Test Bank for Financial Accounting, 1st Edition: Waybright

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Table of contents:

Business, Accounting, and You

2(50)

Why Study Accounting?

4(2)

Accounting Teaches the Language of Business

4(1)

Accounting Emphasizes the Importance of Ethical Business Behavior

4(2)

An Understanding of Accounting Helps Individuals Ensure That the Business Is Profitable

6(1)

What Is Accounting?

6(1)

How Are Businesses Organized?

7(2)

Types of Businesses

7(1)

Choice of Business Organizations

7(2)

What Accounting Principles and Concepts Govern the Field of Accounting?

9(1)

Generally Accepted Accounting Principles

9(1)

The Business Entity Concept

9(1)

The Reliability (Objectivity) Principle

10(1)

The Cost Principle

10(1)

International Financial Reporting Standards

10(1)

How Is the Accounting Equation Used to Record Business Transactions?

10(7)

Transaction Analysis

11(1)

Stockholders’ Equity

12(5)

What Do Financial Statements Report, and How Are They Prepared?

17(35)

The Income Statement

17(2)

The Statement of Retained Earnings

19(1)

The Balance Sheet

20(1)

The Statement of Cash Flows

20(1)

Relationships Between the Financial Statements

20(8)

Accounting Vocabulary

28(2)

Accounting Practice

30(18)

Apply Your Knowledge

48(1)

Know Your Business

48(4)

Analyzing and Recording Business Transactions

52(56)

How Are Accounts Used to Keep Business Transactions Organized?

54(2)

Organizing Accounts

54(1)

Assets

54(1)

Liabilities

55(1)

Stockholders’ Equity

55(1)

What Are Debits, Credits, and T-Accounts?

56(2)

Normal Balance

57(1)

How Are the General Journal and General Ledger Used to Keep Track of Business Transactions?

58(10)

Transaction Analysis

60(1)

Applying Transaction Analysis

60(7)

Balancing the T-Accounts

67(1)

How Is a Trial Balance Prepared and What Is It Used For?

68(40)

Correcting Errors

70(1)

Preparation of Financial Statements

70(13)

Accounting Vocabulary

83(1)

Accounting Practice

83(22)

Apply Your Knowledge

105(1)

Know Your Business

105(3)

Adjusting and Closing Entries

108(66)

How Does a Company Accurately Report Its Income?

110(1)

Revenue Recognition and Matching Principles

110(1)

What Is the Role of Adjusting Entries, and When Are They Prepared?

111(9)

Accruing Revenues

113(1)

Accruing Expenses

113(1)

Adjusting Deferred Revenues

114(1)

Adjusting Deferred Expenses

115(5)

How Are Financial Statements Prepared from an Adjusted Trial Balance?

120(3)

The Adjusted Trial Balance

120(1)

Preparing the Financial Statements

121(2)

How Does a Company Prepare for a New Accounting Period?

123(51)

Completing the Accounting Cycle

123(1)

The Three Closing Entries: Revenues, Expenses, and Dividends

124(2)

Post-Closing Trial Balance

126(1)

Summary of the Adjusting and closing Process

127(15)

Accounting Vocabulary

142(1)

Accounting Practice

143(27)

Apply Your Knowledge

170(1)

Know Your Business

171(2)

Comprehensive Problem

173(1)

Accounting for a Merchandising Business

174(54)

What Is the Relationship Between Wholesalers, Retailers, and Customers?

176(1)

How Do Periodic and Perpetual Inventory Systems Differ?

176(2)

How Do You Account for the Purchase of Inventory?

178(3)

Cash and Credit Purchases

178(1)

Purchase Returns and Allowances

178(1)

Purchase Discounts

179(2)

How Do You Account for the Sale of Inventory?

181(4)

Cash Sales

181(1)

Credit Sales

182(1)

Sales Returns and Allowances

183(1)

Sales Returns

183(1)

Sales Allowances

184(1)

Sales Discounts

185(1)

How Do You Account for Freight Charges and Other Selling Expenses?

185(5)

Costs Related to the Receipt of Goods from Suppliers

187(1)

Costs Related to Delivering Goods to Customers

188(2)

Other Selling Costs

190(1)

How Do You Prepare a Merchandiser’s Financial Statements?

190(5)

The Income Statement

190(2)

The Statement of Retained Earnings

192(1)

The Balance Sheet

192(3)

Focus on Decision Making: Ratios

195(33)

The Gross Profit Percentage

195(1)

The Current Ratio

195(7)

Accounting Vocabulary

202(1)

Accounting Practice

203(22)

Apply Your Knowledge

225(1)

Know Your Business

225(3)

Inventory

228(60)

What Inventory Costing Methods Are Allowed?

230(3)

Cost Flow Versus Physical Flow of Inventory

231(2)

How Are the Four Inventory Costing Methods Applied?

233(6)

Inventory Cost Flows

233(2)

Specific-Identification Method

235(1)

First-In, First-Out (FIFO) Method

235(1)

Last-In, First-Out (LIFO) Method

236(2)

Average Cost Method

238(1)

Journalizing Inventory Transactions

239(1)

What Effect Do the Different Costing Methods Have on Net Income?

239(2)

What Else Determines How Inventory Is Valued?

241(2)

How Is Inventory Reported on the Balance Sheet?

243(1)

Inventory Shrinkage

243(1)

How Do Inventory Errors Affect the Financial Statements?

244(2)

Is It Possible to Estimate the Value of Inventory If the Inventory Is Accidentally Destroyed?

246(2)

Focus on Decision Making: Ratios

248(40)

The Rate of Inventory Turnover

248(15)

Accounting Vocabulary

263(1)

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