Accounting Principles Weygandt 11th Edition Test Bank

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Product details:

• ISBN-10 ‏ : ‎ 111856667X
• ISBN-13 ‏ : ‎ 978-1118566671
• Author: Jerry J. Weygandt (Author), Paul D. Kimmel (Author), Donald E. Kieso (Author)

Accounting Principles 11^th edition, by Weygandt, Kimmel, and Kieso provides a clear introduction to financial accounting that is full of real world examples that are relevant to students’ lives.  The Team for Success authors understand where students struggle in this course and have developed a learning system that illustrates the accounting cycle and key transactions, while giving them the tools to apply their learning through sample exercises throughout the chapter.  By expanding coverage of IFRS, this edition keeps students at the forefront of global issues that impact their future careers in business and accounting.

Table of contents:

Chapter 1 Accounting in Action 2

Feature Story: Knowing the Numbers 2

What Is Accounting? 4

Three Activities 4

Who Uses Accounting Data? 5

The Building Blocks of Accounting 7

Ethics in Financial Reporting 7

Generally Accepted Accounting Principles 8

Measurement Principles 9

Assumptions 10

The Basic Accounting Equation 12

Assets 13

Liabilities 13

Owner’s Equity 13

Using the Accounting Equation 15

Transaction Analysis 15

Summary of Transactions 20

Financial Statements 21

Income Statement 23

Owner’s Equity Statement 23

Balance Sheet 24

Statement of Cash Flows 24

APPENDIX 1A Accounting Career Opportunities 29

Public Accounting 29

Private Accounting 30

Governmental Accounting 30

Forensic Accounting 30

“Show Me the Money” 30

A Look at IFRS 48

Chapter 2 The Recording Process 52

Feature Story: Accidents Happen 52

The Account 54

Debits and Credits 54

Summary of Debit/Credit Rules 58

Steps in the Recording Process 58

The Journal 59

The Ledger 62

The Recording Process Illustrated 65

Summary Illustration of Journalizing and Posting 71

The Trial Balance 72

Limitations of a Trial Balance 73

Locating Errors 74

Use of Dollar Signs 74

A Look at IFRS 96

Chapter 3 Adjusting the Accounts 98

Feature Story: Keeping Track of Groupons 98

Timing Issues 100

Fiscal and Calendar Years 100

Accrual- vs. Cash-Basis Accounting 100

Recognizing Revenues and Expenses 100

The Basics of Adjusting Entries 102

Types of Adjusting Entries 103

Adjusting Entries for Deferrals 104

Adjusting Entries for Accruals 110

Summary of Basic Relationships 116

The Adjusted Trial Balance and Financial Statements 119

Preparing the Adjusted Trial Balance 119

Preparing Financial Statements 119

APPENDIX 3A Alternative Treatment of Prepaid

Expenses and Unearned Revenues 124

Prepaid Expenses 125

Unearned Revenues 126

Summary of Additional Adjustment Relationships 127

A Look at IFRS 157

Chapter 4 Completing the Accounting Cycle 160

Feature Story: Everyone Likes to Win 160

Using a Worksheet 162

Steps in Preparing a Worksheet 163

Preparing Financial Statements from a Worksheet 165

Preparing Adjusting Entries from a Worksheet 167

Closing the Books 167

Preparing Closing Entries 168

Posting Closing Entries 170

Preparing a Post-Closing Trial Balance 172

Summary of the Accounting Cycle 174

Reversing Entries—An Optional Step 175

Correcting Entries—An Avoidable Step 176

The Classified Balance Sheet 177

Current Assets 178

Long-Term Investments 179

Property, Plant, and Equipment 180

Intangible Assets 180

Current Liabilities 182

Long-Term Liabilities 183

Owner’s Equity 183

APPENDIX 4A Reversing Entries 188

Reversing Entries Example 188

A Look at IFRS 212

Chapter 5 Accounting for Merchandising Operations 216

Feature Story: Buy Now, Vote Later 216

Merchandising Operations 218

Operating Cycles 218

Flow of Costs 219

Recording Purchases of Merchandise 221

Freight Costs 222

Purchase Returns and Allowances 223

Purchase Discounts 224

Summary of Purchasing Transactions 225

Recording Sales of Merchandise 226

Sales Returns and Allowances 227

Sales Discounts 228

Completing the Accounting Cycle 230

Adjusting Entries 230

Closing Entries 230

Summary of Merchandising Entries 231

Forms of Financial Statements 232

Multiple-Step Income Statement 232

Single-Step Income Statement 236

Classified Balance Sheet 236

APPENDIX 5A Worksheet for a Merchandising Company—Perpetual Inventory 240

Using a Worksheet 240

APPENDIX 5B Periodic Inventory System 241

Determining Cost of Goods Sold Under a

Periodic System 242

Recording Merchandise Transactions 243

Recording Purchases of Merchandise 243

Recording Sales of Merchandise 244

Journalizing and Posting Closing Entries 245

Using a Worksheet 246

A Look at IFRS 271

Chapter 6 Inventories 274

Feature Story: “Where Is That Spare Bulldozer Blade?” 274

Classifying and Determining Inventory 276

Classifying Inventory 276

Determining Inventory Quantities 277

Inventory Costing 280

Specific Identification 281

Cost Flow Assumptions 281

Financial Statement and Tax Effects of Cost Flow Methods 286

Using Inventory Cost Flow Methods Consistently 288

Lower-of-Cost-or-Market 289

Inventory Errors 290

Income Statement Effects 290

Balance Sheet Effects 291

Statement Presentation and Analysis 292

Presentation 292

Analysis 293

APPENDIX 6A Inventory Cost Flow Methods in Perpetual Inventory Systems 297

First-In, First-Out (FIFO) 297

Last-In, First-Out (LIFO) 298

Average-Cost 298

APPENDIX 6B Estimating Inventories 300

Gross Profit Method 301

Retail Inventory Method 302

A Look at IFRS 324

Chapter 7 Accounting Information Systems 328

Feature Story: QuickBooks® Helps This Retailer Sell Guitars 328

Basic Concepts of Accounting Information Systems 330

Computerized Accounting Systems 330

Manual Accounting Systems 332

Subsidiary Ledgers 332

Subsidiary Ledger Example 333

Advantages of Subsidiary Ledgers 334

Special Journals 335

Sales Journal 336

Cash Receipts Journal 339

Purchases Journal 342

Cash Payments Journal 344

Effects of Special Journals on the General Journal 347

A Look at IFRS 371

Chapter 8 Fraud, Internal Control, and Cash 374

Feature Story: Minding the Money in Moose Jaw 374

Fraud and Internal Control 376

Fraud 376

The Sarbanes-Oxley Act 376

Internal Control 377

Principles of Internal Control Activities 378

Limitations of Internal Control 384

Cash Controls 386

Cash Receipts Controls 386

Cash Disbursements Controls 389

Petty Cash Fund 390

Control Features: Use of a Bank 394

Making Bank Deposits 394

Writing Checks 394

Bank Statements 395

Reconciling the Bank Account 397

Electronic Funds Transfer (EFT) System 401

Reporting Cash 402

Cash Equivalents 402

Restricted Cash 403

A Look at IFRS 425

Chapter 9 Accounting for Receivables 428

Feature Story: A Dose of Careful Management Keeps Receivables Healthy 428

Types of Receivables 430

Accounts Receivable 430

Recognizing Accounts Receivable 431

Valuing Accounts Receivable 432

Disposing of Accounts Receivable 438

Notes Receivable 441

Determining the Maturity Date 442

Computing Interest 443

Recognizing Notes Receivable 443

Valuing Notes Receivable 443

Disposing of Notes Receivable 444

Statement Presentation and Analysis 447

Presentation 447

Analysis 447

A Look at IFRS 468

Chapter 10 Plant Assets, Natural Resources, and Intangible Assets 470

Feature Story: How Much for a Ride to the Beach? 470

Plant Assets 472

Determining the Cost of Plant Assets 472

Depreciation 475

Expenditures During Useful Life 483

Plant Assets Disposals 484

Natural Resources 486

Depletion 487

Presentation 487

Intangible Assets 488

Accounting for Intangible Assets 489

Research and Development Costs 491

Statement Presentation and Analysis 492

Presentation 492

Analysis 493

APPENDIX 10A Exchange of Plant Assets 497

Loss Treatment 497

Gain Treatment 498

A Look at IFRS 517

Chapter 11 Current Liabilities and Payroll Accounting 522

Feature Story: Financing His Dreams 522

Current Liabilities 524

Notes Payable 524

Sales Taxes Payable 525

Unearned Revenues 526

Current Maturities of Long-Term Debt 526

Statement Presentation and Analysis 527

Contingent Liabilities 529

Recording a Contingent Liability 529

Disclosure of Contingent Liabilities 530

Payroll Accounting 532

Determining the Payroll 532

Recording the Payroll 535

Employer Payroll Taxes 539

Filing and Remitting Payroll Taxes 541

Internal Control for Payroll 542

APPENDIX 11A Additional Fringe Benefits 545

Paid Absences 545

Postretirement Benefits 546

A Look at IFRS 564

Chapter 12 Accounting for Partnerships 566

Feature Story: From Trials to the Top Ten 566

Partnership Form of Organization 568

Characteristics of Partnerships 568

Organizations with Partnership Characteristics 569

Advantages and Disadvantages of Partnerships 571

The Partnership Agreement 571

Basic Partnership Accounting 572

Forming a Partnership 572

Dividing Net Income or Net Loss 574

Partnership Financial Statements 576

Liquidation of a Partnership 578

No Capital Deficiency 579

Capital Deficiency 581

APPENDIX 12A Admission and Withdrawal of Partners 585

Admission of a Partner 585

Withdrawal of a Partner 589

Chapter 13 Corporations: Organization and Capital Stock Transactions 606

Feature Story: What’s Cooking? 606

The Corporate Form of Organization 608

Characteristics of a Corporation 608

Forming a Corporation 610

Stockholder Rights 612

Stock Issue Considerations 612

Corporate Capital 615

Accounting for Issues of Common Stock 617

Issuing Par Value Common Stock for Cash 618

Issuing No-Par Common Stock for Cash 618

Issuing Common Stock for Services or Noncash Assets 619

Accounting for Treasury Stock 620

Purchase of Treasury Stock 621

Disposal of Treasury Stock 622

Accounting for Preferred Stock 624

Dividend Preferences 625

Liquidation Preference 625

Statement Presentation 626

A Look at IFRS 644

Chapter 14 Corporations: Dividends, Retained Earnings, and Income Reporting 648

Feature Story: Owning a Piece of the Action 648

Dividends 650

Cash Dividends 650

Stock Dividends 654

Stock Splits 656

Retained Earnings 658

Retained Earnings Restrictions 658

Prior Period Adjustments 659

Retained Earnings Statement 660

Statement Presentation and Analysis 661

Presentation 661

Analysis 662

Income Statement Presentation 663

Income Statement Analysis 663

A Look at IFRS 682

Chapter 15 Long-Term Liabilities 684

Feature Story: And Then There Were Two 684

Bond Basics 686

Types of Bonds 687

Issuing Procedures 687

Determining the Market Price of a Bond 688

Accounting for Bond Issues 690

Issuing Bonds at Face Value 690

Discount or Premium on Bonds 691

Issuing Bonds at a Discount 692

Issuing Bonds at a Premium 693

Accounting for Bond Redemptions 694

Redeeming Bonds at Maturity 695

Redeeming Bonds before Maturity 695

Converting Bonds into Common Stock 695

Accounting for Other Long-Term Liabilities 696

Long-Term Notes Payable 696

Lease Liabilities 699

Statement Presentation and Analysis 700

Presentation 700

Analysis 701

APPENDIX 15A Present Value Concepts Related to Bond Pricing 705

Present Value of a Single Amount 706

Present Value of Interest Payments (Annuities) 707

Time Periods and Discounting 709

Computing the Present Value of a Bond 709

APPENDIX 15B Effective-Interest Method of Bond Amortization 711

Amortizing Bond Discount 711

Amortizing Bond Premium 713

APPENDIX 15C

Straight-Line Amortization 715

Amortizing Bond Discount 715

Amortizing Bond Premium 716

A Look at IFRS 735

Chapter 16 Investments 738

Feature Story: “Is There Anything Else We Can Buy?” 738

Why Corporations Invest 740

Accounting for Debt Investments 741

Recording Acquisition of Bonds 741

Recording Bond Interest 741

Recording Sale of Bonds 742

Accounting for Stock Investments 743

Holdings of Less than 20% 743

Holdings Between 20% and 50% 743

Holdings of More than 50% 743

Valuing and Reporting Investments 748

Categories of Securities 748

Balance Sheet Presentation 752

Presentation of Realized and Unrealized Gain or Loss 753

Classified Balance Sheet 754

A Look at IFRS 773

Chapter 17 Statement of Cash Flows 776

Feature Story: Got Cash? 776

The Statement of Cash Flows: Usefulness and Format 778

Usefulness of the Statement of Cash Flows 778

Classification of Cash Flows 778

Significant Noncash Activities 780

Format of the Statement of Cash Flows 780

Preparing the Statement of Cash Flows 782

Indirect and Direct Methods 782

Preparing the Statement of Cash Flows—Indirect Method 783

Step 1: Operating Activities 784

Summary of Conversion to Net Cash Provided by Operating Activities—Indirect Method 788

Step 2: Investing and Financing Activities 789

Step 3: Net Change in Cash 790

Using Cash Flows to Evaluate a Company 793

Free Cash Flow 793

APPENDIX 17A Statement of Cash Flows—Direct Method 798

Step 1: Operating Activities 799

Step 2: Investing and Financing Activities 803

Step 3: Net Change in Cash 805

APPENDIX 17B Using a Worksheet to Prepare the Statement of Cash Flows—Indirect Method 806

Preparing the Worksheet 807

A Look at IFRS 837

Chapter 18 Financial Statement Analysis 840

Feature Story: It Pays to Be Patient 840

Basics of Financial Statement Analysis 842

Need for Comparative Analysis 842

Tools of Analysis 842

Horizontal Analysis 843

Balance Sheet 844

Income Statement 844

Retained Earnings Statement 845

Vertical Analysis 846

Balance Sheet 846

Income Statement 847

Ratio Analysis 848

Liquidity Ratios 850

Profitability Ratios 853

Solvency Ratios 857

Summary of Ratios 858

Earning Power and Irregular Items 861

Discontinued Operations 861

Extraordinary Items 862

Changes in Accounting Principle 863

Comprehensive Income 864

Quality of Earnings 865

Alternative Accounting Methods 865

Pro Forma Income 865

Improper Recognition 866

A Look at IFRS 889

Chapter 19 Managerial Accounting 892

Feature Story: Just Add Water . . . and Paddle 892

Managerial Accounting Basics 894

Comparing Managerial and Financial Accounting 894

Management Functions 894

Organizational Structure 896

Business Ethics 897

Managerial Cost Concepts 899

Manufacturing Costs 899

Product versus Period Costs 901

Manufacturing Costs in Financial Statements 902

Income Statement 902

Cost of Goods Manufactured 903

Cost of Goods Manufactured Schedule 904

Balance Sheet 905

Cost Concepts—A Review 906

Product Costing for Service Industries 908

Managerial Accounting Today 909

Focus on the Value Chain 909

Balanced Scorecard 910

Corporate Social Responsibility 911

Chapter 20 Job Order Costing 938

Feature Story: She Succeeds Where Others Have Failed 938

Cost Accounting Systems 940

Job Order Cost System 940

Process Cost System 940

Job Order Cost Flow 941

Accumulating Manufacturing Costs 942

Assigning Manufacturing Costs to Work in Process 944

Manufacturing Overhead Costs 948

Assigning Costs to Finished Goods 952

Assigning Costs to Cost of Goods Sold 953

Summary of Job Order Cost Flows 954

Job Order Costing for Service Companies 955

Advantages and Disadvantages of Job Order Costing 957

Reporting Job Cost Data 958

Under- or Overapplied Manufacturing Overhead 958

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