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Financial Accounting » (8th Edition)
Authors: Walter T. Harrison, Bill Thomas, Charles T. Horngren
ISBN-13: 9780136108863, ISBN-10: 0136108865
Format: Paperback
Publisher: Prentice Hall
Date Published: September 2009
Edition: 8th Edition
Author Biography: Walter T. Harrison
Book Synopsis
Financial Accounting helps students “nail” the accounting cycle up front in order to increase success and retention later on. The concepts and mechanics students learn in the critical ‘accounting cycle’ chapters are used consistently and repetitively—and with clear-cut details and explanations—throughout the remainder of the text, minimizing confusion.
A solid enhancement to already solid fundamentals, the eighth edition now features new co-author Bill Thomas of Baylor University who brings his expertise on auditing, ethics, and internal controls to key sections of the book.
Booknews
New edition of a text in which Harrison (Baylor U.) and Horngren (Stanford U.) discuss all aspects of financial accounting. The 12 chapters cover financial statements, processing information, accrual accounting, internal control and cash, plant assets, short-term investments and receivables, inventory, stockholders' equity, using the income statement and the statement of stockholders' equity, current and long-term liabilities, long-term investments and international, and the statement of cash flows. New features include short exercises to open the assignment material for each chapter, and Excel application problems. Annotation c. Book News, Inc., Portland, OR (booknews.com)
Table of Contents
| Ch. 1 | The final statements | 2 |
| Spotlight : YUM! brands | 2 | |
| Business decisions | 5 | |
| Accounting : the language of business | 5 | |
| Accounting alert : we need an audit to validate the financial statements | 7 | |
| Accounting's foundation : principles and concepts | 9 | |
| The accounting equation | 12 | |
| The financial statements | 14 | |
| Relationships among the financial statements | 22 | |
| Making managerial decisions : in evaluating a company, what do decision makers look for? | 24 | |
| Ch. 2 | Transaction analysis | 48 |
| Spotlight : Apple Computer, Inc. | 48 | |
| Transactions | 50 | |
| The account | 50 | |
| Accounting alert : single-entry accounting doesn't cut it | 53 | |
| Accounting for business transactions | 53 | |
| Double-entry accounting | 62 | |
| Recording transactions | 65 | |
| The trial balance | 71 | |
| Making managerial decisions : how to measure results of operations and financial position | 76 | |
| Ch. 3 | Using accrual accounting to measure income | 104 |
| Spotlight : Callaway Golf Company | 104 | |
| Accrual accounting versus cash-basis accounting | 106 | |
| Accounting alert : cash-basis accounting doesn't cut it either | 107 | |
| Accounting alert : earnings management and cookie jar reserves | 110 | |
| Updating the accounts : the adjustment process | 111 | |
| Preparing the financial statements | 124 | |
| Formats for the financial statements | 133 | |
| Using accounting ratios | 134 | |
| Making managerial decisions : using the current ratio and the debt ratio | 138 | |
| Ch. 4 | Internal control & cash | 172 |
| Spotlight : Merrill Lynch takes a hit | 172 | |
| Internal control | 174 | |
| Accounting alert : are the outside auditors really independent? | 177 | |
| Accounting alert : three faces of internal control | 181 | |
| The bank account as a control device | 182 | |
| Controlling and managing cash | 189 | |
| Ethics and accounting | 193 | |
| Making managerial decisions : ethical judgments | 195 | |
| Ch. 5 | Short-term investments & receivables | 216 |
| Spotlight : how Ford Motor Company makes its money | 216 | |
| Short-term investments | 218 | |
| Accounting alert : is that investment really a current asset? | 221 | |
| Accounts and notes receivable | 223 | |
| Making managerial decisions : managing and accounting for receivables | 225 | |
| Accounting for uncollectible receivables | 226 | |
| Accounting alert : shifting sales into the current period makes you look good now, but you pay for it later | 231 | |
| Notes receivable | 232 | |
| Using two key ratios to make decisions | 235 | |
| Reporting on the statement of cash flows | 237 | |
| Ch. 6 | Merchandise inventory and cost of goods sold | 260 |
| Spotlight : Pier 1 Imports | 260 | |
| Accounting for inventory | 262 | |
| Inventory costing | 267 | |
| Accounting principles related to inventory | 274 | |
| Inventory and the financial statements | 276 | |
| Additional inventory issues | 278 | |
| Accounting alert : cooking the books to increase reported income | 281 | |
| Making managerial decisions : accounting for inventory | 283 | |
| App. 6A | Accounting in the periodic system | 309 |
| App. 6B | The LIFO reserve - converting a LIFO company's income to the FIFO basis | 312 |
| Ch. 7 | Plant assets, natural resources, and intangibles | 314 |
| Spotlight : UPS to the rescue | 314 | |
| Types of assets | 316 | |
| Accounting alert : is that cost really an asset? | 320 | |
| Measuring plant asset depreciation | 320 | |
| Other issues in accounting for plant assets | 327 | |
| Accounting for natural resources | 334 | |
| Accounting for intangible assets | 334 | |
| Reporting plant asset transactions on the statement of cash flows | 337 | |
| Making managerial decisions : plant assets and related expenses | 340 | |
| Ch. 8 | Current & long-term liabilities | 362 |
| Spotlight : tough times for the airlines | 362 | |
| Current liabilities | 364 | |
| Accounting alert : are all your liabilities reported on the balance sheet? | 370 | |
| Long-term liabilities : bonds | 372 | |
| Making managerial decisions : financing with debt or with stock | 386 | |
| Long-term liabilities : leases and pensions | 387 | |
| Reporting liabilities | 390 | |
| Ch. 9 | Stockholders' equity | 416 |
| Spotlight : IHOP goes public | 416 | |
| Organizing a corporation | 419 | |
| Issuing stock | 422 | |
| Accounting alert : a stock issuance for other than cash can pose an accounting problem | 426 | |
| Treasury stock transactions | 429 | |
| Retained earnings, dividends, and splits | 431 | |
| Measuring the value of stock | 435 | |
| Reporting stockholders' equity transactions | 438 | |
| Making managerial decisions : investing in stock | 440 | |
| Ch. 10 | Long-term investments & international operations | 468 |
| Spotlight : the two parts of GE | 468 | |
| Stock investments : a review | 470 | |
| Available-for-sale investments | 471 | |
| Accounting alert : when should we sell that investment in Hewlett-Packard stock? | 475 | |
| Equity-method investments | 485 | |
| Consolidated subsidiaries | 477 | |
| Long-term investments in bonds and notes | 481 | |
| Making managerial decisions : accounting methods for long-term investments | 482 | |
| Accounting for international operations | 484 | |
| Investing activities on the statement of cash flows | 490 | |
| Ch. 11 | The income statement & the statement of stockholders' equity | 500 |
| Spotlight : is something happening to best buy? | 510 | |
| Evaluating the quality of earnings | 512 | |
| Accounting alert : watch out for voluntary accounting changes that increase reported income | 516 | |
| Accounting alert : beware of pro forma earnings | 519 | |
| Accounting for corporate income taxes | 519 | |
| Analyzing retained earnings | 521 | |
| Analyzing the statement of stockholders' equity | 522 | |
| Responsibility for the financial statements | 524 | |
| Making managerial decisions : using the income statement and related notes in investment analysis | 526 | |
| Ch. 12 | The statement of cash flows | 546 |
| Spotlight : eBay outlines global business strategy | 546 | |
| Basic concepts : the statement of cash flows | 548 | |
| Accounting alert : how's your cash flow? : telltale signs of financial difficulty | 549 | |
| Preparing the statement of cash flows : indirect method | 551 | |
| Preparing the statement of cash flows : direct method | 564 | |
| Measuring cash adequacy : free cash flow | 573 | |
| Making managerial decisions : investor's and creditors' use of cash flow and related information | 574 | |
| Ch. 13 | Financial statement analysis | 606 |
| Spotlight : how well is YUM! doing? | 606 | |
| Horizontal analysis | 608 | |
| Vertical analysis | 611 | |
| Benchmarking | 613 | |
| Using ratios to make business decisions | 617 | |
| Accounting alert : the limitations of ratio analysis | 620 | |
| Other measures | 627 | |
| Accounting alert : red flags in financial statement analysis | 628 | |
| Making managerial decisions : using ratios in financial statement analysis | 629 | |
| App. A | YUM! Brands annual report 2003 | 659 |
| App. B | Pier 1 Imports annual report 2004 | 671 |
| App. C | Time value of money : future value and present value | 679 |
| App. D | Typical charts of accounts for different types of businesses | 689 |
| App. E | Summary of generally accepted accounting principles (GAAP) | 691 |
| App. F | Check figures | 693 |
Subjects
