Financial and Managerial Accounting 9th Edition by John Wild, Ken Shaw, Barbara Chiappetta 1260728773 9781260728774

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ISBN 10: 1260728773

ISBN 13: 9781260728774

Author: John Wild, Ken Shaw, Barbara Chiappetta

The Wild Financial and Managerial Accounting text has quickly become the market leading text that provide a corporate perspective with balanced coverage in this growing course area. With its step-by-step approach and the author?s accessible writing style, Financial and Managerial Accounting streamlines complex accounting processes and helps students build confidence by mastering key concepts and procedures. With content that is presented in organized learning blocks ending with a need-to-know examples, the text makes it easy for students to find the most relevant content needed to solve problems. Chapter opening vignettes use dynamic, well-known entrepreneurs to appeal to all students and show the relevance of accounting. Students are encouraged to think like a businessperson and apply what they learn. A wide variety of assignments provide instructors with flexibility to teach, assess, and challenge students on several levels. Join your colleagues and the millions of students that have used this best-selling learning system to advance their education and careers.

Financial and Managerial Accounting 9th Table of contents:

1 Accounting in Business

Importance of Accounting

Users of Accounting Information

Opportunities in Accounting

Fundamentals of Accounting

Ethics—A Key Concept

Generally Accepted Accounting Principles

Conceptual Framework

Business Transactions and Accounting

Accounting Equation

Transaction Analysis

Summary of Transactions

Financial Statements

Income Statement

Statement of Retained Earnings

Balance Sheet

Statement of Cash Flows

Decision Analysis—Return on Assets

2 Accounting for Business Transactions

Basis of Financial Statements

Source Documents

“Account” Underlying Financial Statements

Ledger and Chart of Accounts

Double-Entry Accounting

Debits and Credits

Double-Entry System

Analyzing and Processing Transactions

Journalizing and Posting Transactions

Processing Transactions—An Example

Summarizing Transactions in a Ledger

Trial Balance and Financial Statements

Preparing a Trial Balance

Financial Statements Prepared from Trial Balance

Decision Analysis—Debt Ratio

3 Adjusting Accounts for Financial Statements

Timing and Reporting

The Accounting Period

Accrual Basis versus Cash Basis

Recognizing Revenues and Expenses

Framework for Adjustments

Deferral of Expense

Prepaid Insurance

Supplies

Other Prepaid Expenses

Depreciation

Deferral of Revenue

Unearned Consulting Revenue

Accrued Expense

Accrued Salaries Expense

Accrued Interest Expense

Future Cash Payment of Accrued Expenses

Accrued Revenue

Accrued Services Revenue

Accrued Interest Revenue

Future Cash Receipt of Accrued Revenues

Links to Financial Statements

Trial Balance and Financial Statements

Adjusted Trial Balance

Preparing Financial Statements

Closing Process

Temporary and Permanent Accounts

Recording Closing Entries

Post-Closing Trial Balance

Accounting Cycle

Classified Balance Sheet

Classification Structure

Classification Categories

Decision Analysis—Profit Margin and Current Ratio

Appendix 3A Alternative Accounting for Prepayments

Appendix 3B Work Sheet as a Tool

Appendix 3C Reversing Entries

4 Accounting for Merchandising Operations

Merchandising Activities

Reporting Income for a Merchandiser

Reporting Inventory for a Merchandiser

Operating Cycle for a Merchandiser

Inventory Systems

Merchandise Purchases

Purchases without Cash Discounts

Purchases with Cash Discounts

Purchases with Returns and Allowances

Purchases and Transportation Costs

Merchandise Sales

Sales without Cash Discounts

Sales with Cash Discounts

Sales with Returns and Allowances

Adjusting and Closing for Merchandisers

Adjusting Entries for Merchandisers

Closing Entries for Merchandisers

Summary of Merchandising Entries

More on Financial Statement Formats

Multiple-Step Income Statement

Single-Step Income Statement

Classified Balance Sheet

Decision Analysis—Acid-Test and Gross Margin Ratios

Appendix 4A Periodic Inventory System

Appendix 4B Adjusting Entries under New Revenue Recognition Rules

Appendix 4C Net Method for Merchandising

5 Inventories and Cost of Sales

Inventory Basics

Determining Inventory Items

Determining Inventory Costs

Internal Controls and Taking a Physical Count

Inventory Costing under a Perpetual System

Inventory Cost Flow Methods

Inventory Costing Illustration

Specific Identification

First-In, First-Out

Last-In, First-Out

Weighted Average

Financial Statement Effects of Costing Methods

Tax Effects of Costing Methods

Valuing Inventory at LCM and analyzing Inventory Errors

Lower of Cost or Market

Financial Statement Effects of Inventory Errors

Decision Analysis—Inventory Turnover and Days’ Sales in Inventory

Appendix 5A Inventory Costing under a Periodic System

Appendix 5B Inventory Estimation Methods

6 Cash, Fraud, and Internal Control

Fraud and Internal Control

Purpose of Internal Control

Principles of Internal Control

Technology, Fraud, and Internal Control

Blockchain as a Control

Limitations of Internal Control

Control of Cash

Cash, Cash Equivalents, and Liquidity

Cash Management

Control of Cash Receipts

Control of Cash Payments

Banking Activities as Controls

Basic Bank Services

Bank Statement

Bank Reconciliation

Decision Analysis—Days’ Sales Uncollected

Appendix 6A Documentation and Verification

7 Accounting for Receivables

Valuing Accounts Receivable

Direct Write-Off Method

Allowance Method

Estimating Bad Debts for Allowance Method

Percent of Sales Method

Percent of Receivables Method

Aging of Receivables Method

Notes Receivable

Computing Maturity and Interest

Recording Notes Receivable

Valuing and Settling Notes

Disposal of Receivables

Decision Analysis—Accounts Receivable Turnover

8 Accounting for Long-Term Assets

Cost Determination

Machinery and Equipment

Buildings

Land Improvements

Land

Lump-Sum Purchase

Depreciation

Factors in Computing Depreciation

Depreciation Methods

Partial-Year Depreciation

Change in Estimates

Additional Expenditures

Ordinary Repairs

Betterments and Extraordinary Repairs

Disposals of Plant Assets

Discarding Plant Assets

Selling Plant Assets

Cost Determination and Depletion

Plant Assets Tied into Extracting

Cost Determination and Amortization

Types of Intangibles

Decision Analysis—Total Asset Turnover

Appendix 8A Exchanging Plant Assets

9 Accounting for Current Liabilities

Known Liabilities

Characteristics of Liabilities

Examples of Known Liabilities

Accounts Payable

Sales Taxes Payable

Unearned Revenues

Short-Term Notes Payable

Payroll Liabilities

Employee Payroll and Deductions

Employer Payroll Taxes

Employee and Employer Payroll Taxes Summary

Internal Control of Payroll

Multi-Period Known Liabilities

Estimated Liabilities

Health and Pension Benefits

Vacation Benefits

Bonus Plans

Warranty Liabilities

Multi-Period Estimated Liabilities

Contingent Liabilities

Accounting for Contingent Liabilities

Applying Rules of Contingent Liabilities

Uncertainties That Are Not Contingencies

Decision Analysis—Times Interest Earned Ratio

Appendix 9A Payroll Reports, Records, and Procedures

Appendix 9B Corporate Income Taxes

10 Accounting for Long-Term Liabilities

Basics of Bonds

Bond Financing

Bond Issuing

Bond Trading

Par Bonds

Discount Bonds

Bond Discount or Premium

Issuing Bonds at a Discount

Premium Bonds

Issuing Bonds at a Premium

Bond Retirement

Long-Term Notes Payable

Installment Notes

Mortgages

Decision Analysis—Debt Features and the Debt-to-Equity Ratio

Appendix 10A Bond Pricing 401

Appendix 10B Effective Interest Amortization

Appendix 10C Leases and Pensions

11 Corporate Reporting and Analysis

Corporate Form of Organization

Corporate Advantages

Corporate Disadvantages

Corporate Organization and Management

Corporate Stockholders

Corporate Stock

Common Stock

Issuing Par Value Stock

Issuing No-Par Value Stock

Issuing Stated Value Stock

Issuing Stock for Noncash Assets

Dividends

Cash Dividends

Stock Dividends

Stock Splits

Financial Statement Effects of Dividends and Splits

Preferred Stock

Issuance of Preferred Stock

Dividend Preference of Preferred Stock

Reasons for Issuing Preferred Stock

Treasury Stock

Purchasing Treasury Stock

Reissuing Treasury Stock

Reporting of Equity

Statement of Retained Earnings

Statement of Stockholders’ Equity

Decision Analysis—Earnings per Share, Price-Earnings Ratio, and Dividend Yield

12 Reporting Cash Flows

Basics of Cash Flow Reporting

Purpose of the Statement of Cash Flows

Importance of Cash Flows

Measurement of Cash Flows

Classification of Cash Flows

Noncash Investing and Financing

Format of the Statement of Cash Flows

Preparing the Statement of Cash Flows

Cash Flows from Operating

Indirect and Direct Methods of Reporting

Applying the Indirect Method

Summary of Adjustments for Indirect Method

Cash Flows from Investing

Three-Step Analysis

Analyzing Noncurrent Assets

Cash Flows from Financing

Three-Step Analysis

Analyzing Noncurrent Liabilities

Analyzing Equity

Proving Cash Balances

Summary Using T-Accounts

Decision Analysis—Cash Flow Analysis

Appendix 12A Spreadsheet Preparation of the Statement of Cash Flows

Appendix 12B Direct Method of Reporting Operating Cash Flows

13 Analysis of Financial Statements

Basics of Analysis

Purpose of Analysis

Building Blocks of Analysis

Information for Analysis

Standards for Comparisons

Tools of Analysis

Horizontal Analysis

Comparative Statements

Trend Analysis

Vertical Analysis

Common-Size Statements

Data Visualizations

Ratio Analysis

Liquidity and Efficiency

Solvency

Profitability

Market Prospects

Summary of Ratios

Decision Analysis—Analysis Reporting

Appendix 13A Sustainable Income

14 Managerial Accounting Concepts and Principles

Managerial Accounting Basics

Purpose of Managerial Accounting

Nature of Managerial Accounting

Fraud and Ethics in Managerial Accounting

Career Paths

Cost Concepts

Direct versus Indirect

Manufacturing Costs

Prime and Conversion Costs

Product versus Period Costs

Cost Concepts for Service Companies

Reporting

Reporting Inventory on the Balance Sheet

Reporting Cost of Goods Sold on the Income Statement

Cost Flows and Cost of Goods Manufactured

Flow of Manufacturing Activities

Schedule of Cost of Goods Manufactured

Trends in Managerial Accounting

Decision Analysis—Raw Materials Inventory Turnover and Days’ Sales in Raw Materials Inventory

15 Job Order Costing

Job Order Costing

Job Order Production

Job Order vs. Process Operations

Production Activities in Job Order Costing

Cost Flows

Job Cost Sheet

Materials and labor Costs

Materials Cost Flows and Documents

Labor Cost Flows and Documents

Overhead Costs

Set Predetermined Overhead Rate

Apply Estimated Overhead to Jobs

Record Actual Overhead

Cost Flows to Financial Statements

Using Job Cost Sheets for Managerial Decisions

Schedule of Cost of Goods Manufactured

Financial Statements

Closing Overhead

Factory Overhead Account

Close Underapplied or Overapplied Overhead

Job Order Costing of Services

Decision Analysis—Pricing for Services

16 Process Costing and Analysis

Process Operations

Organization of Process Operations

Comparing Process and Job Order Costing Systems

Process Costing Demonstration

Step 1: Determine Physical Flow of Units

Step 2: Compute Equivalent Units of Production

Step 3: Compute Cost per Equivalent Unit

Step 4: Assign and Reconcile Costs

Production Cost Report

Accounting for Process Costing

Accounting for Production Costs

Accounting for Transfers

Trends in Process Operations

Decision Analysis—Hybrid Costing System

Appendix 16A FIFO Method of Process Costing

17 Activity-Based Costing and Analysis

Overhead Cost Allocation Methods

Plantwide Overhead Rate Method

Applying Plantwide Overhead Rate Method

Departmental Overhead Rate Method

Activity-Based Costing

Applying Activity-Based Costing

Activity Levels and Cost Management

Assessing Activity-Based Costing

ABC for Service Providers

Activities for Service Providers

Applying Activity-Based Costing to a Service Provider

Decision Analysis—Customer Profitability

18 Cost Behavior and Cost-Volume-Profit Analysis

Identifying Cost Behavior

Fixed Costs

Variable Costs

Graphing Fixed and Variable Costs

Mixed Costs

Step-wise Costs

Measuring Cost Behavior

Scatter Diagram

High-Low Method

Regression

Comparing Cost Estimation Methods

Contribution Margin and Break-Even Analysis

Contribution Margin

Break-Even Point

Changes in Estimates

Applying Cost-Volume-Profit Analysis

Margin of Safety

Computing Income from Expected Sales and Costs

Computing Sales for a Target Income

Evaluating Business Strategies

Sales Mix and Break-Even

Assumptions in Cost-Volume-Profit Analysis

Decision Analysis—Degree of Operating Leverage

Appendix 18A Using Excel for Cost Estimation

Appendix 18B Variable Costing and Performance Reporting

19 Variable Costing and Analysis

Introducing Variable Costing and Absorption Costing

Computing Unit Product Cost

Income Reporting

Units Produced Equal Units Sold

Units Produced Exceed Units Sold

Units Produced Are Less Than Units Sold

Summarizing Income Reporting

Production and Pricing

Planning Production

Setting Target Price

Analyzing Special Orders

Variable Costing for Services

Decision Analysis—Contribution Margin Ratio

Appendix 19A Converting Income from Variable Costing to Absorption Costing

20 Master Budgets and Planning

Budget Process and Administration

Budgeting Process

Benefits of Budgeting

Budgeting and Human Behavior

Budget Reporting and Timing

Operating Budgets

Master Budget Components

Sales Budget

Production Budget

Direct Materials Budget

Direct Labor Budget

Factory Overhead Budget

Budgeted Cost of Goods Sold

Selling Expense Budget

General and Administrative Expense Budget

Investing and Financing Budgets

Capital Expenditures Budget (Investing Budget)

Cash Budget (Financing Budget)

Budgeted Financial Statements

Budgeted Income Statement

Budgeted Balance Sheet

Decision Analysis—Direct Labor Budget and Revenue per Employee

Appendix 20A Merchandise Purchases Budget

21 Flexible Budgets and Standard Costs

Fixed and Flexible Budgets

Fixed Budget Performance Report

Flexible Budget Reports

Standard Costing

Standard Costs

Setting Standard Costs

Cost Variance Analysis

Direct Materials and Direct Labor Variances

Direct Materials Variances

Direct Labor Variances

Overhead Standards and Variances

Flexible Overhead Budgets

Standard Overhead Rate

Computing Overhead Variances

Overhead Variance Report

Decision Analysis—Sales Variances

Appendix 21A Expanded Overhead Variances and Standard Cost Accounting System

22 Performance Measurement and Responsibility Accounting

Responsibility Accounting

Performance Evaluation

Controllable versus Uncontrollable Costs

Responsibility Accounting for Cost Centers

Profit Centers

Expenses

Expense Allocations

Departmental Income Statements

Departmental Contribution to Overhead

Investment Centers

Return on Investment and Residual Income

Profit Margin and Investment Turnover

Balanced Scorecard and Transfer Pricing

Balanced Scorecard

Transfer Pricing

Decision Analysis—Cash Conversion Cycle

Appendix 22A Joint Costs and Their Allocation

23 Relevant Costs for Managerial Decisions

Decisions and Information

Decision Making

Relevant Costs and Benefits

Production Decisions

Make or Buy

Sell or Process

Scrap or Rework

Sales Mix When Resources Constrained

Capacity Decisions

Segment Elimination

Keep or Replace

Pricing Decisions

Normal Pricing 910

Special Pricing

Decision Analysis—Time and Materials Pricing

24 Capital Budgeting and Investment Analysis

Payback Period

Payback Period with Equal Cash Flows

Payback Period with Unequal Cash Flows

Accounting Rate of Return

Net Present Value (NPV)

Internal Rate of Return (IRR)

Comparing Capital Budgeting Methods

Decision Analysis—Break-Even Time (BET)

Appendix 24A Using Excel to Compute Internal Rate of Return

Glossary

Appendix 4D

Appendix A Financial Statement Information A

Apple A-1

Google A-9

Samsung A-13

Appendix B Time Value of Money B-1

Appendix C Investments C-1

Appendix D Lean Principles and Accounting D-1

Index IND

Chart of Accounts CA-1

Brief Review Managerial Analyses and Reports BR-1

Financial Reports and Tables BR-2

Selected Transactions and Relations BR-3

Fundamentals and Analyses BR-4

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