1Preface
825.3.3 The Disclosure Committee
2Chapter
835.4 Management Certifications : 5.4.1 Subcertification
31 Introduction to Accounting
845.5 The Independent Auditor’s Responsibilities
41.1 Welcome to Accounting
855.6 The Audit Standards
51.2 Accounting Defined : 1.2.1 Employment Opportunities in Accounting
865.6.1 Overall Objective of The Auditors’ Engagement
61.3 Auditing
875.6.2 Documentation
71.4 Financial accounting versus managerial accounting
885.7 Coordinating With The Independent Auditors
81.5 Ethical behavior of accountants
895.8 A Top-Down, Risk-Based Approach For Evaluating Internal Control: 5.8.1 Principles Of A Risk-Based, Top-Down Approach
91.6 Critical thinking and communication skills: 1.6.1 Internet Skills
905.9 Exercise
101.7 International accounting standards
91Chapter
111.8 Stages of Accounting
926 Adjustments for Financial Reporting
121.9 Branches of Accounting
936.1 A career as a tax specialist: 6.1.1 Cash Versus Accrual Basis Accounting
131.10 Functions of Accounting
946.2 The need for adjusting entries
141.11 Advantages of Accounting
956.3 Classes and types of adjusting entries
151.12 Limitations of Accounting
966.4 Adjustments for deferred items
161.13 Book-Keeping
976.5 Adjustments for accrued items
171.14 Book-Keeping and Accounting
986.6 Analyzing and using the financial results—trend percentages
181.15 Difference Between Book-Keeping And Accounting
996.7 Exercise
191.16 Systems Of Accounting
100Chapter
201.17 Accounting As Information System
1017 Measuring and Reporting Inventories
211.18 Users of Accounting Information
1027.1 Inventories and cost of goods sold
221.19 Characteristics of Accounting Information
1037.2 Importance of proper inventory valuation
231.20 Role Of Accountant
1047.3 Determining inventory cost
241.21 Accounting Principles, Concepts, And Conventions
1057.3.1 Perpetual Inventory Records
251.21.1 Accounting Principles
1067.3.2 An Accounting Perspective: Uses of Technology
261.21.2 Accounting Concepts
1077.3.3 An Accounting Perspective: Business Insight
271.21.3 Accounting Conventions
1087.3.4 FIFO (first-in, first-out) Under Periodic Inventory Procedure
281.22 Distinction Between Accounting Concepts And Conventions
1097.3.5 LIFO (last-in, first-out) Under Periodic Inventory Procedure
291.23 Accounting Standards
1107.3.6 Weighted-average Under Periodic Inventory Procedure
301.24 Accounting Policies
1117.3.7 FIFO Under Perpetual Inventory Procedure
311.25 Accounting - A Measurement Discipline
1127.3.8 Weighted-average Under Perpetual Inventory Procedure
321.26 Accounts And Its Classification: 1.26.1 Classification of Accounts
1137.3.9 Advantages and Disadvantages of Specific Identification
331.27 Double-Entry System: 1.27.1 Merits of Double-entry System
1147.3.10 Advantages and Disadvantages of FIFO
341.28 Rules Of Debit And Credit
1157.3.11 Advantages and Disadvantages of LIFO
351.29 Significance of Debit and Credit
1167.3.12 Advantages and Disadvantages of Weighted-average
361.29.1 Debit in Personal Accounts
1177.3.13 Which is the Correct Method?
371.29.2 Credit in Personal Accounts
1187.3.14 Departures from the Cost Basis of Inventory Measurement
381.30 Accounting Equation
1197.4 Departures from the cost basis of inventory measurement: 7.4.1 An Ethical Perspective: Dorsey Hardware
391.31 Exercise
1207.5 Exercise
40Chapter
121Chapter
412 Accounting and its Use in Business Decisions
1228 Shareholders’ Equity
422.1 A career as an entrepreneur: 2.1.1 Forms of Business Organizations
1238.1 Shares Of Stock
432.2 Types of activities performed by business organizations
1248.2 Common Stock Adjustments
442.3 Financial statements of business organizations
1258.3 Reacquisition And Retirement Of Capital Stock
452.4 Underlying assumptions or concepts
1268.3.1 Reasury Stock
462.5 Dividends paid to owners (stockholders)
1278.3.2 Balance Sheet Presentation of Treasury Stock
472.6 Analyzing and using the financial results—the equity ratio
1288.4 Employee Stock Options
482.7 Exercise
1298.5 Items Affecting Stockholders’ Equity
49Chapter
1308.6 Exercise
503 Accounting Process – (Rectification of Errors)
131Chapter
513.1 Errors
1329 Global Accounting and Auditing
523.2 Classification Of Errors
1339.1 Movement Toward A Global Set Of Standards
533.3 Clerical Errors
1349.2 Achieving Convergence Of Accounting And Auditing Standards
543.3.1 Errors of Omission
1359.3 International Standard-Setting Organizations: 9.3.1 International Accounting Standards Board
553.3.2 Errors of Commission
1369.4 International Financial Reporting Standards
563.3.3 Compensating Errors
1379.5 International Federation Of Accountants
573.3.4 Errors of Principle
1389.6 Council
583.4 Errors Disclosed By Trial Balance
1399.7 Other Major Global Standard-Setting Organizations
593.5 Errors Not Disclosed By Trial Balance
1409.8 Exercise
603.6 Steps To Locate Errors
141Chapter
613.7 Rectification Of Errors
14210 Computerized Accounting System
623.7.1 Need for Rectification of Errors
14310.1 Concept of Computerised Accounting System
633.7.2 Rectification before the Preparation of Trial Balance
14410.2 Advantages of Computerised Accounting System
643.8 Rectification after the Preparation of Trial Balance but before the Preparation of Final Accounts
14510.3 Limitations of Computerised Accounting System : 10.3.1 Sourcing of Accounting Software
653.9 Rectification in the Next Accounting Period: 3.9.1 Ascertainment of Correct Profit for the Previous Period
14610.4 Accounting Packages
663.10 Exercise
14710.5 Ready-to-Use
67Chapter
14810.5.1 Customized
684 Recording Business Transactions
14910.5.2 Tailored
694.1 Recording changes in assets, liabilities, and stockholders’ equity
15010.6 Generic Considerations before Sourcing an Accounting Software
704.2 Recording changes in revenues and expenses
15110.6.1 Flexibility
714.3 The accounting cycle
15210.6.2 Cost of Installation and Maintenance
724.4 The journal
15310.6.3 Size of Organisation
734.5 The accounting process in operation
15410.6.4 Ease of Adaptation and Training Needs
744.6 Exercise
15510.6.5 Utilities/MIS Reports
75Chapter
15610.6.6 Expected Level of Secrecy (Software and Data)
765 Introduction To Internal Control Assessment and Reporting
15710.6.7 Exporting/Importing Data Facility
775.1 Introduction
15810.6.8 Vendors Reputation and Capability
785.2 Definition Of Internal Control
15910.7 Exercise
795.3 Management’s Required Reports On Internal Control
160Appendix
805.3.1 Quarterly Reporting Requirements
161Glossary
815.3.2 Disclosure Controls and Procedures
162Index
