Test Bank For Corporate Financial Accounting 14th Edition Carl Warren ISBN 130565353X 9781305653535

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ISBN 10: 130565353X
ISBN 13: 9781305653535
Author: Carl Warren

Gain a solid foundation in the core accounting concepts as you develop a true appreciation for why accounting is important to business and a prosperous society with Warren/Reeve/Duchac’s CORPORATE FINANCIAL ACCOUNTING 14E. This latest edition clearly demonstrates how accounting is more than just data and black and white rules. Instead, you see how accounting provides key information used to make critical business decisions. A new chapter schema provides context that emphasizes how each chapter’s content fits into the big picture. The book focuses on why accounting is important and consistently reinforces connections to the big picture throughout the text . You also gain important practice in making business decisions.

Corporate Financial Accounting 14th Table of contents:

Chapter 1. Introduction to Accounting and Business

Nature of Business and Accounting

Types of Businesses

Role of Accounting in Business

Role of Ethics in Accounting and Business

Opportunities for Accountants

Generally Accepted Accounting Principles (GAAP)

Characteristics of Financial Information

Assumptions

Principles

The Accounting Equation

Business Transactions and the Accounting Equation

Summary

Classifications of Stockholders’ Equity

Financial Statements

Income Statement

Retained Earnings Statement

Balance Sheet

Statement of Cash Flows

Interrelationships Among Financial Statements

Let’s Review: Chapter Summary

Key Terms

Practice

Discussion Questions

Basic Exercises

Exercises

Problems: Series A

Problems: Series B

Continuing Problem

Analysis for Decision Making

Take It Further

Chapter 2. Analyzing Transactions

Using Accounts to Record Transactions

Chart of Accounts

Double-Entry Accounting System

Balance Sheet Accounts

Income Statement Accounts

Retained Earnings Statement Accounts (Dividends)

Normal Balances

Journalizing

Posting Journal Entries to Accounts

Trial Balance

Errors Affecting the Trial Balance

Errors Not Affecting the Trial Balance

Let’s Review: Chapter Summary

Key Terms

Practice

Discussion Questions

Basic Exercises

Exercises

Problems: Series A

Problems: Series B

Continuing Problem

Analysis for Decision Making

Take It Further

Chapter 3. The Adjusting Process

Nature of the Adjusting Process

Accrual and Cash Basis of Accounting

Revenue and Expense Recognition

The Adjusting Process

Types of Accounts Requiring Adjustment

Adjusting Entries for Accruals

Accrued Revenues

Accrued Expenses

Adjusting Entries for Deferrals

Unearned Revenues

Prepaid Expenses

Adjusting Entries for Depreciation

Summary of Adjusting Process

Adjusted Trial Balance

Let’s Review: Chapter Summary

Key Terms

Practice

Discussion Questions

Basic Exercises

Exercises

Problems: Series A

Problems: Series B

Continuing Problem

Analysis for Decision Making

Take It Further

Chapter 4. Completing the Accounting Cycle

Flow of Accounting Information

Financial Statements

Income Statement

Retained Earnings Statement

Balance Sheet

Closing Entries

Journalizing and Posting Closing Entries

Post-Closing Trial Balance

Accounting Cycle

Illustration of the Accounting Cycle

Step 1. Analyzing and Recording Transactions in the Journal

Step 2. Posting Transactions to the Ledger

Step 3. Preparing an Unadjusted Trial Balance

Step 4. Assembling and Analyzing Adjustment Data

Step 5. Preparing an Optional End-of-Period Spreadsheet

Step 6. Journalizing and Posting Adjusting Entries

Step 7. Preparing an Adjusted Trial Balance

Step 8. Preparing the Financial Statements

Step 9. Journalizing and Posting Closing Entries

Step 10. Preparing a Post-Closing Trial Balance

Fiscal Year

Appendix 1: End-of-Period Spreadsheet

Step 1. Enter the Title

Step 2. Enter the Unadjusted Trial Balance

Step 3. Enter the Adjustments

Step 4. Enter the Adjusted Trial Balance

Step 5. Extend the Accounts to the Income Statement and Balance Sheet Columns

Step 6. Total the Income Statement and Balance Sheet Columns, Compute the Net Income or Net Loss, and Complete the Spreadsheet

Preparing the Financial Statements from the Spreadsheet

Appendix 2: Reversing Entries

Let’s Review: Chapter Summary

Key Terms

Practice

Problem

Discussion Questions

Basic Exercises

Exercises

Problems: Series A

Problems: Series B

Continuing Problem

Comprehensive Problem 1

Analysis for Decision Making

Take It Further

Chapter 5. Accounting for Merchandising Businesses

Nature of Merchandising Businesses

Operating Cycle

Financial Statements

Merchandising Transactions

Purchases Transactions

Sales Transactions

Freight

Summary: Recording Inventory Transactions

Dual Nature of Merchandise Transactions

Chart of Accounts for a Merchandising Business

Sales Taxes and Trade Discounts

Financial Statements for a Merchandising Business

Multiple-Step Income Statement

Single-Step Income Statement

Retained Earnings Statement

Balance Sheet

The Adjusting and Closing Process

Adjusting Entries for Customer Returns and Allowances

Adjusting Entry for Inventory Shrinkage

Closing Entries

Appendix: The Periodic Inventory System

Chart of Accounts Under the Periodic Inventory System

Recording Merchandise Transactions Under the Periodic Inventory System

Adjusting Process Under the Periodic Inventory System

Financial Statements Under the Periodic Inventory System

Closing Entries Under the Periodic Inventory System

Let’s Review: Chapter Summary

Key Terms

Practice

Exercises

Problem

Discussion Questions

Basic Exercises

Exercises

Problems: Series A

Problems: Series B

Comprehensive Problem 2

Analysis for Decision Making

Take It Further

Chapter 6. Inventories

Control of Inventory

Safeguarding Inventory

Reporting Inventory

Inventory Cost Flow Assumptions

Inventory Costing Methods Under a Perpetual Inventory System

First-In, First-Out Method

Last-In, First-Out Method

Weighted Average Cost Method

Inventory Costing Methods Under a Periodic Inventory System

First-In, First-Out Method

Last-In, First-Out Method

Weighted Average Cost Method

Comparing Inventory Costing Methods

Reporting Inventory in the Financial Statements

Valuation at Lower of Cost or Market

Inventory on the Balance Sheet

Effect of Inventory Errors on the Financial Statements

Appendix: Estimating Inventory Cost

Retail Method of Inventory Costing

Gross Profit Method of Inventory Costing

Let’s Review: Chapter Summary

Key Terms

Practice

Discussion Questions

Basic Exercises

Exercises

Problems: Series A

Problems: Series B

Analysis for Decision Making

Take It Further

Chapter 7. Internal Control and Cash

Sarbanes-Oxley Act

Internal Control

Objectives of Internal Control

Elements of Internal Control

Control Environment

Risk Assessment

Control Procedures

Monitoring

Information and Communication

Limitations of Internal Control

Cash Controls over Receipts and Payments

Control of Cash Receipts

Control of Cash Payments

Bank Accounts

Bank Statement

Using the Bank Statement as a Control over Cash

Bank Reconciliation

Special-Purpose Cash Funds

Financial Statement Reporting of Cash

Let’s Review: Chapter Summary

Key Terms

Practice

Discussion Questions

Basic Exercises

Exercises

Problems: Series A

Problems: Series B

Analysis for Decision Making

Take It Further

Chapter 8. Receivables

Classification of Receivables

Accounts Receivable

Notes Receivable

Other Receivables

Uncollectible Receivables

Direct Write-Off Method for Uncollectible Accounts

Allowance Method for Uncollectible Accounts

Write-Offs to the Allowance Account

Estimating Uncollectibles

Comparing Direct Write-Off and Allowance Methods

Notes Receivable

Characteristics of Notes Receivable

Accounting for Notes Receivable

Reporting Receivables on the Balance Sheet

Let’s Review: Chapter Summary

Key Terms

Practice

Discussion Questions

Basic Exercises

Exercises

Problems: Series A

Problems: Series B

Analysis for Decision Making

Take It Further

Chapter 9. Long-Term Assets: Fixed and Intangible

Nature of Fixed Assets

Classifying Costs

The Cost of Fixed Assets

Leasing Fixed Assets

Accounting for Depreciation

Factors in Computing Depreciation Expense

Straight-Line Method

Units-of-Activity Method

Double-Declining-Balance Method

Comparing Depreciation Methods

Partial-Year Depreciation

Revising Depreciation Estimates

Repair and Improvements

Disposal of Fixed Assets

Discarding Fixed Assets

Selling Fixed Assets

Natural Resources

Intangible Assets

Patents

Copyrights and Trademarks

Goodwill

Financial Reporting for Long-Term Assets: Fixed and Intangible

Appendix: Exchanging Similar Fixed Assets

Gain on Exchange

Loss on Exchange

Let’s Review: Chapter Summary

Key Terms

Practice

Discussion Questions

Basic Exercises

Exercises

Problems: Series A

Problems: Series B

Analysis for Decision Making

Take It Further

Chapter 10. Liabilities: Current, Installment Notes, Contingencies

Current Liabilities

Accounts Payable and Accruals

Short-Term Notes Payable

Current Portion of Long-Term Debt

Payroll Liabilities

Liability for Employee Earnings

Deductions from Employee Earnings

Computing Employee Net Pay

Employer’s Payroll Taxes

Recording Payroll

Paying Payroll

Internal Controls for Payroll

Employees’ Fringe Benefits

Vacation Pay

Pensions

Postretirement Benefits Other than Pensions

Installment Notes

Issuance

Periodic Payments

Contingent Liabilities

Probable and Estimable

Probable and Not Estimable

Reasonably Possible

Remote

Reporting Liabilities

Let’s Review: Chapter Summary

Key Terms

Practice

Discussion Questions

Basic Exercises

Exercises

Problems: Series A

Problems: Series B

Comprehensive Problem 3

Analysis for Decision Making

Take It Further

Chapter 11. Liabilities: Bonds Payable

Nature of Bonds Payable

Bond Characteristics and Terminology

Proceeds from Issuing Bonds

Accounting for Bonds Payable

Bonds Issued at Face Amount

Bonds Issued at a Discount

Amortizing a Bond Discount

Bonds Issued at a Premium

Amortizing a Bond Premium

Bond Redemption

Reporting Bonds Payable

Appendix 1: Present Value Concepts and Pricing Bonds Payable

Present Value Concepts

Pricing Bonds

Appendix 2: Effective Interest Rate Method of Amortization

Amortization of Discount by the Interest Method

Amortization of Premium by the Interest Method

Let’s Review: Chapter Summary

Key Terms

Practice

Discussion Questions

Basic Exercises

Exercises

Problems: Series A

Problems: Series B

Analysis for Decision Making

Take It Further

Chapter 12. Corporations: Organization, Stock Transactions, and Dividends

Nature of a Corporation

Characteristics of a Corporation

Forming a Corporation

Paid-In Capital from Stock

Characteristics of Stock

Types of Stock

Issuing Stock

Premium on Stock

No-Par Stock

Accounting for Dividends

Cash Dividends

Stock Dividends

Stock Splits

Treasury Stock Transactions

Reporting Stockholders’ Equity

Stockholders’ Equity on the Balance Sheet

Reporting Retained Earnings

Statement of Stockholders’ Equity

Reporting Stockholders’ Equity for Mornin’ Joe

Let’s Review: Chapter Summary

Key Terms

Practice

Discussion Questions

Basic Exercises

Exercises

Problems: Series A

Problems: Series B

Comprehensive Problem 4

Analysis for Decision Making

Take It Further

Chapter 13. Statement of Cash Flows

Reporting Cash Flows

Cash Flows from Operating Activities

Cash Flows from Investing Activities

Cash Flows from Financing Activities

Noncash Investing and Financing Activities

Format of the Statement of Cash Flows

No Cash Flow per Share

Cash Flows from Operating Activities—The Indirect Method

Net Income

Adjustments to Net Income

Cash Flows from Investing Activities

Land

Building and Accumulated Depreciation—Building

Cash Flows from Financing Activities

Bonds Payable

Common Stock

Dividends and Dividends Payable

Preparing the Statement of Cash Flows

Appendix 1: Spreadsheet (Work Sheet) for Statement of Cash Flows—The Indirect Method

Analyzing Accounts

Retained Earnings

Other Accounts

Preparing the Statement of Cash Flows

Appendix 2: Preparing the Statement of Cash Flows—The Direct Method

Cash Received from Customers

Cash Payments for Merchandise

Cash Payments for Operating Expenses

Gain on Sale of Land

Interest Expense

Cash Payments for Income Taxes

Reporting Cash Flows from Operating Activities—Direct Method

Let’s Review: Chapter Summary

Key Terms

Practice

Discussion Questions

Basic Exercises

Exercises

Problems: Series A

Problems: Series B

Analysis for Decision Making

Take It Further

Chapter 14. Financial Statement Analysis

Analyzing and Interpreting Financial Statements

The Value of Financial Statement Information

Techniques for Analyzing Financial Statements

Analytical Methods

Horizontal Analysis

Vertical Analysis

Common-Sized Statements

Analyzing Liquidity

Current Position Analysis

Accounts Receivable Analysis

Inventory Analysis

Analyzing Solvency

Ratio of Fixed Assets to Long-Term Liabilities

Ratio of Liabilities to Stockholders’ Equity

Times Interest Earned

Analyzing Profitability

Asset Turnover

Return on Total Assets

Return on Stockholders’ Equity

Return on Common Stockholders’ Equity

Earnings per Share on Common Stock

Price-Earnings Ratio

Dividends per Share

Dividend Yield

Summary of Analytical Measures

Corporate Annual Reports

Management Discussion and Analysis

Report on Internal Control

Report on Fairness of the Financial Statements

Analysis for Decision Making

Appendix 1: Unusual Items on the Income Statement

Unusual Items Affecting the Current Period’s Income Statement

Unusual Items Affecting the Prior Period’s Income Statement

Appendix 2: Fair Value and Comprehensive Income

Fair Value

Comprehensive Income

Let’s Review: Chapter Summary

Key Terms

Practice

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