Accounting 27th Edition by Carl Warren, ISBN-13: 978-1337272094

Description

Accounting 27th Edition by Carl Warren, ISBN-13: 978-1337272094

[PDF eBook eTextbook]

1440 pages

Publisher: Cengage Learning; 27 edition (January 25, 2017)

Language: English

ISBN-10: 1337272094

ISBN-13: 978-1337272094

Activation code NOT included.

Gain a solid foundation in accounting to ensure you are prepared for future business courses and the real world with Warren/Reeve/Duchac’s market-leading ACCOUNTING, 27E and CengageNOWv2. This edition helps you connect concepts to the bigger picture with features such as the new chapter opening schema that allows you to see how each chapter’s specific content fits within the overall framework of the book. A focus on why accounting is important to business and a prosperous society is reinforced throughout with Why It Matters Concept Clip animations in CengageNOWv2 and a new CengageNOWv2 Journal Entry Tool that illustrates the impact of transactions on the accounting equation. In addition, the Warren/Reeve/Duchac hallmark accounting cycle coverage provides unmatched foundation so you are prepared to succeed in later chapters.

Table of contents:

Cover……Page 1

Brief Contents……Page 5

The Warren Vision……Page 6

Features……Page 7

Instructor Resources……Page 17

Student Resources……Page 18

Acknowledgments……Page 19

About the Authors……Page 22

Contents……Page 23

Chapter 1: Introduction to Accounting and Business……Page 33

Nature of Business and Accounting……Page 36

Generally Accepted Accounting Principles……Page 41

The Accounting Equation……Page 44

Business Transactions and the Accounting Equation……Page 45

Financial Statements……Page 50

Financial Analysis and Interpretation: Ratio of Liabilities to Owner’s Equity……Page 57

At a Glance 1……Page 59

Illustrative Problem……Page 61

Key Terms……Page 63

Practice Exercises……Page 64

Exercises……Page 68

Problems: Series A……Page 75

Problems: Series B……Page 79

Continuing Problem……Page 83

Cases & Projects……Page 84

Chapter 2: Analyzing Transactions……Page 87

Using Accounts to Record Transactions……Page 90

Double-Entry Accounting System……Page 93

Journalizing and Posting to Accounts……Page 99

Trial Balance……Page 108

Financial Analysis and Interpretation: Horizontal Analysis……Page 111

At a Glance 2……Page 113

Illustrative Problem……Page 115

Discussion Questions……Page 118

Practice Exercises……Page 119

Exercises……Page 121

Problems: Series A……Page 128

Problems: Series B……Page 132

Continuing Problem……Page 136

Cases & Projects……Page 137

Chapter 3: The Adjusting Process……Page 141

Nature of the Adjusting Process……Page 144

Adjusting Entries for Accruals……Page 147

Adjusting Entries for Deferrals……Page 151

Adjusting Entries for Depreciation……Page 155

Summary of Adjusting Process……Page 157

Adjusted Trial Balance……Page 161

Financial Analysis and Interpretation: Vertical Analysis……Page 162

At a Glance 3……Page 165

Illustrative Problem……Page 167

Practice Exercises……Page 169

Exercises……Page 172

Problems: Series A……Page 179

Problems: Series B……Page 183

Continuing Problem……Page 187

Cases & Projects……Page 188

Chapter 4: Completing the Accounting Cycle……Page 191

Flow of Accounting Information……Page 194

Financial Statements……Page 196

Closing Entries……Page 200

Accounting Cycle……Page 205

Illustration of the Accounting Cycle……Page 208

Fiscal Year……Page 218

Financial Analysis and Interpretation: Working Capital and Current Ratio……Page 219

Appendix 1: End-of-Period Spreadsheet……Page 220

Appendix 2: Reversing Entries……Page 227

At a Glance 4……Page 229

Illustrative Problem……Page 232

Discussion Questions……Page 234

Practice Exercises……Page 235

Exercises……Page 237

Problems: Series A……Page 246

Problems: Series B……Page 251

Continuing Problem……Page 256

Comprehensive Problem 1……Page 257

Cases & Projects……Page 258

Chapter 5: Accounting Systems……Page 261

Basic Accounting Systems……Page 263

Manual Accounting Systems……Page 264

Computerized Accounting Systems……Page 278

E-Commerce……Page 280

Financial Analysis and Interpretation: Segment Analysis……Page 281

At a Glance 5……Page 283

Illustrative Problem……Page 284

Discussion Questions……Page 286

Practice Exercises……Page 287

Exercises……Page 289

Problems: Series A……Page 300

Problems: Series B……Page 304

Cases & Projects……Page 309

Chapter 6: Accounting for Merchandising Businesses……Page 311

Nature of Merchandising Businesses……Page 313

Merchandising Transactions……Page 315

The Adjusting Process……Page 331

Financial Statements for a Merchandising Business……Page 334

Financial Analysis and Interpretation: Asset Turnover……Page 338

Appendix: The Periodic Inventory System……Page 340

At a Glance 6……Page 345

Illustrative Problem……Page 347

Discussion Questions……Page 349

Practice Exercises……Page 350

Exercises……Page 353

Problems: Series A……Page 361

Problems: Series B……Page 365

Comprehensive Problem 2……Page 369

Cases & Projects……Page 371

Chapter 7: Inventories……Page 375

Control of Inventory……Page 377

Inventory Cost Flow Assumptions……Page 378

Inventory Costing Methods under a Perpetual Inventory System……Page 381

Inventory Costing Methods under a Periodic Inventory System……Page 386

Comparing Inventory Costing Methods……Page 389

Reporting Merchandise Inventory in the Financial Statements……Page 390

Financial Analysis and Interpretation: Inventory Turnover and Days’ Sales in Inventory……Page 396

Appendix: Estimating Inventory Cost……Page 399

At a Glance 7……Page 401

Illustrative Problem……Page 403

Discussion Questions……Page 405

Practice Exercises……Page 406

Exercises……Page 409

Problems: Series A……Page 415

Problems: Series B……Page 419

Cases & Projects……Page 422

Chapter 8: Internal Control and Cash……Page 425

Sarbanes-Oxley Act……Page 427

Internal Control……Page 429

Cash Controls over Receipts and Payments……Page 434

Bank Accounts……Page 438

Bank Reconciliation……Page 441

Special-Purpose Cash Funds……Page 444

Financial Analysis and Interpretation: Ratio of Cash to Monthly Cash Expenses……Page 446

At a Glance 8……Page 449

Illustrative Problem……Page 451

Discussion Questions……Page 452

Practice Exercises……Page 453

Exercises……Page 455

Problems: Series A……Page 461

Problems: Series B……Page 464

Cases & Projects……Page 468

Chapter 9: Receivables……Page 471

Classification of Receivables……Page 473

Uncollectible Receivables……Page 474

Direct Write-Off Method for Uncollectible Accounts……Page 475

Allowance Method for Uncollectible Accounts……Page 476

Comparing Direct Write-Off and Allowance Methods……Page 484

Notes Receivable……Page 485

Reporting Receivables on the Balance Sheet……Page 489

Financial Analysis and Interpretation: Accounts Receivable Turnover and Days’ Sales in Receivables……Page 490

At a Glance 9……Page 492

Illustrative Problem……Page 494

Discussion Questions……Page 496

Practice Exercises……Page 497

Exercises……Page 499

Problems: Series A……Page 507

Problems: Series B……Page 510

Cases & Projects……Page 513

Chapter 10: Long-Term Assets: Fixed and Intangible……Page 517

Nature of Fixed Assets……Page 519

Accounting for Depreciation……Page 523

Disposal of Fixed Assets……Page 535

Natural Resources……Page 538

Intangible Assets……Page 539

Financial Reporting for Long-Term Assets: Fixed and Intangible……Page 542

Financial Analysis and Interpretation: Fixed Asset Turnover Ratio……Page 543

Appendix: Exchanging Similar Fixed Assets……Page 545

At a Glance 10……Page 547

Key Terms……Page 550

Practice Exercises……Page 551

Exercises……Page 554

Problems: Series A……Page 560

Problems: Series B……Page 563

Cases & Projects……Page 565

Chapter 11: Current Liabilities and Payroll……Page 567

Current Liabilities……Page 569

Payroll and Payroll Taxes……Page 572

Accounting Systems for Payroll and Payroll Taxes……Page 576

Employees’ Fringe Benefits……Page 583

Contingent Liabilities……Page 586

Financial Analysis and Interpretation: Quick Ratio……Page 588

At a Glance 11……Page 591

Illustrative Problem……Page 592

Discussion Questions……Page 594

Practice Exercises……Page 595

Exercises……Page 597

Problems: Series A……Page 603

Problems: Series B……Page 606

Comprehensive Problem 3……Page 610

Cases & Projects……Page 613

Chapter 12: Accounting for Partnerships and Limited Liability Companies……Page 615

Proprietorships, Partnerships, and Limited Liability Companies……Page 617

Forming a Partnership and Dividing Income……Page 620

Partner Admission and Withdrawal……Page 624

Liquidating Partnerships……Page 630

Financial Analysis and Interpretation: Revenue per Employee……Page 637

At a Glance 12……Page 639

Illustrative Problem……Page 640

Discussion Questions……Page 642

Practice Exercises……Page 643

Exercises……Page 645

Problems: Series A……Page 651

Problems: Series B……Page 654

Cases & Projects……Page 657

Chapter 13: Corporations: Organization, Stock Transactions, and Dividends……Page 659

Nature of a Corporation……Page 661

Stockholders’ Equity……Page 664

Paid-In Capital from Stock……Page 665

Accounting for Dividends……Page 670

Stock Splits……Page 673

Treasury Stock Transactions……Page 675

Reporting Stockholders’ Equity……Page 676

Financial Analysis and Interpretation: Earnings per Share……Page 682

At a Glance 13……Page 683

Illustrative Problem……Page 686

Discussion Questions……Page 687

Practice Exercises……Page 688

Exercises……Page 690

Problems: Series A……Page 696

Problems: Series B……Page 698

Cases & Projects……Page 701

Chapter 14: Long-Term Liabilities: Bonds and Notes……Page 706

Financing Corporations……Page 708

Nature of Bonds Payable……Page 710

Accounting for Bonds Payable……Page 712

Installment Notes……Page 719

Financial Analysis and Interpretation: Times Interest Earned Ratio……Page 722

Appendix 1: Present Value Concepts and Pricing Bonds Payable……Page 724

Appendix 2: Interest Rate Method of Amortization……Page 728

At a Glance 14……Page 731

Illustrative Problem……Page 732

Discussion Questions……Page 734

Practice Exercises……Page 735

Exercises……Page 737

Problems: Series A……Page 742

Problems: Series B……Page 744

Cases & Projects……Page 747

Chapter 15: Investments and Fair Value Accounting……Page 750

Why Companies Invest……Page 752

Accounting for Debt Investments……Page 753

Accounting for Equity Investments……Page 756

Valuing and Reporting Investments……Page 761

Financial Analysis and Interpretation: Dividend Yield……Page 768

Appendix: Comprehensive Income……Page 770

At a Glance 15……Page 771

Illustrative Problem……Page 773

Key Terms……Page 776

Practice Exercises……Page 777

Exercises……Page 779

Problems: Series A……Page 786

Problems: Series B……Page 789

Comprehensive Problem 4……Page 792

Cases & Projects……Page 794

Chapter 16: Statement of Cash Flows……Page 796

Reporting Cash Flows……Page 798

Preparing the Statement of Cash Flows-The Indirect Method……Page 803

Preparing the Statement of Cash Flows-The Direct Method……Page 813

Financial Analysis and Interpretation: Free Cash Flow……Page 818

Appendix: Spreadsheet (Work Sheet) for Statement of Cash Flows-The Indirect Method……Page 820

At a Glance 16……Page 823

Illustrative Problem……Page 824

Key Terms……Page 827

Practice Exercises……Page 828

Exercises……Page 831

Problems: Series A……Page 839

Problems: Series B……Page 844

Cases & Projects……Page 850

Chapter 17: Financial Statement Analysis……Page 854

Analyzing and Interpreting Financial Statements……Page 856

Basic Analytical Methods……Page 857

Analyzing Liquidity……Page 862

Analyzing Solvency……Page 868

Analyzing Profitability……Page 871

Corporate Annual Reports……Page 880

Appendix: Unusual Items on the Income Statement……Page 881

At a Glance 17……Page 883

Illustrative Problem……Page 886

Discussion Questions……Page 889

Practice Exercises……Page 890

Exercises……Page 894

Problems: Series A……Page 902

Problems: Series B……Page 906

Cases & Projects……Page 910

Chapter 18: Introduction to Managerial Accounting……Page 914

Managerial Accounting……Page 916

Manufacturing Operations: Costs and Terminology……Page 921

Sustainability and Accounting……Page 927

Financial Statements for a Manufacturing Business……Page 929

At a Glance 18……Page 935

Illustrative Problem……Page 936

Key Terms……Page 937

Practice Exercises……Page 938

Exercises……Page 940

Problems: Series A……Page 946

Problems: Series B……Page 949

Cases & Projects……Page 952

Chapter 19: Job Order Costing……Page 955

Cost Accounting Systems Overview……Page 957

Job Order Cost Systems for Manufacturing Businesses……Page 958

Job Order Costing for Decision Making……Page 971

Job Order Cost Systems for Service Businesses……Page 972

At a Glance 19……Page 974

Illustrative Problem……Page 976

Key Terms……Page 977

Practice Exercises……Page 978

Exercises……Page 980

Problems: Series A……Page 987

Problems: Series B……Page 991

Cases & Projects……Page 995

Chapter 20: Process Cost Systems……Page 999

Process Cost Systems……Page 1001

Cost of Production Report……Page 1007

Journal Entries for a Process Cost System……Page 1016

Using the Cost of Production Report for Decision Making……Page 1020

Lean Manufacturing……Page 1022

Appendix: Average Cost Method……Page 1024

At a Glance 20……Page 1027

Illustrative Problem……Page 1028

Practice Exercises……Page 1030

Exercises……Page 1033

Problems: Series A……Page 1042

Problems: Series B……Page 1045

Cases & Projects……Page 1048

Chapter 21: Cost-Volume-Profit Analysis……Page 1051

Cost Behavior……Page 1053

Cost-Volume-Profit Relationships……Page 1059

Mathematical Approach to Cost-Volume-Profit Analysis……Page 1062

Graphic Approach to Cost-Volume-Profit Analysis……Page 1068

Special Cost-Volume-Profit Relationships……Page 1073

Appendix: Variable Costing……Page 1078

At a Glance 21……Page 1081

Illustrative Problem……Page 1082

Discussion Questions……Page 1084

Practice Exercises……Page 1085

Exercises……Page 1087

Problems: Series A……Page 1095

Problems: Series B……Page 1098

Cases & Projects……Page 1101

Chapter 22: Budgeting……Page 1105

Nature and Objectives of Budgeting……Page 1107

Budgeting Systems……Page 1109

Operating Budgets……Page 1113

Financial Budgets……Page 1123

At a Glance 22……Page 1127

Illustrative Problem……Page 1129

Key Terms……Page 1131

Practice Exercises……Page 1132

Exercises……Page 1134

Problems: Series A……Page 1141

Problems: Series B……Page 1146

Cases & Projects……Page 1151

Chapter 23: Evaluating Variances from Standard Costs……Page 1155

Standards……Page 1157

Budgetary Performance Evaluation……Page 1159

Direct Materials and Direct Labor Variances……Page 1162

Factory Overhead Variances……Page 1167

Recording and Reporting Variances from Standards……Page 1174

Nonfinancial Performance Measures……Page 1177

At a Glance 23……Page 1179

Illustrative Problem……Page 1181

Practice Exercises……Page 1183

Exercises……Page 1185

Problems: Series A……Page 1192

Problems: Series B……Page 1195

Comprehensive Problem 5……Page 1197

Cases & Projects……Page 1199

Chapter 24: Decentralized Operations……Page 1203

Centralized and Decentralized Operations……Page 1205

Responsibility Accounting for Cost Centers……Page 1207

Responsibility Accounting for Investment Centers……Page 1212

Transfer Pricing……Page 1219

At a Glance 24……Page 1225

Illustrative Problem……Page 1226

Key Terms……Page 1227

Practice Exercises……Page 1228

Exercises……Page 1230

Problems: Series A……Page 1238

Problems: Series B……Page 1241

Cases & Projects……Page 1245

Chapter 25: Differential Analysis, Product Pricing, and Activity-Based Costing……Page 1249

Differential Analysis……Page 1251

Setting Normal Product Selling Prices……Page 1262

Production Bottlenecks……Page 1266

Activity-Based Costing……Page 1268

Appendix: Total and Variable Cost Concepts to Setting Normal Price……Page 1272

At a Glance 25……Page 1277

Illustrative Problem……Page 1278

Practice Exercises……Page 1280

Exercises……Page 1283

Problems: Series A……Page 1293

Problems: Series B……Page 1297

Cases & Projects……Page 1301

Chapter 26: Capital Investment Analysis……Page 1303

Nature of Capital Investment Analysis……Page 1305

Methods Not Using Present Values……Page 1306

Methods Using Present Values……Page 1309

Additional Factors in Capital Investment Analysis……Page 1317

Capital Rationing……Page 1321

At a Glance 26……Page 1323

Illustrative Problem……Page 1324

Discussion Questions……Page 1325

Practice Exercises……Page 1326

Exercises……Page 1327

Problems: Series A……Page 1334

Problems: Series B……Page 1337

Cases & Projects……Page 1341

Mornin’ Joe……Page 1346

Financial Statements for Mornin’ Joe……Page 1347

Financial Statements for Mornin’ Joe International……Page 1350

Appendices……Page 1358

Appendix A: Interest Tables……Page 1359

Appendix B: International Financial Reporting Standards (IFRS)……Page 1364

Appendix C: Revenue Recognition……Page 1370

Appendix D: Selected Excerpts from Nike Inc., Form 10-K for the Fiscal Year Ended May 31, 2016……Page 1374

Glossary……Page 1382

Index……Page 1396

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