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Accounting: A Business Planning And Control Approach 1E Ia Wiley E-Text Powered By VitalSource

Accounting: A Business Planning And Control Approach 1E Ia Wiley E-Text Powered By VitalSource

Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver

ISBN: 978-0-730-33595-5

Sep 2016

Select type: E-Book

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Wiley is proud to introduce a brand new resource from Australia’s leading Accounting author Jacqueline Birt – Accounting: A Business Planning and Control Approach. This first edition is unique in its focus on taking a business planning approach to accounting. Delivered as a Wiley interactive E-Text powered by VitalSource, this rich digital resource is designed to engage students and bring accounting concepts to life. Give your students the best of Birt, enhanced through an interactive textbook for a superior learning experience – all for much less than the price of a print textbook.

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About the authors ix

chapter 1 Introduction to accounting and business decision making 1

1.1 The accounting process 2

1.2 Accounting information and its role in decision making 4

1.3 Financial accounting and management accounting 6

1.4 Role of accounting information in business planning 8

1.5 Globalisation of accounting 10

1.6 Sources of company regulation 10

1.7 Australian and international accounting standards 14

1.8 Role of the Conceptual Framework 17

1.9 Limitations of accounting information 21

1.10 Careers in accounting 23

chapter 2 Business structures 33

2.1 Forms of business entities 34

2.2 Definition and features of a sole trader 35

2.3 Advantages and disadvantages of a sole trader 36

2.4 Definition and features of a partnership 38

2.5 Advantages and disadvantages of a partnership 38

2.6 Definition and features of a company 40

2.7 Types of companies 41

2.8 Advantages and disadvantages of a company 44

2.9 Definition and features of a trust 45

2.10 Advantages and disadvantages of a trust 45

2.11 Comparison of business reports 47

2.12 Differential reporting 53

chapter 3 Business planning and performance measurement 68

3.1 What is a business plan? 69

3.2 Organisational performance measurement 75

3.3 Divisional performance measurement 81

3.4 Investment centre performance evaluation 86

3.5 Preparing the document: the business planning process 92

chapter 4 Budgeting 116

4.1 Strategic planning and budgeting 117

4.2 Budgets 119

4.3 Types of budgets 121

4.4 Master budget 122

4.5 The cash budget 129

4.6 Budgets: planning and control 132

4.7 Behavioural aspects of budgeting 134

chapter 5 Cost–volume–profit analysis 154

5.1 Cost behaviour 155

5.2 Break-even analysis 158

5.3 Contribution margin ratio 165

5.4 CVP assumptions 166

5.5 Using break-even data 166

5.6 Operating leverage 167

5.7 Contribution margin per limiting factor 169

5.8 Relevant information for decision making 170

5.9 Outsourcing decisions 171

5.10 Special order decisions 174

chapter 6 Costing and pricing in an entity 196

6.1 Use of cost information 197

6.2 Direct costs 198

6.3 Cost allocation 200

6.4 Allocation process 204

6.5 Inventoriable product cost 212

6.6 Pricing of products and services 217

chapter 7 Capital investment 234

7.1 The nature and scope of investment decisions 235

7.2 Accounting rate of return 239

7.3 Payback period 240

7.4 Net present value 241

7.5 Internal rate of return 247

7.6 Practical issues in making decisions 250

chapter 8 Financing the business 264

8.1 Managing net working capital 265

8.2 Managing cash 267

8.3 Managing accounts receivable 269

8.4 Managing inventories 272

8.5 Sources of short-term finance 275

8.6 Sources of long-term debt finance 280

8.7 Equity finance 283

8.8 Hybrid finance 285

8.9 International sources of funding 286

chapter 9 Business transactions 296

9.1 Recognising business transactions 297

9.2 Business and personal transactions and business events 298

9.3 The accounting equation 299

9.4 Analysis of business transactions 300

9.5 The accounting worksheet 302

9.6 Capturing accounting information: journals and ledger accounts 305

9.7 Rules of debit and credit 307

9.8 The trial balance 309

9.9 Accounting errors 310

chapter 10 Balance sheet 328

10.1 Financial reporting obligations 329

10.2 Nature and purpose of the balance sheet 331

10.3 Accounting policy choices, estimates and judgements 335

10.4 The definition of assets 337

10.5 The definition of liabilities 339

10.6 The definition and nature of equity 340

10.7 Assets, liabilities and equity 341

10.8 Format and presentation of the balance sheet 342

10.9 Presentation and disclosure of elements on the balance sheet 345

10.10 Measurement of various assets and liabilities 357

10.11 Potential limitations of the balance sheet 365

chapter 11 Statement of profit or loss and statement of changes in equity 388

11.1 Purpose and importance of measuring financial performance 389

11.2 Accounting concepts for financial reporting 391

11.3 Effect of accounting policy choices, estimates and judgements on financial statements 396

11.4 Measuring financial performance 400

11.5 Income 400

11.6 Expenses 401

11.7 Applying recognition criteria to income and expenses 403

11.8 Presenting the statement of profit or loss 407

11.9 Financial performance measures 411

11.10 The statement of comprehensive income 413

11.11 The link between the financial statements 416

chapter 12 Statement of cash flows 437

12.1 The purpose and usefulness of a statement of cash flows 438

12.2 Format of the statement of cash flows 451

12.3 Preparing the statement of cash flows 456

12.4 Analysing the statement of cash flows 465

chapter 13 Analysis and interpretation of financial statements 491

13.1 Users and decision making 492

13.2 Nature and purpose of financial analysis 494

13.3 Analytical methods 494

13.4 Profitability analysis 504

13.5 Asset efficiency analysis 509

13.6 Liquidity analysis 513

13.7 Capital structure analysis 515

13.8 Market performance analysis 518

13.9 Ratio interrelationships 521

13.10 Limitations of ratio analysis 523

chapter 14 Accounting in society 554

14.1 Business sustainability, drivers, principles and theories 555

14.2 Reporting and disclosure 559

14.3 Corporate governance 563

14.4 Corporate governance principles, guidelines and practices 565

14.5 Ethics in business 566

14.6 Professional codes of ethics and ethical decision-making methods 571

Appendix 598

  • Business Planning Approach: This first edition of Birt is unique in its focus on taking a business planning approach to accounting.
  • Hear From Practitioners: Exclusive videos from high-profile ANZ practitioners to provide insights into real-world application of accounting
  • Embedded Rich Media: Author insight videos, running case studies, and other interactive rich media are embedded throughout the text
  • Revision Modules: ‘In a Nutshell’ revision materials are integrated throughout to help students engage with, understand, and retain course concepts
  • Interactive E-Text: Bring course content to life with embedded rich media such as videos, interactives, and revision materials to keep students engaged and studying effectively
  • Trusted Authorship: Know your students are getting the best content from a team of local authors