Fundamental Accounting Principles 22nd Edition Wild Test Bank

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Product Details:

• ISBN-10 ‏ : ‎ 0077862279
• ISBN-13 ‏ : ‎ 978-0077862275
• Author:   John Wild (Author), Ken Shaw (Author), Barbara Chiappetta (Author)

Enhancements in technology have changed how we live and learn. Working with learning resources across devices, whether smartphones, tablets, or laptop computers, empowers students to drive their own learning by putting increasingly intelligent technology into their hands. Whether the goal is to become an accountant, a businessperson, or simply an informed consumer of accounting information, Fundamental Accounting Principles has helped generations of students succeed. Its leadingedge accounting content, paired with state-of-the-art technology, supports student learning and elevates understanding of key accounting principles. Fundamental Accounting Principles also delivers innovative technology to help student performance. Our system for completing exercise and problem material takes accounting content to the next level, delivering assessment material in a more intuitive, less restrictive format that adapts to the needs of today’s students.

Table of Content:

Preface iii
 1	Accounting in Business 2
Importance of Accounting 4
Users of Accounting Information 5
Opportunities in Accounting 6
Fundamentals of Accounting 8
Ethics?A Key Concept 8
Generally Accepted Accounting Principles 9
Sarbanes?Oxley 11
Transaction Analysis and the Accounting Equation 12
Accounting Equation 12
Transaction Analysis 13
Summary of Transactions 16
Financial Statements 17
Income Statement 18
Statement of Owner?s Equity 18
Balance Sheet 18
Statement of Cash Flows 18
Decision Analysis?Return on Assets 20
Appendix 1A Return and Risk Analysis 23
Appendix 1B Business Activities and the Accounting Equation 24
 2	Analyzing and Recording Transactions 46
Analyzing and Recording Process 48
Source Documents 49
The Account and Its Analysis 49
Analyzing and Processing Transactions 52
Ledger and Chart of Accounts 52
Debits and Credits 53
Double-Entry Accounting 53
Journalizing and Posting Transactions 54
Analyzing Transactions?An Illustration 56
Accounting Equation Analysis 61
Trial Balance 63
Preparing a Trial Balance 63
Using a Trial Balance to Prepare Financial Statements 64
Decision Analysis?Debt Ratio 67
 3	Adjusting Accounts and Preparing Financial Statements 90
Timing and Reporting 92
The Accounting Period 92
Accrual Basis versus Cash Basis 93
Recognizing Revenues and Expenses 93
Adjusting Accounts 94
Framework for Adjustments 94
Prepaid (Deferred) Expenses 95
Unearned (Deferred) Revenues 98
Accrued Expenses 99
Accrued Revenues 100
Links to Financial Statements 102
Adjusted Trial Balance 103
Preparing Financial Statements 103
Decision Analysis?Profit Margin 105
Appendix 3A Alternative Accounting for Prepayments 109
 4	Completing the Accounting Cycle 134
Work Sheet as a Tool 136
Benefits of a Work Sheet 136
Use of a Work Sheet 136
Work Sheet Applications and Analysis 140
Closing Process 140
Temporary and Permanent Accounts 140
Recording Closing Entries 141
Post-Closing Trial Balance 142
Accounting Cycle 144
Classified Balance Sheet 145
Classification Structure 145
Classification Categories 145
Decision Analysis?Current Ratio 147
Appendix 4A Reversing Entries 151
 5	Accounting for Merchandising Operations 176
Merchandising Activities 178
Reporting Income for a Merchandiser 178
Reporting Inventory for a Merchandiser 179
Operating Cycle for a Merchandiser 179
Inventory Systems 179
Accounting for Merchandise Purchases 180
Trade Discounts 180
Purchase Discounts 181
Purchase Returns and Allowances 182
Transportation Costs and Ownership Transfer 183
Accounting for Merchandise Sales 184
Sales of Merchandise 185
Sales Discounts 185
Sales Returns and Allowances 186
Completing the Accounting Cycle 187
Adjusting Entries for Merchandisers 188
Preparing Financial Statements 188
Closing Entries for Merchandisers 188
Summary of Merchandising Entries 188
Financial Statement Formats 190
Multiple-Step Income Statement 191
Single-Step Income Statement 192
Classified Balance Sheet 192
Decision Analysis?Acid-Test and Gross Margin Ratios 193
Appendix 5A Periodic (and Perpetual) Inventory System 198
Appendix 5B Work Sheet?Perpetual System 202
 6	Inventories and Cost of Sales 222
Inventory Basics 224
Determining Inventory Items 224
Determining Inventory Costs 225
Inventory Controls and Taking a Physical Count 225
Inventory Costing under a Perpetual System 226
Inventory Cost Flow Assumptions 226
Inventory Costing Illustration 227
Specific Identification 227
First-In, First-Out 229
Last-In, First-Out 229
Weighted Average 230
Financial Statement Effects of Costing Methods 231
Consistency in Using Costing Methods 232
Valuing Inventory at LCM and the Effects of Inventory Errors 233
Lower of Cost or Market 233
Financial Statement Effects of Inventory Errors 234
Decision Analysis?Inventory Turnover and Days? Sales in Inventory 236
Appendix 6A Inventory Costing under a Periodic System 241
Appendix 6B Inventory Estimation Methods 245
 7	Accounting Information Systems 264
Fundamental System Principles 266
Control Principle 266
Relevance Principle 266
Compatibility Principle 267
Flexibility Principle 267
Cost-Benefit Principle 267
Components of Accounting Systems 267
Source Documents 268
Input Devices 268
Information Processors 268
Information Storage 268
Output Devices 269
Special Journals in Accounting 269
Basics of Special Journals 270
Subsidiary Ledgers 270
Sales Journals 271
Cash Receipts Journal 275
Purchases Journal 277
Cash Disbursements Journal 278
General Journal Transactions 280
Technology-Based Accounting Systems 280
Computer Technology in Accounting 280
Data Processing in Accounting 281
Computer Networks in Accounting 281
Enterprise Resource Planning Software 281
Decision Analysis?Segment Return on Assets 282
Appendix 7A Special Journals under a Periodic System 286
 8	Cash and Internal Controls 310
Internal Control 312
Purpose of Internal Control 312
Principles of Internal Control 313
Technology and Internal Control 314
Limitations of Internal Control 315
Control of Cash 316
Cash, Cash Equivalents, and Liquidity 317
Control of Cash Receipts 317
Control of Cash Disbursements 319
Banking Activities as Controls 323
Basic Bank Services 323
Bank Statement 325
Bank Reconciliation 326
Decision Analysis?Days? Sales Uncollected 329
Appendix 8A Documents in a Voucher System 332
Appendix 8B Control of Purchase Discounts 335
 9	Accounting for Receivables 352
Accounts Receivable 354
Recognizing Accounts Receivable 354
Valuing Accounts Receivable 357
Estimating Bad Debts Expense 361
Notes Receivable 364
Computing Maturity and Interest 364
Recognizing Notes Receivable 365
Valuing and Settling Notes 366
Disposing of Receivables 367
Selling Receivables 367
Pledging Receivables 367
Decision Analysis?Accounts Receivable Turnover 368
10	Plant Assets, Natural Resources, and Intangibles 384
SECTION 1?PLANT ASSETS 386
Cost Determination 387
Land 387
Land Improvements 388
Buildings 388
Machinery and Equipment 388
Lump-Sum Purchase 388
Depreciation 389
Factors in Computing Depreciation 389
Depreciation Methods 390
Partial-Year Depreciation 394
Change in Estimates for Depreciation 395
Reporting Depreciation 395
Additional Expenditures 396
Ordinary Repairs 397
Betterments and Extraordinary Repairs 397
Disposals of Plant Assets 397
Discarding Plant Assets 398
Selling Plant Assets 398
SECTION 2?NATURAL RESOURCES 400
Cost Determination and Depletion 400
Plant Assets Used in Extracting Resources 401
SECTION 3?INTANGIBLE ASSETS 401
Cost Determination and Amortization 401
Types of Intangibles 402
Decision Analysis?Total Asset Turnover 404
Appendix 10A Exchanging Plant Assets 407
11	Current Liabilities and Payroll Accounting 426
Characteristics of Liabilities 428
Defining Liabilities 428
Classifying Liabilities 428
Uncertainty in Liabilities 429
Known (Determinable) Liabilities 430
Accounts Payable 430
Sales Taxes Payable 430
Unearned Revenues 431
Short-Term Notes Payable 431
Payroll Liabilities 433
Multi-Period Known Liabilities 436
Estimated Liabilities 437
Health and Pension Benefits 437
Vacation Benefits 438
Bonus Plans 438
Warranty Liabilities 438
Multi-Period Estimated Liabilities 439
Contingent Liabilities 439
Accounting for Contingent Liabilities 440
Reasonably Possible Contingent Liabilities 440
Decision Analysis?Times Interest Earned Ratio 441
Appendix 11A Payroll Reports, Records, and Procedures 444
Appendix 11B Income Taxes 450
12	Accounting for Partnerships 470
Partnership Form of Organization 472
Characteristics of Partnerships 472
Organizations with Partnership Characteristics 473
Choosing a Business Form 474
Basic Partnership Accounting 475
Organizing a Partnership 475
Dividing Income or Loss 475
Partnership Financial Statements 477
Admission and Withdrawal of Partners 478
Admission of a Partner 478
Withdrawal of a Partner 480
Death of a Partner 481
Liquidation of a Partnership 481
No Capital Deficiency 482
Capital Deficiency 483
Decision Analysis?Partner Return on Equity 484
13	Accounting for Corporations 498
Corporate Form of Organization 500
Characteristics of Corporations 500
Corporate Organization and Management 501
Stockholders of Corporations 502
Basics of Capital Stock 503
Common Stock 504
Issuing Par Value Stock 504
Issuing No-Par Value Stock 505
Issuing Stated Value Stock 505
Issuing Stock for Noncash Assets 506
Dividends 507
Cash Dividends 507
Stock Dividends 508
Stock Splits 510
Preferred Stock 510
Issuance of Preferred Stock 511
Dividend Preference of Preferred Stock 511
Convertible Preferred Stock 513
Callable Preferred Stock 513
Reasons for Issuing Preferred Stock 513
Treasury Stock 514
Purchasing Treasury Stock 514
Reissuing Treasury Stock 515
Retiring Stock 516
Reporting of Equity 516
Statement of Retained Earnings 516
Statement of Stockholders? Equity 517
Reporting Stock Options 517
Decision Analysis?Earnings per Share, Price-Earnings Ratio, DividendYield, and 
Book Value per 
Share 518
14	Long-Term Liabilities 542
Basics of Bonds 544
Bond Financing 544
Bond Trading 545
Bond-Issuing Procedures 546
Bond Issuances 546
Issuing Bonds at Par 546
Bond Discount or Premium 547
Issuing Bonds at a Discount 547
Issuing Bonds at a Premium 550
Bond Pricing 552
Bond Retirement 553
Bond Retirement at Maturity 553
Bond Retirement before Maturity 553
Bond Retirement by Conversion 554
Long-Term Notes Payable 554
Installment Notes 554
Mortgage Notes and Bonds 556
Decision Analysis?Debt Features and the Debt-to-Equity Ratio 557
Appendix 14A Present Values of Bonds and Notes 561
Appendix 14B Effective Interest Amortization 563
Appendix 14C Issuing Bonds between Interest Dates 565
Appendix 14D Leases and Pensions 567
15	Investments and International Operations 584
Basics of Investments 586
Motivation for Investments 586
Short-Term versus Long-Term 586
Classification and Reporting 587
Accounting Basics for Debt Securities 587
Accounting Basics for Equity Securities 588
Reporting of Noninfluential Investments 589
Trading Securities 589
Held-to-Maturity Securities 590
Available-for-Sale Securities 590
Reporting of Influential Investments 591
Investment in Securities with Significant Influence 591
Investment in Securities with Controlling Influence 593
Accounting Summary for Investments in Securities 593
Decision Analysis?Components of Return on Total Assets 594
Appendix 15A Investments in International Operations 599
16	Reporting the Statement of Cash Flows 620
Basics of Cash Flow Reporting 622
Purpose of the Statement of Cash Flows 622
Importance of Cash Flows 622
Measurement of Cash Flows 623
Classification of Cash Flows 623
Noncash Investing and Financing 625
Format of the Statement of Cash Flows 625
Preparing the Statement of Cash Flows 626
Cash Flows from Operating 628
Indirect and Direct Methods of Reporting 628
Application of the Indirect Method of Reporting 629
Summary of Adjustments for Indirect Method 634
Cash Flows from Investing 635
Three-Stage Process of Analysis 635
Analysis of Noncurrent Assets 635
Analysis of Other Assets 636
Cash Flows from Financing 637
Three-Stage Process of Analysis 637
Analysis of Noncurrent Liabilities 637
Analysis of Equity 638
Proving Cash Balances 639
Decision Analysis?Cash Flow Analysis 639
Appendix 16A Spreadsheet Preparation of the Statement of Cash Flows 643
Appendix 16B Direct Method of Reporting Operating Cash Flows 646
17	Analysis of Financial Statements 672
Basics of Analysis 674
Purpose of Analysis 674
Building Blocks of Analysis 675
Information for Analysis 675
Standards for Comparisons 676
Tools of Analysis 676
Horizontal Analysis 676
Comparative Statements 676
Trend Analysis 679
Vertical Analysis 681
Common-Size Statements 681
Common-Size Graphics 683
Ratio Analysis 685
Liquidity and Efficiency 685
Solvency 689
Profitability 690
Market Prospects 692
Summary of Ratios 692
Decision Analysis?Analysis Reporting 694
Appendix 17A Sustainable Income 697
18	Managerial Accounting Concepts and Principles 718
Managerial Accounting Basics 720
Purpose of Managerial Accounting 720
Nature of Managerial Accounting 721
Managerial Decision Making 723
Managerial Accounting in Business 723
Managerial Cost Concepts 725
Types of Cost Classifications 725
Identification of Cost Classification 727
Cost Concepts for Service Companies 727
Reporting Manufacturing Activities 728
Manufacturer?s Balance Sheet 728
Manufacturer?s Income Statement 729
Flow of Manufacturing Activities 732
Manufacturing Statement 733
Decision Analysis?Cycle Time and Cycle Efficiency 735
19	Job Order Cost Accounting 760
Job Order Cost Accounting 762
Cost Accounting System 762
Job Order Production 762
Events in Job Order Costing 763
Job Cost Sheet 764
Job Order Cost Flows and Reports 765
Materials Cost Flows and Documents 765
Labor Cost Flows and Documents 767
Overhead Cost Flows and Documents 769
Summary of Cost Flows 770
Adjustment of Overapplied or Underapplied Overhead 773
Underapplied Overhead 773
Overapplied Overhead 774
Decision Analysis?Pricing for Services 774
20	Process Cost Accounting 796
Process Operations 798
Comparing Job Order and Process Operations 799
Organization of Process Operations 799
GenX Company?An Illustration 799
Process Cost Accounting 801
Direct and Indirect Costs 801
Accounting for Materials Costs 802
Accounting for Labor Costs 802
Accounting for Factory Overhead 803
Equivalent Units of Production 805
Accounting for Goods in Process 805
Differences in Equivalent Units for Materials, Labor, and Overhead 805
Process Costing Illustration 806
Step 1: Determine Physical Flow of Units 807
Step 2: Compute Equivalent Units of Production 807
Step 3: Compute Cost per Equivalent Unit 808
Step 4: Assign and Reconcile Costs 808
Transfers to Finished Goods Inventory and Cost of Goods Sold 811
Effect of Lean Business Model on Process Operations 812
Decision Analysis?Hybrid Costing System 813
Appendix 20A FIFO Method of Process Costing 816
21	Cost Allocation and Performance Measurement 840
SECTION 1?ALLOCATING COSTS FOR PRODUCT COSTING 842
Overhead Cost Allocation Methods 842
Two-Stage Cost Allocation 842
Activity-Based Cost Allocation 844
Comparison of Two-Stage and Activity-Based Cost Allocation 846
SECTION 2?ALLOCATING COSTS FOR PERFORMANCE AND EVALUATION 847
Departmental Accounting 847
Motivation for Departmentalization 848
Departmental Evaluation 848
Departmental Reporting and Analysis 848
Departmental Expense Allocation 849
Direct and Indirect Expenses 849
Allocation of Indirect Expenses 850
Departmental Income Statements 851
Departmental Contribution to Overhead 854
Responsibility Accounting 855
Controllable versus Direct Costs 856
Responsibility Accounting System 856
Decision Analysis?Investment Center Return on Total Assets 858
Appendix 21A Joint Costs and Their Allocation 861
22	Cost-Volume-Profit Analysis 880
Identifying Cost Behavior 882
Fixed Costs 882
Variable Costs 883
Mixed Costs 883
Step-Wise Costs 884
Curvilinear Costs 884
Measuring Cost Behavior 885
Scatter Diagrams 885
High-Low Method 886
Least-Squares Regression 887
Comparison of Cost Estimation Methods 887
Using Break-Even Analysis 888
Contribution Margin and Its Measures 888
Computing Break-Even Point 888
Preparing a Cost-Volume-Profit Chart 890
Making Assumptions in Cost-Volume-Profit Analysis 890
Applying Cost-Volume-Profit Analysis 891
Computing Income from Sales and Costs 892
Computing Sales for a Target Income 892
Computing the Margin of Safety 893
Using Sensitivity Analysis 894
Computing Multiproduct Break-Even Point 895
Decision Analysis?Degree of Operating Leverage 896
23	Master Budgets and Planning 914
Budget Process 916
Strategic Budgeting 916
Benchmarking Budgets 916
Budgeting and Human Behavior 917
Budgeting as a Management Tool 917
Budgeting Communication 917
Budget Administration 918
Budget Committee 918
Budget Reporting 918
Budget Timing 918
Master Budget 920
Master Budget Components 920
Operating Budgets 922
Capital Expenditures Budget 925
Financial Budgets 926
Decision Analysis?Activity-Based Budgeting 929
Appendix 23A Production and Manufacturing Budgets 935
24	Flexible Budgets and Standard Costs 952
SECTION 1?FLEXIBLE BUDGETS 954
Budgetary Process 954
Budgetary Control and Reporting 954
Fixed Budget Performance Report 955
Budget Reports for Evaluation 956
Flexible Budget Reports 956
Purpose of Flexible Budgets 956
Preparation of Flexible Budgets 957
Flexible Budget Performance Report 958
SECTION 2?STANDARD COSTS 959
Materials and Labor Standards 960
Identifying Standard Costs 960
Setting Standard Costs 960
Cost Variances 961
Cost Variance Analysis 961
Cost Variance Computation 961
Materials and Labor Variances 962
Overhead Standards and Variances 965
Setting Overhead Standards 965
Using Overhead Cost Variance Analysis 966
Computing Overhead Cost Variances 967
Extensions of Standard Costs 970
Standard Costs for Control 970
Standard Costs for Services 970
Standard Cost Accounting System 970
Decision Analysis?Sales Variances 972
25	Capital Budgeting and Managerial Decisions 996
SECTION 1?CAPITAL BUDGETING 998
Methods Not Using Time Value of Money 999
Payback Period 999
Accounting Rate of Return 1001
Methods Using Time Value of Money 1002
Net Present Value 1003
Internal Rate of Return 1005
Comparison of Capital Budgeting Methods 1007
SECTION 2?MANAGERIAL DECISIONS 1008
Decisions and Information 1008
Decision Making 1008
Relevant Costs 1009
Managerial Decision Scenarios 1009
Additional Business 1009
Make or Buy 1011
Scrap or Rework 1012
Sell or Process 1013
Sales Mix Selection 1013
Segment Elimination 1014
Qualitative Decision Factors 1015
Decision Analysis?Break-Even Time 1016
Appendix A	Financial Statement Information A-1
		Best Buy A-2
		Circuit City A-19
		Apple Computer A-24
Appendix B	-Time Value of Money B-1
Glossary G
Credits CR
Index IND-1
Chart of Accounts CA

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