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Introduction to Accounting is a college-level, introductory textbook that covers the subject of Accounting, core to all studies of business. Boundless works with subject matter experts to select the best open educational resources available on the web, review the content for quality, and create introductory, college-level textbooks designed to meet the study needs of university students.
This textbook covers:
Introduction to Accounting -- What is Accounting, The Accounting Concept, Overview of Key Elements of the Business, Conveying Accounting Information, Conventions and Standards
Accounting Information and the Accounting Cycle -- Basics of Accounting, The Accounting Cycle
Financial Statements Overview -- The Income Statement, The Balance Sheet, The Statement of Cash Flows, Special Considerations for Merchandising Companies
Controlling and Reporting of Cash and Receivables -- Overview of Cash, Managing Cash, Overview of Receivables, Notes Receivable Detail, Basics of Receivables Management, Reporting and Analyzing Receivables
Controlling and Reporting of Inventories -- Understanding Inventory, Controlling Inventory, Valuing Inventory, Detail on Using LIFO, Additional Topics in Inventory Valuation, Assessing Inventory Management, Reporting and Analyzing Inventories
Controlling and Reporting of Real Assets: Property, Plant, Equipment, and Natural Resources --Introduction to Long-Lived Assets, Components of Asset Cost, Valuing Assets, Depreciation of Assets, Impairment of Assets, Disposal of Assets, Depletion of Assets, Natural Resources, Reporting and Analyzing Assets
Controlling and Reporting of Intangible Assets --Introduction to Intangible Assets, Types of Intangible Assets, Intangible Asset Impairment, Research & Development Cost, Reporting and Analyzing Intangibles
Valuation and Reporting of Investments in Other Corporations -- Approaches to Investment Accounting, Debt Held to Maturity, Debt for Sale, Holding Less than 20% of Shares, Holding 20-50% of Shares, Ownership: Holding More than 50% of Shares
Reporting of Current & Contingent Liabilities -- Introduction to Liabilities, Current Liabilities, Contingencies, Reporting and Analyzing Current Liabilities
The Time Value of Money -- Introduction to the Time Value of Money, Future Value, Single Amount, Annuities, Additional Detail on Present and Future Values, Yield, Valuing Multiple Cash Flows, Present Value, Single Amount
Reporting of Long-Term Liabilities -- Overview of Bonds, Valuing Bonds, Bond Retirement, Reporting and Analyzing Long-Term Liabilities
Reporting of Stockholders' Equity -- Understanding the Corporation, Stock Transactions, Rules and Rights of Common and Preferred Stock, Additional Detail on Preferred Stock, Dividend Policy, Cash Dividend Alternatives, Reporting and Analyzing Equity, Additional Topics in Stockholders' Equity
Detailed Review of the Income Statement -- Understanding the Income Statement, Revenue Recognition, Expense Recognition, Additional Income Statement Considerations, Reporting and Analyzing the Income Statement
Detailed Review of the Statement of Cash Flows -- Cash Flow Accounting, Calculating Cash Flows, Reporting and Analyzing Cash Flow Statements
Special Topics in Accounting: Income Taxes, Pensions, Leases, Errors, and Disclosures -- Income Tax Accounting, Pension Accounting, Lease Accounting, Making Changes and Correcting Errors, Additional Notes on Disclosures
Analyzing Financial Statements -- Overview of Financial Statements Analysis, Standardizing Financial Statements, Ratio Analysis Overview, Using Financial Ratios for Analysis, Liquidity Ratios, Debt Management Ratios, Profitability Ratios, Market Value Ratios, Cons
What's New in Version 1.1
Updated cover and title; corrected minor formatting issues.
Nicely presented but missing the big picture
This is a nicely laid out book but lets the trees obscure the forest. It tells all about the bookkeeping cycle up front, but it's only on page 123 that it tells you what the income statement is. And then it makes the mistake that many books of its type do and which causes great confusion, declaring that revenue is "money received", which it isn't. Money is money. Revenue is activity. There are a lot of topics covered, which makes the book useful for people who've already grasped the fundamentals. But, starting at 'level 2' rather than 'zero', it's not for first timers.
Good overview of subject
This ebook is a good overview on accounting topics and concepts. It also includes useful examples that clarify concepts explained. In reference to the review by condorTFOC and the comment "revenue is activity" -- revenue IS money received and it also includes amounts earned but not yet received (ex - sale on credit).
Revenue is activity means nothing. For practical purposes and for a student learning accounting for publicly traded companies, revenue is usually anything of value received in an exchange of goods and services.