Principles of Accounting 11th edition by Crosson ISBN 1118131229 978-1118131229

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Product details:

ISBN 10: 1118131229
ISBN 13: 978-1118131229
Author: Crosson

Description Principles of Accounting continues to lead the market with balanced, flexible content supported by an array of integrated print and technology supplements. Designed for both majors and non-majors, the new edition focuses on the relevance of accounting in business with an emphasis on decision-making and analysis. Whether an instructor wants to present a user or procedural orientation, incorporate new instructional strategies, develop students’ core competencies, or integrate the latest technology into the classroom, the 2005e Edition provides a total solution.

Principles of Accounting 11th Table of contents:

• Introduction to Accounting and Business

  • The role of accounting in business.
  • Basic accounting concepts and the structure of the accounting profession.

• Recording Business Transactions

  • Introduction to double-entry accounting.
  • The accounting equation and journal entries.
  • The general ledger and trial balance.

• The Adjusting Process

  • The need for adjusting entries in accrual accounting.
  • Types of adjustments: deferrals and accruals.
  • Preparing adjusted trial balances and adjusting journal entries.

• Completing the Accounting Cycle

  • Preparing financial statements from trial balances.
  • The closing process.
  • Post-closing trial balance.

• Accounting for Merchandising Operations

  • The difference between service and merchandising companies.
  • The income statement for merchandising companies.
  • Cost of goods sold and inventory accounting.

• Accounting for Inventories

  • Inventory systems: perpetual and periodic.
  • Inventory valuation methods: FIFO, LIFO, and weighted average.
  • Lower of cost or market rule.

• Internal Control and Cash

  • The importance of internal controls in accounting.
  • Cash management and reconciling bank statements.
  • Fraud prevention and auditing.

• Accounting for Receivables

  • Accounts receivable and the allowance method.
  • Bad debt expense and uncollectible accounts.
  • Notes receivable and interest recognition.

• Accounting for Fixed Assets and Intangible Assets

  • Depreciation methods: straight-line and accelerated.
  • Disposal of fixed assets and amortization of intangibles.
  • Impairments and asset write-downs.

• Current Liabilities and Payroll Accounting

  • Types of current liabilities: accounts payable, short-term notes.
  • Payroll accounting and employee benefits.
  • Accounting for taxes and other payroll-related expenses.

• Accounting for Long-Term Liabilities

  • Bonds payable and the bond issuance process.
  • Accounting for long-term notes payable.
  • The amortization of bond discounts and premiums.

• Stockholders’ Equity

  • Common and preferred stock.
  • Dividends and stock splits.
  • Statement of changes in stockholders’ equity.

• Statement of Cash Flows

  • The purpose of the cash flow statement.
  • Operating, investing, and financing activities.
  • Preparing the statement of cash flows using the indirect method.

• Financial Statement Analysis

  • Key financial ratios and their interpretation.
  • Liquidity, profitability, and solvency ratios.
  • Horizontal and vertical analysis.

• Managerial Accounting: Cost Concepts

  • The role of managerial accounting in decision-making.
  • Cost classifications: fixed, variable, and mixed costs.
  • Contribution margin and break-even analysis.

• Cost-Volume-Profit Analysis

  • Analyzing the relationship between cost, volume, and profit.
  • Break-even point, target profit, and margin of safety.
  • Sensitivity analysis and decision-making tools.

• Job Order Costing

  • The process of job order costing and its applications.
  • Recording direct materials, labor, and overhead.
  • Allocation of manufacturing overhead.

• Process Costing

  • The process costing system and its components.
  • Job costing versus process costing.
  • Flow of costs and the cost of goods manufactured.

• Activity-Based Costing

  • Introduction to activity-based costing (ABC).
  • Identifying and assigning costs to activities.
  • Benefits and limitations of ABC in decision-making.

• Budgeting

  • The role of budgeting in management planning.
  • Types of budgets: operating, cash, and capital budgets.
  • Variance analysis and performance evaluation.

• Standard Costs and Variance Analysis

  • Setting standard costs for direct materials, labor, and overhead.
  • Calculating and analyzing variances.
  • Using variance analysis for cost control.

• Flexible Budgets and Overhead Analysis

  • The flexible budget and its uses in performance evaluation.
  • Variable and fixed overhead analysis.
  • Identifying variances and interpreting results.

• Segment Reporting and Decentralized Operations

  • The role of segment reporting in managerial decision-making.
  • Decentralization and responsibility accounting.
  • Evaluating performance of divisions or departments.

• Capital Budgeting Decisions

  • The process of evaluating long-term investment opportunities.
  • Techniques for capital budgeting: NPV, IRR, payback period.
  • Risk analysis and decision-making.

• Statement of Shareholders’ Equity

  • Understanding the components of the statement of shareholders’ equity.
  • How to prepare and analyze equity transactions.
  • Effects of stock issuance, dividends, and other equity transactions.

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