Includes indexes.

1. Accounting in Action. What Is Accounting? The Building Blocks of Accounting. The Basic Accounting Equation. Using the Basic Accounting Equation. Financial Statements. All About You: ETHICS: MANAGING PERSONAL FINANCIAL REPORTING. APPENDIX: Accounting Career Opportunities. 2. The Recording Process. The Account. Steps in the Recording Process. The Recording Process Illustrated. The Trial Balance. All About You: YOUR PERSONAL ANNUAL REPORT. 3. Adjusting the Accounts. Timing Issues. The Basics of Adjusting Entries. The Adjusted Trial Balance and Financial Statements. All About You: IS YOUR OLD COMPUTER A LIABILITY. APPENDIX: Alternative Treatment of Prepaid Expenses and Unearned Revenues. 4. Completing the Accounting Cycle. Using a Worksheet. Closing the Books. Summary of the Accounting Cycle. The Classified Balance Sheet. Long-Term Investments. All About You: YOUR PERSONAL BALANCE SHEET. APPENDIX: Reversing Entries. 5. Accounting for Merchandising Operations. Merchandising Operations. Recording Purchases of Merchandise. Recording Sales of Merchandise. Completing the Accounting Cycle. Forms of Financial Statements. All About You: WHEN IS A SALE A SALE? Determining Cost of Goods Sold Under a Periodic System. APPENDIX 5A: Periodic Inventory System. APPENDIX 5B: Worksheet for a Merchandising Company. 6. Inventories. Classifying Inventory. Determining Inventory Quantities. Inventory Costing. Inventory Errors. Statement Presentation and Analysis. All About You: EMPLOYEE THEFT-AN INSIDE JOB. APPENDIX 6A: Inventory Cost Flow Methods in Perpetual Inventory Systems. APPENDIX 6B: Estimating Inventories. 7. Accounting Information Systems. Basic Concepts of Accounting Information Systems. Computerized Accounting Systems. Manual Accounting Systems. Subsidiary Ledgers. Special Journals. Al

This engaging book lays the foundation for readers to succeed on the CPA exam and ultimately in their professional practice. The new edition continues to reflect the conversational style and clarity that has made this a leader in the market. It explores the key concepts and principles while using the PepsiCo financial statement to clearly show how the information is applied in the real world. The book has also been updated with the latest data as to reflect today's business environment.