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Part One Fundamental Accounting 1

Chapter 1　An Introduction to Accounting 1

1.1 The Nature of Accounting 1

1.2 The History and Development of Accounting 3

1.3 Users of Accounting Information 4

1.4 Accounting Profession 6

1.5 The Accounting Standards Setting Bodies 6

1.5.3 Financial Accounting Standards Board(FASB) 7

1.5.2 Accounting Principles Board(APB) 7

1.5.1 American Institute of Certified Public Accountants(AICPA) 7

1.5.4 Securities and Exchange Commission(SEC) 8

1.5.5 Internal Revenue Service(IRS) 8

1.5.6 American Accounting Association(AAA) 8

1.5.7 International Accounting Standards Committee(IASC) 8

1.5.8 European Union 9

1.6 Generally Accepted Accounting Principles 9

1.6.1 Accounting Entity 9

1.6.4 Monetary Measurement 10

1.6.2 Continuing Concern 10

1.6.3 Accounting Periods 10

1.6.5 Objectivity Principle 11

1.6.6 Materiality Principle 11

1.6.7 Cost Principle 11

Summary of Learning Objectives 12

Accounting Vocabulary 13

Notes to the Text 15

Reading Material 16

Assignment Material 18

Chapter 2 The Accounting Equation and the Account 20

2.1 Types of Business Organizations 20

2.2 The Accounting Equation 21

2.3 The Effects of Business Transactions on the Accounting Equation 22

2.4 The Account 27

2.4.1 The T Account 27

2.4.3 The Ledger 28

2.4.2 Management's Use ofAccounts 28

2.4.4 Types of Commonly Used Accounts 29

2.4.5 Titles of Accounts 31

Summary of Learning Objectives 32

Accounting Vocabulary 33

Notes to the Text 34

Reading Material 36

Assignment Material 37

Chapter 3 Recording Business Transactions 40

3.1 Double-Entry Bookkeeping 40

3.2 Recording Business Transaction 43

3.2.1 Recording Transactions in Journals 43

3.2.2 Posting from the Journal to the Ledger 45

3.3 Illustrative Problem 46

3.4 The Trial Balance 48

Summary of Learning Objectives 50

Accounting Vocabulary 50

Notes to the Text 51

Reading Material 52

Assignment Material 53

Chapter 4 Basic Financial Statements 59

4.1 Financial Statements 59

4.1.1 The Balance Sheet 59

4.1.2 The Income Statement 60

4.1.3 The Statement of Owner's Equity 61

4.1.4 The Statement of Changes in Financial Position 62

4.1.5 Relationship of the Financial Statements 63

4.2 The Balance Sheet 65

4.2.1 Classification of Assets and Liabilities 65

4.2.2 Formats of Balance Sheet 66

4.2.3 Current Ratio and Debt Ratio 69

4.3 The Income Statement 70

4.3.1 Formats of Income Statement 70

4.3.2 Gross Margin Percentage and Inventory Turnover 72

Summary of Learning Objectives 74

Accounting Vocabulary 76

Notes to the Text 77

Reading Material 79

Assignment Material 80

Chapter 5 The Measurement of Business Income 84

5.1 Business Income 84

5.2 Some Generally Accepted Accounting Principles 86

5.2.1 Accrual-Basis Accounting 86

5.2.2 The Accounting Period 87

5.2.3 Revenue Principle 88

5.2.4 Matching Principle 89

5.2.5 Time-Period Concept 89

5.3 Adjustments to the Accounts 90

5.4 Adjusted Trial Balance 100

5.5 Preparing the Financial Statements from the Adjusted Trial Balance 101

Summary of Learning Objectives 104

Accounting Vocabulary 105

Notes to the Text 106

Reading Material 108

Assignment Material 109

Chapter 6 Completing the Accounting Cycle(Ⅰ) 113

6.1 The Accounting Cycle 113

6.2 Preparation of the Work Sheet 114

6.2.1 The Accountant's Work Sheet 114

6.2.2 Steps in Preparing the Work Sheet 114

6.3 Uses of the Work Sheet 122

6.3.1 Preparing the Financial Statements 122

6.3.2 Recording the Adjusting Entries 124

6.4 Closing the Accounts 126

Summary of Learning Objectives 129

Accounting Vocabulary 130

Notes to the Text 131

Reading Material 132

Assignment Material 133

Chapter 7 Completing the Accounting Cycle(Ⅱ) 137

7.1 The Operation Cycle for a Merchandising Business 137

7.2.1 Purchase of Inventory 138

7.2 Accounting Record of the Operating Cycle 138

7.2.2 Purchase Discounts 139

7.2.3 Purchase Returns and Allowances 140

7.2.4 Transportation Costs 141

7.2.5 Sale of Inventory 142

7.2.6　Sales Discounts,Sales Returns and Allowances 143

7.2.7 Cost of Goods Sold 144

7.3.1 The Adjusting and Closing Process for a Merchandising Business 147

7.3.2 Work Sheet of a Merchandising Business 147

7.3 The Accounting Cycle for a Merchandising Business 147

7.3.3 Financial Statements of a Merchandising Business 150

7.3.4 Adjust and Close the Accounts of a Merchandising Business 153

Summary of Learning Objectives 154

Accounting Vocabulary 155

Notes to the Text 156

Reading Material 158

Assignment Material 159

8.1 Ledgers 168

Chapter 8 Ledgers and Journals 168

8.2 Journals 169

8.3 Special Journals 170

8.3.1 Sales Journal 170

8.3.2 Cash Receipts Journal 173

8.3.3 Purchase Journal 176

8.3.4 Cash Disbursements Journal 179

Summary of Learning Objectives 182

Accounting Vocabulary 183

Notes to the Text 184

Reading Materials 185

Assignment Material 186

Part Two Financial Accounting 190

Chapter 9 Cash and Internal Control 190

9.1 Definition of Internal Control 190

9.2 Basic Principle and Policies 191

9.3.1 Individual Cash Accountability 192

9.3 Internal Cash Control 192

9.3.2 Cash Recording 193

9.3.3 Cash Depositing 193

9.3.4 Reconciliation 194

9.3.5 Refunds and Voids 194

9.3.6 Safeguarding Cash 194

9.4 Internal Control over Merchandise Transactions 195

9.4.1　Control of Sales and Cash Receipts 196

9.4.2 Control of Purchases and Cash Disbursements 198

9.4.3 Control of Purchases Discounts 198

9.5 The Bank Account:a Control Device 199

9.5.1 Bank Statement 199

9.5.2 Bank Reconciliation 199

9.5.3 Preparation of Bank Reconciliation 203

9.5.4 Recording Entries from the Reconciliation 205

Summary of Learning Objectives 206

Accounting Vocabulary 208

Notes to the Text 209

Reading Materials 211

Assignment Material 212

Chapter 10 Accounts Receivable and Notes Receivable 215

10.1 Accounts Receivable and Notes Receivable 215

10.2 Accounting for Notes Receivable 217

10.3 Uncollectible Accounts Expenses 218

10.4 The Two Methods of Accounting for Bad Debts 220

10.4.1 Allowance Method 220

Summary of Learning Objectives 224

10.4.2 Direct Write-off Method of Accounting for Uncollectibles 224

Accounting Vocabulary 225

Notes to the Text 226

Reading Material 227

Assignment Material 228

Chapter 11 Accounting for Inventory 231

11.1 The Basic Concept of Inventory Accounting 231

11.2 Inventory Accounting System 232

11.3.1 Inventory Costing Method 234

11.3 Calculating the Cost of Inventory 234

11.3.2 Comparing Inventory Costing Methods 237

11.4 Valuation of Inventory at Other than Cost 238

11.4.1 Valuation at Lower-of-Cost-or-Market 238

11.4.2 Valuation at Net Realizable Value 239

11.5 Estimating Inventory Cost 239

11.5.1 Retail Method of Inventory Costing 239

Summary of Learning Objectives 241

11.5.2 Gross Profit Method of Estimating Inventories 241

Accounting Vocabulary 243

Notes to the Text 244

Reading Material 245

Assignment Material 247

Chapter 12 Non-current Assets and Intangible Assets 251

12.1 Non-current Assets 251

12.2 Depreciation Methods 254

12.3 Disposal of Fixed Assets 258

12.4 Intangible Assets 260

12.5 Amortization of Intangible Assets 262

Summary of Learning Objectives 263

Accounting Vocabulary 264

Notes to the Text 265

Reading Material 266

Assignment Material 268

Chapter 13 Current Liabilities and Payroll Accounting 271

13.1 Current Liabilities 271

13.2 Accounts Payable 272

13.3 Notes Payable 273

13.4 Payroll Accounting 275

13.5 Internal Control Over Payroll 278

Summary of Learning Objectives 279

Accounting Vocabulary 280

Notes to the Text 281

Reading Material 282

Assignment Material 283

14.1 Non-current Liabilities 286

Chapter 14 Non-current Liabilities 286

14.2 Types of Bonds 287

14.3 Accounting for Issuing Bonds 288

14.4　Adjusting Entries for Interesting Expenses 292

14.5 Accouting for Redeeming Bonds 294

14.6 Convertible Bonds 295

Summary of Learning Objectives 296

Accounting Vocabulary 297

Notes to the Text 298

Reading Material 299

Assignment Material 300

Chapter 15 Shareholders'Equity 303

15.1 The Characteristics of a Corporation 303

15.2 Share Capital 304

15.3 Shareholders'Equity 305

15.4 Issuing Stock 305

15.4.1 Issuing Stock for Cash 305

15.4.2 Issuing Common Stock for Services or Non-cash Asset 307

15.4.3 Issuing Preferred Stock 308

15.5 Accounting for Dividends 309

15.6 Accounting for Income Taxes 310

15.7 Retained Earnings 311

Summary of Learning Objectives 314

Accounting Vocabulary 315

Notes to the Text 316

Reading Material 318

Assignment Material 318

16.1 Introduction to Financial Statements 322

Part Three　Analysis of　Accounting Information 322

Chapter 16 Preparing and Using the Financial Statements 322

16.1.1 Classified Financial Statements 323

16.1.2 Relationships among the Financial Statements 325

16.2 The Balance Sheet 326

16.2.1 Formats of the Balance Sheet 327

16.2.2 Elements of the Balance Sheet 328

16.3 The Income Statement 331

16.2.3 Preparation of the Balance Sheet 331

16.3.1 Formats of the Income Statement 332

16.3.2 Elements of the Income Statement 333

16.3.3 Preparation of the Income Statement 334

16.4 The Cash Flow Statement 334

16.4.1 Elements of the Cash Flow Statement 335

16.4.2 Formats of the Cash Flow Statement 336

16.4.3 Preparation of the Cash Flow Statement 337

Summary of Learning Objectives 338

Accounting Vocabulary 340

Notes to the Text 341

Reading Material 342

Assignment Material 343

Chapter 17 Financial Statement Analysis 346

17.1 An Introduction of Financial Statement Analysis 346

17.2 Percentage Analysis 349

17.2.1 Horizontal Analysis 349

17.2.2 Trend Analysis 350

17.2.3 Vertical Analysis 351

17.3 Ratio Analysis 351

17.3.1 Profitability Ratios 352

17.3.2 Liquidity Ratios 357

17.3.3 Financial Stability Ratios 361

Summary of Learning Objectives 364

Accounting Vocabulary 365

Notes to the Text 365

Reading Material 367

Assignment Material 368

Appendix 372

Appendix Ⅰ:How to Read Original English Textbook of Accounting? 372

Appendix Ⅱ:Reference Versions for Reading Materials 375

Appendix Ⅲ:Answers to Assignment Material 390

Appendix Ⅳ:Recommended Websites of Accounting 426

Appendix Ⅴ:A List of Reference Book 427