By Jonathan E. Duchac, James M. Reeve, Carl S. Warren

Duchac, Reeve, Warren offers an efficient new method of support accounting majors and enterprise scholars examine and comprehend monetary accounting. The textual content introduces an built-in monetary statements framework that sincerely illustrates the inter-relationships among the money circulation assertion, source of revenue assertion and the stability sheet. This built-in framework specializes in offering scholars with a valid figuring out of ways the monetary statements interact to supply an image of a company's monetary functionality, whereas whilst educating scholars the influence of transactions at the monetary statements. this technique bargains a mix of ideas and strategies, which is helping scholars get to the "ah-ha" second in accounting schooling quicker by means of concentrating on how the monetary statements come jointly earlier than introducing debits and credit.

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Bonds are sold to investors and normally require repayment with interest at a specific time in the future. Bonds are a type of long-term financing, with a face amount that is normally due after several years have passed. In contrast, the interest on bonds is normally paid semiannually. Bond obligations are reported as bonds payable, and any interest that is due is reported as interest payable. Examples of well-known companies that have bonds outstanding include American Telephone and Telegraph (AT&T), John Deere, and Xerox.

If the management of a company could prepare financial statements as they saw fit, the comparability between companies and across time periods would be difficult, if not impossible. In other words, this would be like allowing a football team to determine the point-count for a touchdown every time it scored. Chapter 1 The Role of Accounting in Business 21 Financial Statements Income Statement Retained Earnings Statement Balance Sheet Statement of Cash Flows Generally Accepted Accounting Principles (GAAP) Accounting Concepts • Business Entity Concept • Cost Concept • Going Concern Concept • Matching Concept • Objectivity Concept • Unit of Measure Concept • Adequate Disclosure Concept • Accounting Period Concept As shown above, GAAP supports and determines the content of the financial statements.

For example, financial reports for external users are often used by managers in considering the impact of their decisions. In this text, we focus on financial accounting. The two major objectives of financial accounting are: 1. 2. To report the financial condition of a business at a point in time. To report changes in the financial condition of a business over a period of time. The relationship between the two financial accounting objectives is shown in Exhibit 3. You may think of the first objective as a still photograph (snapshot) of the business and 13 14 Chapter 1 Exhibit 3 Objectives of Financial Accounting The Role of Accounting in Business Financial Condition Financial Condition at January 1, 2007 at December 31, 2007 Change in Financial Condition for Year Ending December 31, 2007 the second objective as a moving picture (video) of the business.

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