Cornerstones of Financial Accounting 4th edition by Jay Rich , Jeff Jones ISBN 1337690880 978-1337690881

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ISBN 10:1337690880
ISBN 13:978-1337690881
Author: Jay Rich, Jeff Jones

CORNERSTONES OF FINANCIAL ACCOUNTING and CNOWv2 demonstrate the role of accounting in business with a balanced approach that highlights the relationship between accounting, financial statements, and business decisions. Built around how students like you read and use textbooks, the Cornerstones approach makes it easy to learn FASTER and MORE INDEPENTENTLY. Armed with the knowledge you gain from working through the CORNERSTONES approach, you have the tools to bring your knowledge full-circle. You practice actually making decisions based on the information that you gather and analyze.

Cornerstones of Financial Accounting 4th Table of contents:

Chapter 1. Accounting and the Financial Statements

What Is Accounting?

Businesses: Forms and Activities

Forms of Business Organization

Business Activities

Communication of Accounting Information

The Four Basic Financial Statements

The Fundamental Accounting Equation

The Classified Balance Sheet

Current Assets

Noncurrent Assets

Current Liabilities

Long-Term Liabilities and Stockholders’ Equity

Using Balance Sheet Information

The Income Statement

Elements of the Income Statement

Preparing an Income Statement

Income Statement Formats

Using Income Statement Information

Retained Earnings Statement

Use of the Retained Earnings Statement

Statement of Cash Flows

Elements of the Statement of Cash Flows

Use of the Statement of Cash Flows

Relationships Among the Statements

Other Items in the Annual Report and Professional Ethics

Notes to the Financial Statements

Management’s Discussion and Analysis

Report of Independent Accountants

Professional Ethics

Summary of Learning Objectives

Key Terms

Review Problem

Discussion Questions

Multiple-Choice Questions

Cornerstone Exercises

Brief Exercises

Exercises

Problem Set A

Problem Set B

Cases

Chapter 2. The Accounting Information System

Fundamental Accounting Concepts

The Conceptual Framework

Qualitative Characteristics of Useful Information

Assumptions

Principles

Measuring Business Activities: The Accounting Cycle

Economic Events

The Expanded Accounting Equation

Step 1: Analyze Transactions

Transaction 1: Issuing Common Stock

Transaction 2: Borrowing Cash

Transaction 3: Purchase of Equipment for Cash

Transaction 4: Purchasing Insurance

Transaction 5: Purchase of Supplies on Credit

Transaction 6: Providing Services for Cash

Transaction 7: Providing Services on Credit

Transaction 8: Receipt of Cash in Advance

Transaction 9: Payment of a Liability

Transaction 10: Collection of a Receivable

Transaction 11: Payment of Salaries

Transaction 12: Payment of Utilities

Transaction 13: Payment of a Dividend

Overview of Transactions for HiTech Communications Inc.

Double-Entry Accounting

Accounts

Debit and Credit Procedures

Step 2: Journalize Transactions

Transaction 1: Issuing Common Stock

Transaction 2: Borrowing Cash

Transaction 3: Purchase of Equipment for Cash

Transaction 4: Purchasing Insurance

Transaction 5: Purchase of Supplies on Credit

Transaction 6: Providing Services for Cash

Transaction 7: Providing Services for Credit

Transaction 8: Receipt of Cash in Advance

Transaction 9: Payment of a Liability

Transaction 10: Collection of a Receivable

Transaction 11: Payment of Salaries

Transaction 12: Payment of Utilities

Transaction 13: Payment of a Dividend

Step 3: Post to the Ledger

Step 4: Prepare a Trial Balance

Summary of Learning Objectives

Key Terms

Review Problem

Discussion Questions

Multiple-Choice Questions

Cornerstone Exercises

Brief Exercises

Exercises

Problem Set A

Problem Set B

Cases

Chapter 3. Accrual Accounting

Completing the Accounting Cycle

Accrual versus Cash Basis of Accounting

Key Elements of Accrual Accounting

Time-Period Assumption

The Revenue Recognition Principle

The Expense Recognition Principle

Applying the Principles

Accrual Accounting and Adjusting Entries

Which Transactions Require Adjustment?

Step 5: Adjusting the Accounts

Accrued Revenues

Accrued Expenses

Deferred (Unearned) Revenues

Deferred (Prepaid) Expenses

Summary of Financial Statement Effects of Adjusting Entries

Comprehensive Example

Step 6: Preparing the Financial Statements

Step 7: Closing the Accounts

Summary of the Accounting Cycle

Appendix 3A: Using a Worksheet to Prepare Financial Statements

Step 1: Unadjusted Trial Balance

Step 2: Adjusting Entry Columns

Step 3: Adjusted Trial Balance

Step 4: Income Statement

Step 5: Retained Earnings Statement

Step 6: Balance Sheet

Summary of Learning Objectives

Key Terms

Review Problem

Discussion Questions

Multiple-Choice Questions

Cornerstone Exercises

Brief Exercises

Exercises

Problem Set A

Problem Set B

Cases

Making The Connection: Integrative Exercise (Chapters 1-3)

The Accounting Cycle

Chapter 4. Internal Control and Cash

Role of Internal Control

Components of Internal Control

Control Environment and Ethical Behavior

Risk Assessment

Control Activities

Information and Communication

Monitoring

Relationship between Control Activities and the Accounting System

Accounting and Reporting Cash

Cash Controls

Reconciliation of Accounting Records to Bank Statement

Cash Over and Short

Petty Cash

Operating Cycle

Cash Management

Buying Inventory

Paying for Inventory

Selling Inventory

Short-Term Investments

Summary of Learning Objectives

Key Terms

Review Problem

Discussion Questions

Multiple-Choice Exercises

Cornerstone Exercises

Brief Exercises

Exercises

Problem Set A

Problem Set B

Cases

Chapter 5. Sales and Receivables

Timing of Revenue Recognition

Amount of Revenue Recognized

Sales Discounts

Sales Returns and Allowances

Types of Receivables

Accounting for Bad Debts

Direct Write-Off Method

Allowance Method

Bad Debts from a Management Perspective

Cash Management Principles Related to Accounts Receivable

Factoring Receivables

Credit Cards

Debit Cards

Notes Receivable

Internal Control for Sales

Analyzing Sales and Receivables

Sales

Receivables

Appendix 5A: Recording Receivables Using the Gross Method

Summary of Learning Objectives

Key Terms

Review Problem

Discussion Questions

Multiple-Choice Questions

Cornerstone Exercises

Brief Exercises

Exercises

Problem Set A

Problem Set B

Cases

Chapter 6. Cost of Goods Sold and Inventory

Nature of Inventory and Cost of Goods Sold

Types of Inventory and Flow of Costs

Cost of Goods Sold Model

Inventory Systems

Recording Inventory Transactions—Perpetual System

Accounting for Purchases of Inventory

Accounting for Sales of Inventory

Costing Inventory

Inventory Costing Methods

Specific Identification

First-In, First-Out (FIFO)

Last-In, First-Out (LIFO)

Average Cost

Analysis of Inventory Costing Methods

Illustrating Relationships: Financial Statement Effects of Alternative Costing Methods

Income Tax Effects of Alternative Costing Methods

Consistency in Application

Lower of Cost or Market Rule

Analyzing Inventory

Gross Profit Ratio

LIFO Reserve Adjustments

Effects of Inventory Errors

Appendix 6A: Periodic Inventory System

Appendix 6B: Inventory Costing Methods and the Periodic Inventory System

First-In, First-Out (FIFO)

Last-In, First-Out (LIFO)

Average Cost Method

Summary of Learning Objectives

Key Terms

Review Problem

Discussion Questions

Multiple-Choice Questions

Cornerstone Exercises

Brief Exercises

Exercises

Problem Set A

Problem Set B

Cases

Chapter 7. Operating Assets

Understanding Operating Assets

Acquisition of Property, Plant, and Equipment

Measuring the Cost of a Fixed Asset

Recording the Cost of a Fixed Asset

Depreciation

Information Required for Measuring Depreciation

Depreciation Methods

Straight-Line Method

Declining Balance Method

Units-of-Production Method

Choosing Between Depreciation Methods

Depreciation for Partial Years

Depreciation and Income Taxes

Expenditures After Acquisition

Revenue Expenditures

Capital Expenditures

Revision of Depreciation

Impairments

Disposal of Fixed Assets

Analyzing Fixed Assets

Intangible Assets

Accounting for Intangible Assets

Natural Resources

Appendix 7A: Impairment of Property, Plant, and Equipment

Summary of Learning Objectives

Key Terms

Review Problem

Discussion Questions

Multiple-Choice Questions

Cornerstone Exercises

Brief Exercises

Exercises

Problem Set A

Problem Set B

Cases

Making the Connection: Integrative Exercise (Chapters 4-7)

Integrating Asset Accounting

Chapter 8. Current and Contingent Liabilities

Current and Contingent Liabilities

Recognition and Measurement of Liabilities

Recognition of Liabilities

Measurement of Liabilities

Current Liabilities

Accounts Payable

Accrued Liabilities

Notes Payable

Current Portion of Long-Term Debt

Other Payables

Contingent Liabilities

Warranties

Analyzing Current Liabilities

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