Test Bank for Principles of Financial Accounting 12th Edition

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Product details:

• ISBN-10 ‏ : ‎ 9781118978740
• ISBN-13 ‏ : ‎ 978-1118978740
• Author: Jerry J. Weygandt; Donald E. Kieso; Paul D. Kimmel

Accounting Principles 12th Edition, which includes chapters 1-18, provides students with a clear introduction to fundamental accounting concepts. The Twelfth Edition, by Weygandt, Kimmel, and Kieso, helps students get the most out of their accounting course by making practice simple. Newly streamlined learning objectives help students use their study time efficiently by creating a clear connections between the reading and video content, and the practice, homework, and assessments questions. Accounting Principles 12^th Edition is a best-selling program ideal for a two-semester Principles of Accounting sequence where students spend the majority of the time learning financial accounting concepts, and are introduced to the basic concepts of managerial accounting at the end of the sequence. With Accounting Principles students learn the accounting cycle from a sole proprietor perspective.

Table of Contents:

1 Accounting in Action 1-1

Knowing the Numbers: Columbia Sportswear 1-1

1.1 Accounting Activities and Users 1-3

Three Activities 1-3

Data Analytics 1-4

Who Uses Accounting Data 1-5

1.2 The Building Blocks of Accounting 1-7

Ethics in Financial Reporting 1-8

Generally Accepted Accounting Principles 1-9

Measurement Principles 1-10

Assumptions 1-10

1.3 The Accounting Equation 1-13

Assets 1-13

Liabilities 1-13

Stockholders’ Equity 1-14

1.4 Analyzing Business Transactions 1-15

Accounting Transactions 1-16

Transaction Analysis 1-17

Summary of Transactions 1-21

1.5 The Four Financial Statements 1-22

Income Statement 1-23

Retained Earnings Statement 1-25

Balance Sheet 1-25

Statement of Cash Flows 1-25

Financial Statements: Order of Preparation 1-26

ESG Reporting: Beyond the Four Financial Statements 1-27

Appendix 1A: Career Opportunities in Accounting 1-28

Public Accounting 1-29

Private Accounting 1-29

Governmental Accounting 1-29

Forensic Accounting 1-30

“Show Me the Money” 1-30

2 The Recording Process 2-1

Accidents Happen: MF Global Holdings 2-1

2.1 Accounts, Debits, and Credits 2-3

Debits and Credits 2-3

Debit and Credit Procedures 2-4

Stockholders’ Equity Relationships 2-7

Summary of Debit/Credit Rules 2-8

2.2 The Journal 2-9

The Recording Process 2-9

The Journal 2-10

2.3 The Ledger and Posting 2-12

The Ledger 2-12

Posting 2-14

Chart of Accounts 2-15

The Recording Process Illustrated 2-16

Summary Illustration of Journalizing and Posting 2-22

2.4 The Trial Balance 2-24

Limitations of a Trial Balance 2-25

Locating Errors 2-25

Dollar Signs and Underlining 2-25

3 Adjusting the Accounts 3-1

Keeping Track of Groupons: Groupon 3-1

3.1 Accrual-Basis Accounting and Adjusting Entries 3-2

Fiscal and Calendar Years 3-3

Accrual- versus Cash-Basis Accounting 3-4

Recognizing Revenues and Expenses 3-4

The Need for Adjusting Entries 3-6

Types of Adjusting Entries 3-7

3.2 Adjusting Entries for Deferrals 3-8

Prepaid Expenses 3-8

Unearned Revenues 3-13

3.3 Adjusting Entries for Accruals 3-16

Accrued Revenues 3-17

Accrued Expenses 3-18

Summary of Basic Relationships 3-22

3.4 Adjusted Trial Balance and Financial Statements 3-24

Preparing the Adjusted Trial Balance 3-25

Preparing Financial Statements 3-25

Appendix 3A: Adjusting Entries for the Alternative Treatment of Deferrals 3-28

Prepaid Expenses 3-29

Unearned Revenues 3-30

Summary of Additional Adjustment Relationships 3-31

Appendix 3B: Financial Reporting Concepts 3-31

Qualities of Useful Information 3-32

Assumptions in Financial Reporting 3-33

Principles in Financial Reporting 3-33

Cost Constraint 3-34

4 Completing the Accounting Cycle 4-1

Everyone Likes to Win: Rhino Foods 4-1

4.1 The Worksheet 4-3

Steps in Preparing a Worksheet 4-4

Preparing Financial Statements from a Worksheet 4-6

Preparing Adjusting Entries from a Worksheet 4-8

4.2 Closing the Books 4-8

Preparing Closing Entries 4-9

Posting Closing Entries 4-11

Preparing a Post-Closing Trial Balance 4-12

4.3 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

4.4 The Classified Balance Sheet 4-19

Current Assets 4-19

…

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