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Introduction to Accounting: An Integrated Approach, 8th Edition

Introduction to Accounting: An Integrated Approach, 8th Edition

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9781119600107
  • Published In: May 2019
  • Format: Paperback , 736 pages
  • Jurisdiction: International ? Disclaimer:
    Countri(es) stated herein are used as reference only

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    The new, revised, and updated edition of the popular textbook for introductory accounting courses

    Accounting plays a central role in a multitude of areas, from everyday personal finance to global corporate operations. Introduction to Accounting helps students understand the concepts, principles, methods, and mechanisms of the field. Designed to benefit all students, regardless of major, this innovative textbook integrates life skills and business skills to provide an accessible, engaging introduction to accounting. Rather than separating financial accounting from managerial accounting, this textbook demonstrates how to plan and evaluate business activities from both external and internal reporting perspectives.

    Now in its eight edition, Introduction to Accounting enables students to understand both the nature and functions of business and the mechanics of the bookkeeping process. Three organizing themes—the accounting information system, business processes, and the balanced scorecard—help students learn why and how activities are planned and evaluated by different stakeholders. Based on extensive instructor feedback, as well as the authors’ six decades of combined teaching experience, this new edition has been thoroughly revised to enhance readability and highlight real-world examples. A complete array of pedagogical tools includes improved and expanded learning objectives, updated definitions, questions and problem setsnewcritical-thinking and ethical-challenge exercises, and more.

    • Focuses on accounting as an information system used in each business processes to provide information to plan and evaluate activities
    • Stimulates interest in the field of accounting with relatable, reader-friendly narrative
    • Employs various pedagogical devices to stimulate active and cooperative learning for students
    • Uses the example of Apple, Inc. throughout the text to illustrate central concepts and significant issues
    • Includes extensive online support including test problems and essay exercises for every chapter of the text, PowerPoint slides and Excel templates, downloadable solution manuals, and links to professional resources

    Offering a wealth of instructor resources, Introduction to Accounting, 8th Edition is ideally suited for introductory accounting courses in both high school and university-level settings.

  • About the Authors  

    Prologue  

    Part One Introduction: Business Operating Activities  

    Chapter 1 Accounting and Business  

    Accounting: Who Needs It?  

    Business Today  

    Customer-Focused Operations  

    Global Markets  

    Manufacturing and Communication Advances  

    E-Business  

    Business and Accounting: Together Forever  

    Ancient Babylonia  

    Commerce in Old Italy  

    Pacioli and the Method of Venice  

    Advent of the Corporation   

    The Stock Market Crash of 1929  

    Return to the Present  

    Generally Accepted Accounting Principles  

    Statements of Financial Accounting Concepts  

    International Accounting Standards  

    Financial Statements  

    Income Statement  

    Statement of Owners’ (Shareholders’) Equity  

    Statement of Cash Flows  

    Balance Sheet (Statement of Financial Position)  

    Comprehensive Inome

    Report of the Independent Accountant (Auditor)  

    Relationship of the Financial Statements  

    Current Ratio  

    Return on Sales Ratio  

    Debt-to-Equity Ratio  

    Codification of GAAP

    Summary  

    Key Terms  

    Chapter 2 Business Processes and Accounting Information  

    Management Cycle  

    Planning Phase  

    Performing Phase  

    Evaluating Phase  

    Business Processes  

    Business Organization and Strategy Process  

    Operating Processes  

    Capital Resources Process  

    Performance Measurement and Management Process 

    Balanced Scorecard Approach  

    Financial Perspective  

    Internal Perspective  

    Customer Perspective  

    Learning and Growth Perspective  

    Internal Control  

    Control Environment 

    Risk Assessment

    Control Activities

    Information and Communication

    Monitoring

    Applying Internal Control to Protect Cash  

    Cash Receipts  

    Cash Disbursements  

    Bank Reconciliation  

    Bank Statement  

    Bank Reconciliation Process  

    Summary  

    Key Terms  

    Chapter 3 Operating Processes: Planning and Control  

    Revenue Process  

    Generate Sales  

    Receive and Accept Orders  

    Deliver Goods and/or Services  

    Receive Payment from Customers  

    Provide Customer Support 

    Expenditure Process  

    Determine the Company’s Need for Goods 

    Select Suppliers and Order Goods  

    Receive Goods  

    Pay Suppliers  

    Conversion Process  

    Schedule Production  

    Obtain Direct Materials  

    Use Labor and Other Manufacturing Resources to Make Products  

    Store Finished Goods Until Sold  

    Cost and Revenue Behavior  

    Behavior Patterns  

    Relevant Range  

    Activity Measures  

    Fixed Costs and Revenues  

    Variable Costs and Revenues  

    Mixed Costs and Revenues  

    Cost/Revenue Estimation Methods  

    High/Low Method  

    Summary  

    Appendix: Linear Regression Analysis

    Key Terms  

    Part Two Planning: Operating Activities  

    Chapter 4 Short-Term Decision Making  

    Short-Term Decisions  

    Cost-Volume-Profit Analysis  

    Determining the Breakeven Point  

    Determining the Target Profit Level  

    Determining the Target Profit Level After Taxes  

    Sensitivity Analysis  

    Change in Selling Price  

    Change in Variable Cost  

    Change in Fixed Cost  

    Change in Tax Rate  

    Relevant Variable Analysis  

    Sunk Costs Are Never Relevant  

    Opportunity Costs Are Always Relevant  

    Incremental Costs and Revenues May Be Relevant 

    Identify the Alternative Actions  

    Determine the Relevant Revenues, Costs, and Profit  

    Choose the Best Alternative  

    Special Order (Accept-or-Reject) Decision  

    Outsourcing (Make-or-Buy) Decision  

    Product Mix (Keep-or-Drop) Decision  

    Another (More Difficult) Example  

    Summary  

    Key Terms  

    Chapter 5 Strategic Planning Regarding Operating Processes  

    Revenue Process: Determining the Selling Price  

    Customers: Customer Perspective  

    Competitors: Learning and Growth Perspective   

    Legal and Social Forces: Learning and Growth Perspective  

    Cost: Internal Process Perspective  

    Pricing Strategies  

    Penetration Pricing  

    Skimming Pricing  

    Life-Cycle Pricing  

    Target Pricing  

    Conversion Process: Determining the Inventory Model  

    Reasons to Maintain Inventory  

    Reasons to Not Maintain Inventory  

    Balancing Ordering and Carrying Costs  

    Inventory Models  

    Comparison of Inventory Models 

    Expenditure Process: Determining the Employee Compensation Package  

    Paid Compensation  

    Health and Life Insurance  

    Paid Leave  

    Contingent Compensation: Bonuses  

    Summary  

    Key Terms  

    Chapter 6 Planning, the Balanced Scorecard, and Budgeting  

    Budgeting and Goal Setting  

    Planning  

    Communication and Coordination  

    Resource Allocation  

    Evaluation and Control  

    Time and Resource Requirements  

    Adaptability of Departments and Segments  

    Motivation and Behavior of Individuals  

    Mandated versus Participatory Budgeting  

    Mandated Budgeting  

    Participatory Budgeting  

    Incremental Budgeting versus Zero-Based Budgeting  

    Incremental Budgeting  

    Zero-Based Budgeting  

    Master Budget 

    Revenue Process Planning  

    Balanced Scorecard Goals  

    Sales Budget  

    Cash Receipts Schedule  

    Accounts Receivable Schedule  

    Marketing and Distribution Budget  

    Conversion Process Planning  

    Balanced Scorecard Goals  

    Production Budget  

    Expenditure Process Planning  

    Balanced Scorecard Goals  

    Budgeting for Human Resources  

    Administrative Budget  

    Cash Disbursements Schedule  

    Accounts Payable Schedule  

    Summary  

    Appendix: Conversion Process Planning

    Balanced Scorecard Goals

    Production Budget

    Direct Labor and Manufacturing Overhead Budget  

    Direct Materials Purchases Budget  

    Key Terms  

    Part Three Recording and Evaluating: Operating Activities  

    Chapter 7 Accounting Information Systems  

    Manual Accounting Systems  

    Accounting Events  

    Chart of Accounts  

    Journalizing  

    Posting  

    Adjusting Entries  

    Closing Entries  

    Comprehensive Example  

    Computer-Based Transaction Systems  

    Database Systems  

    Summary  

    Key Terms 

    Chapter 8 Purchasing/Human Resources/Payment Process: Recording and Evaluating Expenditure Process Activities  

    Expenditure Process 

    Special Journals and Subsidiary Ledgers  

    Special Journals  

    Subsidiary Ledgers  

    Inventory  

    Perpetual versus Periodic Inventory Systems  

    Gross versus Net Price Methods  

    Purchasing Inventory

    Reporting Inventory Purchase and Payment Events  

    Human Resources  

    Withholdings from Employees  

    Employer Taxes 

    Accounting Events in the Payroll Process  

    Reporting Human Resource Events  

    Other Expenditure Process Activities  

    Cash Outflow before Expense (Assets Created)  

    Expense before Cash Outflow (Liabilities Incurred)  

    Expense Concurrent with Payment  

    Reporting Other Expenditure Process Activities  

    Financial Statements and the Expenditure Process  

    Estimating Cash Paid for Inventory  

    Estimating Cash Paid for Operating Expenses  

    Internal Evaluation of Expenditure Process Events  

    Summary  

    Key Terms  

    Chapter 9 Recording and Evaluating Conversion Process Activities  

    Manufacturing Inventories  

    Recording Raw Material Activities  

    Recording Labor Activities  

    Recording Manufacturing Overhead Events  

    Actual Manufacturing Overhead  

    Applied Manufacturing Overhead  

    Overhead Application Process Using ABC  

    Over- and Underapplied Manufacturing Overhead  

    Recording Finished Goods  

    Reporting Conversion Process Events  

    Internal Evaluation of Conversion Process Events  

    Direct Labor Variance Analysis  

    Direct Materials Variances  

    Summary  

    Key Terms  

    Chapter 10 Marketing/Sales/Collection/Customer Support Process: Recording and Evaluating Revenue Process Activities  

    Revenue Recognition  

    Revenue Recognized When Cash Collected  

    Revenue Recognized before Cash Collected (Asset Created) 

    Revenue Recognized after Cash Received (Liability Incurred)  

    Sales Returns and Allowances  

    Sales Discounts  

    Cost of Goods Sold 

    Specific Identification Method  

    First-In, First-Out (FIFO) Method  

    Last-In, First-Out (LIFO) Method  

    Periodic Inventory System and Cost Flow Assumptions  

    FIFO, LIFO, and GAPP External Reporting  

    Estimating Uncollectible Credit Sales  

    Proper Income Measurement  

    Proper Asset Valuation  

    Recording Estimated Uncollectible Accounts  

    Recording Actual Uncollectible Accounts  

    Reporting Revenue Process Events  

    Estimating Cash Receipts from Customers  

    Internal Evaluation of Revenue Process Events  

    Revenue Variances  

    Summary  

    Key Terms  

    Part Four Introduction: Capital Resource Process Activities  

    Chapter 11 Time Value of Money  

    Return  

    Time Considerations  

    Initial Investment Considerations  

    Rate of Return  

    Expected Rate of Return  

    Risk  

    Attitudes toward Risk  

    Types of Risk  

    Risk/Return Relationship  

    Risk Premiums  

    Risk/Return and Investors’ Money  

    Time Value of Money  

    Simple and Compound Interest  

    Future Value of the Amount of $1  

    Present Value of the Amount of $1  

    Annuities  

    Future Value of an Annuity  

    Present Value of an Annuity  

    How to know which tools to use

    Step 1. Determine Whether the Problem Is an Annuity  

    Step 2. Determine Whether the Problem Is Present or Future Value  

    Step 3. Identify the Missing Element  

    Step 4. Solve for the Missing Element  

    More Time Value of Money Problems  

    Summary  

    Key Terms  

    Appendix: Time Value of Money Tables  

    Part Five Planning: Capital Resource Process Activities  

    Chapter 12 Planning Investments: Capital Budgeting  

    The Capital Budgeting Process  

    Identifying Long-Term Investment Opportunities  

    Tie to Business Organization and Strategy Process  

    Selecting Appropriate Investments  

    Net Present Value Analysis  

    Assumptions of NPV  

    Source of Cash Flows  

    Uneven Cash Flows  

    Income Taxes  

    Tax Shield  

    Gains and Losses on Disposal of Assets  

    Comprehensive Example

    Payback Method  

    Other Issues  

    Human Judgment  

    Uncertainty  

    Qualitative/Ethical Factors  

    Capital Expenditures and Budgeting  

    Summary  

    Key Terms  

    Chapter 13 Planning Equity Financing  

    Tie to Business Organization and Strategy Process  

    Debt versus Equity Financing  

    Risk of Debt Financing  

    Debt-to-Equity Ratio  

    Times Interest Earned Ratio  

    Reward of Debt Financing  

    Return on Owners’ Equity Ratio  

    Reward of Equity Financing  

    Risk of Equity Financing  

    Equity Financing  

    Sole Proprietorships and Partnerships  

    Corporations  

    Planning for Partnership Equity  

    Partnership Income Allocations  

    Other Changes in Capital  

    Planning Corporate Equity  

    Common Stock  

    Preferred Stock  

    Return on Common Equity  

    Stock Shares  

    Stock Values  

    Dividends  

    Dividend Dates  

    Stock Splits  

    Corporate Equity Planning and Budgeting  

    Summary  

    Key Terms  

    Chapter 14 Planning Debt Financing  

    Debt Financing  

    Long-Term Debt Instruments  

    Periodic Payment (Installment) Note  

    Lump-Sum Payment (Noninterest-Bearing) Note  

    Periodic Payment and Lump-Sum Note  

    Comparison of the Three Types of Notes  

    Sources of Debt Financing  

    Nonpublic Funding  

    Collateral  

    Leases  

    Public Funding: Bonds  

    Comprehensive Example: Chapters 12 through 14  

    Summary  

    Key Terms  

    Part Six Recording and Evaluating Capital Resource Processes  

    Chapter 15 Recording and Evaluating Capital Resource Process Activities: Financing  

    Review of Transaction-Based Accounting Systems  

    Equity Financing Activities  

    Contributions by Owners (Shareholders)  

    Corporate Earnings  

    Corporate Distributions  

    Financial Statements and Owners’ Equity Activities  

    Debt Financing Activities  

    Installment Notes Payable  

    Noninterest-Bearing Notes Payable  

    Bonds Payable: Market Rate Greater Than the Face Rate  

    Bonds Payable: Market Rate Less Than the Face Rate  

    Bonds Payable: Market Rate Equal to the Face Rate 

    Accounting for Leases

    Financial Statements and Financing Activities  

    Internal Evaluation of Financing Activities  

    Summary  

    Key Terms  

    Chapter 16 Recording and Evaluating Capital Resource Process Activities: Investing  

    Plant Assets  

    Acquisition of PPE  

    Use of PPE  

    Depreciation  

    Other PPE Usage Issues  

    Disposal of PPE  

    Discard PPE  

    Sell PPE  

    Exchange PPE  

    Exchanges When No Gains and Losses Are Recorded  

    Natural Resources  

    Intangible Assets  

    Nonoperational Investments 

    Internal Evaluation of Investment Activities  

    Summary  

    Key Terms  

    Part Seven Evaluating: Operating and Capital Resource Processes  

    Chapter 17 Company Performance: Profitability  

    Purpose of the Income Statement  

    GAAP and Comprehensive Income  

    What Are Earnings?  

    Earnings per Share  

    Calculating Earnings per Share  

    Calculating Diluted Earnings per Share  

    Other Earnings per Share Disclosures  

    Other Required Income Statement Disclosures  

    Reporting Issues Concerning the Income Statement  

    Historical Cost and Conservatism  

    Cost Allocations  

    Full-Absorption Costing  

    Internal Profitability Reporting  

    Variable and Throughput Costing Methods  

    Product Line (Divisional) Income Reports  

    Return on Investment for the Division  

    Du Pont Method of Return on Investment  

    Summary  

    Key Terms  

    Chapter 18 Company Performance: Owners’ Equity and Financial Position  

    Statement of Comprehensive Income

    Statement of Shareholders’ Equity  

    Retained Earnings  

    Other Disclosures  

    Statement of Financial Position (Balance Sheet)  

    What Is Financial Position?  

    Why is the Distinction between Current and Noncurrent Items Important?  

    Balance Sheet Classifications  

    Assets  

    Liabilities and Shareholders’ (Owners’) Equity  

    Internal Financial Position Reporting  

    Summary  

    Key Terms  

    Chapter 19 Company Performance: Cash Flows  

    GAAP and the Statement of Cash Flows  

    Purpose of the Statement of Cash Flows  

    Sections of the Statement of Cash Flows  

    Operating Activities: Cash Flows  

    Brief Comparison of the Direct and Indirect Methods  

    Calculation of Operating Cash Flows: Direct Method  

    Calculation of Operating Cash Flows: Indirect Method  

    Comparison of Direct and Indirect Methods  

    Apple’s Operating Cash Flows  

    Investing Activities: Cash Flows  

    Calculating Investing Cash Flows  

    Investing Cash Flows of Apple  

    Financing Activities: Cash Flows  

    Calculating Financing Cash Flows  

    Financing Cash Flows of Apple  

    Net Change in Cash  

    Other Investing and Financing Activities  

    Internal Evaluation of Cash Flows  

    Summary  

    Key Terms  

    Chapter 20 Company Performance: Comprehensive Evaluation  

    External Stakeholders  

    Creditors and Investors  

    Society  

    Trading in Capital Markets  

    Information in Capital Markets  

    Issues to Consider  

    Role of Independent Auditor  

    Annual Report Analysis  

    Studying the Financial Statements  

    Industry Analysis  

    Statement Analyses  

    Vertical Analysis  

    Horizontal Analysis  

    Ratio Analysis  

    Other Information  

    Management’s Letter to Shareholders  

    Segment and Quarterly Data  

    Auditor’s Report  

    Summary  

    Key Terms  

    Appendix Apple’s 2017 Financial Statements and Accompanying Notes  

    Index  

  • Penne Ainsworth, Ph.D., CPA, CMA (inactive), and CIA (inactive),is Emeritus Professor, University of Wyoming. She received her Ph.D. from the University of Nebraska and is the former Chairperson and emeritus professor in the Department of Accounting and Finance. She was also the Associate Dean for the College of Business at the University of Wyoming. She received the AICPA Distinguished Achievement in Accounting Education Award in 2016. Her research focused on managerial accounting, accounting education, and assessment. She has been published in-Issues in Accounting Education and other journals. She was President of the Wyoming Society of CPAs in 2015-2016.

    Dan Deines is Retired Professor, Kansas State University.  He received his undergraduate degree in history from Fort Hays State University, a master's in business from Emporia State University, and his Ph.D. in accounting from the University of Nebraska. He had been at Kansas State University since 1982 and was the Ralph Crouch, KPMG Professor of Accounting. He was president of the Kansas Society of CPAs for 2003–2004; and was designated an Academic Pathfinder by the AICPA and in May 2007 received the AICPA's Distinguished Achievement in Accounting Education Award. In 2014, he received the AICPA's Special Recognition Award and in 2017 Emporia State University presented him with their Distinguished Alumni Award.

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