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Accounting Principles, 12th Edition


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Accounting Principles, 12th Edition

Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

ISBN: 978-1-118-87505-6 January 2015 1296 Pages

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Accounting Principles 12th Edition
 by Weygandt, Kimmel, and Kieso provides students with a clear introduction to fundamental accounting concepts. The Twelfth Edition helps student get the most out of their accounting course by making practice simple. This text allows for new opportunities for self-guided practice allow students to check their knowledge of accounting concepts, skills, and problem-solving techniques and receive personalized feedback at the question, learning objective, and course level. Newly streamlined learning objectives help students use their study time efficiently by creating a clear connections between the reading and video content, and the practice, homework, and assessments  questions. Weygandt, Accounting Principles is a best-selling  program ideal for a two-semester Principles of Accounting sequence  where students spend the majority of the time learning financial  accounting concepts, and are introduced to the basic concepts of  managerial accounting at the end of the sequence  With  Accounting Principles students learn the accounting cycle from a  sole proprietor perspective.

Related Resources

1 Accounting in Action

Knowing the Numbers: Clif Bar 2

LO 1: Identify the activities and users associated with accounting 4

LO 2: Explain the building blocks of accounting: ethics, principles, and assumptions 7

LO 3: State the accounting equation, and define its components 12

LO 4: Analyze the effects of business transactions on the accounting equation 14

LO 5: Describe the four financial statements and how they are prepared 21

LO 6: Appendix 1A: Explain the career opportunities in accounting 25

2 The Recording Process 48

Accidents Happen: MF Global Holdings 48

LO 1: Describe how accounts, debits, and credits are used to record business transactions 50

LO 2: Indicate how a journal is used in the recording process 54

LO 3: Explain how a ledger and posting help in the recording process 57

LO 4: Prepare a trial balance 68

3 Adjusting the Accounts 92

Keeping Track of Groupons: Groupon 92

LO 1: Explain the accrual basis of accounting and the reasons for adjusting entries 94

LO 2: Prepare adjusting entries for deferrals 97

LO 3: Prepare adjusting entries for accruals 104

LO 4: Describe the nature and purpose of an adjusted trial balance 111

LO 5: Appendix 3A: Prepare adjusting entries for the alternative treatment of deferrals 115

LO 6: Appendix 3B: Discuss financial reporting concepts 119

4 Completing the Accounting Cycle 148

Everyone Likes to Win: Rhino Foods 148

LO 1: Prepare a worksheet 150

LO 2: Prepare closing entries and a post-closing trial balance 158

LO 3: Explain the steps in the accounting cycle and how to prepare correcting entries 166

LO 4: Identify the sections of a classified balance sheet 169

LO 5: Appendix 4A: Prepare reversing entries 175

5 Accounting for Merchandising Operations 206

Buy Now, Vote Later: REI 206

LO 1: Describe merchandising operations and inventory systems 208

LO 2: Record purchases under a perpetual inventory system 211

LO 3: Record sales under a perpetual inventory system 216

LO 4: Apply the steps in the accounting cycle to a merchandising company 220

LO 5: Compare a multiple-step with a single-step income statement 222

LO 6: Appendix 5A: Prepare a worksheet for a merchandising company 228

LO 7: Appendix 5B: Record purchases and sales under a periodic inventory system 229

6 Inventories 262

“Where Is That Spare Bulldozer Blade?”: Caterpillar 262

LO 1: Discuss how to classify and determine inventory 264

LO 2: Apply inventory cost flow methods and discuss their financial effects 268

LO 3: Indicate the effects of inventory errors on the financial statements 277

LO 4: Explain the statement presentation and analysis of inventory 279

LO 5: Appendix 6A: Apply the inventory cost flow methods to perpetual inventory records 282

LO 6: Appendix 6B: Describe the two methods of estimating inventories 284

7 Accounting Information Systems 310

QuickBooks® Helps This Retailer Sell Guitars 310

LO 1: Explain the basic concepts of an accounting information system 312

LO 2: Describe the nature and purpose of a subsidiary ledger 315

LO 3: Record transactions in special journals 317

8 Fraud, Internal Control, and Cash 354

Minding the Money in Madison: Barriques 354

LO 1: Discuss fraud and the principles of internal control 356

LO 2: Apply internal control principles to cash 366

LO 3: Identify the control features of a bank account 373

LO 4: Explain the reporting of cash 381

9 Accounting for Receivables 404

A Dose of Careful Management Keeps Receivables Healthy: Whitehall-Robins 404

LO 1: Explain how companies recognize accounts receivable 406

LO 2: Describe how companies value accounts receivable and record their disposition 408

LO 3: Explain how companies recognize notes receivable 417

LO 4: Describe how companies value notes receivable, record their disposition, and present and analyze receivables 420

10 Plant Assets, Natural Resources, and Intangible Assets 442

How Much for a Ride to the Beach?: Rent-A-Wreck 442

LO 1: Explain the accounting for plant asset expenditures 444

LO 2: Apply depreciation methods to plant assets 448

LO 3: Explain how to account for the disposal of plant assets 455

LO 4: Describe how to account for natural resources and intangible assets 458

LO 5: Discuss how plant assets, natural resources, and intangible assets are reported and analyzed 463

LO 6: Appendix 10A: Explain how to account for the exchange of plant assets 465

11 Current Liabilities and Payroll Accounting 490

Financing His Dreams: Wilbert Murdock 490

LO 1: Explain how to account for current liabilities 492

LO 2: Discuss how current liabilities are reported and analyzed 495

LO 3: Explain how to account for payroll 499

LO 4: Appendix 11A: Discuss additional fringe benefits associated with employee compensation 510

12 Accounting for Partnerships 532

From Trials to the Top Ten: Razor & Tie 532

LO 1: Discuss and account for the formation of a partnership 534

LO 2: Explain how to account for net income or net loss of a partnership 539

LO 3: Explain how to account for the liquidation of a partnership 543

LO 4: Appendix 12A: Prepare journal entries when a partner is either admitted or withdraws 549

13 Corporations: Organization and Capital Stock Transactions 570

What’s Cooking?: Nike 570

LO 1: Discuss the major characteristics of a corporation 572

LO 2: Explain how to account for the issuance of common and preferred stock 581

LO 3: Explain how to account for treasury stock 584

LO 4: Prepare a stockholders’ equity section 587

14 Corporations: Dividends, Retained Earnings, and Income Reporting 608

Owning a Piece of the Action: Van Meter Inc 608

LO 1: Explain how to account for cash dividends 610

LO 2: Explain how to account for stock dividends and splits 615

LO 3: Prepare and analyze a comprehensive stockholders’ equity section 619

LO 4: Describe the form and content of corporation income statements 623

15 Long-Term Liabilities 644

And Then There Were Two 644

LO 1: Describe the major characteristics of bonds 646

LO 2: Explain how to account for bond transactions 649

LO 3: Explain how to account for long-term notes payable 656

LO 4: Discuss how long-term liabilities are reported and analyzed 657

LO 5: Appendix 15A: Apply the straight-line method of amortizing bond discount and bond premium 662

LO 6: Appendix 15B: Apply the effective-interest method of amortizing bond discount and bond premium 664

16 Investments 690

“Is There Anything Else We Can Buy?”: Time Warner 690

LO 1: Explain how to account for debt investments 692

LO 2: Explain how to account for stock investments 695

LO 3: Discuss how debt and stock investments are reported in financial statements 700

17 Statement of Cash Flows 726

Got Cash?: Microsoft 726

LO 1: Discuss the usefulness and format of the statement of cash flows 728

LO 2: Prepare a statement of cash flows using the indirect method 731

LO 3: Analyze the statement of cash flows 742

LO 4: Appendix 17A: Prepare a statement of cash flows using the direct method 743

LO 5: Appendix 17B: Use a worksheet to prepare the statement of cash flows using the indirect method 751

LO 6: Appendix 17C: Use the T-account approach to prepare a statement of cash flows 755

18 Financial Statement Analysis 784

It Pays to Be Patient: Warren Buffett 784

LO 1: Apply horizontal and vertical analysis to financial statements 786

LO 2: Analyze a company’s performance using ratio analysis 792

LO 3: Apply the concept of sustainable income 804

19 Managerial Accounting 834

Just Add Water and Paddle: Current Designs 834

LO 1: Identify the features of managerial accounting and the functions of management 836

LO 2: Describe the classes of manufacturing costs and the differences between product and period costs 840

LO 3: Demonstrate how to compute cost of goods manufactured and prepare financial statements for a manufacturer 844

LO 4: Discuss trends in managerial accounting 848

20 Job Order Costing 876

Profiting from the Silver Screen: Disney 876

LO 1: Describe cost systems and the flow of costs in a job order system 878

LO 2: Use a job cost sheet to assign costs to work in process 882

LO 3: Demonstrate how to determine and use the predetermined overhead rate 887

LO 4: Prepare entries for manufacturing and service jobs completed and sold 890

LO 5: Distinguish between under- and overapplied manufacturing overhead 895

21 Process Costing 916

The Little Guy Who Could: Jones Soda Co 916

LO 1: Discuss the uses of a process cost system and how it compares to a job order system 918

LO 2: Explain the flow of costs in a process cost system and the journal entries to assign manufacturing costs 921

LO 3: Compute equivalent units 924

LO 4: Complete the four steps to prepare a production cost report 927

LO 5: Explain just-in-time (JIT) processing and activity-based costing (ABC) 932

LO 6: Appendix 21A: Apply activity-based costing to a manufacturer 936

22 Cost-Volume-Profit 960

Don’t Worry—Just Get Big: Amazoncom 960

LO 1: Explain variable, fixed, and mixed costs and the relevant range 962

LO 2: Apply the high-low method to determine the components of mixed costs 966

LO 3: Prepare a CVP income statement to determine contribution margin 970

LO 4: Compute the break-even point using three approaches 974

LO 5: Determine the sales required to earn target net income and determine margin of safety 977

LO 6: Use CVP analysis to respond to changes in the business environment 980

LO 7: Appendix 22A: Explain the differences between absorption costing and variable costing 983

23 Budgetary Planning 1004

What’s in Your Cupcake?: BabyCakes NYC 1004

LO 1: State the essentials of effective budgeting and the components of the master budget 1006

LO 2: Prepare budgets for sales, production, and direct materials 1011

LO 3: Prepare budgets for direct labor, manufacturing overhead, and selling and administrative expenses, and a budgeted income statement 1016

LO 4: Prepare a cash budget and a budgeted balance sheet 1020

LO 5: Apply budgeting principles to nonmanufacturing companies 1025

24 Budgetary Control and Responsibility Accounting 1052

Pumpkin Madeleines and a Movie: Tribeca Grand Hotel 1052

LO 1: Describe budgetary control and static budget reports 1054

LO 2: Prepare flexible budget reports 1057

LO 3: Apply responsibility accounting to cost and profit centers 1064

LO 4: Evaluate performance in investment centers 1073

25 Standard Costs and Balanced Scorecard 1100

80,000 Different Caffeinated Combinations: Starbucks 1100

LO 1: Describe standard costs 1102

LO 2: Determine direct materials variances 1107

LO 3: Determine direct labor and total manufacturing overhead variances 1111

LO 4: Prepare variance reports and balanced scorecards 1115

LO 5: Appendix 25A: Identify the features of a standard cost accounting system 1120

LO 6: Appendix 25B: Compute overhead controllable and volume variances 1123

26 Incremental Analysis and Capital Budgeting 1146

Keeping It Clean: Method Products 1146

LO 1: Describe management’s decision-making process and incremental analysis 1148

LO 2: Analyze the relevant costs in various decisions involving incremental analysis 1151

LO 3: Contrast annual rate of return and cash payback in capital budgeting 1159

LO 4: Distinguish between the net present value and internal rate of return methods 1164

A Specimen Financial Statements: Apple Inc A-1

B Specimen Financial Statements: PepsiCo, Inc B-1

C Specimen Financial Statements: The Coca-Cola Company C-1

D Specimen Financial Statements:, Inc D-1

E Specimen Financial Statements: Wal-Mart Stores, Inc E-1

F Specimen Financial Statements: Louis Vuitton F-1

G Time Value of Money G-1

LO 1: Compute interest and future values G-1

LO 2: Compute present values G-7

LO 3: Compute the present value in capital budgeting situations G-14

LO 4: Use a financial calculator to solve time value of money problems G-15

H Standards of Ethical Conduct for Management Accountants H-1

IMA Statement of Ethical Professional Practice H-1

Cases for Managerial Decision-Making

Company Index I-1

Subject Index I-3