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1.1 ACCOUNTING 1

1.2 COMPARISON BETWEEN FINANCIAL AND MANAGEMENT ACCOUNTING 1

Chapter 1 CHARACTERISTICS AND BASIC PRINCIPLES OF ACCOUNTING 1

1.3 THE WORK OF ACCOUNTANTS 2

1.4 GENERALLY ACCEPTED ACCOUNTING PRINCIPLES 2

1.5 ASSUMPTIONS 4

1.6 ASSETS,LIABILITIES,AND OWNER' S EQUITY 5

1.7 THE BASIC ACCOUNTING EQUATION 7

1.8 TRANSACTIONS 7

Chapter 2 THE ACCOUNTING CYCLE 16

2.1 THE ACCOUNT 16

2.2 THE RULES OF DEBIT AND CREDIT 16

2.4 PERMANENT AND TEMPORARY ACCOUNTS 18

2.5 JOURNALIZING AND POSTING 18

2.3 NORMAL BALANCES OF ACCOUNTS 18

2.6 ILLUSTRATIONS OF JOURNALIZING AND POSTING 23

2.7 THE TRIAL BALANCE 30

2.8 ACCRUAL ACCOUNTING AND TIMING OF REVENUE AND EXPENSE 31

2.9 ADJUSTING ENTRIES 32

2.10 ASSET/EXPENSE ADJUSTMENTS 33

2.11 LIABILITY/REVENUE ADJUSTMENTS 37

2.12 LIABILITY/EXPENSE ADJUSTMENTS 38

2.13 ASSET/REVENUE ADJUSTMENTS 39

2.14 JOURNALIZING AND POSTING ADJUSTING ENTRIES 40

2.15 THE ADJUSTED TRIAL BALANCE 43

2.16 FINANCIAL STATEMENTS FROM ADJUSTED TRIAL BALANCE 44

2.17 THE WORK SHEET 45

2.18 CLOSING ENTRIES 49

2.19 POST-CLOSING TRIAL BALANCE 52

2.21 SUMMARY OF THE ACCOUNTING CYCLE 53

2.20 REVERSING ENTRIES—AN OPTIONAL STEP 53

2.22 CLASSIFIED FINANCIAL STATEMENTS 55

Chapter 3 ACCOUNTING FOR MERCHANDISING FIRMS 65

3.1 MERCHANDISING FIRMS 65

3.2 ACCOUNTING FOR THE SALE OF MERCHANDISE 66

3.3 ACCOUNTING FOR THE COST OF GOODS SOLD 69

3.4 THE WORK SHEET FOR A MERCHANDISING FIRM 76

3.5 FINANCIAL STATEMENTS 79

3.6 SUMMARY OF MERCHANDISING ENTRIES 80

Chapter 4 SPECIAL JOURNALS 85

4.1 INTRODUCTION 85

4.2 SALES JOURNAL 85

4.3 SPECIAL LEDGERS (Subsidiary Ledger) 86

4.4 SALES RETURNS 89

4.5 TYPES OF LEDGER ACCOUNT FORMS 89

4.7 PURCHASES JOURNAL 90

4.6 TRADE DISCOUNTS 90

4.8 SUBSIDIARY ACCOUNTS PAYABLE LEDGER 92

4.9 RETURN OF MERCHANDISE 93

4.10 CASH RECEIPTS JOURNAL 94

4.11 CASH DISBURSEMENTS JOURNAL 96

4.12 DISCOUNTS 97

4.13 COMBINATION CASH JOURNAL 98

Chapter 5 CASH AND ITS CONTROL 104

5.1 INTRODUCTION 104

5.2 DEFINITION OF CASH 104

5.3 CONTROLLING CASH RECEIPTS 104

5.4 CONTROLLING CASH DISBURSEMENTS 105

5.5 THE BANK RECONCILIATION 105

5.6 PETTY CASH 107

5.7 CASH SHORT AND OVER 108

6.3 THE WAY OF ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS 112

6.2 ACCOUNTS RECEIVABLE ARE REPORTED AT REALIZABLE VALUE 112

6.1 INTRODUCTION 112

Chapter 6 ACCOUNTS RECEIVABLE 112

6.4 THE WAY OF DISPOSING BAD DEBTS 114

6.5 NOTES RECEIVABLE 116

6.6 ACCOUNTING FOR NOTES RECEIVABLE 116

6.7 DISCOUNTING NOTES RECEIVABLE 117

6.8 SELLING NOTES RECEIVABLE CREATES CONTINGENT LIABILITIES 118

Chapter 7 SHORT-TERM INVESTMENTS 122

7.1 INTRODUCTION 122

7.2 ACCOUNTING FOR SHORT-TERM INVESTMENTS 122

7.3 VALUATION OF LCM 124

Chapter 8 INVETORIES 125

8.1 INTRODUCTION 128

8.2 PERIODS INVENTORY SYSTEM VERSUS PERPETUAL INVENTORY SYSTEM 128

8.4 PRICING THE INVENTORY 129

8.3 INVENTORY VALUATION AND THE MEASUREMENT OF INCOME 129

8.5 INVENTORY VALUATION METHODS 130

8.6 LOWER OF COST OR MARKET VALUATION(LCM) 131

8.7 RECORDING DECLINE IN INVENTORY VALUE 133

8.8 CONSISTENCY IN THE VALUATION OF INVENTORY 135

Chapter 9 PLANT ASSETS, NATURAL RESOURCES AND INTANGIBLE ASSETS 140

9.1 PLANT ASSETS 140

9.2 INITIAL ASSET COST 140

9.3 REVENUE AND CAPITAL EXPENDITURES 142

9.4 SALE AND EXCHANGE OF DEPRECIABLE ASSETS 143

9.5 NATURAL RESOURCES 146

9.6 INTANGIBLES ASSETS 147

9.7 PLANT AND EQUIPMENT COST ALLOCATION 147

9.8 JOURNAL ENTRY FOR DEPRECIATION 148

9.9 DEPRECIATION METHODS 149

9.10 REVISING DEPRECIATION RATES 152

9.11*NATURAL RESOURCE COST ALLOCATION 152

9.12 INTANGIBLE ASSET COST AMORTIZATION 153

Chapter 10 CURRENT LIABILITIES 157

10.1 INTRODUCTION 157

10.2 NOIES PAYABLE 157

10.3 PAYROLL 159

Chapter 11 CORPORATION:ORGANIZATION AND STOCKHOLDERS' EQUITY 170

11.1 IN IRODUCTION 170

11.2 ADVANTAGES OF THE CORPORATE FORM OF ORGANIZATION 170

11.3 DISADVANTAGES OF THE CORPORATE FORM OF ORGANIZATION 171

11.4 FORMA I ION OF A CORPORATION 172

Chapter 12 CORPORATION :OPERATION, DIVIDENDS AND EARNINGS PER SHARE 178

12.1 OPERATION AT A PROFIT OR LOSS 178

12.2 DIVIDENDS 179

12.3 BOOK VALUE OF STOCK 183

12.4 EARNINGS PER SHARE 184

13.2 TYPES OF BONDS ISSUED BY CORPORATIONS 188

13.1 INTRODUCTION 188

Chapter 13 LONG-TERM LIABILITIES (BONDS PAYABLE) 188

13.3 ACCOUNTING FOR TERM BONDS 189

13.4 STRAIGHT-LINE METHOD OF AMORTIZATION 193

13.5 BOND DISCOUNt AND PREMIUM IN THE BALANCE SHEET 194

Chapter 14 LONG-TERM INVESTMENT AND CONSOLIDATED FINANCIAL STATEMENTS 197

14.1 LONG-TERM INVESTMENTS IN BONDS 197

14.2 LONG-TERM INVESTMENTS IN STOCK 200

14.3 CONSOLIDATED FINANCIAL STATEMENTS 202

Chapter 15 STATEMENT OF CASH FLOWS 211

15.1 PURPOSE OF THE STATEMENT OF CASH FLOWS 211

15.2 CLASSIFICATION OF CASH FLOWS 212

15.3 FORMAT OF STATEMENT OF CASH FLOWS 213

15.4 PREPARATION OF THE STATEMENT 214

15.5 SUMMARY OF CONVERSION TO CASH PROVIDED BY OPERATIONS 221

REFERENCE BOOKS 224

Appendix AN ENGLISH-CHINESE GLOSSARY OF ACCOUNTING 225