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Principles of Accounting, Volume 1: Financial Accounting

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1

Preface

  • About OpenStax
  • About OpenStax resources
  • About Principles Accounting
2

Role of Accounting in Society

  • Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
  • Identify Users of Accounting Information and How They Apply Information
  • Describe Typical Accounting Activities and the R...g, Recording, and Reporting Financial Activities
  • Explain Why Accounting Is Important to Business Stakeholders
  • Describe the Varied Career Paths Open to Individuals with an Accounting Education
  • Summary
  • Questions
3

Introduction to Financial Statements

  • Describe the Income Statement, Statement of Owne...tatement of Cash Flows, and How They Interrelate
  • Define, Explain, and Provide Examples of Current...rent Liabilities, Equity, Revenues, and Expenses
  • Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
4

Analyzing and Recording Transactions

  • Describe Principles, Assumptions, and Concepts o...g and Their Relationship to Financial Statements
  • Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
  • Define and Describe the Initial Steps in the Accounting Cycle
  • Analyze Business Transactions Using the Accounti...of Business Transactions on Financial Statements
  • Use Journal Entries to Record Transactions and Post to T-Accounts
  • Prepare a Trial Balance
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
5

The Adjustment Process

  • Explain the Concepts and Guidelines Affecting Adjusting Entries
  • Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
  • Record and Post the Common Types of Adjusting Entries
  • Use the Ledger Balances to Prepare an Adjusted Trial Balance
  • Prepare Financial Statements Using the Adjusted Trial Balance
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
6

Completing the Accounting Cycle

  • Describe and Prepare Closing Entries for a Business
  • Prepare a Post-Closing Trial Balance
  • Apply the Results from the Adjusted Trial Balanc...d Explain How These Measures Represent Liquidity
  • Appendix: Complete a Comprehensive Accounting Cycle for a Business
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
7

Merchandising Transactions

  • Compare and Contrast Merchandising versus Service Activities and Transactions
  • Compare and Contrast Perpetual versus Periodic Inventory Systems
  • Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System
  • Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System
  • Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
  • Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
  • Appendix: Analyze and Record Transactions for Me...es and Sales Using the Periodic Inventory System
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
8

Accounting Information Systems

  • 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... Education in Accounting and Information Systems
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
9

Fraud, Internal Controls, and Cash

  • Analyze Fraud in the Accounting Workplace
  • Define and Explain Internal Controls and Their Purpose within an Organization
  • Describe Internal Controls within an Organization
  • Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
  • Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
  • Define the Purpose of a Bank Reconciliation, and...econciliation and Its Associated Journal Entries
  • Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
10

Accounting for Receivables

  • Explain the Revenue Recognition Principle and Ho...rrent and Future Sales and Purchase Transactions
  • Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
  • Determine the Efficiency of Receivables Management Using Financial Ratios
  • Discuss the Role of Accounting for Receivables in Earnings Management
  • Apply Revenue Recognition Principles to Long-Term Projects
  • Explain How Notes Receivable and Accounts Receivable Differ
  • Appendix: Comprehensive Example of Bad Debt Estimation
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
11

Inventory

  • Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
  • Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method
  • Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
  • Explain and Demonstrate the Impact of Inventory ...Errors on the Income Statement and Balance Sheet
  • Examine the Efficiency of Inventory Management Using Financial Ratios
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
12

Long-Term Assets

  • Distinguish between Tangible and Intangible Assets
  • Analyze and Classify Capitalized Costs versus Expenses
  • Explain and Apply Depreciation Methods to Allocate Capitalized Costs
  • Describe Accounting for Intangible Assets and Record Related Transactions
  • Describe Some Special Issues in Accounting for Long-Term Assets
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
13

Current Liabilities

  • Identify and Describe Current Liabilities
  • Analyze, Journalize, and Report Current Liabilities
  • Define and Apply Accounting Treatment for Contingent Liabilities
  • Prepare Journal Entries to Record Short-Term Notes Payable
  • Record Transactions Incurred in Preparing Payroll
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
14

Long-Term Liabilities

  • Explain the Pricing of Long-Term Liabilities
  • Compute Amortization of Long-Term Liabilities Using the EffectiveInterest Method
  • Prepare Journal Entries to Reflect the Life Cycle of Bonds
  • Appendix: Special Topics Related to Long-Term Liabilities
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
15

Corporation Accounting

  • Explain the Process of Securing Equity Financing through the Issuance of Stock
  • Analyze and Record Transactions for the Issuance and Repurchase of Stock
  • Record Transactions and the Effects on Financial...rty Dividends, Stock Dividends, and Stock Splits
  • Compare and Contrast Owners’ Equity versus Retained Earnings
  • Discuss the Applicability of Earnings per Share as a Method to Measure Performance
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
16

Partnership Accounting

  • 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
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
17

Statement of Cash Flows

  • Explain the Purpose of the Statement of Cash Flows
  • Differentiate between Operating, Investing, and Financing Activities
  • Prepare the Statement of Cash Flows Using the Indirect Method
  • Prepare the Completed Statement of Cash Flows Using the Indirect Method
  • Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
  • Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method
  • Summary
  • Questions
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
A

Appendix A: Financial Statement Analysis

  • Financial Statement Analysis
  • Horizontal Analysis
  • Vertical Analysis
  • Overview of Financial Ratios
  • Advantages and Disadvantages of Financial Statement Analysis
B

Appendix B: Time Value of Money

  • Present Value of $1 Table
  • Present Value of an Ordinary Annuity Table
  • Future Value of $1 Table
  • Future Value of an Ordinary Annuity Table
C

Appendix C: Suggested Resources

  • Sample Financial Statements
  • Accounting Software and Tools
  • Personal Finance
  • Accounting-Related Organizations
  • Accounting Exams and Certificates

Principles of Accounting, Volume 1: Financial Accounting

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