Accountants Guidebook

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1 Accountants Guidebook 3 rd Edition Steven M. Bragg

2 Chapter 1 The Role of the Accountant... 1 Learning Objectives... 1 Introduction... 1 The Accountancy Concept... 1 Financial and Managerial Accounting... 3 Types of Accountants... 3 Responsibilities of the Accounting Department... 4 Customer-Oriented Responsibilities... 5 Supplier-Oriented Responsibilities... 5 Employee-Oriented Responsibilities... 5 Financial Statements... 5 Analysis... 6 Organizational Structure of the Accounting Department... 6 Chapter Summary... 8 Review Questions... 9 Review Answers Chapter 2 The Chart of Accounts Learning Objectives Introduction Overview of the Chart of Accounts Assets Liabilities Stockholders Equity Revenue Expenses The Three-Digit Chart of Accounts The Five-Digit Chart of Accounts The Seven-Digit Chart of Accounts Chart of Accounts Reduction Alphanumeric Account Coding Chapter Summary Review Questions Review Answers Chapter 3 The General Ledger and Trial Balance Learning Objectives Introduction The Ledger Concept General Ledger Overview The Accounts Receivable Ledger The Purchase Ledger Overview of the Trial Balance The Trial Balance Format The Extended Trial Balance Trial Balance Error Correction The Post-Closing Trial Balance Evaluation of the Trial Balance Chapter Summary Review Questions Review Answers Chapter 4 Accounting Procedures Learning Objectives Introduction... 33

3 The Nature of a Procedure The Need for Procedures The Number of Procedures to Develop The Mechanics of Procedure Production Procedure Production Steps Formatting Steps Procedure Design Tips Dissemination of Procedures Procedural Updates Enforcement of Procedures Carrot Activities Stick Activities Deviations from Procedures Presented Procedures The Credit Examination Procedure (Manual System) The Shipping Procedure (Manual System) The Billing Procedure The Check Receipts Processing Procedure The Purchasing Procedure The Supplier Invoice Processing Procedure (Manual System) The Check Payment Issuance Procedure Chapter Summary Review Questions Review Answers Chapter 5 Accounting for Receivables Learning Objectives Introduction Accounting for Billings Accounting for Sales Taxes Accounting for Use Taxes The Allowance for Doubtful Accounts Notes Receivable Acquisition, Development, and Construction Arrangements Nonrefundable Fees and Other Costs Receivables Presentation Receivables Disclosures Chapter Summary Review Questions Review Answers Chapter 6 Accounting for Investments Learning Objectives Introduction Overview of Investments Debt and Equity Securities Accounting for Investments Impairment of Investments Restricted Stock Dividend and Interest Income The Equity Method Investment Disclosures Chapter Summary Review Questions Review Answers Chapter 7 Accounting for Inventory Learning Objectives Introduction ii

4 Overview of Inventory The Periodic Inventory System The Perpetual Inventory System Inventory Costing The First In, First Out Method The Last In, First Out Method The Weighted Average Method Standard Costing The Retail Inventory Method The Gross Profit Method Overhead Allocation The Lower of Cost or Market Rule Work in Process Accounting Accounting for Obsolete Inventory Consignment Accounting Goods in Transit Inventory Disclosures Chapter Summary Review Questions Review Answers Chapter 8 Accounting for Property, Plant, and Equipment Learning Objectives Introduction Overview of Fixed Assets Initial Fixed Asset Recognition Fixed Assets Acquired through a Business Combination Nonmonetary Exchanges Depreciation and Amortization Straight-Line Method Sum-of-the-Years Digits Method Double-Declining Balance Method Depletion Method Units of Production Method Land Depreciation Land Improvement Depreciation Depreciation Accounting Entries Fixed Asset Impairment Fixed Asset Disposal Assets Held for Sale Abandoned Assets Idle Assets Fixed Asset Disposal Accounting Fixed Asset Disclosures General Fixed Asset Disclosures Change in Estimate Disclosures Intangible Asset Impairment Disclosures Intangible Asset Disclosures Chapter Summary Review Questions Review Answers Chapter 9 Accounting for Intangibles Learning Objectives Introduction Goodwill iii

5 General Intangibles Other than Goodwill Internal-Use Software Website Development Costs Intangibles Disclosures Chapter Summary Review Questions Review Answers Chapter 10 Accounting for Equity Learning Objectives Introduction Overview of Equity The Sale of Stock Dividend Payments Stock Dividends and Stock Splits Stock Dividend Stock Split Treasury Stock Purchase of Treasury Stock Resale of Treasury Stock Cost Method Constructive Retirement Method Equity-Based Payments to Non-Employees Initial Recognition Spinoffs and Reverse Spinoffs Equity Disclosures Rights and Privileges Preferred Stock Contingently Convertible Securities Redeemable Securities Treasury Stock Changes in Shareholders Equity Equity-Based Payments to Non-Employees Chapter Summary Review Questions Review Answers Chapter 11 Revenue Recognition Learning Objectives Introduction Topic 606, Revenue from Contracts with Customers The Nature of a Customer Steps in Revenue Recognition Step One: Link Contract to Customer Step Two: Note Performance Obligations Step Three: Determine Prices Variable Consideration Possibility of Reversal Time Value of Money Noncash Consideration Payments to Customers Refund Liabilities Step Four: Allocate Prices to Obligations Allocation of Price Discounts Allocation of Variable Consideration Subsequent Price Changes iv

6 Step Five: Recognize Revenue Measurement of Progress Completion Output Methods Input Methods Change in Estimate Progress Measurement Right of Return Consistency Contract Modifications Treatment as Separate Contract Treatment as Continuing Contract Entitlement to Payment Bill-and-Hold Arrangements Consideration Received from a Supplier Customer Acceptance Customer Options for Additional Purchases Licensing Nonrefundable Upfront Fees Principal versus Agent Repurchase Agreements Unexercised Rights of Customers Warranties Contract-Related Costs Costs to Obtain a Contract Costs to Fulfill a Contract Amortization of Costs Impairment of Costs Exclusions Revenue Disclosures Chapter Summary Review Questions Review Answers Chapter 12 Accounting for Payroll Learning Objectives Introduction The Chart of Accounts Types of Payroll Journal Entries Primary Payroll Journal Entry Accrued Wages Accrued Bonuses Accrued Commissions Benefit Payments Accrued Benefits Stock Subscriptions Manual Paycheck Entry Employee Advances Accrued Vacation Pay Tax Deposits Payroll Information in the Financial Statements Wages Payroll Information in the Financial Statements Payroll Taxes Chapter Summary Review Questions Review Answers v

7 Chapter 13 Accounting for Stock-Based Compensation Learning Objectives Introduction Overview of Stock Compensation The Volatility Concept Fair Value Calculation Alternatives Awards Classified as Equity Award Measurement Problems Contingent Features Award Modifications Income Tax Effects Awards Classified as Liabilities Employee Share Purchase Plans Stock-Based Compensation Disclosures Chapter Summary Review Questions Review Answers Chapter 14 Accounting for Income Taxes Learning Objectives Introduction Overview of Income Taxes Accounting for Income Taxes Tax Positions Deferred Tax Expense Applicable Tax Rate Interest and Penalties Intraperiod Tax Allocation Taxes Related to Undistributed Earnings Interim Reporting Income Taxes Presentation Income Taxes Disclosure Balance Sheet Income Statement Other Chapter Summary Review Questions Review Answers Chapter 15 Accounting for Business Combinations Learning Objectives Introduction Overview of Business Combinations Identifiable Assets and Liabilities, and Noncontrolling Interests Goodwill or Gain from Bargain Purchase Goodwill Calculation Bargain Purchase Reverse Acquisitions Related Issues Acquisition of Assets Transactions between Entities under Control of Same Parent Pushdown Accounting Income Taxes Business Combination Disclosures General Disclosures Identifiable Assets and Liabilities, and any Noncontrolling Interest vi

8 Goodwill or Gain from Bargain Purchase Reverse Acquisitions Transactions between Entities under Control of Same Parent Income Taxes Chapter Summary Review Questions Review Answers Chapter 16 Foreign Currency Matters Learning Objectives Introduction Foreign Currency Transactions Financial Statement Translation Determination of Functional Currency Translation of Financial Statements Use of Average Exchange Rates Hyperinflationary Effects Derecognition of a Foreign Entity Investment Foreign Currency Disclosures Chapter Summary Review Questions Review Answers Chapter 17 Accounting Changes and Error Corrections Learning Objectives Introduction Changes in Accounting Principle Changes in Accounting Estimate Changes in Reporting Entity Correction of an Error in Previously Issued Financial Statements Corrections Related to Prior Interim Periods The Materiality of an Error Accounting Changes and Error Corrections Disclosures Change in Accounting Principle Change in Accounting Estimate Change in Reporting Entity Error Corrections Historical Summaries Chapter Summary Review Questions Review Answers Chapter 18 Closing the Books Learning Objectives Introduction Prior Steps: Update Reserves Core Steps: Issue Customer Invoices Core Steps: Value Inventory Core Steps: Calculate Depreciation Core Steps: Create Accruals Core Steps: Consolidate Division Results Core Steps: Eliminate Intercompany Transactions Core Steps: Review Journal Entries Core Steps: Reconcile Accounts Core Steps: Close Subsidiary Ledgers Core Steps: Create Financial Statements Core Steps: Review Financial Statements Core Steps: Accrue Tax Liabilities vii

9 Core Steps: Close the Month Core Steps: Add Disclosures Core Steps: Write Cover Letter Core Steps: Issue Financial Statements Delayed Steps: Issue Customer Invoices Delayed Steps: Closing Metrics Delayed Steps: Document Future Closing Changes Delayed Steps: Update Closing Procedures Chapter Summary Review Questions Review Answers Chapter 19 The Financial Statements Learning Objectives Introduction The Income Statement Income Statement Overview The Single-Step Income Statement The Multi-Step Income Statement The Condensed Income Statement The Contribution Margin Income Statement The Multi-Period Income Statement How to Construct the Income Statement The Balance Sheet Overview of the Balance Sheet The Common Size Balance Sheet The Comparative Balance Sheet How to Construct the Balance Sheet The Statement of Cash Flows Overview of the Statement of Cash Flows The Direct Method The Indirect Method How to Prepare the Statement of Cash Flows The Statement of Retained Earnings Overview of the Statement of Retained Earnings How to Prepare the Statement of Retained Earnings Chapter Summary Review Questions Review Answers Chapter 20 Public Company Financial Reporting Learning Objectives Introduction Interim Reporting The Integral View The Discrete View Comparison of the Integral and Discrete Views Interim Reporting Issues Segment Reporting Primary Segment Reporting Issues The Segment Report Earnings per Share Basic Earnings per Share Diluted Earnings per Share Presentation of Earnings per Share The Public Company Closing Process The Form 10-Q The Form 10-K viii

10 Chapter Summary Review Questions Review Answers Chapter 21 Management Reports Learning Objectives Introduction The Duration of a Report Responsibility Reporting The Flash Report Related to Cash Related to Sales Related to Bottlenecks Related to Customer Service Expense Reporting Margin Reporting Variance Reporting The Purchase Price Variance Material Yield Variance Labor Rate Variance Labor Efficiency Variance Variable Overhead Spending Variance Variable Overhead Efficiency Variance Fixed Overhead Spending Variance Selling Price Variance Sales Volume Variance Problems with Variance Analysis Which Variances to Report How to Report Variances Chapter Summary Review Questions Review Answers Chapter 22 Cash Receipts Management Learning Objectives Introduction Check Receipts Check Receipt Improvements The Bank Lockbox Automatic Cash Application Mailstop Number Remote Deposit Capture Cash Receipts Cash Receipts Improvements Credit Card Receipts Credit Card Receipt Improvements Enter Information in Online Form Immediately Online Payment Apps Debit Cards Chapter Summary Review Questions Review Answers Chapter 23 Collection Tactics Learning Objectives Introduction Overview of Collection Tactics Collection Tactics ix

11 Courtesy Calls Grace Period Reduction Dunning Letters Check Payment by Fax or Pay Undisputed Line Items Confirm Payment Date Take Back Merchandise Hold Orders ACH Debits Split Payments Postdated Checks Interest and Penalties Promissory Note Salesperson Assistance COD Roll Barter Arbitration Attorney Letters Final Demand Letter Issue Small Claims Court Complaint The Collection Reputation Credit Repayments The Collection Call Preparation Scheduling Phone Skills Escalation Documentation Collect in Person Chapter Summary Review Questions Review Answers Chapter 24 Payroll Management Learning Objectives Introduction Payroll Cycle Duration Streamlined Timekeeping Electronic Payments Employee Self-Service Manager Self-Service Transaction Error Analysis Staff Training Program The Payroll Calendar Information Confidentiality Chapter Summary Review Questions Review Answers Chapter 25 Budgeting Learning Objectives Introduction The System of Budgets The Reasons for Budget Iterations Overview of the Revenue Budget The Ending Finished Goods Inventory Budget The Production Budget Production Budgeting for Multiple Products x

12 The Direct Materials Budget (Roll up Method) The Direct Materials Budget (Historical Method) The Direct Labor Budget The Manufacturing Overhead Budget The Sales and Marketing Budget Diminishing Returns Analysis The Research and Development Budget The Administration Budget The Compensation Budget The Budgeted Income Statement The Budgeted Balance Sheet Accounts Receivable Inventory Fixed Assets Accounts Payable Additional Estimation Elements The Cash Line Item The Financing Budget The Compiled Balance Sheet Chapter Summary Review Questions Review Answers Chapter 26 Capital Budgeting Learning Objectives Introduction Overview of Capital Budgeting Bottleneck Analysis Net Present Value Analysis The Payback Method Capital Budget Proposal Analysis The Outsourcing Decision The Capital Budgeting Application Form The Post Installation Review The Lease versus Buy Decision Chapter Summary Review Questions Review Answers Chapter 27 Business Ratios Learning Objectives Introduction What to Measure Measurement Consistency Measurement Timing Deflated Sales Growth Sales per Person Deflated Profit Growth Profit per Person Core Earnings Ratio Breakeven Point Margin of Safety Current Ratio Quick Ratio Working Capital Productivity Debt to Equity Ratio Interest Coverage Ratio Cost per Square Foot xi

13 Occupancy Cost Ratio Return on Equity Days Sales Outstanding Best Possible DSO Collection Effectiveness Index Inventory Turnover Sales Productivity Sales Backlog Ratio Customer Turnover Chapter Summary Review Questions Review Answers Chapter 28 Cost Object Analysis Learning Objectives Introduction Factors in Cost Object Analysis The Assignability of Costs The Customer Cost Object Customer Acquisition Costs Customer Lifetime Value The Employee Cost Object The Product Cost Object The Product Line Cost Object The Sales Channel Cost Object Cost Object Termination Issues Which Cost Objects to Track Chapter Summary Review Questions Review Answers Glossary Index xii

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