Financial Accounting: An Introduction (2nd Edition)

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Download Financial Accounting: An Introduction (2nd Edition) written by Augustine Benedict, Barry Elliott in PDF format. This book is under the category Accounting and bearing the isbn/isbn13 number 273737651/9780273737650. You may reffer the table below for additional details of the book.

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Specifications

book-author

Augustine Benedict, Barry Elliott

publisher

Pearson Canada; 2nd edition

file-type

PDF

pages

Pages

language

English

isbn10

273737651

isbn13

9780273737650


Book Description

Financial Accounting: An introduction; 2nd Edition; (PDF) is a crucial companion for college kids on introductory monetary accounting sections inside undergraduate accounting and enterprise levels. The writers’ self-directed studying strategy presents in depth alternatives for these new to the subject to test their studying; check out questions from the main examination our bodies and develop their potential to cope with difficult issues. Its inclusive protection will present college students with: a sound understanding of the conceptual framework and primary ideas of accounting the power to account for transactions as much as Trial Balance and to arrange monetary statements the power to extract accounting ratios and put together a report analyzing the statements.

P.S. Contact us in order for you Financial Accounting: An introduction; 2nd Edition; testbank; or another instructor assets.

NOTE: The product solely consists of the ebook Financial Accounting: An introduction 2e in PDF. No access codes are included.

Additional information

book-author

Augustine Benedict, Barry Elliott

publisher

Pearson Canada; 2nd edition

file-type

PDF

pages

Pages

language

English

isbn10

273737651

isbn13

9780273737650

Table of contents


Table of contents :
Cover
Financial Accounting An Introduction
Contents in brief
Contents in detail
Acknowledgements
Guided tour
Part A The Financial Accounting System
The need for accounting
What is financial accounting?
The Statement of financial position
The impact of transactions on the Statement of financial position
The Statement of income
Why does a business need to keep accounting records?
Why does outside the business need accounting information
Why managers within a business need accounting information
Maintaining confidence in the accuracy of accounting information
Accounting terminology
Summary
Reference
Suggested answers to activities
Multiple choice questions
Progressive questions
Accounting for cash
Why cash should be controlled
How is cash controlled?
The Cash account
Possible misappropriation of cash
Writing up a Bank account
A two-column Cash Book
Accounting terminology
Summary
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
The double-entry accounting system
Why do we need to analyse cash transactions?
Methods of analysing receipts and payments
Checking the correctness of the analysis
The double-entry system of accounting
Recording transactions on the double-entry system
Illustration of how the double-entry system operates
Balancing each ledger account
The Trial Balance
More about the Trial Balance
Summary
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
The Statement of financial position and Statement of income
Five classes of accounts
Identifying assets from expenses
Identifying income from liabilities and capital
Accounting treatment of payments
Accounting treatment of receipts
How the class of an account is identified
Statement of income
The Statement of financial position
Statement of financial position compared with Trial Balance
The set order of items in a Statement of financial position
The elements of financial statements
Accounting equation
Accounting errors
More accounting terminology
Summary
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Accounting for credit transactions
What is a credit transaction?
Accounting for credit sales
Accounting for sales returns
Accounting for credit purchases
Accounting for purchase returns
Trade discount
Day Books with analysis columns
Drawings by the owner of a business
Types of ledgers
Summary
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Inventories, profit margin and gross profit ratio
Reporting unsold purchases as an asset
Goods lost or disposed of otherwise than by sale
Accounting for closing and opening inventory
Goods removed for personal use by the proprietor
Expenses to be included within the cost of sales
Finding the quantity of closing inventory
Identification of goods remaining unsold
Controls needed when doing a physical count of inventory
When physical count results may need adjustment
Valuing the closing inventory
Goods with customers on a sale or return basis
Valuing closing inventory at net realisable value
The requirements of IAS 2
Profit margin and gross profit percentage
Summary
References
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Accruals, prepayments, depreciation and bad debts
The accruals concept
Accounting for accrued expenses
Accounting for prepaid expenses
Accounting for deferred income
Depreciation and the straight-line method of measurement
Accounting for depreciation
Reducing balance method of measuring depreciation
Sum of the years’ digits method of measuring depreciation
Bad debts and allowance for doubtful debts
Summary
References
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Disposal, revaluation and impairment of non-current assets
What are non-current assets?
Why does a gain or loss arise on the disposal of an asset?
Accounting for the disposal of a non-current asset
Disposal of one from a class of assets
Preparation of a statement of movement of non-current assets
Two problems in disposal accounting encountered in examinations
Disposal of an asset depreciated on the reducing balance method
Disposal by scrapping or trading-in
Reporting non-current assets at current valuation
Merits of reporting non-current assets at valuation
Demerits of reporting non-current assets at valuation
Requirements relating to reporting assets at valuation
Accounting for revaluation gain/loss
Impairment of a non-current asset
Summary
References
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Part B Financial Statements of Limited Companies, Sole Traders, Groups and Partnerships
Accounting for limited companies
What is a limited company?
How is a limited company formed?
Advantages of limited companies
Disadvantages of limited companies
Types of limited companies
Shares and loan notes (debentures)
Accounting for a share issue
All-inclusive concept of reporting earnings in each accounting period
Accounting for current tax
Accounting for deferred tax
Financial statements of companies for internal use
Accounting for dividends
When adjustments have to be made to the retained earnings
Illustration of financial statements prepared for internal use
Financial statements of companies for publication
Illustration of financial statements prepared for publication
The Statement of comprehensive income
Issue of bonus shares
Rights issue of shares
Statement of changes in equity: an extended version
Summary
References
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Incomplete records
What is an incomplete records situation?
Four rules to remember
Illustration of how the four rules work
Summary
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Statements of cash flows
Why a business should focus on its cash resources
Preparation of a Statement of cash flows
Format of a Statement of cash flows
Why operating profit does not equal cash inflow
Statement of cash flows using the indirect method
Cash flow from asset disposal
Cash and cash equivalents
Interpretation of a Statement of cash flows
Usefulness of the Statement of cash flows
Summary
References
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Accounting ratios and interpretation of financial statements
The need to interpret financial statements
What is an accounting ratio?
The need to focus the interpretation
Ratios to measure profitability
Ratios to assess liquidity
Ratios to assess operating performance
Level of risk to equity shareholders
Share market ratios
Limitations of accounting ratios
Interpreting financial information by other means
Summary
References
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Consolidation of financial statements
The need to prepare consolidated financial statements
Consolidation of Statements of financial position
Where the subsidiary is acquired rather than incorporated
The acquisition of a subsidiary later than upon incorporation
Fair valuation of the subsidiary’s assets
Cancellation of inter-company debts
Elimination of unrealised profit
Where the subsidiary is one partly owned
Consolidation of Statements of income
The Consolidated Statement of changes in equity
Preparation of the Consolidated Statement of income illustrated
An associate company
Summary
References
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Accounting for partnerships
What is a partnership?
Legal framework of partnerships
A partnership agreement
Limited liability partnerships
Partners’ Capital accounts and Current accounts
Charges on profit and appropriation of profit
Interest on partners’ drawings
Accounting for interest on partners’ drawings
Admission of a new partner – profit-share adjustments
Admission/retirement of a partner – fair value adjustments
What is goodwill and how it is adjusted for?
Death or retirement of a partner
Revaluation account
Dissolution of a partnership by piecemeal disposal
Disposal of a partnership as a going concern
Opening the books of a newly formed acquiring company
Converting the books of the partnership to those of a company
Summary
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Part C Accounting for Current Assets and Liabilities
Bank account and bank reconciliation
The balance in a bank account
The two-column Cash Book
Accounting in the books of the bank
The need for a bank reconciliation statement
Preparing a bank reconciliation statement
Need to amend the Cash Book prior to reconciliation
Cash discount or settlement discount
The three-column Cash Book
Dishonour of a customer’s cheque and reversal of discount allowed
The petty cash systems
Summary
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
The Journal and correction of errors
The need for a Journal
Transactions usually journalised
The style of presenting a journal entry
Journal entries for opening new books of account
Journal entry for acquisition of a non-current asset on credit terms
Journal entries for transfers between accounts
Correction of errors
Alternative approaches to error correction
The need for journal entries to be authorised
Suspense account
Preparing financial statements without clearing the Suspense
Recalculation of profits after correcting errors
Summary
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Control accounts
Introduction to Control accounts
The steps for writing up a Control account
Control account corroborates the accuracy of individual balances
Benefits of writing up Control accounts
The Trade receivables ledger control account
Trade payables control account
When a Control balance fails to corroborate individual balances
Control accounts for other assets and liabilities
Summary
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Accounting for Sales tax (VAT) and payroll
Introduction to Sales tax
Accounting for Sales tax collected from customers
Accounting for Sales tax on purchases and expenses
Prime entry for sales and purchases liable to Sales tax (VAT)
How Sales tax is calculated and features in financial statements
VAT regulations in the UK
Salaries and wages
Summary
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Part D The Conceptual Framework
Conceptual framework of accounting
Financial reports
Who benefits from a conceptual framework?
Identification of the stakeholders
Main areas of stakeholder interest
The information needs of all stakeholders are not the same
Underlying assumptions when preparing financial statements
Working rules
Capital maintenance
Qualitative characteristics of information in financial statements
The elements of financial statements
Recognition of an element in a financial statement
Summary
References
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Revenue recognition
What is revenue recognition?
Problems with revenue recognition
Relevance of accounting concepts to revenue recognition
Traditional approaches to revenue recognition
The critical event approach or transactions approach
The accretion approach
Revenue allocation approach
Requirements of IAS 18 Revenue Recognition
Summary
References
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Part E Accounting for Non-Current Assets, Liabilities and Provisions
Accounting for tangible non-current assets
Identification of an asset
Identification of tangible non-current assets
Recognition of property, plant and equipment in accounts
Measurement of PPE on the cost model
Accounting for an asset acquired in exchange for another
Accounting for subsequent expenses
Capitalisation of borrowing costs
Depreciation of non-current assets
Why non-current assets should be depreciated
The case for depreciating buildings
The component approach to depreciation and capitalisation
Depreciation of infrastructure assets by renewal accounting
Requirements of IAS 16 regarding depreciation
Summary
References
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Accounting for intangible assets and government grants
What is an intangible asset?
Intangible assets other than goodwill
Accounting for intangibles other than goodwill
Accounting for goodwill
Research and development costs
The case against capitalising development costs
The case for capitalising development costs
Government grants – alternative approaches to accounting
Asset-related government grants
Income-related government grants
Other requirements on accounting for grants
Summary
References
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Liability, provision, contingency and post reporting-date events Chapter
What is a liability?
Referring to a liability as a provision
Accounting for provisions
What is a contingent liability?
Accounting for contingent liabilities
Demarcating liabilities, provisions and contingent liabilities
Thresholds on whether occurrence is probable, possible or remote
Contingent assets
Events after the reporting period
Summary
References
Suggested answers to activities
Multiple choice questions
Progressive questions
Test questions
Suggested answers to progressive questions
Index

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