Accounting Principles

Jerry J. Weygandt, PhD, CPA, is Arthur Andersen Alumni Emeritus Professor of Accounting at the University of Wisconsin-Madison. He holds a PhD in accounting from the University of Illinois. Articles by Professor Weygandt have appeared in the Accounting Review, Journal of Accounting Research, Accounting Horizons, Journal of Accountancy, and other academic and professional journals. These articles have examined such financial reporting issues as accounting for price-level adjustments, pensions, convertible securities, stock option contracts, and interim reports. Professor Weygandt is author of other accounting and financial reporting books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Wisconsin Society of Certified Public Accountants. He has served on numerous committees of the American Accounting Association and as a member of the editorial board of the Accounting Review; he also has served as president and secretary-treasurer of the American Accounting Association. In addition, he has been actively involved with the American Institute of Certified Public Accountants and has been a member of the Accounting Standards Executive Committee (AcSEC). He has served on the FASB task force that examined the reporting issues related to accounting for income taxes and served as a trustee of the Financial Accounting Foundation. Professor Weygandt has received the Chancellor's Award for Excellence in Teaching and the Beta Gamma Sigma Dean's Teaching Award. He is the recipient of the Wisconsin Institute of CPA's Outstanding Educator's Award and the Lifetime Achievement Award. In 2001, he received the American Accounting Association's Outstanding Educator Award. Paul D. Kimmel, PhD, CPA, received his bachelor's degree from the University of Minnesota and his doctorate in accounting from the University of Wisconsin. He is a Senior Lecturer at the University of Wisconsin-Madison and was an Associate Professor at University of Wisconsin–Milwaukee.  He was the recipient of the UWM School of Business Advisory Council Teaching Award, the Reggie Taite Excellence in Teaching Award, and a three-time winner of the Outstanding Teaching Assistant Award at the University of Wisconsin. He has public accounting experience with Deloitte & Touche (Minneapolis) and was a recipient of the Elijah Watts Sells Award for Honorary Distinction for his results on the CPA exam. He is a member of the American Accounting Association and the Institute of Management Accountants and has published articles in Accounting Review, Accounting Horizons, Advances in Management Accounting, Managerial Finance, Issues in Accounting Education, Journal of Accounting Education, and in other journals. He has authored a number of introductory accounting textbooks, published papers, and given numerous talks on issues related to accounting education. Jill E. Mitchell, MS, MEd, CIA, is a Lecturer at the McIntire School of Commerce at the University of Virginia. Prior to joining the faculty of McIntire, she was a Professor of Accounting at Northern Virginia Community College (NOVA), where she taught face-to-face, hybrid, and online courses, and an adjunct instructor at George Mason University (GMU) where she taught in both undergraduate and graduate programs. She is a past president of the Washington, D.C. Chapter of the Accounting and Financial Women's Alliance (AFWA), and she served on the board of directors of the Virginia Society of CPAs (VSCPA). She is a member of the American Accounting Association (AAA) and the Institute of Internal Auditors. Jill served on the AAA Education Committee and was the co-chair of the Conference on Teaching and Learning in Accounting (CTLA). Jill was a senior auditor with Ernst & Young's Business Risk Services practice in Miami, Florida. She is a certified internal auditor and earned an MS in Accountancy from the University of Virginia, an MEd in Instructional Design Technology from George Mason University, and a BBA in Management Information Systems from the University of Georgia. Jill is a recipient of the Outstanding Faculty Award, the Commonwealth's highest honor for faculty of Virginia's universities and colleges presented by the State Council of Higher Education for Virginia; the Virginia Community College System Chancellor's Award for Teaching Excellence; the AFWA's Women Who Count Award; the AAA Two-Year College Educator of the Year Award; and the AAA/J. Michael and Mary Anne Cook/Deloitte Foundation Prize, the foremost recognition of an individual who consistently demonstrates the attributes of a superior teacher in the discipline of accounting.

1 Accounting in Action 1-1

2 The Recording Process 2-1

3 Adjusting the Accounts 3-1

4 Completing the Accounting Cycle 4-1

5 Accounting for Merchandising Operations 5-1

6 Inventories 6-1

7 Accounting Information Systems 7-1

8 Fraud, Internal Control, and Cash 8-1

9 Accounting for Receivables 9-1

10 Plant Assets, Natural Resources, and Intangible Assets 10-1

11 Current Liabilities and Payroll Accounting 11-1

12 Accounting for Partnerships 12-1

13 Corporations: Organization and Capital Stock Transactions 13-1

14 Corporations: Dividends, Retained Earnings, and Income Reporting 14-1

15 Long-Term Liabilities 15-1

16 Investments 16-1

17 Statement of Cash Flows 17-1

18 Financial Analysis: The Big Picture 18-1

19 Managerial Accounting 19-1

20 Job Order Costing 20-1

21 Process Costing 21-1

22 Cost-Volume-Profit 22-1

23 Incremental Analysis 23-1

24 Budgetary Planning 24-1

25 Budgetary Control and Responsibility Accounting 25-1

26 Standard Costs and Balanced Scorecard 26-1

27 Planning for Capital Investments 27-1

APPENDICES

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: Amazon.com, Inc. D-1

E Specimen Financial Statements: Walmart Inc. E-1

F Specimen Financial Statements: Louis Vuitton F-1

G Time Value of Money G-1

H Just-in-Time Processing and Activity-Based Costing H-1

COMPANY INDEX / SUBJECT INDEX I-1

RAPID REVIEW: CHAPTER CONTENT

Available in Wiley's Online Course and Wiley Custom:

CHAPTER 5A Accounting for Merchandising Operations (Periodic Approach) 5A-1

CHAPTER 6A Inventories (Perpetual Approach) 6A-1

CHAPTER 20A Job Order Costing: Non-Debit-and-Credit Approach 20A-1

CHAPTER 21A Process Costing: Non-Debit-and-Credit Approach 21A-1