Test Bank for Financial Accounting for MBAs 4th Edition by Easton

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Table Of Contents:

1 Accounting in Action 1-1

Knowing the Numbers: Columbia Sportswear 1-1

Accounting Activities and Users 1-3

Three Activities 1-3

Who Uses Accounting Data 1-4

The Building Blocks of Accounting 1-6

Ethics in Financial Reporting 1-6

Generally Accepted Accounting Principles 1-8

Measurement Principles 1-8

Assumptions 1-9

The Accounting Equation 1-11

Assets 1-11

Liabilities 1-12

Stockholders’ Equity 1-12

Analyzing Business Transactions 1-13

Accounting Transactions 1-14

Transaction Analysis 1-15

Summary of Transactions 1-19

The Financial Statements 1-21

Income Statement 1-21

Retained Earnings Statement 1-23

Balance Sheet 1-23

Statement of Cash Flows 1-23

Appendix 1A: Career Opportunities in Accounting 1-25

Public Accounting 1-25

Private Accounting 1-25

Governmental Accounting 1-26

Forensic Accounting 1-26

“Show Me the Money” 1-26

2 The Recording Process 2-1

Accidents Happen: MF Global Holdings 2-1

Accounts, Debits, and Credits 2-3

Debits and Credits 2-3

Stockholders’ Equity Relationships 2-7

Summary of Debit/Credit Rules 2-7

The Journal 2-8

The Recording Process 2-8

The Journal 2-9

The Ledger and Posting 2-11

The Ledger 2-11

Posting 2-12

Chart of Accounts 2-13

The Recording Process Illustrated 2-14

Summary Illustration of Journalizing and Posting 2-20

The Trial Balance 2-22

Limitations of a Trial Balance 2-23

Locating Errors 2-23

Dollar Signs and Underlining 2-23

3 Adjusting the Accounts 3-1

Keeping Track of Groupons: Groupon 3-1

Accrual-Basis Accounting and Adjusting Entries 3-2

Fiscal and Calendar Years 3-3

Accrual- versus Cash-Basis Accounting 3-3

Recognizing Revenues and Expenses 3-3

The Need for Adjusting Entries 3-5

Types of Adjusting Entries 3-6

Adjusting Entries for Deferrals 3-7

Prepaid Expenses 3-7

Unearned Revenues 3-11

Adjusting Entries for Accruals 3-14

Accrued Revenues 3-14

Accrued Expenses 3-15

Summary of Basic Relationships 3-18

Adjusted Trial Balance and Financial Statements 3-21

Preparing the Adjusted Trial Balance 3-22

Preparing Financial Statements 3-22

Appendix 3A: Adjusting Entries for the Alternative Treatment of Deferrals 3-25

Prepaid Expenses 3-26

Unearned Revenues 3-27

Summary of Additional Adjustment Relationships 3-28

Appendix 3B: Financial Reporting Concepts 3-28

Qualities of Useful Information 3-28

Assumptions in Financial Reporting 3-29

Principles in Financial Reporting 3-29

Cost Constraint 3-31

4 Completing the Accounting Cycle 4-1

Everyone Likes to Win: Rhino Foods 4-1

The Worksheet 4-3

Steps in Preparing a Worksheet 4-3

Preparing Financial Statements from a Worksheet 4-7

Preparing Adjusting Entries from a Worksheet 4-8

Closing the Books 4-8

Preparing Closing Entries 4-9

Posting Closing Entries 4-11

Preparing a Post-Closing Trial Balance 4-12

The Accounting Cycle and Correcting Entries 4-15

Summary of the Accounting Cycle 4-15

Reversing Entries—An Optional Step 4-15

Correcting Entries—An Avoidable Step 4-15

Classified Balance Sheet 4-18

Current Assets 4-20

Long-Term Investments 4-20

Property, Plant, and Equipment 4-20

Intangible Assets 4-21

Current Liabilities 4-22

Long-Term Liabilities 4-23

Stockholders’ (Owners’) Equity 4-23

Appendix 4A: Reversing Entries 4-24

Reversing Entries Example 4-25

5 Accounting for Merchandising Operations 5-1

Buy Now, Vote Later: REI 5-1

Merchandising Operations and Inventory Systems 5-3

Operating Cycles 5-3

Flow of Costs 5-4

Recording Purchases Under a Perpetual System 5-6

Freight Costs 5-8

Purchase Returns and Allowances 5-9

Purchase Discounts 5-9

Summary of Purchasing Transactions 5-10

Recording Sales Under a Perpetual System 5-11

Sales Returns and Allowances 5-12

Sales Discounts 5-13

Data Analytics and Credit Sales 5-14

The Accounting Cycle for a Merchandising Company 5-15

Adjusting Entries 5-15

Closing Entries 5-16

Summary of Merchandising Entries 5-16

Multiple-Step Income Statement 5-18

Multiple-Step Income Statement 5-18

Single-Step Income Statement 5-21

Classified Balance Sheet 5-21

Appendix 5A: Merchandising Company Worksheet 5-23

Using a Worksheet 5-23

Appendix 5B: Periodic Inventory System 5-24

Determining Cost of Goods Sold Under a Periodic System 5-25

Recording Merchandise Transactions 5-26

Recording Purchases of Merchandise 5-26

Recording Sales of Merchandise 5-27

Journalizing and Posting Closing Entries 5-28

Using a Worksheet 5-29

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