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Welcome to the Fourth Edition of Financial Accounting for MBAs. Our main goal in writing this book was to satisfy the needs of today’s business manager by providing the most contemporary, engaging, and user-oriented textbook available. This book is the product of extensive market research including focus groups, market surveys, class tests, manuscript reviews, and interviews with faculty from across the country. We are grateful to students and faculty who used the First, Second and Third Editions and whose feedback greatly benefited this Fourth Edition.
Table Of Contents:
1Â Accounting in Action 1-1
Knowing the Numbers:Â Columbia Sportswear 1-1
Accounting Activities and Users 1-3
Three Activities 1-3
Who Uses Accounting Data 1-4
The Building Blocks of Accounting 1-6
Ethics in Financial Reporting 1-6
Generally Accepted Accounting Principles 1-8
Measurement Principles 1-8
Assumptions 1-9
The Accounting Equation 1-11
Assets 1-11
Liabilities 1-12
Stockholders’ Equity 1-12
Analyzing Business Transactions 1-13
Accounting Transactions 1-14
Transaction Analysis 1-15
Summary of Transactions 1-19
The Financial Statements 1-21
Income Statement 1-21
Retained Earnings Statement 1-23
Balance Sheet 1-23
Statement of Cash Flows 1-23
Appendix 1A: Career Opportunities in Accounting 1-25
Public Accounting 1-25
Private Accounting 1-25
Governmental Accounting 1-26
Forensic Accounting 1-26
“Show Me the Money” 1-26
2Â The Recording Process 2-1
Accidents Happen:Â MF Global Holdings 2-1
Accounts, Debits, and Credits 2-3
Debits and Credits 2-3
Stockholders’ Equity Relationships 2-7
Summary of Debit/Credit Rules 2-7
The Journal 2-8
The Recording Process 2-8
The Journal 2-9
The Ledger and Posting 2-11
The Ledger 2-11
Posting 2-12
Chart of Accounts 2-13
The Recording Process Illustrated 2-14
Summary Illustration of Journalizing and Posting 2-20
The Trial Balance 2-22
Limitations of a Trial Balance 2-23
Locating Errors 2-23
Dollar Signs and Underlining 2-23
3Â Adjusting the Accounts 3-1
Keeping Track of Groupons:Â Groupon 3-1
Accrual-Basis Accounting and Adjusting Entries 3-2
Fiscal and Calendar Years 3-3
Accrual- versus Cash-Basis Accounting 3-3
Recognizing Revenues and Expenses 3-3
The Need for Adjusting Entries 3-5
Types of Adjusting Entries 3-6
Adjusting Entries for Deferrals 3-7
Prepaid Expenses 3-7
Unearned Revenues 3-11
Adjusting Entries for Accruals 3-14
Accrued Revenues 3-14
Accrued Expenses 3-15
Summary of Basic Relationships 3-18
Adjusted Trial Balance and Financial Statements 3-21
Preparing the Adjusted Trial Balance 3-22
Preparing Financial Statements 3-22
Appendix 3A: Adjusting Entries for the Alternative Treatment of Deferrals 3-25
Prepaid Expenses 3-26
Unearned Revenues 3-27
Summary of Additional Adjustment Relationships 3-28
Appendix 3B: Financial Reporting Concepts 3-28
Qualities of Useful Information 3-28
Assumptions in Financial Reporting 3-29
Principles in Financial Reporting 3-29
Cost Constraint 3-31
4Â Completing the Accounting Cycle 4-1
Everyone Likes to Win:Â Rhino Foods 4-1
The Worksheet 4-3
Steps in Preparing a Worksheet 4-3
Preparing Financial Statements from a Worksheet 4-7
Preparing Adjusting Entries from a Worksheet 4-8
Closing the Books 4-8
Preparing Closing Entries 4-9
Posting Closing Entries 4-11
Preparing a Post-Closing Trial Balance 4-12
The Accounting Cycle and Correcting Entries 4-15
Summary of the Accounting Cycle 4-15
Reversing Entries—An Optional Step 4-15
Correcting Entries—An Avoidable Step 4-15
Classified Balance Sheet 4-18
Current Assets 4-20
Long-Term Investments 4-20
Property, Plant, and Equipment 4-20
Intangible Assets 4-21
Current Liabilities 4-22
Long-Term Liabilities 4-23
Stockholders’ (Owners’) Equity 4-23
Appendix 4A: Reversing Entries 4-24
Reversing Entries Example 4-25
5Â Accounting for Merchandising Operations 5-1
Buy Now, Vote Later:Â REI 5-1
Merchandising Operations and Inventory Systems 5-3
Operating Cycles 5-3
Flow of Costs 5-4
Recording Purchases Under a Perpetual System 5-6
Freight Costs 5-8
Purchase Returns and Allowances 5-9
Purchase Discounts 5-9
Summary of Purchasing Transactions 5-10
Recording Sales Under a Perpetual System 5-11
Sales Returns and Allowances 5-12
Sales Discounts 5-13
Data Analytics and Credit Sales 5-14
The Accounting Cycle for a Merchandising Company 5-15
Adjusting Entries 5-15
Closing Entries 5-16
Summary of Merchandising Entries 5-16
Multiple-Step Income Statement 5-18
Multiple-Step Income Statement 5-18
Single-Step Income Statement 5-21
Classified Balance Sheet 5-21
Appendix 5A: Merchandising Company Worksheet 5-23
Using a Worksheet 5-23
Appendix 5B: Periodic Inventory System 5-24
Determining Cost of Goods Sold Under a Periodic System 5-25
Recording Merchandise Transactions 5-26
Recording Purchases of Merchandise 5-26
Recording Sales of Merchandise 5-27
Journalizing and Posting Closing Entries 5-28
Using a Worksheet 5-29
…
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