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- Full title: Financial and Managerial Accounting, 15th Edition
- Edition: 15th
- Copyright year: 2020
- Publisher: Cengage Learning
- Author: Carl S. Warren; Jefferson P. Jones; William B. Tayler, Ph.D., CMA
- ISBN: 9780357391143, 9781337912143
- Format: PDF
Description of Financial and Managerial Accounting, 15th Edition:
Establish the strong foundation in the accounting fundamentals needed to succeed with Warren/Jones/Tayler’s FINANCIAL AND MANAGERIAL ACCOUNTING, 15E. Memorable business examples throughout this leading book provide a meaningful context as they demonstrate how content from each chapter fits into the “”big accounting picture.”” The authors clearly connect fundamental accounting concepts to challenges and triumphs in real businesses today. For instance, each chapter begins with a real-world company opener that is linked to applicable content throughout the chapter. In addition, new Certified Management Accountant (CMA) exam questions prepare readers for professional success, while Pathways Challenges help hone critical-thinking skills. Trust FINANCIAL AND MANAGERIAL ACCOUNTING to master the accounting concepts most important in business today.Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.
Table of Contents of Financial and Managerial Accounting, 15th Edition PDF ebook:
Title PageCopyright PagePrefaceAbout the AuthorsBrief ContentsContentsChapter 1: Introduction to Accounting and BusinessNature of Business and AccountingTypes of BusinessesRole of Accounting in BusinessRole of Ethics in Accounting and BusinessOpportunities for AccountantsGenerally Accepted Accounting Principles (GAAP)Characteristics of Financial InformationAssumptionsPrinciplesThe Accounting EquationBusiness Transactions and the Accounting EquationSummaryClassifications of Stockholders’ EquityFinancial StatementsIncome StatementStatement of Stockholders’ EquityBalance SheetStatement of Cash FlowsInterrelationships Among Financial StatementsAnalysis for Decision MakingRatio of Liabilities to Stockholders’ EquityMake a DecisionTake It FurtherPathways ChallengeChapter 2: Analyzing TransactionsUsing Accounts to Record TransactionsChart of AccountsDouble-Entry Accounting SystemBalance Sheet AccountsIncome Statement AccountsStatement of Stockholders’ Equity Accounts (DividendsNormal BalancesJournalizingPosting Journal Entries to AccountsTrial BalanceErrors Affecting the Trial BalanceErrors Not Affecting the Trial BalanceAnalysis for Decision MakingHorizontal AnalysisMake a DecisionTake It FurtherPathways ChallengeChapter 3: The Adjusting ProcessNature of the Adjusting ProcessAccrual and Cash Basis of AccountingRevenue and Expense RecognitionThe Adjusting ProcessTypes of Accounts Requiring AdjustmentAdjusting Entries for AccrualsAccrued RevenuesAccrued ExpensesAdjusting Entries for DeferralsUnearned RevenuesPrepaid ExpensesAdjusting Entries for DepreciationSummary of Adjusting ProcessAdjusted Trial BalanceAnalysis for Decision MakingVertical AnalysisMake a DecisionTake It FurtherPathways ChallengeChapter 4: The Accounting CycleFlow of Accounting InformationFinancial StatementsIncome StatementStatement of Stockholders’ EquityBalance SheetClosing EntriesJournalizing and Posting Closing EntriesPost-Closing Trial BalanceAccounting CycleIllustration of the Accounting CycleStep 1. Analyzing and Recording Transactions in the JournalStep 2. Posting Transactions to the LedgerStep 3. Preparing an Unadjusted Trial BalanceStep 4. Assembling and Analyzing Adjustment DataStep 5. Preparing an Optional End-of-Period SpreadsheetStep 6. Journalizing and Posting Adjusting EntriesStep 7. Preparing an Adjusted Trial BalanceStep 8. Preparing the Financial StatementsStep 9. Journalizing and Posting Closing EntriesStep 10. Preparing a Post-Closing Trial BalanceAnalysis for Decision MakingWorking Capital and Current RatioAppendix 1 End-of-Period SpreadsheetStep 1. Enter the TitleStep 2. Enter the Unadjusted Trial BalanceStep 3. Enter the AdjustmentsStep 4. Enter the Adjusted Trial BalanceStep 5. Extend the Accounts to the Income Statement and Balance Sheet ColumnsStep 6. Total the Income Statement and Balance Sheet Columns, Compute the Net Income or Net Loss, aPreparing the Financial Statements from the SpreadsheetAppendix 2 Reversing EntriesComprehensive Problem 1Make a DecisionTake It FurtherPathways ChallengeChapter 5: Accounting for Retail BusinessesNature of Retail BusinessesOperating CycleFinancial StatementsMerchandise TransactionsChart of Accounts for Retail BusinessSubsidiary LedgersPurchases TransactionsSales TransactionsFreightSummary: Recording Inventory TransactionsDual Nature of Merchandise TransactionsSales Taxes and Trade DiscountsThe Adjusting ProcessAdjusting Entry for Inventory ShrinkageAdjusting Entries for Customer Refunds, Allowances, and ReturnsAdjusted Trial BalanceFinancial Statements and Closing Entries for a Retail BusinessMultiple-Step Income StatementSingle-Step Income StatementStatement of Stockholders’ EquityBalance SheetThe Closing ProcessAnalysis for Decision MakingAsset Turnover RatioAppendix 1 Gross Method of Recording Sales DiscountsTransactionsAdjusting EntrySubsequent PeriodComparison with the Net MethodAppendix 2 The Periodic Inventory SystemChart of Accounts Under the Periodic Inventory SystemRecording Merchandise Transactions Under the Periodic Inventory SystemAdjusting Process Under the Periodic Inventory SystemFinancial Statements Under the Periodic Inventory SystemClosing Entries Under the Periodic Inventory SystemComprehensive Problem Make a DecisionTake It FurtherPathways ChallengeChapter 6: InventoriesControl of InventorySafeguarding InventoryReporting InventoryInventory Cost Flow AssumptionsInventory Costing Methods Under a Perpetual Inventory SystemFirst-In, First-Out MethodLast-In, First-Out MethodWeighted Average Cost MethodInventory Costing Methods Under a Periodic Inventory SystemFirst-In, First-Out MethodLast-In, First-Out MethodWeighted Average Cost MethodComparing Inventory Costing MethodsReporting Inventory in the Financial StatementsValuation at Lower of Cost or MarketInventory on the Balance SheetEffect of Inventory Errors on the Financial StatementsAnalysis for Decision MakingInventory Turnover and Number of Days’ Sales in InventoryAppendix Estimating Inventory CostRetail Method of Inventory CostingGross Profit Method of Inventory CostingMake a DecisionTake It FurtherPathways ChallengeChapter 7: Internal Control and CashSarbanes-Oxley ActInternal ControlObjectives of Internal ControlElements of Internal ControlControl EnvironmentRisk AssessmentControl ProceduresMonitoringInformation and CommunicationLimitations of Internal ControlCash Controls over Receipts and PaymentsControl of Cash ReceiptsControl of Cash PaymentsBank AccountsBank StatementUsing the Bank Statement as a Control over CashBank ReconciliationSpecial-Purpose Cash FundsFinancial Statement Reporting of CashAnalysis for Decision MakingDays’ Cash on HandMake a DecisionTake It FurtherPathways ChallengeChapter 8: ReceivablesClassification of ReceivablesAccounts ReceivableNotes ReceivableOther ReceivablesUncollectible ReceivablesDirect Write-Off Method for Uncollectible AccountsAllowance Method for Uncollectible AccountsWrite-Offs to the Allowance AccountEstimating UncollectiblesComparing Direct Write-Off and Allowance MethodsNotes ReceivableCharacteristics of Notes ReceivableAccounting for Notes ReceivableReporting Receivables on the Balance SheetAnalysis for Decision MakingAccounts Receivable Turnover and Number of Days’ Sales in ReceivablesMake a DecisionTake It FurtherPathways ChallengeChapter 9: Long-Term Assets: Fixed and IntangibleNature of Fixed AssetsClassifying CostsThe Cost of Fixed AssetsLeasing Fixed AssetsAccounting for DepreciationFactors in Computing Depreciation ExpenseStraight-Line MethodUnits-of-Activity MethodDouble-Declining-Balance MethodComparing Depreciation MethodsPartial-Year DepreciationRevising Depreciation EstimatesRepair and ImprovementsDisposal of Fixed AssetsDiscarding Fixed AssetsSelling Fixed AssetsNatural ResourcesIntangible AssetsPatentsCopyrights and TrademarksGoodwillFinancial Reporting for Long-Term Assets: Fixed and IntangibleAnalysis for Decision MakingFixed Asset Turnover RatioAppendix Exchanging Similar Fixed AssetsGain on ExchangeLoss on ExchangeMake a DecisionTake It FurtherPathways ChallengeChapter 10: Liabilities: Current, Installment Notes, and ContingenciesCurrent LiabilitiesAccounts Payable and AccrualsShort-Term Notes PayableCurrent Portion of Long-Term DebtPayroll LiabilitiesLiability for Employee EarningsDeductions from Employee EarningsComputing Employee Net PayEmployer’s Payroll TaxesRecording PayrollPaying PayrollInternal Controls for PayrollEmployees’ Fringe BenefitsVacation PayPensionsPostretirement Benefits Other than PensionsInstallment NotesIssuancePeriodic PaymentsContingent LiabilitiesProbable and EstimableProbable and Not EstimableReasonably PossibleRemoteReporting LiabilitiesAnalysis for Decision MakingQuick RatioComprehensive ProblemMake a DecisionTake It FurtherPathways ChallengeChapter 11: Liabilities: Bonds PayableNature of Bonds PayableBond Characteristics and TerminologyProceeds from Issuing BondsAccounting for Bonds PayableBonds Issued at Face AmountBonds Issued at a DiscountAmortizing a Bond DiscountBonds Issued at a PremiumAmortizing a Bond PremiumBond RedemptionReporting Bonds PayableAnalysis for Decision MakingTimes Interest EarnedAppendix 1 Present Value Concepts and Pricing Bonds PayablePresent Value ConceptsPricing BondsComputing Present ValuesAppendix 2 Effective Interest Rate Method of AmortizationAmortization of Discount by the Interest MethodAmortization of Premium by the Interest MethodMake a DecisionTake It FurtherPathways ChallengeChapter 12: Corporations: Organization, Stock Transactions, and DividendsNature of a CorporationCharacteristics of a CorporationForming a CorporationPaid-In Capital from StockCharacteristics of StockTypes of StockIssuing StockPremium on StockNo-Par StockAccounting for DividendsCash DividendsStock DividendsStock SplitsTreasury Stock TransactionsReporting Stockholders’ EquityStockholders’ Equity on the Balance SheetReporting Retained EarningsStatement of Stockholders’ EquityReporting Stockholders’ Equity for AlphabetAnalysis for Decision MakingEarnings per ShareComprehensive ProblemMake a DecisionTake It FurtherPathways ChallengeChapter 13: Statement of Cash FlowsReporting Cash FlowsCash Flows from Operating ActivitiesCash Flows from Investing ActivitiesCash Flows from Financing ActivitiesNoncash Investing and Financing ActivitiesFormat of the Statement of Cash FlowsNo Cash Flow per ShareCash Flows from Operating Activities The Indirect MethodNet IncomeAdjustments to Net IncomeCash Flows from Investing ActivitiesLandBuilding and Accumulated DepreciationBuildingCash Flows from Financing ActivitiesBonds PayableCommon StockDividends and Dividends PayablePreparing the Statement of Cash FlowsAnalysis for Decision MakingFree Cash FlowAppendix 1 Spreadsheet (Work Sheet) for Statement of Cash FlowsThe Indirect MethodAnalyzing AccountsRetained EarningsOther AccountsPreparing the Statement of Cash FlowsAppendix 2 Preparing the Statement of Cash FlowsThe Direct MethodCash Received from CustomersCash Payments for MerchandiseCash Payments for Operating ExpensesGain on Sale of LandInterest ExpenseCash Payments for Income TaxesReporting Cash Flows from Operating ActivitiesDirect MethodMake a DecisionTake It FurtherPathways ChallengeChapter 14: Financial Statement AnalysisAnalyzing and Interpreting Financial StatementsThe Value of Financial Statement InformationTechniques for Analyzing Financial StatementsAnalytical MethodsHorizontal AnalysisVertical AnalysisCommon-Sized StatementsAnalyzing LiquidityCurrent Position AnalysisAccounts Receivable AnalysisInventory AnalysisAnalyzing SolvencyRatio of Fixed Assets to Long-Term LiabilitiesRatio of Liabilities to Stockholders’ EquityTimes Interest EarnedAnalyzing ProfitabilityAsset TurnoverReturn on Total AssetsReturn on Stockholders’ EquityReturn on Common Stockholders’ EquityEarnings per Share on Common StockPrice-Earnings RatioDividends per ShareDividend YieldSummary of Analytical MeasuresCorporate Annual ReportsManagement Discussion and AnalysisReport on Internal ControlReport on Fairness of the Financial StatementsAppendix 1 Unusual Items on the Income StatementUnusual Items Affecting the Current Period’s Income StatementUnusual Items Affecting the Prior Period’s Income StatementAppendix 2 Fair Value and Comprehensive IncomeFair ValueComprehensive IncomeMake a DecisionTake It FurtherPathways ChallengeChapter 15: Introduction to Managerial AccountingManagerial AccountingDifferences Between Managerial and Financial AccountingManagerial Accounting in the OrganizationThe Management ProcessUses of Managerial Accounting InformationManufacturing OperationsNature of ManufacturingDirect and Indirect CostsManufacturing CostsFinancial Statements for a Manufacturing BusinessBalance SheetIncome StatementAnalysis for Decision MakingUtilization RatesMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeChapter 16: Job Order CostingCost Accounting Systems OverviewJob Order Cost SystemsProcess Cost SystemsJob Order Cost Systems for Manufacturing BusinessesMaterialsFactory LaborFactory OverheadWork in ProcessFinished GoodsSales and Cost of Goods SoldPeriod CostsSummary of Cost Flows for Legend GuitarsJob Order Cost Systems for Service BusinessesTypes of Service BusinessesFlow of Costs in a Service Job Order Cost SystemAnalysis for Decision MakingAnalyzing Job CostsMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeChapter 17: Process Cost SystemsProcess ManufacturersComparing Job Order and Process Cost SystemsCost Flows for a Process ManufacturerCost of Production ReportStep 1: Determine the Units to Be Assigned CostsStep 2: Compute Equivalent Units of ProductionStep 3: Determine the Cost per Equivalent UnitStep 4: Allocate Costs to Units Transferred Out and Partially Completed UnitsPreparing the Cost of Production ReportJournal Entries for a Process Cost SystemUsing the Cost of Production ReportAnalysis for Decision MakingAnalyzing Process CostsAppendix Weighted Average MethodDetermining Costs Using the Weighted Average MethodThe Cost of Production ReportMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeChapter 18: Activity-Based CostingProduct Costing Allocation MethodsSingle Plantwide Factory Overhead Rate MethodMultiple Production Department Factory Overhead Rate MethodDepartment Overhead Rates and AllocationDistortion of Product CostsActivity-Based Costing MethodActivity RatesAllocating CostsDistortion in Product CostsDangers of Product Cost DistortionActivity-Based Costing for Selling and Administrative ExpensesActivity-Based Costing in Service BusinessesAnalysis for Decision MakingUsing ABC Product Cost Information to Reduce CostsMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeChapter 19: Support Department and Joint Cost AllocationSupport DepartmentsSupport Department Cost AllocationSingle Plantwide RateMultiple Production Department RatesActivity-Based CostingAllocating Support Department Costs to Production DepartmentsDirect MethodThe Sequential MethodThe Reciprocal Services MethodComparison of Support Department Cost Allocation MethodsJoint CostsJoint Cost AllocationThe Physical Units MethodThe Weighted Average MethodThe Market Value at Split-Off MethodThe Net Realizable Value MethodComparison of Joint Cost Allocation MethodsBy-ProductsAnalysis for Decision MakingUsing Support Department and Joint Cost Allocations for Performance EvaluationMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeChapter 20: Cost-Volume-Profit AnalysisCost BehaviorVariable CostsFixed CostsMixed CostsSummary of Cost Behavior ConceptsCost-Volume-Profit RelationshipsContribution MarginContribution Margin RatioUnit Contribution MarginMathematical Approach to Cost-Volume-Profit AnalysisBreak-Even PointTarget ProfitGraphic Approach to Cost-Volume-Profit AnalysisCost-Volume-Profit (Break-Even) ChartProfit-Volume ChartUse of Spreadsheets in Cost-Volume-Profit AnalysisAssumptions of Cost-Volume-Profit AnalysisSpecial Cost-Volume-Profit RelationshipsSales Mix ConsiderationsOperating LeverageMargin of SafetyAnalysis for Decision MakingCost-Volume-Profit Analysis for Service CompaniesMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeChapter 21: Variable Costing for Management AnalysisOperating Income: Absorption and Variable CostingAbsorption CostingVariable CostingEffects of InventoryAnalyzing Operating Income Using Absorption and Variable CostingUsing Absorption and Variable CostingControlling CostsPricing ProductsPlanning ProductionAnalyzing Market SegmentsAnalyzing Market SegmentsSales Territory Profitability AnalysisProduct Profitability AnalysisSalesperson Profitability AnalysisVariable Costing for Service BusinessesReporting IncomeAnalyzing SegmentsAnalysis for Decision MakingSegment Analysis and EBITDAMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeChapter 22: BudgetingNature and Objectives of BudgetingObjectives of BudgetingHuman Behavior and BudgetingBudgeting SystemsStatic BudgetFlexible BudgetMaster BudgetOperating BudgetsSales BudgetProduction BudgetDirect Materials Purchases BudgetDirect Labor Cost BudgetFactory Overhead Cost BudgetCost of Goods Sold BudgetSelling and Administrative Expenses BudgetBudgeted Income StatementFinancial BudgetsCash BudgetCapital Expenditures BudgetBudgeted Balance SheetAnalysis for Decision MakingNonmanufacturing Staffing BudgetsMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeChapter 23: Evaluating Variances from Standard CostsStandardsSetting StandardsTypes of StandardsReviewing and Revising StandardsCriticisms of Standard CostsBudgetary Performance EvaluationBudget Performance ReportManufacturing Cost VariancesDirect Materials and Direct Labor VariancesDirect Materials VariancesDirect Labor VariancesFactory Overhead VariancesThe Factory Overhead Flexible BudgetVariable Factory Overhead Controllable VarianceFixed Factory Overhead Volume VarianceReporting Factory Overhead VariancesFactory Overhead AccountRecording and Reporting Variances from StandardsAnalysis for Decision MakingService Staffing VariancesAppendix Revenue VariancesComprehensive ProblemMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeChapter 24: Evaluating Decentralized OperationsCentralized and Decentralized OperationsAdvantages of DecentralizationDisadvantages of DecentralizationResponsibility AccountingResponsibility Accounting for Cost CentersResponsibility Accounting for Profit CentersSupport Department AllocationsProfit Center ReportingResponsibility Accounting for Investment CentersReturn on InvestmentResidual IncomeTransfer PricingMarket Price ApproachNegotiated Price ApproachCost Price ApproachAnalysis for Decision MakingFranchise OperationsMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeChapter 25: Differential Analysis and Product PricingDifferential AnalysisLease or SellDiscontinue a Segment or ProductMake or BuyReplace EquipmentProcess or SellAccept Business at a Special PriceSetting Normal Product Selling PricesCost-Plus MethodsProduct Cost MethodIllustrationTarget Costing MethodProduction BottlenecksManaging BottlenecksPricing Bottleneck ProductsAnalysis for Decision MakingYield Pricing in Service BusinessesAppendix Total and Variable Cost Methods to Setting Normal PriceTotal Cost MethodVariable Cost MethodMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeChapter 26: Capital Investment AnalysisNature of Capital Investment AnalysisMethods Not Using Present ValuesAverage Rate of Return MethodCash Payback MethodMethods Using Present ValuesPresent Value ConceptsNet Present Value Method and IndexInternal Rate of Return MethodFactors That Complicate Capital Investment AnalysisIncome TaxUnequal Proposal LivesLease Versus Capital InvestmentUncertaintyChanges in Price LevelsQualitative ConsiderationsCapital RationingAnalysis for Decision MakingUncertainty: Sensitivity and Expected Value AnalysesMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeChapter 27: Lean Manufacturing and Activity AnalysisLean PrinciplesReducing InventoryReducing Lead TimesReducing Setup TimeEmphasizing Product-Oriented LayoutEmphasizing Employee InvolvementEmphasizing Pull ManufacturingEmphasizing Zero DefectsEmphasizing Supply Chain ManagementLean AccountingFewer TransactionsCombined AccountsNonfinancial Performance MeasuresDirect Tracing of OverheadActivity AnalysisCosts of QualityQuality Activity AnalysisValue-Added Activity AnalysisProcess Activity AnalysisAnalysis for Decision MakingLean Performance for NonmanufacturingMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeChapter 28: The Balanced Scorecard and Corporate Social ResponsibilityPerformance Measurement SystemsThe Balanced ScorecardPerformance PerspectivesStrategic ObjectivesPerformance MetricsStrategic InitiativesPerformance TargetsUsing the Balanced ScorecardStrategy MapsMeasure MapsStrategic LearningScorecard CascadingCognitive BiasesCorporate Social ResponsibilityCSR ReportingCorporate Social Responsibility and the Balanced ScorecardEncouraging Corporate Social ResponsibilityAnalysis for Decision MakingCapital Investment in CSRMake a DecisionTake It FurtherCertified Management Accountant (CMA®) Examination Questions (Adapted)Pathways ChallengeAppendix A: Interest TablesAppendix B: Revenue RecognitionAppendix C: International Financial Reporting Standards (IFRS)Appendix D: InvestmentsAppendix E: Nike Inc., Form 10-K for the Fiscal Year Ended May 31, 2017 Selected ExcerptsAppendix F: Special Journals and SubsidiaryGlossaryIndex