This revision of Principles of Accounting is based on an understanding of the
nature, culture, and motivations of today’s undergraduate students and on extensive
feedback from many instructors who use our book. These substantial changes
meet the needs of these students, who not only face a business world increasingly
complicated by ethical issues, globalization, and technology but who also have
more demands on their time.
An understanding of the principles of bookkeeping
and accounting is essential for anyone
who is interested in a successful career in business.
The purpose of bookkeeping and accounting
is to provide information concerning the financial
affairs of a business. This information
is needed by owners, managers, creditors, and
An individual who earns a living by recording the financial activities
of a business is known as a bookkeeper, while the process of classifying and summarizing business transactions and interpreting their effects is
accomplished by the accountant.
E very antiaircraft gun in Richmond seemed to thunder at once. The sky above the capital of the
Confederate States filled with black puffs of smoke. Jake Featherston, the President of the CSA, had
heard that his aviators called those bursts nigger-baby flak. They did look something like black dolls—
and they were as dangerous as blacks in the Confederacy, too.
U.S. airplanes didn’t usually come over Richmond by daylight, any more than Confederate aircraft
usually raided Washington or Philadelphia or New York City when the sun was in the sky.
This work develops and defends a structural view of the nature of mathematics,
which is used to explain a number of striking features of mathematics
that have puzzled philosophers for centuries. It rejects the most widely
held philosophical view of mathematics (Platonism), according to which
mathematics is a science dealing with mathematical objects such as sets and
numbers—objects which are believed not to exist in the physical world.
Chapter 2 - Principles of accounting and financial reporting for state and local governments. After studying Chapter 2, you should be able to: Explain the nature of the three major activity categories of a state or local government: governmental activities, business-type activities, and fiduciary activities; explain the components of GASB’s integrated accounting and financial reporting model;...
Rather than focusing on earlier treatments, based largely on the simplifications of geometrical acoustics, Physical Principles of Medical Ultrasonics examines concepts of wave acoustics, introducing them in the very first chapter. Practical implications of these concepts are explored, first the generation and nature of acoustic fields, and then their formal descriptions and measurement. Real tissues attenuate and scatter ultrasound in ways that have interesting relationships to their physical chemistry, and the book includes coverage of these topics.
A concise account of international law by an experienced practitioner, this book explains how states
and international organisations, especially the United Nations, make and use international law. The
nature of international law and its fundamental concepts and principles are described. The difference
and relationship between various areas of international law which are often misunderstood (such as
diplomatic and state immunity, and human rights and international humanitarian law) are clearly
Senator Edwards is not alone in observing a lack of accountability in America’s
democracy. Indeed, both popular and academic media offer considerable support for
this sentiment. The popular Cable News Network (CNN) criticized “government, big
business, and special interest groups” for enriching themselves at the expense of the
common electorate and characterized elected offices as “accountability free zones”
while arguing that “our government no longer works for us.”2 Important scholars
like John Matsusaka have added weight to this type of argument.
Individuals accounted for the majority of listed subjects in the SARs; however, filers
noted a few as business entities and, in some cases, identified a family’s trust fund or
Approximately 65 percent of the subjects found in the 641 SARs were either: a)
associated with some kind of business (named or un-named) or occupation13
identified by a job title, profession or other reference (Physician, Attorney, Restau-
rant Owner, Retired, etc.); or c) identified by a business name or the nature of the
business if the subject was listed as a company.
The ‘ideology’ of professional regulation can be viewed not simply as a mask for the
profession’ s activities but is implicated in the conditions that make accountancy possible. The
discourses that surround professions and are promoted by professionals are understood to
form an integral part of the social practices that facilitate, maintain and promote the
Over the last several decades, the standards of US GAAP and associated guid-
ance have grown to many thousands of pages. By contrast, IFRS is substantially
shorter in length. The principles-based nature of IFRS standards may facilitate an
enhanced focus on the economic purpose of a company’s business activities
in its financial reports. This may make it possible for businesses to produce
financial reports that are less complex for investors and other users of financial
Investments can be accounted for in a variety of ways depending upon the nature of the investment instrument. We will begin this chapter by looking at the accounting for bonds, or debt securities. Once we’ve completed our discussion of debt securities we will move on to the accounting for equity securities.
Chapter 8 - Reporting and interpreting property, plant, and equipment; natural resources; and intangibles. After studying this chapter, you should be able to: Define, classify, and explain the nature of long-lived productive assets and interpret the fixed asset turnover ratio; apply the cost principle to measure the acquisition and maintenance of property, plant, and equipment; apply various cost allocation methods as assets are held and used over time;...
Chapter 25 - Capital budgeting. After studying this chapter you will be able to: Explain the nature of capital investment decisions; identify nonfinancial factors in capital investment decisions; evaluate capital investment proposals using (a) payback period, (b) return on investment, and (c) discounted cash flows; discuss the relationship between net present value and an investor's required rate of return;...
The Czech National Bank (CNB) is another central bank that has been able to achieve price
stability irrespective of its negative equity situation (other examples include Slovakia, Israel,
Mexico and Thailand). This country case has been described by Frait (2005), Cincibuch et al.
(2008, 2009) and Frait and Holub (2011), who stressed the non-inflationary nature of the CNB’s
accounting losses related to large FX reserves and assessed the bank’s ability to get out of its
negative equity situation in the future without resorting to faster price growth.
This paper sketches some basic features of the SYNPHONICS account of the computational modelling of incremental language production with the example of the generation of passive sentences. The SYNPHONICS approach aims at linking psycholinguistic insights into the nature of the human natural language production process with well-established assumptions in theoretical and computational linguistics concerning the representation and processing of grammatical knowledge.
Chapter 14 - Managerial accounting concepts and principles. After you have read this chapter you should be able to: Explain the purpose and nature of, and the role of ethics in, managerial accounting, describe accounting concepts useful in classifying costs, define product and period costs and explain how they impact financial statements, explain how balance sheets and income statements for manufacturing and merchandising companies differ, explain manufacturing activities and the flow of manufacturing costs, describe trends in managerial accounting,...
In this chapter we look at some common forms of compensation in which the amount of the compensation employees receive is tied to the market price of company stock. We will see that these share-based compensation plans-stock awards, stock options, and stock appreciation rights-create shareholders’ equity. The nature of this compensation will impact the way we calculate earnings per share, the topic of the second part of this chapter.
Chapter 10 - E-business and enterprise resource planning systems. After studying this chapter you will be able to: Explain the nature of e-business, comparing and contrasting it with traditional “brick-and-mortar” organizations; discuss major forms of e-business; describe the basic nature, purpose, and structure of enterprise resource planning systems.
Chapter 15 - Decision-making models and knowledge management. After studying this chapter you will be able to: Discuss and give examples of the concept of information overload, including causes, symptoms, and countermeasures; explain the nature of decision models and knowledge management; explain why those two topics are important in the study of accounting information systems.