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Test Bank (Downloadable files) For Introduction to Accounting: An Integrated Approach 8th Edition By Ainsworth ISBN: 9781119600138

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Test Bank (Downloadable files) For Introduction to Accounting: An Integrated Approach 8th Edition By Penne Ainsworth, Dan Deines, ISBN: 9781119600138

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Test Bank (Downloadable files) For Introduction to Accounting: An Integrated Approach 8th Edition By Ainsworth

About the Authors

Prologue

Part One Introduction: Business Operating Activities  

Chapter 1 Accounting and Business  

Accounting: Who Needs It?

Business Today

Customer-Focused Operations

Global Markets

Manufacturing and Communication Advances

E-Business

Business and Accounting: Together Forever

Ancient Babylonia

Commerce in Old Italy

Pacioli and the Method of Venice

Advent of the Corporation

The Stock Market Crash of 1929

Return to the Present

Generally Accepted Accounting Principles

Statements of Financial Accounting Concepts

International Accounting Standards

Financial Statements

Income Statement

Statement of Owners’ (Shareholders’) Equity

Statement of Cash Flows

Balance Sheet (Statement of Financial Position)

Comprehensive Inome

Report of the Independent Accountant (Auditor)

Relationship of the Financial Statements

Current Ratio

Return on Sales Ratio

Debt-to-Equity Ratio

Codification of GAAP

Summary

Key Terms

Chapter 2 Business Processes and Accounting Information  

Management Cycle

Planning Phase

Performing Phase

Evaluating Phase

Business Processes

Business Organization and Strategy Process

Operating Processes

Capital Resources Process

Performance Measurement and Management Process

Balanced Scorecard Approach

Financial Perspective

Internal Perspective

Customer Perspective

Learning and Growth Perspective

Internal Control

Control Environment

Risk Assessment

Control Activities

Information and Communication

Monitoring

Applying Internal Control to Protect Cash

Cash Receipts

Cash Disbursements

Bank Reconciliation

Bank Statement

Bank Reconciliation Process

Summary

Key Terms

Chapter 3 Operating Processes: Planning and Control  

Revenue Process

Generate Sales

Receive and Accept Orders

Deliver Goods and/or Services

Receive Payment from Customers

Provide Customer Support

Expenditure Process

Determine the Company’s Need for Goods

Select Suppliers and Order Goods

Receive Goods

Pay Suppliers

Conversion Process

Schedule Production

Obtain Direct Materials

Use Labor and Other Manufacturing Resources to Make Products

Store Finished Goods Until Sold

Cost and Revenue Behavior

Behavior Patterns

Relevant Range

Activity Measures

Fixed Costs and Revenues

Variable Costs and Revenues

Mixed Costs and Revenues

Cost/Revenue Estimation Methods

High/Low Method

Summary

Appendix: Linear Regression Analysis

Key Terms

Part Two Planning: Operating Activities  

Chapter 4 Short-Term Decision Making  

Short-Term Decisions

Cost-Volume-Profit Analysis

Determining the Breakeven Point

Determining the Target Profit Level

Determining the Target Profit Level After Taxes

Sensitivity Analysis

Change in Selling Price

Change in Variable Cost

Change in Fixed Cost

Change in Tax Rate

Relevant Variable Analysis

Sunk Costs Are Never Relevant

Opportunity Costs Are Always Relevant

Incremental Costs and Revenues May Be Relevant

Identify the Alternative Actions

Determine the Relevant Revenues, Costs, and Profit

Choose the Best Alternative

Special Order (Accept-or-Reject) Decision

Outsourcing (Make-or-Buy) Decision

Product Mix (Keep-or-Drop) Decision

Another (More Difficult) Example

Summary

Key Terms

Chapter 5 Strategic Planning Regarding Operating Processes  

Revenue Process: Determining the Selling Price

Customers: Customer Perspective

Competitors: Learning and Growth Perspective

Legal and Social Forces: Learning and Growth Perspective

Cost: Internal Process Perspective

Pricing Strategies

Penetration Pricing

Skimming Pricing

Life-Cycle Pricing

Target Pricing

Conversion Process: Determining the Inventory Model

Reasons to Maintain Inventory

Reasons to Not Maintain Inventory

Balancing Ordering and Carrying Costs

Inventory Models

Comparison of Inventory Models

Expenditure Process: Determining the Employee Compensation Package

Paid Compensation

Health and Life Insurance

Paid Leave

Contingent Compensation: Bonuses

Summary

Key Terms

Chapter 6 Planning, the Balanced Scorecard, and Budgeting  

Budgeting and Goal Setting

Planning

Communication and Coordination

Resource Allocation

Evaluation and Control

Time and Resource Requirements

Adaptability of Departments and Segments

Motivation and Behavior of Individuals

Mandated versus Participatory Budgeting

Mandated Budgeting

Participatory Budgeting

Incremental Budgeting versus Zero-Based Budgeting

Incremental Budgeting

Zero-Based Budgeting

Master Budget

Revenue Process Planning

Balanced Scorecard Goals

Sales Budget

Cash Receipts Schedule

Accounts Receivable Schedule

Marketing and Distribution Budget

Conversion Process Planning

Balanced Scorecard Goals

Production Budget

Expenditure Process Planning

Balanced Scorecard Goals

Budgeting for Human Resources

Administrative Budget

Cash Disbursements Schedule

Accounts Payable Schedule

Summary

Appendix: Conversion Process Planning

Balanced Scorecard Goals

Production Budget

Direct Labor and Manufacturing Overhead Budget

Direct Materials Purchases Budget

Key Terms

Part Three Recording and Evaluating: Operating Activities  

Chapter 7 Accounting Information Systems  

Manual Accounting Systems

Accounting Events

Chart of Accounts

Journalizing

Posting

Adjusting Entries

Closing Entries

Comprehensive Example

Computer-Based Transaction Systems

Database Systems

Summary

Key Terms

Chapter 8 Purchasing/Human Resources/Payment Process: Recording and Evaluating Expenditure Process Activities  

Expenditure Process

Special Journals and Subsidiary Ledgers

Special Journals

Subsidiary Ledgers

Inventory

Perpetual versus Periodic Inventory Systems

Gross versus Net Price Methods

Purchasing Inventory

Reporting Inventory Purchase and Payment Events

Human Resources

Withholdings from Employees

Employer Taxes

Accounting Events in the Payroll Process

Reporting Human Resource Events

Other Expenditure Process Activities

Cash Outflow before Expense (Assets Created)

Expense before Cash Outflow (Liabilities Incurred)

Expense Concurrent with Payment

Reporting Other Expenditure Process Activities

Financial Statements and the Expenditure Process

Estimating Cash Paid for Inventory

Estimating Cash Paid for Operating Expenses

Internal Evaluation of Expenditure Process Events

Summary

Key Terms

Chapter 9 Recording and Evaluating Conversion Process Activities  

Manufacturing Inventories

Recording Raw Material Activities

Recording Labor Activities

Recording Manufacturing Overhead Events

Actual Manufacturing Overhead

Applied Manufacturing Overhead

Overhead Application Process Using ABC

Over- and Underapplied Manufacturing Overhead

Recording Finished Goods

Reporting Conversion Process Events

Internal Evaluation of Conversion Process Events

Direct Labor Variance Analysis

Direct Materials Variances

Summary

Key Terms

Chapter 10 Marketing/Sales/Collection/Customer Support Process: Recording and Evaluating Revenue Process Activities  

Revenue Recognition

Revenue Recognized When Cash Collected

Revenue Recognized before Cash Collected (Asset Created)

Revenue Recognized after Cash Received (Liability Incurred)

Sales Returns and Allowances

Sales Discounts

Cost of Goods Sold

Specific Identification Method

First-In, First-Out (FIFO) Method

Last-In, First-Out (LIFO) Method

Periodic Inventory System and Cost Flow Assumptions

FIFO, LIFO, and GAPP External Reporting

Estimating Uncollectible Credit Sales

Proper Income Measurement

Proper Asset Valuation

Recording Estimated Uncollectible Accounts

Recording Actual Uncollectible Accounts

Reporting Revenue Process Events

Estimating Cash Receipts from Customers

Internal Evaluation of Revenue Process Events

Revenue Variances

Summary

Key Terms

Part Four Introduction: Capital Resource Process Activities  

Chapter 11 Time Value of Money  

Return

Time Considerations

Initial Investment Considerations

Rate of Return

Expected Rate of Return

Risk

Attitudes toward Risk

Types of Risk

Risk/Return Relationship

Risk Premiums

Risk/Return and Investors’ Money

Time Value of Money

Simple and Compound Interest

Future Value of the Amount of $1

Present Value of the Amount of $1

Annuities

Future Value of an Annuity

Present Value of an Annuity

How to know which tools to use

Step 1. Determine Whether the Problem Is an Annuity

Step 2. Determine Whether the Problem Is Present or Future Value

Step 3. Identify the Missing Element

Step 4. Solve for the Missing Element

More Time Value of Money Problems

Summary

Key Terms

Appendix: Time Value of Money Tables

Part Five Planning: Capital Resource Process Activities  

Chapter 12 Planning Investments: Capital Budgeting  

The Capital Budgeting Process

Identifying Long-Term Investment Opportunities

Tie to Business Organization and Strategy Process

Selecting Appropriate Investments

Net Present Value Analysis

Assumptions of NPV

Source of Cash Flows

Uneven Cash Flows

Income Taxes

Tax Shield

Gains and Losses on Disposal of Assets

Comprehensive Example

Payback Method

Other Issues

Human Judgment

Uncertainty

Qualitative/Ethical Factors

Capital Expenditures and Budgeting

Summary

Key Terms

Chapter 13 Planning Equity Financing  

Tie to Business Organization and Strategy Process

Debt versus Equity Financing

Risk of Debt Financing

Debt-to-Equity Ratio

Times Interest Earned Ratio

Reward of Debt Financing

Return on Owners’ Equity Ratio

Reward of Equity Financing

Risk of Equity Financing

Equity Financing

Sole Proprietorships and Partnerships

Corporations

Planning for Partnership Equity

Partnership Income Allocations

Other Changes in Capital

Planning Corporate Equity

Common Stock

Preferred Stock

Return on Common Equity

Stock Shares

Stock Values

Dividends

Dividend Dates

Stock Splits

Corporate Equity Planning and Budgeting

Summary

Key Terms

Chapter 14 Planning Debt Financing  

Debt Financing

Long-Term Debt Instruments

Periodic Payment (Installment) Note

Lump-Sum Payment (Noninterest-Bearing) Note

Periodic Payment and Lump-Sum Note

Comparison of the Three Types of Notes

Sources of Debt Financing

Nonpublic Funding

Collateral

Leases

Public Funding: Bonds

Comprehensive Example: Chapters 12 through 14

Summary

Key Terms

Part Six Recording and Evaluating Capital Resource Processes  

Chapter 15 Recording and Evaluating Capital Resource Process Activities: Financing  

Review of Transaction-Based Accounting Systems

Equity Financing Activities

Contributions by Owners (Shareholders)

Corporate Earnings

Corporate Distributions

Financial Statements and Owners’ Equity Activities

Debt Financing Activities

Installment Notes Payable

Noninterest-Bearing Notes Payable

Bonds Payable: Market Rate Greater Than the Face Rate

Bonds Payable: Market Rate Less Than the Face Rate

Bonds Payable: Market Rate Equal to the Face Rate

Accounting for Leases

Financial Statements and Financing Activities

Internal Evaluation of Financing Activities

Summary

Key Terms

Chapter 16 Recording and Evaluating Capital Resource Process Activities: Investing  

Plant Assets

Acquisition of PPE

Use of PPE

Depreciation

Other PPE Usage Issues

Disposal of PPE

Discard PPE

Sell PPE

Exchange PPE

Exchanges When No Gains and Losses Are Recorded

Natural Resources

Intangible Assets

Nonoperational Investments

Internal Evaluation of Investment Activities

Summary

Key Terms

Part Seven Evaluating: Operating and Capital Resource Processes  

Chapter 17 Company Performance: Profitability  

Purpose of the Income Statement

GAAP and Comprehensive Income

What Are Earnings?

Earnings per Share

Calculating Earnings per Share

Calculating Diluted Earnings per Share

Other Earnings per Share Disclosures

Other Required Income Statement Disclosures

Reporting Issues Concerning the Income Statement

Historical Cost and Conservatism

Cost Allocations

Full-Absorption Costing

Internal Profitability Reporting

Variable and Throughput Costing Methods

Product Line (Divisional) Income Reports

Return on Investment for the Division

Du Pont Method of Return on Investment

Summary

Key Terms

Chapter 18 Company Performance: Owners’ Equity and Financial Position  

Statement of Comprehensive Income

Statement of Shareholders’ Equity

Retained Earnings

Other Disclosures

Statement of Financial Position (Balance Sheet)

What Is Financial Position?

Why is the Distinction between Current and Noncurrent Items Important?

Balance Sheet Classifications

Assets

Liabilities and Shareholders’ (Owners’) Equity

Internal Financial Position Reporting

Summary

Key Terms

Chapter 19 Company Performance: Cash Flows  

GAAP and the Statement of Cash Flows

Purpose of the Statement of Cash Flows

Sections of the Statement of Cash Flows

Operating Activities: Cash Flows

Brief Comparison of the Direct and Indirect Methods

Calculation of Operating Cash Flows: Direct Method

Calculation of Operating Cash Flows: Indirect Method

Comparison of Direct and Indirect Methods

Apple’s Operating Cash Flows

Investing Activities: Cash Flows

Calculating Investing Cash Flows

Investing Cash Flows of Apple

Financing Activities: Cash Flows

Calculating Financing Cash Flows

Financing Cash Flows of Apple

Net Change in Cash

Other Investing and Financing Activities

Internal Evaluation of Cash Flows

Summary

Key Terms

Chapter 20 Company Performance: Comprehensive Evaluation  

External Stakeholders

Creditors and Investors

Society

Trading in Capital Markets

Information in Capital Markets

Issues to Consider

Role of Independent Auditor

Annual Report Analysis

Studying the Financial Statements

Industry Analysis

Statement Analyses

Vertical Analysis

Horizontal Analysis

Ratio Analysis

Other Information

Management’s Letter to Shareholders

Segment and Quarterly Data

Auditor’s Report

Summary

Key Terms

Appendix Apple’s 2017 Financial Statements and Accompanying Notes

Index