Accounting Principles, 10th Edition by Jerry J. Weygandt

By Jerry J. Weygandt

Weygandt's Accounting rules introduces difficult accounting options with examples which are known to accountants. the recent version has been up to date with the newest IFRS/IASB criteria. extra assurance is integrated on foreign currency echange translation and LCM. extra discussions concentrate on possibility administration due to the monetary problem. The examples additionally emphasize present examples so as to aid accountants make the relationship to their daily lives.

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Example text

Cash decreases $7,000, and the asset Equipment increases $7,000. The specific effect of this transaction and the cumulative effect of the first two transactions are: Basic Analysis Cash decreases $7,000, and the asset Equipment increases $7,000. Cash Assets 5 1 5 Equipment Liabilities 1 Owner’s Equity Owner’s Capital Apago PDF Enhancer $15,000 Equation Analysis (2) 27,000 $15,000 1$7,000 $7,000 ⎧ ⎪ ⎪ ⎪ ⎪ ⎨ ⎪ ⎪ ⎪ ⎪ ⎩ $ 8,000 1 5 $15,000 $15,000 Observe that total assets are still $15,000. Neal’s equity also remains at $15,000, the amount of his original investment.

Illustration 1-6 expands the basic accounting equation by showing the accounts that comprise owner’s equity. This format is referred to as the expanded accounting equation. Illustration 1-6 Expanded accounting equation Basic Equation: Assets 5 Liabilities 1 Owner’s Equity Expanded Equation: Assets 5 Liabilities 1 Owner’s Capital 2 Owner’s Drawings 1 Revenues 2 Expenses Do it! Owner’s Equity Effects Classify the following items as investment by owner (I), owner’s drawings (D), revenues (R), or expenses (E).

Fair value information may be more useful than historical cost for certain types of assets and liabilities. For example, certain investment securities are reported at fair value because market value information is usually readily available for these types of assets. In determining which measurement principle to use, companies weigh the factual nature of cost figures versus the relevance of fair value. In general, most companies choose to use cost. Only in situations where assets are actively traded, such as investment securities, do companies apply the fair value principle extensively.

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