PART 1 Departmentalized Accounting

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1 CHAPTER 1 RECORDING DEPARTMENTAL PURCHASES AND CASH PAYMENTS 4 Accounting In Your Career Using Accounting Principles and Records Journalizing and Posting Purchases and Purchases Returns Journalizing and Posting Cash Payments and Reconciling the Bank Statement 20 PROFESSIONAL BUSINESS ETHICS 18 CULTURAL DIVERSITY 20 AUTOMATED ACCOUNTING 34 CHAPTER 2 RECORDING DEPARTMENTAL SALES AND CASH RECEIPTS 38 Accounting In Your Career Departmental Sales on Account and Sales Returns and Allowances Journalizing and Posting Cash Receipts 48 SMALL BUSINESS SPOTLIGHT 40 GLOBAL PERSPECTIVE 53 AUTOMATED ACCOUNTING 60 28, 55, 85, , 59, 90, , 59, 90, , 59, 90, , 19, 27, 47, 54, 69, 77, 84, 100, 111, 118, 11, 19, 27, 47, 54, 69, 77, 84, 100, 111, 118, 11, 19, 27, 47, 54, 69, 77, 84, 100, 111, 118, 11, 19, 27, 47, 54, 70, 78, 84, 100, 111, 118, PART 1 Departmentalized Accounting CHAPTER 3 CALCULATING AND RECORDING DEPARTMENTAL PAYROLL DATA 62 Accounting In Your Career Employee Benefits and Earnings Completing Payroll Records Journalizing and Paying Payroll and Payroll Taxes 79 ACCOUNTING AT WORK 75 PROFESSIONAL BUSINESS ETHIC 78 AUTOMATED ACCOUNTING 91 CHAPTER 4 DEPARTMENTALIZED BUSINESS 94 Accounting In Your Career Interim Departmental Statement of Gross Profit Preparing a Work Sheet for a Departmentalized Business Financial Statements for a Departmentalized Business End-of-Period Work for a Departmentalized Business 119 SMALL BUSINESS SPOTLIGHT 113 LEGAL ISSUES IN ACCOUNTING 101 CULTURAL DIVERSITY 110 AUTOMATED ACCOUNTING 132 End of chapter review and practice 28, 55, 85, , 56, 86, , 58, 88, , 59, 90, 130 Reinforcement Activity 1 Processing and Reporting Departmentalized Accounting Data 135 vii

2 PART 2 Accounting Control Systems 159, , , , , 154, 172, 178, , 154, 158, 172, 178, , 154, 158, 172, 178, , 154, 158, 172, 178, 183 CHAPTER 5 A VOUCHER SYSTEM 144 Accounting In Your Career Vouchers and Voucher Registers Voucher Check and Check Registers Selected Transactions in a Voucher System 155 AUTOMATED ACCOUNTING , , , , 188 CHAPTER 6 INVENTORY PLANNING AND VALUATION 166 Accounting In Your Career The Nature of Merchandise Inventory Inventory Costing Estimating the Inventory 179 TECHNOLOGY FOR BUSINESS 182 AUTOMATED ACCOUNTING 190 viii

3 CHAPTER 7 ACCOUNTING FOR UNCOLLECTIBLE ACCOUNTS 194 Accounting In Your Career Direct Write-Off Method of Recording Uncollectible Accounts Allowance Method of Recording Uncollectible Accounts Expense Accounts Receivable Turnover Ratio 206 LEGAL ISSUES IN ACCOUNTING 199 GLOBAL PERSPECTIVE 201 AUTOMATED ACCOUNTING 215 CHAPTER 8 ACCOUNTING FOR PLANT ASSETS 216 Accounting In Your Career Buying Plant Assets Calculating and Journalizing Depreciation Expense Disposing of Plant Assets Other Methods of Depreciation 234 ACCOUNTING AT WORK 232 TECHNOLOGY FOR BUSINESS 236 PROFESSIONAL BUSINESS ETHICS 241 AUTOMATED ACCOUNTING 249 PART 3 General Accounting Adjustments CHAPTER 9 ACCOUNTING FOR NOTES PAYABLE, PREPAID EXPENSES, AND ACCRUED EXPENSES 250 Accounting In Your Career Notes Payable Prepaid Expenses Accrued Expenses 262 SMALL BUSINESS SPOTLIGHT 252 LEGAL ISSUES IN ACCOUNTING 256 CULTURAL DIVERSITY 267 AUTOMATED ACCOUNTING 274 CHAPTER 10 ACCOUNTING FOR NOTES RECEIVABLE, UNEARNED REVENUE, AND ACCRUED REVENUE 276 Accounting In Your Career Notes Receivable Unearned and Accrued Revenue 283 TECHNOLOGY FOR BUSINESS 284 LEGAL ISSUES IN ACCOUNTING 286 AUTOMATED ACCOUNTING , 242, 269, , 247, 273, , 247, 273, , 248, 273, , 205, 208, 221, 226, 240, 255, 261, 268, 282, , 205, 208, 221, 226, 233, 240, 255, 261, 268, 282, , 205, 208, 221, 226, 233, 241, 255, 261, 268, 282, , 205, 208, 221, 226, 233, 241, 255, 261, 268, 282, , 242, 269, , 243, 270, , 246, 271, , 247, 272, 291 ix

4 PART 4 Corporation Accounting CHAPTER 11 ORGANIZING A CORPORATION AND PAYING DIVIDENDS 296 Accounting In Your Career Starting a Corporation Stock Subscriptions and the Balance Sheet Calculating and Journalizing Dividends for a Corporation 310 GLOBAL PERSPECTIVE 301 CULTURAL DIVERSITY 305 ACCOUNTING AT WORK 311 AUTOMATED ACCOUNTING , 341, , 345, , 345, , 345, 375 CHAPTER 12 ACQUIRING ADDITIONAL CAPITAL FOR A CORPORATION 320 Accounting In Your Career Capital Stock Transactions Treasury Stock Transactions Bonds Payable Transactions 334 TECHNOLOGY FOR BUSINESS 328 SMALL BUSINESS SPOTLIGHT 330 PROFESSIONAL BUSINESS ETHICS 338 LEGAL ISSUES IN ACCOUNTING 340 AUTOMATED ACCOUNTING 346 CHAPTER 13 FINANCIAL ANALYSIS AND REPORTING FOR A CORPORATION 348 Accounting In Your Career Work Sheet for a Corporation Financial Statements and Analysis Other End-of-Fiscal Period Work 363 ACCOUNTING AT WORK 366 GLOBAL PERSPECTIVE 368 AUTOMATED ACCOUNTING , 309, 313, 327, 333, 339, 354, , 309, 313, 327, 333, 339, 354, 362, , 309, 313, 327, 333, 339, 354, 362, , 309, 313, 328, 333, 340, 354, 362, , 341, , 342, , 343, , 344, 374 Reinforcement Activity 2 Processing and Reporting Accounting Data for a Corporation 378 x

5 CHAPTER 14 BUDGETARY PLANNING AND CONTROL 386 Accounting In Your Career Budget Planning Budgeted Income Statement Cash Budgets and Performance Reports 402 CULTURAL DIVERSITY 397 TECHNOLOGY FOR BUSINESS 403 AUTOMATED ACCOUNTING 415 CHAPTER 15 ACCOUNTING INFORMATION FOR MANAGEMENT DECISIONS 416 Accounting In Your Career Cost Characteristics that Influence Decisions Determining Breakeven Decisions that Affect Net Income 427 ACCOUNTING AT WORK 421 PROFESSIONAL BUSINESS ETHICS 425 TECHNOLOGY FOR BUSINESS 433 AUTOMATED ACCOUNTING 441 CHAPTER 16 FINANCIAL STATEMENT ANALYSIS 442 Accounting In Your Career Trend Analysis and Component Percentages Calculating Earnings Performance and Efficiency Analysis Calculating Financial Strength Analysis 461 LEGAL ISSUES IN ACCOUNTING 446 GLOBAL PERSPECTIVE 457 AUTOMATED ACCOUNTING 473 CHAPTER 17 STATEMENT OF CASH FLOWS 474 Accounting In Your Career Understanding Cash Flow Analysis Preparing the Operating Activities Section of a Statement of Cash Flows Completing the Statement of Cash Flows 488 SMALL BUSINESS SPOTLIGHT 476 TECHNOLOGY FOR BUSINESS 480 ACCOUNTING AT WORK 486 PROFESSIONAL BUSINESS ETHICS 492 AUTOMATED ACCOUNTING 499 PART 5 Management Accounting 409, 435, 466, , 440, 472, , 440, 472, , 440, 472, , 487, , 487, , 487, , 435, 466, , 436, 467, , 438, 469, , 439, 470, 498 xi

6 PART 6 Cost Accounting CHAPTER 18 COST ACCOUNTING FOR A MERCHANDISING BUSINESS 502 Accounting In Your Career Responsibility Accounting for a Merchandising Business Responsibility Statements for a Merchandising Business 512 SMALL BUSINESS SPOTLIGHT 502 CULTURAL DIVERSITY 514 AUTOMATED ACCOUNTING 522 CHAPTER 19 COST ACCOUNTING FOR A MANUFACTURING BUSINESS 524 Accounting In Your Career Elements of Manufacturing Cost Maintaining Manufacturing Records 531 ACCOUNTING AT WORK 529 AUTOMATED ACCOUNTING 545 CHAPTER 20 ACCOUNTING TRANSACTIONS AND MANUFACTURING BUSINESS 546 Accounting In Your Career Journalizing Manufacturing Accounting Transactions Preparing End-of-Fiscal Period Statements 557 GLOBAL PERSPECTIVE 556 AUTOMATED ACCOUNTING , 539, , 544, , 544, , 544, , 516, 530, 538, 555, , 516, 530, 538, 555, , 516, 530, 538, 555, , 516, 530, 538, 556, , 539, , 540, , 542, , 543, 567 Reinforcement Activity 3 Processing and Reporting Cost Accounting Data for a Manufacturing Business 570 xii

7 CHAPTER 21 ORGANIZATIONAL STRUCTURE OF A PARTNERSHIP 580 Accounting In Your Career Forming a Partnership Admitting Partners to Existing Partnerships 587 LEGAL ISSUES IN ACCOUNTING 585 PROFESSIONAL BUSINESS ETHICS 591 SMALL BUSINESS SPOTLIGHT 600 AUTOMATED ACCOUNTING 601 CHAPTER 22 PARTNERSHIP 602 Accounting In Your Career Distribution and Withdrawal of Partnership Earnings End-of-Fiscal Period Work for a Partnership Liquidation of a Partnership 619 ACCOUNTING AT WORK 609 TECHNOLOGY FOR BUSINESS 621 AUTOMATED ACCOUNTING 629 PART 7 Other Accounting Systems CHAPTER 24 NOT-FOR-PROFIT ORGANIZATION 660 Accounting In Your Career Preparing a Work Sheet for a Governmental Organization Preparing Financial Statements for a Governmental Organization Recording Adjusting and Closing Entries for a Governmental Organization 672 AUTOMATED ACCOUNTING , 624, 653, , 628, 657, , 628, 657, , 628, 657, 680 CHAPTER 23 BUDGETING AND ACCOUNTING FOR A NOT-FOR-PROFIT ORGANIZATION 630 Accounting In Your Career Not-for-Profit Organizations Journalizing Revenues Journalizing Expenditures, Encumbrances, and Other Transactions 645 GLOBAL PERSPECTIVE 650 AUTOMATED ACCOUNTING 658 APPENDICES Appendix A: Accounting Concepts A-1 Appendix B: Using a Calculator and Computer Keypad B-1 Appendix C: Recycling Problems C-1 Appendix D: Answers to D-1 GLOSSARY G-1 INDEX/PHOTO CREDITS I-1 586, 592, 618, 623, 640, 644, , 592, 608, 618, 623, 640, 644, 651, 667, 671, , 592, 608, 618, 623, 640, 644, 651, 667, 671, , 593, 609, 618, 623, 640, 644, 652, 667, 671, , 624, 653, , 625, 654, , 627, 655, , 627, 656, 679 xiii