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FINANCIAL ACCOUNTING BOOK PDF

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PDF Drive is your search engine for PDF files. As of today we have ACCT FUNDAMENTALS OF FINANCIAL ACCOUNTING An introduction to financial. Decision Problem. 3. Financial Accounting and the Use of Adjusting Entries . to external users. This book deals with financial accounting. accounts as he is the man who is engaged in book keeping. Since the managers would always want to know the financial performance of the business.

This note explains the following topics: Cost Accounting: This note covers the following topics: Topics covered includes: This note consists basically of the treatment of accounting transactions according to the provisions of relevant accounting standards. The aim of this note is to introduce you to basic principles of accounting and to understand how financial documents are posted into accounting record in order to determine the profit or loss of an organisation.

Cost Accounting is a branch of accounting and has been developed due to limitations of financial accounting. This lecture note covers the following topics: Author s: NA Pages.

This lecture note explains the following topics: This lecture note is an intensive introduction to the preparation and interpretation of financial information for investors and managers and to the use of financial instruments to support system and project creation. This note adopts a decision-maker perspective on accounting and finance with the goal of helping students develop a framework for understanding financial, managerial, and tax reports.

This lecture explains the following topics: This book financial Accounting: Guru Jambheshwar University of Science and Technology. This book explains the following topics: This book covers the following topics: This comprehensive college-level publication covers all managerial accounting topics and contains extensive and detailed examples, self-tests, questions, problems, alternate problems, and answers. Cost systems, Using accounting for quality and cost management, Cost-volume-profit analysis, Short-term decision making: Differential analysis, Budgeting for planning and control, Control through standard costs, Responsibility accounting: Segmental analysis, Capital budgeting.

This book discussed about the basics of cost accounting, material, labour and overheads costing. Also highlighted the concept of activity based costing, cost records and different costing systems. Institute of Cost and Works Accountants of India.

This text uses the annual reports of real companies to illustrate many of the accounting concepts. It covers the following topics: Accounting Environment, Accounting and its use in business decisions, Recording business transactions, Adjustments for financial reporting, Completing the accounting cycle, Accounting theory, Introduction to inventories and the classified income statement, Measuring and reporting inventories.

This text gives an understanding of how to use accounting information to analyze business performance and make business decisions. But the two businesses are of such different sizes that the comparison is rather meaningless, right? For example, comparing the gross profit margin of two different grocery stores can give you an idea of which one does a better job of keeping inventory costs down.

Gross profit margin comparisons across different industries can be rather meaningless. For instance, a grocery store is going to have a lower profit margin than a software company, regardless of which company is run in a more cost-effective manner.

Financial Leverage Ratios Financial leverage ratios attempt to show to what extent a company has used debt as opposed to capital from investors to finance its operations.

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There is, however, something to be gained from using leverage. The more highly leveraged a company is, the greater its return on equity will be for a given amount of net income.

In short, the question of leverage is a question of balance.

Being more highly leveraged i. On the other hand, financing a company primarily with loans is obviously a risky way to run a business.

Asset Turnover Ratios Asset turnover ratios seek to show how efficiently a company uses its assets. The two most commonly used turnover ratios are inventory turnover and accounts receivables turnover. Average collection period is exactly what it sounds like: the average length of time that a receivable from a customer is outstanding prior to collection.

Obviously, higher receivables turnover and lower average collection period is generally the goal. The two most frequently used liquidity ratios are current ratio and quick ratio. Return on assets and return on equity are the most important profitability ratios.

Financial accounting

Inventory turnover and receivables turnover are the most important turnover ratios. The goal of GAAP is to make it so that potential investors can compare financial statements of various companies in order to determine which one s they want to invest in, without having to worry that one company appears more profitable on paper simply because it is using a different set of accounting rules.

All publicly traded companies are required by the Securities and Exchange Commission to follow GAAP procedures when preparing their financial statements.

Governmental entities are required to follow GAAP as well. That said, there are a different set of GAAP guidelines created by a different regulatory body for government organizations. So, while they are following GAAP, their financial statements are quite different from those of public companies.

For each transaction, one entry is made either an increase or decrease in the balance of cash in the account. Likely the single most important aspect of GAAP is the use of double-entry accounting, and the accompanying system of debits and credits. With double-entry accounting, each transaction results in two entries being made.

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If each transaction resulted in only one entry, the equation would no longer balance. Debits and credits are simply the terms used for the two halves of each transaction. That is, each of these two-entry transactions involves a debit and a credit. That is, however, not exactly true.

This transaction could be recorded as a journal entry as follows: DR. Equipment 40, CR. Cash 40, As you can see, when recording a journal entry, the account that is debited is listed first, and the account that is credited is listed second, with an indentation to the right.

Also, this helps you to remember that the debit half of a journal entry is on the left, while the credit half is indented to the right. To increase Cash an asset account , we will debit it. To increase Notes Payable a liability account , we will credit it. Cash 50, CR. Building Supplies 10, CR.

To decrease a liability, we debit it, and to decrease an asset, we credit it. Accounts Payable 10, CR. Naturally, journal entries need to be made for income statement transactions as well. For the most part, when making a journal entry to a revenue account, we use a credit, and when making an entry to an expense account, we use a debit.

We need to decrease Cash and increase Rent Expense. Rent Expense 4, CR. Cash 10, CR. Sales 10, Sometimes a transaction will require two journal entries. Cash 1, CR.

Sales 1, DR. Cost of Goods Sold CR.

Of course, hardly anybody uses an actual paper document for a general ledger anymore. T-Accounts In many situations, it can be useful to look at all the activity that has occurred in a single account over a given time period.

The Trial Balance A trial balance is simply a list indicating the balances of every single general ledger account at a given point in time. The trial balance is typically prepared at the end of a period, prior to preparing the primary financial statements. The purpose of the trial balance is to check that debits—in total—are equal to the total amount of credits.

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If debits do not equal credits, you know that an erroneous journal entry must have been posted. The purpose of a trial balance is to check that total debits equal total credits. Her lease requires her to prepay her rent for the next 3 months at the beginning of every quarter. For example, in April, she is required to pay her rent for April, May, and June.

If Pam uses the cash method of accounting, her net income in April will be substantially lower than her net income in May or June, even if her sales and other expenses are exactly the same from month to month.

This is, of course, a distortion of the reality. The Accrual Method Under the accrual method of accounting, revenue is recorded as soon as services are provided or goods are delivered, regardless of when cash is received. Note: This is why we use an Accounts Receivable account.

Similarly, under the accrual method of accounting, expenses are recognized as soon as the company receives goods or services, regardless of when it actually pays for them.

Accounts Payable is used to record these as-yet-unpaid obligations. The goal of the accrual method is to fix the major shortcoming of the cash method: Distortions of economic reality due to the frequent time lag between a service being performed and the service being paid for.

On the 5th of every month, he pays his sales reps their commissions for sales made in the prior month. First, because Mario uses the accrual method, the expense is recorded when the services are performed, regardless of when they are paid for. This ensures that any financial statements for the month of August reflect the appropriate amount of Commissions Expense for sales made during the month.

Second, after both entries have been made, the net effect is a debit to the relevant expense account and a credit to Cash.

Last point of note: Commissions Payable will have no net change after both entries have been made. Its only purpose is to make sure that financial statements prepared at the end of August would reflect that—at that particular moment—an amount is owed to the sales reps.

Because Lindsey uses the accrual method, she must record the interest expense over the life of the loan, rather than recording it all at the end when she pays it off. Naturally, there are occasions in which the opposite situation arises. Again, the goal of the accrual method is to record the revenues or expenses in the period during which the real economic transaction occurs as opposed to the period in which cash is exchanged. Of course, the process will start all over again on July 1st when Pam prepays her rent for the third quarter of the year.

Then, they will record the revenue month by month. This seems obvious, but there are times in which it would appear reasonable for a company to report an asset at a value other than the amount paid for it. For example, if a company has owned a piece of real estate for several decades, reporting the piece of land at its historical cost may very significantly understate the value of the land.

However, if GAAP allowed companies to use any other valuation method—current market value for instance—it would introduce a great deal of subjectivity into the process.

To use the example of real estate again: Depending upon what method you use or who you ask, you could find several different answers for the fair market value of a piece of real estate.

Financial Accounting Textbook PDF Bundle Edition Chapters 1 through 16 including problem sets This book covers a range of financial accounting topics related to the accounting and reporting cycle, current assets, long-term assets, debt, equity, and cash flows. Chapters Chapter 1: Welcome to the World of Accounting Chapter 2: Information Processing Chapter 3: Income Measurement Chapter 4: The Reporting Cycle Chapters Chapter 5: Special Issues for Merchants Chapter 6: Cash and Highly-Liquid Investments Chapter 7:This lecture note covers the following topics: Overall, it appears that things are going well.

Long-Term Often, the assets and liabilities on a balance sheet will be broken down into current assets or liabilities and long-term assets or liabilities. Richard Frankel. Objectives of Financial Accounting Systematic recording of transactions: basic objective of accounting is to systematically record the financial aspects of business transactions i.

Assets and expenses have normal debit balances, i.

Financial Accounting Textbook PDF Bundle

Author s : Dennis Caplan Introduction to Financial and Managerial Accounting This course note explains the basic concepts of financial and managerial reporting. Sugata Roychowdhury NA Pages. Managerial Accounting by Dr.

Cash Flow Statement vs.

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