By Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Accounting rules eleventh variation, by way of Weygandt, Kimmel, and Kieso offers a transparent advent to monetary accounting that's choked with actual international examples which are proper to students' lives. The staff for achievement authors comprehend the place scholars fight during this direction and feature built a studying procedure that illustrates the accounting cycle and key transactions, whereas giving them the instruments to use their studying via pattern routines in the course of the bankruptcy. via increasing assurance of IFRS, this variation retains scholars on the leading edge of world concerns that effect their destiny careers in company and accounting.

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Donald E. Kieso, PhD, CPA, bought his bachelor's measure from Aurora college and his doctorate in accounting from the collage of Illinois. he's presently the KPMG Peat Marwick Emeritus Professor of Accounting at Northern Illinois college. He has public accounting adventure with rate Waterhouse & Co. (San Francisco and Chicago) and Arthur Andersen & Co. (Chicago) and study event with the examine department of the yank Institute of qualified Public Accountants (New York). He has performed post-doctorate paintings as a traveling pupil on the college of California at Berkeley and is a recipient of NIU's instructing Excellence Award and 4 Golden Apple instructing Awards. Professor Kieso is the writer of different accounting and company books and is a member of the yankee Accounting organization, the yank Institute of qualified Public Accountants, and the Illinois CPA Society. he's at present serving at the Board of Trustees and govt Committee of Aurora collage, as a member of the Board of administrators of chateau BancGroup Inc., and as Treasurer and Director of Valley West neighborhood health facility.

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The income statement shows revenues and expenses for a period of time. ✔ The owner’s equity statement shows the changes in owner’s equity for the same period of time as the income statement. ✔ The balance sheet reports assets, liabilities, and owner’s equity at a specific date. 27 JOAN ROBINSON, ATTORNEY Income Statement Month Ended July 31, 2014 Revenues Service revenue Expenses Rent expense Salaries and wages expense Utilities expense Advertising expense $3,500 $800 500 300 100 Total expenses 1,700 Net income $1,800 JOAN ROBINSON, ATTORNEY Owner’s Equity Statement Month Ended July 31, 2014 Owner’s capital, July 1 Add: Investments Net income $ $11,000 1,800 0 12,800 12,800 1,000 Less: Drawings Owner’s capital, July 31 $11,800 JOAN ROBINSON, ATTORNEY Balance Sheet July 31, 2014 Assets Cash Accounts receivable Equipment $10,500 2,000 3,000 Total assets $15,500 Liabilities and Owner’s Equity Liabilities Notes payable Accounts payable Total liabilities Owner’s equity Owner’s capital 1 Explain what accounting is.

Finally, the Sarbanes-Oxley Act (SOX) (see page 7) significantly increased the accounting and internal control requirements for corporations. This dramatically increased demand for professionals with accounting training. Accountants are in such demand that it is not uncommon for accounting students to have accepted a job offer a year before graduation. As the following discussion reveals, the job options of people with accounting degrees are virtually unlimited. Public Accounting Individuals in public accounting offer expert service to the general public, in much the same way that doctors serve patients and lawyers serve clients.

D) Communication. (LO 2) 2. Which of the following statements about users of accounting information is incorrect? (a) Management is an internal user. (b) Taxing authorities are external users. (LO 1) (c) Present creditors are external users. (d) Regulatory authorities are internal users. 3. The historical cost principle states that: (LO 4) (a) assets should be initially recorded at cost and adjusted when the fair value changes. (b) activities of an entity are to be kept separate and distinct from its owner.

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