Test Bank for Financial Accounting, 11th Edition: Albrecht

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Table contents:

PART ONE Financial Reporting and the Accounting Cycle

1(212)

Accounting Information: Users and Uses

2(22)

What’s the Purpose of Accounting?

4(3)

The Relationship of Accounting to Business

6(1)

Who Uses Accounting Information?

7(4)

Lenders

9(1)

Investors

9(1)

Management

10(1)

Other Users of Financial Information

10(1)

Within What Kind of Environment Does Accounting Operate?

11(5)

The Significance and Development of Accounting Standards

12(1)

The Financial Accounting Standards Board

12(1)

Other Organizations

12(1)

International Business

13(1)

Ethics in Accounting

14(1)

Technology

15(1)

So, Why Should I Study Accounting?

16(2)

End-of-Chapter Materials

18(6)

Financial Statements: An Overview

24(46)

The Financial Statements

25(1)

The Balance Sheet

26(6)

Accounting Equation

28(4)

The Income Statement

32(5)

The Statement of Cash Flows

37(4)

How the Financial Statements Tie Together

40(1)

Notes to the Financial Statements

41(3)

Summary of Significant Accounting Policies

41(1)

Additional Information about Summary Totals

42(1)

Disclosure of Information Not Recognized

42(1)

Supplementary Information

42(2)

The External Audit

44(2)

Fundamental Concepts and Assumptions

46(2)

The Separate Entity Concept

46(1)

The Assumption of Arm’s-Length Transactions

47(1)

The Cost Principle

47(1)

The Monetary Measurement Concept

47(1)

The Going Concern Assumption

47(1)

End-of-Chapter Materials

48(22)

The Accounting Cycle: The Mecanics of Accounting

70(53)

How Can We Collect All This Information?

71(2)

How Do Transactions Affect the Accounting Equation?

73(6)

The Accounting Equation

73(2)

Using Accounts to Categorize Transactions

75(2)

Expanding the Accounting Equation to Include Revenues, Expenses, and Dividends

77(2)

How Do We Record the Effects of Transactions?

79(13)

Acquiring Cash, Either from Owners or by Borrowing

80(2)

Acquiring Other Assets

82(3)

Selling Goods or Providing Services

85(2)

Collecting Cash and Paying Obligations

87(2)

A Note on Journal Entries

89(3)

Posting Journal Entries and Preparing a Trial Balance

92(7)

Determining Account Balances

93(1)

Illustration of the First Three Steps in the Accounting Cycle

94(5)

Where Do Computers Fit In All This?

99(2)

End-of-Chapter Materials

101(22)

Completing the Accounting Cycle

123(56)

Accrual Accounting

24(105)

Periodic Reporting

125(1)

Accrual- versus Cash-Basis Accounting

126(3)

Adjusting Entries

129(9)

Unrecorded Receivables

130(1)

Unrecorded Liabilities

131(1)

Prepaid Expenses

132(2)

Unearned Revenues

134(4)

Preparing Financial Statements

138(6)

Financial Statement Preparation

138(2)

The Notes

140(1)

The Audit

141(3)

Closing the Books

144(4)

Real and Nominal Accounts

144(1)

Closing Entries

144(2)

Preparing a Post-Closing Trial Balance

146(2)

A Summary of the Accounting Cycle

148(1)

End-of-Chapter Materials

149(30)

Internal Controls: Ensuring the Integrity of Financial Information

179(34)

The Types of Problems That Can Occur

180(4)

Types of Errors in the Reporting Process

181(1)

Disagreements in Judgment

182(1)

Fraudulent Financial Reporting

183(1)

Safeguards Designed to Minimize Problems

184(4)

The Control Environment

186(1)

Control Activities (Procedures)

186(2)

Reasons for Earnings Management

188(5)

Meet Internal Targets

188(1)

Meet External Expectations

189(1)

Income Smoothing

189(1)

Window Dressing for an IPO or a Loan

190(1)

The Earnings Management Continuum

190(1)

Is Earnings Management Ethical?

191(1)

Personal Ethics

192(1)

The Sarbanes-Oxley Act

193(2)

Public Company Accounting Oversight Board

193(1)

Constraints on Auditors

194(1)

Constraints on Management

194(1)

The Role of Auditors in the Accounting Process

195(3)

Internal Auditors

195(1)

External Auditors

195(1)

What Do Auditors Do?

196(1)

Are External (Independent) Auditors Independent?

197(1)

The Securities and Exchange Commission

198(2)

The Effect of the 1934 Act on Independent Accountants

199(1)

End-of-Chapter Materials

200(10)

Comprehensive Problem Chapters 1-5

210(3)

PART TWO Operating Activities

213(162)

Receivables: Selling a Product or Service

214(55)

Major Activities of a Business

216(2)

Recognizing Revenue

218(4)

When Should Revenue Be Recognized?

218(1)

Application of the Revenue Recognition Criteria

219(3)

Cash Collection

222(3)

Sales Discounts

222(1)

Sales Returns and Allowances

223(1)

Control of Cash

224(1)

Accounting for Credit Customers Who Don’t Pay

225(6)

The Allowance Method

226(3)

Real-World Illustration of Accounting for Bad Debts

229(2)

Assessing How Well Companies Manage Their Receivables

231(2)

Recording Warranty and Service Costs Associated with a Sale

233(2)

Expanded Material Reconciling the Bank Account

235(4)

Foreign Currency Transactions

239(3)

Foreign Currency Transaction Example

240(2)

End-of-Chapter Materials

242(27)

Inventory and the Cost of Sales

269(61)

Inventory and Cost of Goods Sold

271(3)

What is Inventory?

272(1)

What Costs Are Included in Inventory Cost?

272(1)

Who Owns the Inventory?

272(1)

Ending Inventory and Cost of Goods Sold

273(1)

Accounting for Inventory Purchases and Sales

274(6)

Overview of Perpetual and Periodic Systems

274(1)

Perpetual and Periodic Journal Entries

275(5)

Counting Inventory and Calculating Cost of Goods Sold

280(3)

Taking a Physical Count of Inventory

280(2)

The Income Effect of an Error in Ending Inventory

282(1)

Inventory Cost Flow Assumptions

283(7)

Specific Identification Inventory Cost Flow

284(1)

FIFO Cost Flow Assumption

285(1)

LIFO Cost Flow Assumption

286(1)

Average Cost Flow Assumption

286(1)

A Comparison of All Inventory Costing Methods

287(3)

Assessing How Well Companies Manage Their Inventories

290(4)

Evaluating the Level of Inventory

290(1)

Number of Days’ Purchases in Accounts Payable

291(3)

Expanded Material Inventory Errors

294(3)

Complications of the Perpetual Method with LIFO and Average Cost

297(1)

Reporting Inventory at Amounts Below Cost

298(4)

Inventory Valued at Net Realizable Value

299(1)

Inventory Valued at Lower of Cost or Market

299(3)

Method of Estimating Inventories

302(2)

The Gross Margin Method

302(2)

End-of-Chapter Materials

304(26)

Completing the Operating Cycle

330(45)

Employee Compensation

332(7)

Payroll

332(2)

Compensated Absences

334(1)

Bonuses

335(1)

Stock Options

335(1)

Postemployment Benefits

336(1)

Pensions

336(2)

Postretirement Benefits Other Than Pensions

338(1)

Taxes

339(5)

Sales Taxes

340(1)

Property Taxes

340(1)

Income Taxes

341(1)

Deferred Tax Example

341(3)

Contingencies

344(3)

Environmental Liabilities

345(2)

Capitalize versus Expense

347(3)

Research and Development

348(1)

Advertising

349(1)

Summarizing Operations on an Income Statement

350(3)

Other Revenues and Expenses

350(1)

Extraordinary Items

350(2)

Earnings per Share

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