Name: Horngrens Accounting 10th Edition Nobles Test Bank
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Horngrens Accounting 10th Edition Nobles Test Bank

Product details:

ISBN-10 ‏ : ‎ 0133117413
ISBN-13 ‏ : ‎ 978-0133117417
Author: Tracie L. Nobles, CPA

The tenth edition of Horngren’s Accounting presents the core content of the accounting course in a fresh format designed to help today’s learners succeed.

Built upon the foundation of the Horngren franchise, this new edition was created by an all-new author team who sought to bridge the gap between textbook content and classroom instruction techniques. New pedagogical features such as Instructor Tips & Tricks and Common Questions, Answered walk students through the material as a great instructor would, fostering deeper understanding of accounting theory and practice.

Table contents:

Chapter 1 : Accounting and the Business Environment
Why is Accounting Important?
Decision Makers: The Users of Accounting Information
The Accounting Profession
What are the Organizations and Rules that Govern Accounting?
Governing Organizations
Generally Accepted Accounting Principles
The Economic Entity Assumption
The Cost Principle
The Going Concern Assumption
The Monetary Unit Assumption
International Financial Reporting Standards
Ethics in Accounting and Business
What is the Accounting Equation?
Assets
Liabilities
Equity
How Do You Analyze a Transaction?
Transaction Analysis for Smart Touch Learning
How Do You Prepare Financial Statements?
Income Statement
Statement of Owner’s Equity
Balance Sheet
Statement of Cash Flows
How Do You Use Financial Statements to Evaluate Business Performance?
Green Mountain Coffee Roasters, Inc.
Return on Assets (ROA)
Review
Things You Should Know
Summary Problem
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Cases
Ethical Issue 1-1
Fraud Case 1-1
Financial Statement Case 1-1
Team Projects
Communication Activity 1-1
Quick Check Answers
Chapter 2 : Recording Business Transactions
What is an Account?
Assets
Liabilities
Equity
Chart of Accounts
Ledger
What is Double-Entry Accounting?
The T-Account
Increases and Decreases in the Accounts
Expanding the Rules of Debit and Credit
The Normal Balance of an Account
Determining the Balance of a T-Account
How Do You Record Transactions?
Source Documents—The Origin of the Transactions
Journalizing and Posting Transactions
The Ledger Accounts After Posting
The Four-Column Account: An Alternative to the T-Account
What is the Trial Balance?
Preparing Financial Statements from the Trial Balance
Correcting Trial Balance Errors
How Do You Use the Debt Ratio to Evaluate Business Performance?
Review
Things You Should Know
Summary Problem
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Practice Set
Critical Thinking
Decision Cases
Ethical Issue 2-1
Fraud Case 2-1
Financial Statement Case 2-1
Team Project 2-1
Communication Activity 2-1
Quick Check Answers
Chapter 3 : The Adjusting Process
What is the Difference Between Cash Basis Accounting and Accrual Basis Accounting?
What Concepts and Principles Apply to Accrual Basis Accounting?
The Time Period Concept
The Revenue Recognition Principle
The Matching Principle
What are Adjusting Entriesand How Do We Record Them?
Prepaid Expenses
Unearned Revenues
Accrued Expenses
Accrued Revenues
What is the Purpose of the Adjusted Trial Balance and How Do We Prepare It?
What is the Impact of Adjusting Entries on the Financial Statements?
How Could a Worksheet Help in Preparing Adjusting Entries and the Adjusted Trial Balance?
Appendix 3A: Alternative Treatment of Recording Prepaid Expenses and Unearned Revenues
What is an Alternative Treatment of Recording Prepaid Expenses and Unearned Revenues?
Prepaid Expenses
Unearned Revenues
Review
Things You Should Know
Summary Problem 3-1
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Practice Set
Critical Thinking
Decision Cases
Ethical Issue 3-1
Fraud Case 3-1
Financial Statement Case 3-1
Team Project 3-1
Communication Activity 3-1
Quick Check Answers
Chapter 4 : Completing the Accounting Cycle
How Do We Prepare Financial Statements?
Relationships Among the Financial Statements
How Could a Worksheet Help in Preparing Financial Statements?
Section 5—Income Statement
Section 6—Balance Sheet
Section 7—Determine Net Income or Net Loss
What is the Closing Process, and How Do We Close the Accounts?
Closing Temporary Accounts—Net Income
Closing Temporary Accounts—Net Loss
How Do We Prepare a Post-Closing Trial Balance?
What is the Accounting Cycle?
How Do We Use the Current Ratio to Evaluate Business Performance?
Appendix 4A: Reversing Entries: An Optional Step
What are Reversing Entries?
Accounting for Accrued Expenses
Accounting Without a Reversing Entry
Accounting With a Reversing Entry
Review
Things You Should Know
Summary Problem
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Practice Set
Critical Thinking
Decision Case 4-1
Ethical Issue 4-1
Fraud Case 4-1
Financial Statement Case 4-1
Team Project 4-1
Communication Activity 4-1
Comprehensive Problem 1 for Chapters 1–4
Comprehensive Problem 2 for Chapters 1–4
Quick Check Answers
Chapter 5 : Merchandising Operations
What are Merchandising Operations?
The Operating Cycle of a Merchandising Business
Merchandise Inventory Systems: Perpetual and Periodic Inventory Systems
How are Purchases of Merchandise Inventory Recorded in a Perpetual Inventory System?
Purchase of Merchandise Inventory
Purchase Discounts
Purchase Returns and Allowances
Transportation Costs
Cost of Inventory Purchased
How are Sales of Merchandise Inventory Recorded in a Perpetual Inventory System?
Sale of Merchandise Inventory
Sales Discounts
Sales Returns and Allowances
Transportation Costs—Freight Out
Net Sales Revenue and Gross Profit
What are the Adjusting and Closing Entries for a Merchandiser?
Adjusting Merchandise Inventory Based on a Physical Count
Closing the Accounts of a Merchandiser
Worksheet for a Merchandising Business—Perpetual Inventory System
How are a Merchandiser’s Financial Statements Prepared?
Income Statement
Statement of Owner’s Equity and the Balance Sheet
How Do We Use the Gross Profit Percentage to Evaluate Business Performance?
Appendix 5A: Accounting for Merchandise Inventory in a Periodic Inventory System
How are Merchandise Inventory Transactions Recorded in a Periodic Inventory System?
Purchases of Merchandise Inventory
Sale of Merchandise Inventory
Adjusting and Closing Entries
Preparing Financial Statements
Review
Things You Should Know
Summary Problem 5-1
Solution
Summary Problem 5-2
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Practice Set
Critical Thinking
Decision Cases
Ethical Issue 5-1
Fraud Case 5-1
Financial Statement Case 5-1
Team Project 5-1
Communication Activity 5-1
Comprehensive Problem for Chapters 1–5
Quick Check Answers
Chapter 6 : Merchandise Inventory
What are the Accounting Principles and Controls that Relate to Merchandise Inventory?
Accounting Principles
Control Over Merchandise Inventory
How are Merchandise Inventory Costs Determined Under a Perpetual Inventory System?
Specific Identification Method
First-In, First-Out (FIFO) Method
Last-In, First-Out (LIFO) Method
Weighted-Average Method
How are Financial Statements Affected by Using Different Inventory Costing Methods?
Income Statement
Balance Sheet
How is Merchandise Inventory Valued When Using the Lower-of-Cost-or-Market Rule?
Computing the Lower-of-Cost-or-Market
Recording the Adjusting Journal Entry to Adjust Merchandise Inventory
What are the Effects of Merchandise Inventory Errors on the Financial Statements?
How Do We Use Inventory Turnover and Days’ Sales in Inventory to Evaluate Business Performance?
Inventory Turnover
Days’ Sales in Inventory
Appendix 6A: Merchandise Inventory Costs Under a Periodic Inventory System
How are Merchandise Inventory Costs Determined Under a Periodic Inventory System?
First-In, First-Out (FIFO) Method
Last-In, First-Out (LIFO) Method
Weighted-Average Method
Appendix 6B: Estimating Ending Merchandise Inventory
How Can the Cost of Ending Merchandise Inventory Be Estimated?
Gross Profit Method
The Retail Method
Review
Things You Should Know
Summary Problem
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Practice Set
Critical Thinking
Decision Cases
Ethical Issue 6-1
Fraud Case 6-1
Financial Statement Case 6-1
Team Project 6-1
Communication Activity 6-1
Quick Check Answers
Chapter 7 : Accounting Information Systems
What is an Accounting Information System?
Effective Accounting Information Systems
Components of an Accounting Information System
How are Sales and Cash Receipts Recorded in a Manual Accounting Information System?
Special Journals
Subsidiary Ledgers
The Sales Journal
The Cash Receipts Journal
How are Purchases, Cash Payments, and Other Transactions Recorded in a Manual Accounting Information
The Purchases Journal
The Cash Payments Journal
The General Journal
How are Transactions Recorded in a Computerized Accounting Information System?
Entry-Level Software
Enterprise Resource Planning (ERP) Systems
QuickBooks
Review
Things You Should Know
Summary Problem
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Practice Set
Critical Thinking
Decision Cases
Ethical Issue 7-1
Fraud Case 7-1
Team Project 7-1
Communication Activity 7-1
Comprehensive Problem for Chapters 1–7
Quick Check Answers
Chapter 8 : Internal Control and Cash
What is Internal Control and How Can It Be Used to Protect a Company’s Assets?
Internal Control and the Sarbanes-Oxley Act
The Components of Internal Control
Internal Control Procedures
The Limitations of Internal Control—Costs and Benefits
What are the Internal Control Procedures With Respect to Cash Receipts?
Cash Receipts Over the Counter
Cash Receipts by Mail
What are the Internal Control Procedures With Respect to Cash Payments?
Controls Over Payment by Check
How Can a Petty Cash Fund Be Used for Internal Control Purposes?
Setting Up the Petty Cash Fund
Replenishing the Petty Cash Fund
Changing the Amount of the Petty Cash Fund
How Can the Bank Account Be Used as a Control Device?
Signature Card
Deposit Ticket
Check
Bank Statement
Electronic Funds Transfers
Bank Reconciliation
Examining a Bank Reconciliation
Journalizing Transactions From the Bank Reconciliation
How Can the Cash Ratio Be Used to Evaluate Business Performance?
Review
Things You Should Know
Summary Problem 8-1
Solution
Summary Problem 8-2
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Practice Set
Critical Thinking
Decision Cases
Ethical Issue 8-1
Fraud Case 8-1
Financial Statement Case 8-1
Team Project 8-1
Communication Activity 8-1
Quick Check Answers
Chapter 9 : Receivables
What are Common Types of Receivables and How are Credit Sales Recorded?
Types of Receivables
Exercising Internal Control Over Receivables
Recording Sales on Credit
Recording Credit Card and Debit Card Sales
Factoring and Pledging Receivables
How are Uncollectibles Accounted for When Using the Direct Write-Off Method?
Recording and Writing Off Uncollectible Accounts—Direct Write-Off Method
Recovery of Accounts Previously Written Off—Direct Write-Off Method
Limitations of the Direct Write-Off Method
How are Uncollectibles Accounted for When Using the Allowa nce Method?
Recording Bad Debts Expense—Allowance Method
Writing Off Uncollectible Accounts—Allowance Method
Recovery of Accounts Previously Written Off—Allowance Method
Estimating and Recording Bad Debts Expense—Allowance Method
Comparison of Accounting for Uncollectibles
How are Notes Receivable Accounted for?
Identifying Maturity Date
Computing Interest on a Note
Accruing Interest Revenue and Recording Honored Notes Receivable
Recording Dishonored Notes Receivable
How Do We Use the Acid-Test Ratio, Accounts Receivable Turnover Ratio, and Days’ Sales in Receivab
Acid-Test (or Quick) Ratio
Accounts Receivable Turnover Ratio
Days’ Sales in Receivables
Review
Things You Should Know
Summary Problem 9-1
Solution
Summary Problem 9-2
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Practice Set
Critical Thinking
Decision Cases
Ethical Issue 9-1
Fraud Case 9-1
Financial Statement Case 9-1
Team Project 9-1
Communication Activity 9-1
Quick Check Answers
Chapter 10 : Plant Assets, Natural Resources, and Intangibles
How Does a Business Measure the Cost of a Plant Asset?
Land and Land Improvements
Buildings
Machinery and Equipment
Furniture and Fixtures
Lump-Sum Purchase
Capital and Revenue Expenditures
What is Depreciation and How is it Computed?
Factors in Computing Depreciation
Depreciation Methods
Partial-Year Depreciation
Changing Estimates of a Depreciable Asset
Reporting Plant Assets
How are Disposals of Plant Assets Recorded?
Discarding Plant Assets
Selling Plant Assets
How are Natural Resources Accounted For?
How are Intangible Assets Accounted For?
Accounting for Intangibles
Specific Intangibles
Reporting of Intangible Assets
How Do We Use the Asset Turnover Ratio to Evaluate Business Performance?
Appendix 10A: Exchanging Plant Assets
How are Exchanges of Plant Assets Accounted For?
Exchange of Plant Assets—Gain Situation
Exchange of Plant Assets—Loss Situation
Review
Things You Should Know
Summary Problem
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Case 10-1
Ethical Issue 10-1
Fraud Case 10-1
Financial Statement Case 10-1
Team Project 10-1
Communication Activity 10-1
Quick Check Answers
Chapter 11 : Current Liabilities and Payroll
How are Current Liabilities of Known Amounts Accounted For?
Accounts Payable
Sales Tax Payable
Unearned Revenues
Short-Term Notes Payable
Current Portion of Long-Term Notes Payable
How Do Companies Account for and Record Payroll?
Gross Pay and Net (Take-Home) Pay
Employee Payroll Withholding Deductions
Payroll Register
Journalizing Employee Payroll
Employer Payroll Taxes
Internal Control Over Payroll
How are Current Liabilities that Must Be Estimated Accounted For?
Bonus Plans
Vacation, Health, and Pension Benefits
Warranties
How are Contingent Liabilities Accounted For?
Remote Contingent Liability
Reasonably Possible Contingent Liability
Probable Contingent Liability
How Do We Use the Times-Interest-Earned Ratio to Evaluate Business Performance?
Review
Things You Should Know
Summary Problem 11-1
Solution
Summary Problem 11-2
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Cases
Ethical Issue 11-1
Fraud Case 11-1
Financial Statement Case 11-1
Team Project 11-1
Communication Activity 11-1
Quick Check Answers
Chapter 12 : Partnerships
What are the Characteristics and Types of Partnerships?
Partnership Characteristics
Types of Partnerships
Other Forms of Business
How are Partnerships Organized?
The Start-up of a Partnership
Partnership Financial Statements
How are Partnership Profits and Losses Allocated?
Allocation Based on a Stated Ratio
Allocation Based on Capital Balances
Allocation Based on Services, Capital Balances, and Stated Ratios
Partner Withdrawal of Cash and Other Assets
Statement of Partners’ Equity
How is the Admission of a Partner Accounted For?
Admission by Purchasing an Existing Partner’s Interest
Admission by Contributing to the Partnership
How is the Withdrawal of a Partner Accounted For?
How is the Liquidation of a Partnership Accounted For?
Sale of Assets at a Gain
Sale of Assets at a Loss With Capital Deficiency
Review
Things You Should Know
Summary Problem 12-1
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Cases
Ethical Issue 12-1
Fraud Case 12-1
Financial Statement Case 12-1
Team Project 12-1
Communication Activity 12-1
Quick Check Answers
Chapter 13 : Corporations
What is a Corporation?
Characteristics of Corporations
Stockholders’ Equity Basics
How is the Issuance of Stock Accounted For?
Issuing Common Stock at Par Value
Issuing Common Stock at a Premium
Issuing Common Stock at a Discount
Issuing No-Par Common Stock
Issuing Stated Value Common Stock
Issuing Common Stock for Assets Other Than Cash
Issuing Preferred Stock
How are Dividends and Stock Splits Accounted For?
Cash Dividends
Stock Dividends
Stock Splits
Cash Dividends, Stock Dividends, and Stock Splits Compared
How is Treasury Stock Accounted For?
Treasury Stock Basics
Purchase of Treasury Stock
Sale of Treasury Stock
Retirement of Stock
How is Equity Reported for a Corporation?
Statement of Retained Earnings
Statement of Stockholders’ Equity
How Do We Use Stockholders’ Equity Ratios to Evaluate Business Performance?
Earnings per Share
Price/Earnings Ratio
Rate of Return on Common Stock
Review
Things You Should Know
Summary Problem 13-1
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Cases
Ethical Issue 13-1
Fraud Case 13-1
Financial Statement Case 13-1
Team Project 13-1
Communication Activity 13-1
Quick Check Answers
Chapter 14 : Long-Term Liabilities
How are Long-Term Notes Payable and Mortgages Payable Accounted For?
Long-Term Notes Payable
Mortgages Payable
What are Bonds?
Types of Bonds
Bond Prices
Present Value
Bond Interest Rates
Bond Financing Versus Issuing Stock
How are Bonds Payable Accounted for Using the Straight-Line Amortization Method?
Issuing Bonds Payable at Face Value
Issuing Bonds Payable at a Discount
Issuing Bonds Payable at a Premium
How is the Retirement of Bonds Payable Accounted for?
Retirement of Bonds at Maturity
Retirement of Bonds Before Maturity
How are Liabilities Reported on the Balance Sheet?
How Do We Use the Debt to Equity Ratio to Evaluate Business Performance?
Appendix 14A: The Time Value of Money
What is the Time Value of Money, and How is the Present Value of a Future Amount Calculated?
Time Value of Money Concepts
Present Value of a Lump Sum
Present Value of an Annuity
Present Value of Bonds Payable
Appendix 14B: Effective-Interest Method of Amortization
How are Bonds Payable Accounted for Using the Effective-Interest Amortization Method?
Effective-Interest Amortization for a Bond Discount
Effective-Interest Amortization of a Bond Premium
Review
Things You Should Know
Summary Problem 14-1
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Case 14-1
Ethical Issue 14-1
Fraud Case 14-1
Financial Statement Case 14-1
Team Project 14-1
Communication Activity 14-1
Quick Check Answers
Chapter 15 : Investments
Why Do Companies Invest?
Debt Securities Versus Equity Securities
Reasons to Invest
Classification and Reporting of Investments
How are Investments in Debt Securities Accounted For?
Purchase of Debt Securities
Interest Revenue
Disposition at Maturity
How are Investments in Equity Securities Accounted For?
Equity Securities With Less Than 20% Ownership (Cost Method)
Equity Securities With 20% or More, But Less Than 50%, Ownership (Equity Method)
Equity Securities With 50% or More Ownership (Consolidations)
How are Debt and Equity Securities Reported?
Trading Investments
Available-for-Sale Investments
Held-to-Maturity Investments
How Do We Use the Rate of Return on Total Assets to Evaluate Business Performance?
Review
Things You Should Know
Summary Problem 15-1
Solutions
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Case 15-1
Ethical Issue 15-1
Fraud Case 15-1
Financial Statement Case 15-1
Team Project 15-1
Communication Activity 15-1
Quick Check Answers
Chapter 16 : The Statement of Cash Flows
What is the Statement of Cash Flows?
Purpose of the Statement of Cash Flows
Classification of Cash Flows
Two Formats for Operating Activities
How is the Statement of Cash Flows Prepared Using the Indirect Method?
Cash Flows From Operating Activities
Cash Flows From Investing Activities
Cash Flows From Financing Activities
Net Change in Cash and Cash Balances
Non-cash Investing and Financing Activities
How Do We Use Free Cash Flow to Evaluate Business Performance?
Appendix 16A: Preparing the Statement of Cash Flows by the Direct Method
How is the Statement of Cash Flows Prepared Using the Direct Method?
Cash Flows From Operating Activities
Appendix 16B: Preparing the Indirect Statement of Cash Flows Using a Spreadsheet
How is the Statement of Cash Flows Prepared Using the Indirect Method and a Spreadsheet?
Review
Things You Should Know
Summary Problem 16-1
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Cases
Ethical Issue 16-1
Fraud Case 16-1
Financial Statement Case 16-1
Team Projects
Communication Activity 16-1
Quick Check Answers
Chapter 17 : Financial Statement Analysis
How are Financial Statements Used to Analyze a Business?
Purpose of Analysis
Tools of Analysis
Corporate Financial Reports
How Do We Use Horizontal Analysis to Analyze a Business?
Horizontal Analysis of the Income Statement
Horizontal Analysis of the Balance Sheet
Trend Analysis
How Do We Use Vertical Analysis to Analyze a Business?
Common-Size Statements
Benchmarking
How Do We Use Ratios to Analyze a Business?
Evaluating the Ability to Pay Current Liabilities
Evaluating the Ability to Sell Merchandise Inventory and Collect Receivables
Evaluating the Ability to Pay Long-Term Debt
Evaluating Profitability
Evaluating Stock as an Investment
Red Flags in Financial Statement Analyses
Appendix 17A: The Corporate Income Statement
How is the Complete Corporate Income Statement Prepared?
Continuing Operations
Discontinued Operations
Extraordinary Items
Earnings per Share
Review
Things You Should Know
Summary Problem 17-1
Solution
Summary Problem 17-2
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Cases
Ethical Issue 17-1
Fraud Case 17-1
Financial Statement Case 17-1
Team Projects
Communication Activity 17-1
Comprehensive Problem for Chapter 17
Quick Check Answers
Chapter 18 : Introduction to Managerial Accounting
Why is Managerial Accounting Important?
Financial Versus Managerial Accounting
Management Accountability
Today’s Business Environment
Ethical Standards
How Do Service, Merchandising, and Manufacturing Companies Differ?
Service Companies
Merchandising Companies
Manufacturing Companies
How are Costs Classified?
Direct and Indirect Costs
Product Costs
Prime and Conversion Costs
How Do Manufacturing Companies Determine the Cost of Manufactured Products?
Calculating Cost of Goods Sold
Calculating Cost of Goods Manufactured
Flow of Costs Through the Inventory Accounts
Calculating Unit Product Cost
How is Managerial Accounting Used in Service and Merchandising Companies?
Calculating Cost per Service
Calculating Cost per Item
Review
Things You Should Know
Summary Problem 18-1
Solution
Summary Problem 18-2
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Cases
Ethical Issue 18-1
Fraud Case 18-1
Team Project 18-1
Communication Activity 18-1
Quick Check Answers
Chapter 19 : Job Order Costing
How Do Manufacturing Companies Use Job Order and Process Costing Systems?
Job Order Costing
Process Costing
How Do Materials and Labor Costs Flow Through the Job Order Costing System?
Materials
Labor
How Do Overhead Costs Flow Through the Job Order Costing System?
Before the Period—Calculating the Predetermined Overhead Allocation Rate
During the Period—Allocating Overhead
At the End of the Period—Adjusting for Overallocated and Underallocated Overhead
What Happens When Products are Completed and Sold?
Transferring Costs to Finished Goods Inventory
Transferring Costs to Cost of Goods Sold
How is the Manufacturing Overhead Account Adjusted?
Summary
How Do Service Companies Use a Job Order Costing System?
Review
Things You Should Know
Summary Problem 19-1
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Cases
Ethical Issue 19-1
Fraud Case 19-1
Team Project 19-1
Communication Activity 19-1
Quick Check Answers
Chapter 20 : Process Costing
How Do Costs Flow Through a Process Costing System?
Job Order Costing Versus Process Costing
Flow of Costs Through a Process Costing System
What are Equivalent Units of Production, and How Do You Calculate Them?
Equivalent Units of Production
Conversion Costs
How is a Production Cost Report Prepared?
Production Cost Report—First Process—Assembly Department
Production Cost Report—Second Process—Cutting Department
What Journal Entries are Required in a Process Costing System?
How Can the Production Cost Report Be Used to Make Decisions?
Appendix 20A: Process Costing: First-In, First-Out Method
How is a Production Cost Report Prepared Using the FIFO Method?
Comparison of Weighted-Average and FIFO Methods
Review
Things You Should Know
Summary Problem 1
Summary Problem 1 Solution
Summary Problem 2
Summary Problem 2 Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Critical Thinking
Decision Case 20-1
Ethical Issue 20-1
Team Project 20-1
Communication Activity 20-1
Quick Check Answers
Chapter 21 : Cost-Volume-Profit Analysis
How Do Costs Behave When There is a Change in Volume?
Variable Costs
Fixed Costs
Mixed Costs
What is Contribution Margin, and How is it Used to Compute Operating Income?
Contribution Margin
Unit Contribution Margin
Contribution Margin Ratio
Contribution Margin Income Statement
How is Cost-Volume-Profit (CVP) Analysis Used?
Assumptions
Target Profit—Three Approaches
Breakeven Point—A Variation of Target Profit
CVP Graph—A Graphic Portrayal
How is CVP Analysis Used for Sensitivity Analysis?
Changes in the Selling Price
Changes in Variable Costs
Changes in Fixed Costs
What are Some Other Ways CVP Analysis Can Be Used?
Margin of Safety
Operating Leverage
Sales Mix
Appendix 21A: Variable Costing
How Does Variable Costing Differ From Absorption Costing?
Absorption Costing
Variable Costing
Comparison of Unit Costs
How Does Operating Income Differ Between Variable Costing and Absorption Costing?
Production Equals Sales
Production Exceeds Sales
Production is Less than Sales
Summary
Review
Things You Should Know
Summary Problem 21-1
Solution
Summary Problem 21-2
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Case 21-1
Ethical Issue 21-1
Team Project 21-1
Communication Activity 21-1
Quick Check Answers
Chapter 22 : Master Budgets
Why Do Managers Use Budgets?
Budgeting Objectives
Budgeting Benefits
Budgeting Procedures
Budgeting and Human Behavior
Are There Different Types of Budgets?
Strategic and Operational Budgets
Static and Flexible Budgets
Master Budgets
How are Operating Budgets Prepared for a Manufacturing Company?
Sales Budget
Production Budget
Direct Materials Budget
Direct Labor Budget
Manufacturing Overhead Budget
Cost of Goods Sold Budget
Selling and Administrative Expense Budget
How are Financial Budgets Prepared for a Manufacturing Company?
Capital Expenditures Budget
Cash Budget
Budgeted Income Statement
Budgeted Balance Sheet
Budgeted Statement of Cash Flows
How Can Information Technology Be Used in the Budgeting Process?
Sensitivity Analysis
Budgeting Software
Appendix 22A: Budgeting for Merchandising Companies
How are Operating Budgets Prepared for a Merchandising Company?
Sales Budget
Inventory, Purchases, and Cost of Goods Sold Budget
Selling and Administrative Expense Budget
How are Financial Budgets Prepared for a Merchandising Company?
Capital Expenditures Budget
Cash Budget
Budgeted Income Statement
Budgeted Balance Sheet
Budgeted Statement of Cash Flows
Review
Things You Should Know
Summary Problem 22-1
Solution
Summary Problem 22-2
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Cases
Ethical Issue 22-1
Fraud Case 22-1
Team Project 22-1
Communication Activity 22-1
Quick Check Answers
Chapter 23 : Flexible Budgets and Standard Cost Systems
How Do Managers Use Budgets to Control Business Activities?
Performance Reports Using Static Budgets
Performance Reports Using Flexible Budgets
Why Do Managers Use a Standard Cost System to Control Business Activities?
Setting Standards
Standard Cost System Benefits
Variance Analysis for Product Costs
How are Standard Costs Used to Determine Direct Materials and Direct Labor Variances?
Direct Materials Variances
Direct Labor Variances
How are Standard Costs Used to Determine Manufacturing Overhead Variances?
Allocating Overhead in a Standard Cost System
Variable Overhead Variances
Fixed Overhead Variances
What is the Relationship Among the Product Cost Variances and Who is Responsible for Them?
Variance Relationships
Variance Responsibilities
How Do Journal Entries Differ in a StandardCost System?
Journal Entries
Standard Cost Income Statement
Review
Things You Should Know
Summary Problem 23-1
Solution
Summary Problem 23-2
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Cases
Ethical Issues
Fraud Case 23-1
Team Project 23-1
Communication Activity 23-1
Quick Check Answers
Chapter 24 : Cost Allocation and Responsibility Accounting
How Do Companies Assign and Allocate Costs?
Single Plantwide Rate
Multiple Department Rates
Activity-Based Costing
Traditional Costing Systems Compared to ABC Systems
Why Do Decentralized Companies Need Responsibility Accounting?
Advantages of Decentralization
Disadvantages of Decentralization
Responsibility Accounting
What is a Performance Evaluation System and How is it Used?
Goals of Performance Evaluation Systems
Limitations of Financial Performance Measurement
The Balanced Scorecard
How Do Companies Use Responsibility Accounting To Evaluate Performance in Cost, Revenue, and Profit
Controllable Versus Noncontrollable Costs
Responsibility Reports
How Does Performance Evaluation InInvestment Centers Differ From Other Centers?
Return on Investment (ROI)
Residual Income (RI)
Limitations of Financial Performance Measures
Appendix 24A: Transfer Pricing
How Do Transfer Prices Affect Decentralized Companies?
Objectives in Setting Transfer Prices
Setting Transfer Prices
Review
Things You Should Know
Summary Problem 24-1
Solution
Summary Problem 24-2
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Case 24-1
Ethical Issue 24-1
Fraud Case 24-1
Team Project 24-1
Communication Activity 24-1
Quick Check Answers
Chapter 25 : Short-Term Business Decisions
How is Relevant Information Used to Make Short-Term Decisions?
Relevant Information
Relevant Nonfinancial Information
Differential Analysis
How Does Pricing Affect Short-TermDecisions?
Setting Regular Prices
Special Pricing
How Do Managers Decide Which Products to Produce and Sell?
Dropping Unprofitable Products and Segments
Product Mix
Sales Mix
How do Managers Make Outsourcing and Processing Further Decisions?
Outsourcing
Sell or Process Further
Review
Things You Should Know
Summary Problem 25-1
Solution
Summary Problem 25-2
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Case 25-1
Ethical Issue 25-1
Fraud Case 25-1
Team Project 25-1
Communication Activity 25-1
Quick Check Answers
Chapter 26 : Capital Investment Decisions
What is Capital Budgeting?
The Capital Budgeting Process
Focus on Cash Flows
How Do the Payback and Accounting Rate of Return Methods Work?
Payback
Accounting Rate of Return (ARR)
What is the Time Value of Money?
Time Value of Money Concepts
Present Value of a Lump Sum
Present Value of an Annuity
Summary
How Do Discounted Cash Flow Methods Work?
Net Present Value (NPV)
Internal Rate of Return (IRR)
Comparing Capital Investment Analysis Methods
Sensitivity Analysis
Capital Rationing
Review
Things You Should Know
Summary Problem 26-1
Solution
Summary Problem 26-2
Solution
Key Terms
Quick Check
Assess Your Progress
Review Questions
Short Exercises
Exercises
Problems Group A
Problems Group B
Continuing Problem
Critical Thinking
Decision Case 26-1
Ethical Issue 26-1
Fraud Case 26-1
Team Project 26-1
Communication Activity 26-1
Quick Check Answers
Appendix
Appendix A
United States Securities and Exchange Commission
Green Mountain Coffee Roasters, Inc.
Appendix B
Present Value Tables
Future Value Tables
Glossary
Subject Index
Photo Credits

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