Introduction to financial accounting a user perspective Kumen H. Jones ... [et al.].

Colaborador(es):

Jones, Kumen H

Detalles de publicación: Englewood Cliffs, N.J. Prentice Hall c1996.Descripción: 1 v. (various pagings) ill. (some col.) 26 cmISBN:

0132287684 (student edition)
0132287765 (instructor edition)

Tema(s):

Clasificación CDD:

657 20

Clasificación LoC:

HF5635 .I657 1996

Existencias
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	Libro	Biblioteca de Mayagüez Colección General mb				HF5635 .I657 1996 (Navegar estantería(Abre debajo))					Disponible			50000001830156

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Descripciones mejoradas de Syndetics:

This introduction to financial accounting, and its significant role in making sound business decisions, seeks to teach students how to be wise users of accounting information. The authors put accounting information into the broader business context, emphasizing what accounting information is, why it is important, and how it is used to make strategic economic decisions.

Includes index.

Tabla de contenidos provista por Syndetics

1 Introduction To Business In The United States
2 Introduction To Decision Making
3 Economic Decision Making And Useful Accounting Information
4 Tools Of The Trade
Part I The Balance Sheet: Initial Financing-Investment Buy Owners
5 The Balance Sheet (Continued): Additional Financing- Borrowing From Others
6 Tools Of The Trade
Part II Income Statement And Statement Of Owners' Equity
7 Keeping Score: Bases of Economic Measurement
8 Challenging Issues Under Accrual Accounting: Long-Lived Depreciable Assets-A Close Look
9 Challenging Issues Under Accrual Accounting: Merchandise Inventory And Cost Of Goods Sold
10 The Balance Sheet And Income Statement: A Closer Look
11 Tools Of The Trade
Part III The Statement Of Cash Flows: Bringing The Focus Back To Cash
12 Generally Accepted Accounting Principles And Forms Of Outside Assurance On Financial Statements
13 Financial Reporting: The Annual Report And The Form 10-K
14 Financial Statement Analysis
Appendix
Glossary
Index

Extracto provisto por Syndetics

The world is changing, accounting education is changing, and so are accounting textbooks. Our book is no exception. In this edition, we have incorporated a number of changes that we believe will make this book an even better teaching resource than previous editions. In addition to rewriting much of the material for improved clarity, we have integrated coverage of the statement of cash flows and key financial ratios throughout the text. We also consolidated the two balance sheet chapters into one. In this edition, we added significantly to the assignment material and improved its alignment with the topics covered in each chapter. We have revised the chapter opening vignettes to increase student interest and to suggest the need for the accounting applications covered in the chapters. You will find that these changes, along with many others, help make this text an easy-to-use tool to teach beginning accounting students. BASIC PHILOSOPHY Businesspeople must be prepared to perform tasks that only people can perform; in particular, they must be able to communicate, to think, and to make solid, well-informed decisions. Decision making is the critical skill in today's business world, and Introduction to Financial Accounting: A User Perspective, Third Edition, helps students to better use accounting information to improve their decision making skills. This text provides an introduction to accounting within the context of business and business decisions. Readers will explore accounting information's role in the decision making process and learn how to use the accounting information found in financial statements and annual reports. Seeing how accounting information can be used to make better business decisions will benefit all students, regardless of their major course of study or chosen career. We agree with the recommendations made by the Accounting Education Change Commission in its Position Statement No. Two: The First Course in Accounting. We believe the course should be a broad introduction to accounting, rather than introductory accounting as it has traditionally been taught. It should emphasize what accounting information is, why it is important, and how it is used by economic decision makers. This text is purposely written so students will find it easy to read and understand. In this edition, many passages have been rewritten to further enhance readability and student understanding. In addition; we include the exhibits necessary to get important points across, but we very intentionally do not include the array of glitz and graphics that can break up the flow and distract student attention. We do not generally segregate material into special presentation boxes that might be skipped by students attempting to focus on the most relevant points. All of the points of interest and examples we present are woven into the body of the text. SUPPORT FOR THE INTERACTIVE CLASSROOM We believe this text provides tools to actively involve students in their learning processes. The conversational tone of the text, its user perspective, and the logical presentation of topics all contribute to the ability of this text to meet that goal. However, several features are particularly important in developing a classroom atmosphere in which students share ideas, ask questions, and relate their learning to the world around them. Throughout each chapter of the text, you will find Discussion Questions (DQs) that challenge students to reach beyond the surface of the written text to determine answers. Far from typical review questions, for which the students can scan a few pages of the text to locate an answer, many of the DQs provide relevant learning by relating students' personal experiences to the knowledge they gain through the text. The DQs provide a variety of classroom experiences: Many DQs provide the basis for lively classroom discussions, requiring students to think about issues and formulate or defend their opinions. Some DQs are springboards for group assignments (in or out of the classroom) to put cooperative learning into practice. DQs may be assigned as individual writing assignments to allow students to practice and develop their writing skills. Combining individually written DO responses with follow-up group discussions can spark lively debate! Having students keep a journal of their responses to all DQs (regardless of whether they are used in another way) encourages contemplation of accounting concepts. The DQs comprise an important part of the text's pedagogy designed to emphasize important points that students may skim across in their initial reading. Even if they are not formally part of the required work for your course, students will gain a greater understanding of the concepts discussed when they take time to consider each question as part of the text. Students get enthused about accounting when working with real companies. Chapter F1 and its appendix provide students with the knowledge they need to use library and Internet resources to research real companies. The chapter also introduces students to the annual report and Form 10-K. We included the 2002 Pier 1 Imports, Inc., annual report with our text with the hope that instructors will find it a helpful resource for class examples. We also use Pier 1 's annual report for selected assignment material and to demonstrate financial analysis in Chapter F11. Aside from its support for the interactive classroom, a major distinction of this text is its total separation of the use of accounting information and its preparation. SEPARATION OF ACCOUNTING AND BOOKKEEPING Coverage of recording procedures differs from school to school. Some schools choose to have all students learn basic accounting procedures; others require only accounting majors to acquire these skills. Our text offers institutions the flexibility to cover accounting procedures to a significant degree, to cover just the basics, or to omit the coverage of accounting procedures entirely. In this text, we do not use debits and credits or journal entries to demonstrate or explain characteristics and uses of accounting information. In fact, except in the accounting procedures chapter itself (Chapter F6), no references are made to the recording process except in chapter appendices. To facilitate the separation of accounting and bookkeeping, we introduce the accounting cycle in Chapter F6 and complete its coverage in appendices to Chapters F7, F8, and F9. We hold off coverage of accounting procedures until Chapter F6 to give students the chance to acquire the basic accounting background that will help make accounting procedures easier to comprehend and learn. Institutions that desire to omit recording procedures entirely would simply skip Chapter F6 and these appendices from their course coverage. For those institutions that would like to include accounting procedures in their introductory accounting curriculum, Chapter F6 and the appendices in Chapter F7 through F9 cover the complete accounting cycle from analyzing transactions through post-closing trial balance. Coverage includes debits and credits, journal entries, adjusting entries, posting to the general ledger, trial balance preparation, the worksheet, and financial statement preparation. Chapter F6 assignment material includes short, medium, and long accounting procedure problems. In addition, the chapter includes three mini practice sets that take a student from the beginnings of a company all the way through the preparation of financial statements. IMPROVED AND EXPANDED ASSIGNMENT MATERIAL In this edition, we added significantly to the assignment material and improved the alignment of assignment material with the topics cooed in each chapter. Discussion Questions. As we have already mentioned, throughout each chapter of the text, you will find Discussion Questions (DQs) that challenge students to reach beyond the surface of the written text to determine answers. Review the Facts. Students can use these basic, definitional questions to review the key points of each chapter. The questions are in a sequence reflecting the coverage of topics in the chapter. Annual Report Project.The text includes a completely revised annual report project that begins in Chapter Fl and continues throughout the text. Adventures into real information about real companies always raise student interest! In addition it can foster an open, interactive environment in the classroom. In Chapter Fl, the annual report project assignment requires students to select a publicly traded company and to obtain the company's Form 10-K and annual report. Instructors should not be concerned that they will need to spend valuable class time to tell students how to accomplish the assignment. The text and the material included in the assignment itself provide enough guidance so that students should be able to obtain the Form 10-K and annual report by themselves. The annual report project requirements in later chapters are similarly supported by the text. In Chapter F3, students use key financial ratios to analyze their company, and in Chapter F6, students select a peer company to use as a comparison throughout the remainder of the project. Instructors should note that even if they omit coverage of Chapter F6, the annual report project for Chapter F6 should be assigned as it is vital to the continuity of the project. Apply What You Have Learned. These end-of-chapter assignment materials include a mix- of traditional types of homework problems and innovative assignments requiring critical thinking and writing. Many of the requirements can be used as the basis for classroom discussions. You will find matching problems, short essay questions, and calculations. Assignments dealing directly with the use of financial statements are also included. Many of these applications also work well as group assignments. There are three versions of most problems--one to use as an example in class, one for homework, and one extra. Financial Reporting Exercises. Financial Reporting Exercises included in the assignment material for each chapter encourage students to use the Internet including the SEC's EDGAR system. TOPICS COVERED We carefully considered the inclusion or exclusion of topics and feel that our coverage has resulted in a balanced text consistent with our pedagogical goals of building a foundation that supports effective student learning. As we considered individual topics, we continually explored whether their inclusion would enhance a student's ability to interpret and use accounting information throughout his or her personal and professional life. The result is that Introduction to Financial Accounting. A User Perspective, Third Edition, covers those topics that every accounting student should leave the course understanding well. For example, we cover the calculations of only two depreciation methods--straight-line and double-declining-balance. By limiting the coverage of detailed depreciation calculations, we have the opportunity to focus on the concepts of cost allocation, expense recognition, financial statement differences between the two methods, and the distinction between gains and revenues and losses and expenses. Students will not only know how to calculate depreciation expense, but will also understand why they are calculating it and how to use those calculations in making business decisions. In the chapter, students learn how to properly interpret gains and losses. Most of them are surprised to find out that two companies buying identical assets for the same price can sell them later for the same amount and have different results--one company can have a gain and the other experience a loss. We have carefully chosen the sequence of coverage so the material flows from one topic to the next. Not only does this make accounting easier to teach, but it is more understandable as well. To effectively present the user perspective, we developed a logical flow of topics so that each chapter builds on what the student has already learned. Students can easily understand how the topics fit together logically and how they are used together to make good decisions. Moreover, students can see that accounting and the information it provides is not merely something that exists unto itself, but rather it is something developed in response to the needs of economic decision makers. If you could read the entire text before using it in your classroom, you would have a very clear picture of the experience awaiting your students. However, even a short tour through the material covered in each chapter will show you how we have structured our presentation of the topics to maximize student learning. CHAPTER HIGHLIGHTS Chapter Fl provides a brief overview of business and the role of accounting in the business world, setting the stage for the introduction of accounting information. Without the world of business, there would be no need for accounting information or the accounting profession. We also introduce the balance sheet, the income statement, the statement of owners' equity, and the statement of cash flows. The standard-setting process and outside assurance is also covered including the roles of the SEC, the FASB, and the external auditor. In the appendix, we provide students with information they can use to access accounting and other information for publicly traded companies. Chapter F2 presents an introduction to economic decision making. Because the purpose of financial accounting information is to provide information to be used in making decisions, we believe an understanding of the decision making process is essential. In today's business environment, an understanding of ethics is essential. We cover ethics and personal values and discuss how they impact business decisions. We explore the qualitative characteristics crucial to making accounting information useful in that process. Chapter F3 covers the balance sheet. In this chapter, we focus on how equity and debt financing affects businesses and how its results are reflected on balance sheets. We also cover using cash to acquire assets, the statement of cash flows and how it is impacted by the financing and investing activities covered in the chapter, and key financial ratios that relate to the balance sheet. Chapter F4 covers the income statement and statement of owners' equity. The chapter also covers financial statement articulation and how the financial statements relate to one another. We also cover the statement of cash flows and how it is affected by the operating activities covered in the chapter, and seven key financial ratios that relate profitability. Chapter F5 compares the cash basis and accrual basis of accounting. The coverage helps students understand that accrual accounting is one basis of measurement and not the measurement basis. The material in this chapter helps students understand the weaknesses of cash basis accounting and makes the logic of accrual accounting much easier to grasp. Chapter F6 is an optional chapter covering the accounting system and recording process. As we mentioned earlier, we hold off coverage of accounting procedures until Chapter F6 to give students the chance to acquire the basic accounting background that will help make accounting procedures easier to grasp. To afford maximum teaching flexibility and to make the material easier to understand, we present the chapter in two parts. Part I introduces students to the accounting bookkeeping system and the accounting cycle. This part of the chapter introduces and describes the concept of analyzing transactions, journal entries, posting to the general ledger, the trial balance, adjusting entries, preparing financial statements from the adjusted trial balance or worksheet, and closing entries and the post-closing trial balance. Part II covers the details of the application of accounting procedures. This part of the chapter begins with a presentation to help students learn and remember how debits and credits work. Then, each part of the accounting cycle is explained and demonstrated in a step-by-step fashion. We cover everything from analyzing transactions and preparing journal entries, to preparing a bank reconciliation and adjusting entries, through preparing trial balances, the worksheet, and financial statements. Finally, Part II concludes with a step-by-step procedure to prepare closing entries and the post-closing trial balance. We understand that some schools will choose to omit this chapter entirely while others will cover only Part I, and still others will include the entire chapter in their curriculum. Chapter F7 explores issues surrounding the acquisition, depreciation, and disposal of long-lived assets under accrual accounting. This chapter examines the effects of depreciation method choice, using straight-line and double-declining-balance as examples. We also show students how to properly interpret gains and losses and depreciation's impact on cash. The appendix demonstrates how to record the acquisition, depreciation, and disposal of assets. Chapter F8 explores accounting for inventory. The periodic and perpetual inventory methods are introduced. Students learn how to calculate amounts under LIFO, FIFO, and average cost methods for the perpetual inventory system. They also learn how the choice of cost flow method affects the accounting information that income statements and balance sheets provide. The chapter also covers the impact of inventory transactions on the statement of cash flows and financial ratios dealing with inventory turnover. This chapter has two appendices. The first appendix covers some inventory purchasing issues and presents a discussion of freight terms and cash discounts and how they alter the cost of inventory. The second appendix presents the recording procedures for inventory using the perpetual inventory system. Chapter F9 takes a closer look at the way the balance sheet and income statement are organized. We explore each of the balance sheet's classifications. In addition, we explore the income statement in detail including nonrecurring items (discontinued operations, extraordinary items, and changes in accounting principles). Income tax disclosure relative to nonrecurring items and an introduction to basic and diluted earnings per share are included. The chapter concludes with coverage of several key financial ratios. Chapter F10 takes an up-close look at the statement of cash flows. The chapter reviews operating, investing, and financing activities and provides step-by-step coverage of the statement's preparation using the indirect method. Students also learn how to read and interpret the information provided on the statement of cash flows and how to use two key financial ratios relating to cash floes. The appendix to this chapter provides step-by-step coverage of preparing the operating section of the statement using the direct method. Chapter F11 covers financial statement analysis. The chapter reviews the 17 ratios presented throughout the earlier chapters of the text. The chapter covers industry classification codes and peer company and industry comparisons. In addition, the chapter discusses general economic conditions, political events and political climate, and the industry outlook. For each of the 17 ratios, the chapter presents charts comparing Pier 1 Imports, Ina, to two peer companies and discusses Pier 1's ratios relative to its peers and to industry averages. In addition to the Discussion Questions and the inclusion of the Pier 1 Imports, Inc., annual report, our text offers other features that will enhance the learning process: Learning Objectives. Previewing each chapter with these objectives allows students to see what direction the chapter is taking, which makes the journey through the material a bit easier. Marginal Glossary.Students often find the process of learning accounting terminology to be a challenge. As each new key word is introduced in the text, it is shown in bold and also defined in the margin. This feature offers students an easy way to review the key terms and locate their introduction in the text. Summary. This concise summary of each chapter provides an overview of the main points, but is in no way a substitute for reading the chapter. Key Terms. At the end of each chapter, a list of the new key words directs students to the page on which the key word or phrase was introduced. Review the Facts. Students can use these basic, definitional questions to review the key points of each chapter. The questions are in a sequence reflecting the coverage of topics in the chapter. Apply What You Have Learned. Our end-of-chapter assignment materials include a mix of traditional types of homework problems and innovative assignments requiring critical thinking and writing. Many of the requirements can be used as the basis for classroom discussions. You will find matching problems, short essay questions, and calculations. Assignments dealing directly with the use of financial statements are also included. Many of these applications also work well as group assignments. There are three versions of most problems--one to use as an example in class, one for homework, and one extra. Glossary of Accounting Terms. An alphabetical listing of important accounting terms, including all of the key terms plus additional terms. Company Index. A listing of the companies used in the text as examples or in assignment material. Excerpted from Introduction to Financial Accounting: A User Perspective by Kumen H. Jones, Michael L. Werner All rights reserved by the original copyright owners. Excerpts are provided for display purposes only and may not be reproduced, reprinted or distributed without the written permission of the publisher.

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