, 46 usage, 302–311. See also Cash 300 fair market value, 399 Bankone Corporation, fine, 81 effects, reporting, 54–55 replacement, 387 Bar code, technology, 237 equivalents, 179 15339_Index.qxd 12/13/07 11:52 PM Page 507 Index 507 ethics, 182 illustration, 86 Closing the books, 144–150 cases, 315–316 Cash receipt (on account), transaction, Club industry, accounts (uniform exercises, 312–315 49 system), 16 increase, 49 Cash receipts Club Managers Association of America revenues, impact, 186 credit columns, 492–493 (CMAA), 16, 23 inflows, types, 180 debit columns, 492–493 Club operations, accounting/financial internal control, bank (usage), 302 internal control, 297–300 management, 23–24 investing, 182 journal, 490–494, 501 Coca-Cola net increase/decrease, 55 journalizing/posting, 491 capital expenditures, 395 determination, 186, 190 posting, 493 treasury stock, report, 432 nonadjustment, requirement, 308 transactions, journalizing, 492–493 Coca-Cola, advertising outlays, 110 obsolescence, 304 Casino hotel, financial management, Collection agent, 368 outflows, types, 180 18, 20 Column, footing, 90 register tapes, 243 Cendant Corporation, shares repurchase, Common stock, 71, 96 resources, 312 433 cash dividends, allocation, 440–441 sales, 358 Certified public accountant (CPA), 26 identification, 426 stocks/bonds issuance, 192 Changes, horizontal analysis (formula), issuance, 180, 429. See also Noncash Web exploration, 315 208 assets; No-par value common stock; Cash-basis accounting, 129 Charter, 451 Par value common stock; Services Cash dividends, 438–441, 451 granting, 424 issues, accounting, 429–432 declaration, impact, 439 Check register, 301 Comparability, 61
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