Financial Accounting 15th Edition Williams Solutions Manual
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This is completed downloadable of Financial Accounting 15th Edition Williams Solutions Manual
Product Details:
ISBN 10: 0077328701
ISBN 13: 9780077328702
Author:
Financial Accounting (15th, 12) by Williams, Jan – Haka, Sue – Bettner, Mark – Carcello, Joseph [Hardcover (2011)]
Table of Content:
1 Accounting: Information for Decision Making
Accounting from a User’s Perspective
Types of Accounting Information
Accounting Systems
Determining Information Needs
The Cost of Producing Accounting Information
Basic Functions of an Accounting System
Who Designs and Installs Accounting Systems?
Components of Internal Control
Financial Accounting Information
External Users of Accounting Information
Objectives of External Financial Reporting
Characteristics of Externally Reported Information
Management Accounting Information
Users of Internal Accounting Information
Objectives of Management Accounting Information
Characteristics of Management Accounting Information
Integrity of Accounting Information
Institutional Features
Professional Organizations
Competence, Judgment, and Ethical Behavior
Careers in Accounting
Public Accounting
Management Accounting
Governmental Accounting
Accounting Education
What about Bookkeeping?
Accounting as a Stepping-Stone
But What about Me? I’m Not an Accounting Major
Ethics, Fraud & Corporate Governance
Concluding Remarks
End-of-Chapter Review
Assignment Material
2 Basic Financial Statements
A Starting Point: Statement of Financial Position
Assets
Liabilities
Owners’ Equity
The Accounting Equation
The Effects of Business Transactions: An Illustration
Effects of These Business Transactions on the Accounting Equation
Income Statement
Statement of Cash Flows
Relationships among Financial Statements
Financial Analysis and Decision Making
Forms of Business Organization
Sole Proprietorships
Partnerships
Corporations
Reporting Ownership Equity in the Statement of Financial Position
The Use of Financial Statements by External Parties
The Need for Adequate Disclosure
Management’s Interest in Financial Statements
Ethics, Fraud & Corporate Governance
Concluding Remarks
End-of-Chapter Review
Assignment Material
3 The Accounting Cycle: Capturing Economic
The Role of Accounting Records
The Ledger
The Use of Accounts
Debit and Credit Entries
Double-Entry Accounting—The Equality of Debits and Credits
The Journal
Posting Journal Entries to the Ledger Accounts (and How to “Read” a Journal Entry)
Recording Balance Sheet Transactions: An Illustration
Ledger Accounts after Posting
What Is Net Income?
Retained Earnings
The Income Statement: A Preview
Revenue
Expenses
The Accrual Basis of Accounting 1
Debit and Credit Rules for Revenue and Expenses
Dividends
Recording Income Statement Transactions: An Illustration
The Journal
February’s Ledger Balances
The Trial Balance
Uses and Limitations of the Trial Balance
Concluding Remarks
The Accounting Cycle in Perspective
Ethics, Fraud & Corporate Governance
End-of-Chapter Review
Assignment Material
4 The Accounting Cycle: Accruals and Deferrals
The Need for Adjusting Entries
Types of Adjusting Entries
Adjusting Entries and Timing Differences
Characteristics of Adjusting Entries
Year-End at Overnight Auto Service
Converting Assets to Expenses
The Concept of Depreciation
Converting Liabilities to Revenue
Accruing Unpaid Expenses
Accruing Uncollected Revenue
Accruing Income Taxes Expense: The Final Adjusting Entry
Adjusting Entries and Accounting Principles
The Concept of Materiality
Effects of the Adjusting Entries
Concluding Remarks
Ethics, Fraud & Corporate Governance
End-of-Chapter Review
Assignment Material
5 The Accounting Cycle: Reporting Financial Results
Relationships among the Financial Statements
Drafting the Notes That Accompany Financial Statements
What Types of Information Must Be Disclosed?
Closing the Temporary Accounts
Closing Entries for Revenue Accounts
Closing Entries for Expense Accounts
Closing the Income Summary Account
Closing the Dividends Account
Summary of the Closing Process
After-Closing Trial Balance
A Last Look at Overnight: Was 2011 a Good Year?
Financial Analysis and Decision Making
Preparing Financial Statements Covering Different Periods of Time
Ethics, Fraud & Corporate Governance
Concluding Remarks
Supplemental Topic: The Worksheet
Isn’t This Really a Spreadsheet?
How Is a Worksheet Used?
The Mechanics: How It’s Done
What If: A Special Application of Worksheet Software
End-of-Chapter Review
Assignment Material
The Income Statement
The Statement of Retained Earnings
The Balance Sheet
Equipment Rentals
6 Merchandising Activities
Perpetual Inventory Systems
Taking a Physical Inventory
Closing Entries in a Perpetual Inventory System
Periodic Inventory Systems
Operation of a Periodic Inventory System
Closing Process in a Periodic Inventory System
Comparison of Perpetual and Periodic Inventory Systems
Selecting an Inventory System
Transactions Relating to Purchases
Credit Terms and Cash Discounts
Returns of Unsatisfactory Merchandise
Transportation Costs on Purchases
Transactions Relating to Sales
Sales Returns and Allowances
Sales Discounts
Delivery Expenses
Accounting for Sales Taxes
Modifying an Accounting System
Special Journals Provide Speed and Efficiency
Financial Analysis and Decision Making
Ethics, Fraud & Corporate Governance
Concluding Remarks
End-of-Chapter Review
The Operating Cycle of a Merchandising Company
Income Statement of a Merchandising Company
Accounting System Requirements for Merchandising Companies
Two Approaches Used in Accounting for Merchandise Inventories
Assignment Material
7 Financial Assets
The Valuation of Financial Assets
Cash
Reporting Cash in the Balance Sheet
Cash Management
Internal Control over Cash
Bank Statements
Reconciling the Bank Statement
Short-Term Investments
Accounting for Marketable Securities
Purchase of Marketable Securities
Recognition of Investment Revenue
Sale of Investments
Adjusting Marketable Securities to Market Value
Accounts Receivable
Uncollectible Accounts
The Allowance for Doubtful Accounts
Writing Off an Uncollectible Account Receivable
Monthly Estimates of Credit Losses
Recovery of an Account Receivable Previously Written Off
Direct Write-Off Method
Factoring Accounts Receivable
Credit Card Sales
Notes Receivable and Interest Revenue
Nature of Interest
Accounting for Notes Receivable
Financial Analysis and Decision Making
Ethics, Fraud & Corporate Governance
Concluding Remarks
End-of-Chapter Review
Assignment Material
8 Inventories and the Cost of Goods Sold
The Flow of Inventory Costs
Which Unit Did We Sell?
Data for an Illustration
Specific Identification
Cost Flow Assumptions
Average-Cost Method
First-In, First-Out Method
Last-In, First-Out Method
Evaluation of the Methods
Do Inventory Methods Really Affect Performance?
The Principle of Consistency
Just-in-Time (JIT) Inventory Systems
Taking a Physical Inventory
Recording Shrinkage Losses
LCM and Other Write-Downs of Inventory
The Year-End Cutoff of Transactions
Periodic Inventory Systems
International Financial Reporting Standards
Importance of an Accurate Valuation of Inventory
Techniques for Estimating the Cost of Goods Sold and the Ending Inventory
The Gross Profit Method
The Retail Method
“Textbook” Inventory Systems Can Be Modified
Financial Analysis and Decision Making
Ethics, Fraud & Corporate Governance
Concluding Remarks
End-of-Chapter Review
Assignment Material
Guitar Universe, Inc.
Financial Analysis and Decision Making
Natural Resources
Accounting for Natural Resources
Depreciation, Amortization, and Depletion— A Common Goal
Plant Transactions and the Statement of Cash Flows
Ethics, Fraud & Corporate Governance
Concluding Remarks
End-of-Chapter Review
Assignment Material
9 Plant and Intangible Assets
Acquisitions of Plant Assets
Determining Cost: An Example
Some Special Considerations
Capital Expenditures and Revenue Expenditures
Depreciation
Allocating the Cost of Plant and Equipment over the Years of Use
Causes of Depreciation
Methods of Computing Depreciation
The Straight-Line Method
The Declining-Balance Method
Which Depreciation Methods Do Most Businesses Use?
Financial Statement Disclosures
The Impairment of Plant Assets
Other Depreciation Methods
The Units-of-Output Method
MACRS
Sum-of-the-Years’ Digits
Decelerated Depreciation Methods
Depreciation Methods in Use: A Survey
Disposal of Plant and Equipment
Gains and Losses on the Disposal of Plant and Equipment
Trading in Used Assets for New Ones
International Financial Reporting Standards
Intangible Assets
Characteristics
Operating Expenses versus Intangible Assets
Amortization
Goodwill
Patents
Trademarks and Trade Names
Franchises
Copyrights
Other Intangibles and Deferred Charges
Research and Development (R&D) Costs
Major Categories of Plant Assets
Accountable Events in the Lives of Plant Assets
10 Liabilities
Current Liabilities
Accounts Payable
Notes Payable
The Current Portion of Long-Term Debt
Accrued Liabilities
Payroll Liabilities
Unearned Revenue
Long-Term Liabilities
Maturing Obligations Intended to Be Refinanced
Installment Notes Payable
Bonds Payable
What Are Bonds?
Tax Advantage of Bond Financing
Accounting for Bonds Payable
Bonds Issued at a Discount or a Premium
Accounting for a Bond Discount: An Illustration
Accounting for a Bond Premium: An Illustration
Bond Discount and Premium in Perspective
The Concept of Present Value
Bond Prices after Issuance
Early Retirement of Bonds Payable
Estimated Liabilities, Loss Contingencies, and Commitments
Estimated Liabilities
Loss Contingencies
Commitments
Evaluating the Safety of Creditors’ Claims
Methods of Determining Creditworthiness
How Much Debt Should a Business Have?
Financial Analysis and Decision Making
Ethics, Fraud & Corporate Governance
Special Types of Liabilities
Lease Payment Obligations
Operating Leases
Capital Leases
Liabilities for Pensions and Other Postretirement Benefits
Deferred Income Taxes
Concluding Remarks
End-of-Chapter Review
Assignment Material
11 Stockholders’ Equity: Paid-In Capital
Formation of a Corporation
Stockholder Records in a Corporation
Paid-In Capital of a Corporation
Authorization and Issuance of Capital Stock
Common Stock and Preferred Stock
Characteristics of Preferred Stock
Book Value per Share of Common Stock
Market Value
Market Price of Preferred Stock
Market Price of Common Stock
Book Value and Market Price
Stock Splits
Treasury Stock
Recording Purchases of Treasury Stock
Reissuance of Treasury Stock
Stock Buyback Programs
Financial Analysis and Decision Making
Ethics, Fraud & Corporate Governance
Concluding Remarks
End-of-Chapter Review
Assignment Material
Why Businesses Incorporate
Publicly Owned Corporations
12 Income and Changes in Retained Earnings
Developing Predictive Information
Reporting Irregular Items: An Illustration
Continuing Operations
Discontinued Operations
Extraordinary Items
Earnings per Share (EPS)
Financial Analysis and Decision Making
Other Transactions Affecting Retained Earnings
Cash Dividends
Dividend Dates
Liquidating Dividends
Stock Dividends
Statement of Retained Earnings
Prior Period Adjustments
Comprehensive Income
Statement of Stockholders’ Equity
Stockholders’ Equity Section of the Balance Sheet
Ethics, Fraud & Corporate Governance
Concluding Remarks
End-of-Chapter Review
Assignment Material
13 Statement of Cash Flows
Purposes of the Statement
Example of a Statement of Cash Flows
Classification of Cash Flows
Preparing a Statement of Cash Flows
Operating Activities
Investing Activities
Financing Activities
Cash and Cash Equivalents
Cash Flows from Operating Activities
Cash Payments for Merchandise and for Expenses
Cash Flows from Investing Activities
Cash Flows from Financing Activities
Relationship between the Statement of Cash Flows and the Balance Sheet
Reporting Operating Cash Flows by the Indirect Method
Reconciling Net Income with Net Cash Flows
The Indirect Method: A Summary
Indirect Method May Be Required in a Supplementary Schedule
The Statement of Cash Flows: A Second Look
Financial Analysis and Decision Making
Managing Cash Flows
Budgeting: The Primary Cash Management Tool
What Priority Should Managers Give to Increasing Net Cash Flows?
Some Strategies for Permanent Improvements in Cash Flow
Ethics, Fraud & Corporate Governance
A Worksheet for Preparing a Statement of Cash Flows
Data for an Illustration
The Worksheet
Entry
Concluding Remarks
End-of-Chapter Review
Assignment Material
14 Financial Statement Analysis
Tools of Analysis
Dollar and Percentage Changes
Trend Percentages
Component Percentages
Ratios
Standards of Comparison
Quality of Earnings
Quality of Assets and the Relative Amount of Debt
Measures of Liquidity and Credit Risk
A Classified Balance Sheet
Working Capital
Current Ratio
Quick Ratio
Debt Ratio
Evaluating Financial Ratios
Liquidity, Credit Risk, and the Law
Measures of Profitability
Classifications in the Income Statement
Multiple-Step Income Statements
Earnings per Share
Price-Earnings Ratio
Single-Step Income Statements
Evaluating the Adequacy of Net Income
Return on Investment (ROI)
Return on Assets (ROA)
Return on Equity (ROE)
Comprehensive Illustration: Seacliff Company
Analysis by Common Stockholders
Return on Investment (ROI)
Leverage
Analysis by Long-Term Creditors
Analysis by Short-Term Creditors
Cash Flow Analysis
Usefulness of Notes to Financial Statements
International Financial Reporting Standards
Summary of Analytical Measurements
Ethics, Fraud & Corporate Governance
Concluding Remarks
End-of-Chapter Review
Assignment Material
15 Global Business and Accounting
Home Depot, Inc.
Environmental Forces Shaping Globalization
Political and Legal Systems
Economic Systems
Culture
Technology and Infrastructure
Harmonization of Financial Reporting Standards
International Financial Reporting Standards: Adoption or Convergence
Foreign Currencies and Exchange Rates
Exchange Rates
Accounting for Transactions with Foreign Companies
Currency Fluctuations—Who Wins and Who Loses?
Consolidated Financial Statements That Include Foreign Subsidiaries
Ethics, Fraud & Corporate Governance
Concluding Remarks
End-of-Chapter Review
Assignment Material
Global Sourcing
Foreign Corrupt Practices Act
APPENDIX A Home Depot 2009Financial Statements
APPENDIX B The Time Value of Money Future Amounts and Present Values
Index
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