Survey of Accounting 3rd Edition
After you have mastered the material in this chapter, you will be able to:
1 Explain the role of accounting in society.
2 Construct an accounting equation using elements of financial statements terminology.
3 Record business events in general ledger accounts organized under an accounting equation.
4 Classify business events as asset source, use, or exchange transactions.
5 Use general ledger account information to prepare four financial statements.
6 Record business events using a horizontal financial statements model.
Why should you study accounting? You should study accounting because it can help you succeed in business. Businesses use accounting to keep score. Imagine trying to play football without knowing how many points a touchdown is worth. Like sports, business is competitive. If you do not know how to keep score, you are not likely to succeed.
Accounting is an information system that reports on the economic activities and financial condition of a business or other organization. Do not underestimate the importance of accounting information. If you had information that enabled you to predict business success, you could become a very wealthy Wall Street investor. Communicating economic information is so important that accounting is frequently called the language of business. 2
Chapter 1 An Introduction to Accounting 2
Chapter 2 Understanding the Accounting Cycle 44
Chapter 3 Accounting for Merchandising Businesses 86
Chapter 4 Internal Controls, Accounting for Cash, and Ethics 124
Chapter 5 Accounting for Receivables and Inventory Cost Flow 156
Chapter 6 Accounting for Long-Term Operational Assets 200
Chapter 7 Accounting for Liabilities 240
Chapter 8 Proprietorships, Partnerships, and Corporations 286
Chapter 9 Financial Statement Analysis 318
Chapter 10 An Introduction to Managerial Accounting 358
Chapter 11 Cost Behavior, Operating Leverage, and Profitability analysis 396
Chapter 12 Cost Accumulation, Tracing and Allocation 430
Chapter 13 Relevant Information for Special Decisions 462
Chapter 14 Planning for Profit and Cost Control 498
Chapter 15 Performance Evaluation 530
Chapter 16 Planning for Capital Investments 562
Appendix A Accessing the EDGAR Database Through the Internet 595
Appendix B Annual Report for Portion of the Form 10-K for Target Corporation 596
Appendix C The Double-Entry Accounting System 661
Photo Credits 678
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