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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 ofAccounting 3

1.3 Users of Accounting Information 4

1.4 Accounting Profession 5

1.5 Financial Accounting and Managerial Accounting 6

1.5.1 Managerial accounting 6

1.5.2 Financial accounting 7

1.5.3 Managerial accounting versus financial accounting 7

1.6 Ethics and Accounting 8

1.6.1 Ethics in Business 8

1.6.2 Ethics in Your Future Career 9

Summary of Learning Objectives 10

Accounting Vocabulary 11

Notes to the Tlext 12

Reading Material 14

Assignment Material 14

Chapter 2 The Accounting Equation and the Account 16

2.1 Types ofBusiness Organizations 16

2.2 The Accounting Equation 17

2.3 The Effects of Business Transactions on the Accounting Equation 18

2.4 The Account 23

2.4.1 The T Account 23

2.4.2 Management's Use of Accounts 24

2.4.3 The Ledger 24

2.4.4 Types of Commonly Used Accounts 25

2.4.5 Titles of Accounts 27

Summary of Learning Objectives 28

Accounting Vocabulary 29

Notes to the Text 30

Reading Material 32

Assignment Material 32

Chapter 3 Recording Business Transactions 36

3.1 Double-Entry Bookkeeping 36

3.2 Recording Business Transaction 39

3.2.1 Recording Transactions in Journals 39

3.2.2 Posting from the Journal to the Ledger 41

3.3 Illustrative Problem 42

3.4 The Trial Balance 44

Summary of Learning Objectives 46

Accounting Vocabulary 46

Notes to the Text 47

Reading Material 48

Assignment Material 49

Chapter 4 Basic Financial Statements 55

4.1 Financial Statements 55

4.1.1 The Balance Sheet 55

4.1.2 The Income Statement 56

4.1.3 The Statement of Owner's Equity 57

4.1.4 The Statement of Changes in Financial Position 58

4.1.5 Relationship of the Financial Statements 59

4.2 The Balance Sheet 61

4.2.1 Classification of Assets and Liabilities 61

4.2.2 Formats of Balance Sheet 62

4.2.3 Current Ratio and Debt Ratio 65

4.3 The Income Statement 66

4.3.1 Formats of Income Statement 66

4.3.2 Gross Margin Percentage and Inventory Turnover 69

Summary of Learning Objectives 71

Accounting Vocabulary 72

Notes to the Text 73

Reading Material 75

Assignment Material 76

Chapter 5 The Measurement of Business Income 80

5.1 Business Income 80

5.2 Some Generally Accepted Accounting Principles 82

5.2.1 Accrual-Basis Accounting 82

5.2.2 The Accounting Period 83

5.2.3 Revenue Principle 84

5.2.4 Matching Principle 85

5.2.5 Time-Period Concept 85

5.3 Adjustments to the Accounts 86

5.4 Adiusted Trial Balance 96

5.5 Preparing the Financial Statements from the Adjusted Trial Balance 97

Summary of Learning Objectives 100

Accounting Vocabulary 101

Notes to the Text 102

Reading Material 104

Assignment Material 105

Chapter 6 Completing the Accounting Cycle(Ⅰ) 109

6.1 The Accounting Cycle 109

6.2 Preparation of the Work Sheet 110

6.2.1 The Accountant's Work Sheet 110

6.2.2 Steps in Preparing the Work Sheet 110

6.3 Uses of the Work Sheet 118

6.3.1 Preparing the Financial Statements 118

6.3.2 Recording the Adjusting Entries 120

6.4 Closing the Accounts 122

Summary of Learning Objectives 125

Accounting Vocabulary 126

Notes to the Text 127

Reading Material 128

Assignment Material 129

Chapter 7 Completing the Accounting Cycle(Ⅱ) 133

7.1 The Operation Cycle for a Merchandising Business 133

7.2 Accounting Record of the Operating Cycle 134

7.2.1 Purchase of Inventory 134

7.2.2 Purchase Discounts 135

7.2.3 Purchase Returns and Allowances 136

7.2.4 Transportation Costs 137

7.2.5 Sale of Inventory 138

7.2.6 Sales Discounts,Sales Returns and Allowances 139

7.2.7 Cost of Goods Sold 140

7.3 The Accounting Cycle for a Merchandising Business 143

7.3.1 The Adjusting and Closing Process for a Merchandising Business 143

7.3.2 Work Sheet of a Merchandising Business 143

7.3.3 Financial Statements of a Merchandising Business 146

7.3.4 Adjust and Close the Accounts of a Merchandising Business 149

Summary of Learning Objectives 150

Accounting Vocabulary 151

Notes to the Text 152

Reading Material 154

Assignment Material 155

Chapter 8 Ledgers and Journals 164

8.1 Ledgers 164

8.2 Journals 165

8.3 Special Journals 166

8.3.1 Sales Journal 166

8.3.2 Cash Receipts Journal 169

8.3.3 Purchase Journal 172

8.3.4 Cash Disbursements Journal 175

Summary of Learning Objectives 178

Accounting Vocabulary 179

Notes to the Text 180

Reading Materials 181

Assignment Material 183

Part Two Financial Accounting 187

Chapter 9 Cash and Internal Control 187

9.1 Definition of Internal Control 187

9.2 Basic Principle and Policies 188

9.3 Internal Cash Control 189

9.3.1 Individual Cash Accountability 189

9.3.2 Cash Recording 190

9.3.3 Cash Depositing 190

9.3.4 Reconciliation 191

9.3.5 Refunds and Voids 191

9.3.6 Safeguarding Cash 191

9.4 Internal Control over Merchandise Transactions 192

9.4.1 Control of Sales and Cash Receipts 193

9.4.2 Control of Purchases and Cash Disbursements 195

9.4.3 Control of Purchases Discounts 195

9.5 The Bank Account:a Control Device 196

9.5.1 Bank Statement 196

9.5.2 Bank Reconciliation 196

9.5.3 Preparation of Bank Reconciliation 200

9.5.4 Recording Entries from the Reconciliation 202

Summary of Learning Objectives 203

Accounting Vocabulary 205

Notes to the Text 206

Reading Materials 208

Assignment Material 209

Chapter 10 Accounts Receivable and Notes Receivable 212

10.1 Accounts Receivable and Notes Receivable 212

10.2 Accounting for Notes Receivable 214

10.3 Uncollectible Accounts Expenses 215

10.4 The Two Methods of Accounting for Bad Debts 217

10.4.1 Allowance Method 217

10.4.2 Direct Write-off Method of Accounting for Uncollectibles 221

Summary of Learning Objectives 221

Accounting Vocabulary 222

Notes to the Text 223

Reading Material 224

Assignment Material 225

Chapter 11 Accounting for Inventory 228

11.1 The Basic Concept of Inventory Accounting 228

11.2 Inventory Accounting System 229

11.3 Calculating the Cost of Inventory 231

11.3.1 Inventory Costing Method 231

11.3.2 Comparing Inventory Costing Methods 234

11.4 Valuation of Inventory at Other than Cost 235

11.4.1 Valuation at Lower-of-Cost-or-Market 235

11.4.2 Valuation at Net Realizable Value 236

11.5 Estimating Inventory Cost 236

11.5.1 Retail Method of Inventory Costing 236

11.5.2 Gross Profit Method of Estimating Inventories 238

Summary of Learning Objectives 238

Accounting Vocabulary 240

Notes to the Text 241

Reading Material 242

Assignment Material 244

Chapter 12 Non-current Assets and Intangible Assets 248

12.1 Non-current Assets 248

12.2 Depreciation Methods 251

12.3 Disposal of Fixed Assets 255

12.4 Intangible Assets 257

12.5 Amortization of Intangible Assets 259

Summary of Learning Objectives 260

Accounting Vocabulary 261

Notes to the Text 262

Reading Material 263

Assignment Material 264

Chapter 13 Current Liabilities and Payroll Accounting 267

13.1 Current Liabilities 267

13.2 Accounts Payable 268

13.3 Notes Payable 269

13.4 Payroll Accounting 271

13.5 Internal Control Over Payroll 274

Summary of Learning Objectives 275

Accounting Vocabulary 276

Notes to the Text 277

Reading Material 278

Assignment Material 279

Chapter 14 Non-current Liabilities 282

14.1 Non-current Liabilities 282

14.2 Types of Bonds 283

14.3 Accounting for Issuing Bonds 284

14.4 Adjusting Entries for Interesting Expenses 288

14.5 Accouting for Redeeming Bonds 290

14.6 Convertible Bonds 291

Summary of Learning Objectives 292

Accounting Vocabulary 293

Notes to the Text 294

Reading Material 295

Assignment Material 296

Chapter 15 Shareholder's Equity 299

15.1 The Characteristics of a Corporation 299

15.2 Share Capital 300

15.3 Shareholder's Equity 301

15.4 Issuing Stock 301

15.4.1 Issuing Stock for Cash 301

15.4.2 Issuing Common Stock for Services or Non-cash Asset 303

15.4.3 Issuing Preferred Stock 304

15.5 Accounting for Dividends 305

15.6 Accounting for Income Taxes 306

15.7 Retained Earnings 307

Summary of Learning Objectives 310

Accounting Vocabulary 311

Notes to the Text 312

Reading Material 312

Assignment Material 314

Part Three Analysis of Accounting Information 318

Chapter 16 Preparing and Using the Financial Statements 318

16.1 Introduction to Financial Statements 318

16.1.1 Classified Financial Statements 319

16.1.2 Relationships among the Financial Statements 321

16.2 The Balance Sheet 322

16.2.1 Formats of the Balance Sheet 323

16.2.2 Elements of the Balance Sheet 324

16.2.3 Preparation of the Balance Sheet 327

16.3 The Income Statement 327

16.3.1 Formats of the Income Statement 328

16.3.2 Elements of the Income Statement 329

16.3.3 Preparation of the Income Statement 330

16.4 The Cash Flow Statement 330

16.4.1 Elements of the Cash Flow Statement 331

16.4.2 Formats of the Cash Flow Statement 332

16.4.3 Preparation of the Cash Flow Statement 333

Summary of Learning Objectives 334

Accounting Vocabulary 336

Notes to the Text 337

Reading Material 338

Assignment Material 339

Chapter 17 Financial Statement Analysis 342

17.1 An Introduction of Financial Statement Analysis 342

17.2 Percentage Analysis 345

17.2.1 Horizontal Analysis 345

17.2.2 Trend Analysis 346

17.2.3 Vertical Analysis 347

17.3 Ratio Analysis 347

17.3.1 Profitability Ratios 348

17.3.2 Liquidity Ratios 353

17.3.3 Financial Stability Ratios 357

Summary of Learning Objectives 360

Accounting Vocabulary 361

Notes to the Text 362

Reading Material 363

Assignment Material 364

Appendix 368

Appendix Ⅰ:How to Read Original English Textbook of Accounting 368

Appendix Ⅱ:Reference Versions for Reading Materials 371

Appendix Ⅲ:Answers to Assignment Material 385

Appendix Ⅳ:Recommended Websites of Accounting 421

Appendix Ⅴ:A List of Reference Book 422