(950 pages, including glossary and index) Volume 2 of Basic Accounting Concepts, Principles, and Procedures 2nd edition is the second book of a user-friendly, academic-quality, comprehensive 2-volume set. Each book, with CD, can be used independently according to each user's needs. The books are built on a research-based instructional design that improves clarity, learning efficiency, and reduction of reader stress. Comprehensive explanations are gradual, combined with illustration, and reinforced with practice and answers. The design bridges the gap between dense academic texts and simplified general trade-level books.
To ensure a full introduction to the context and vocabulary of financial accounting, Volume 2 examples move from a proprietorship (volume 1) to a simple corporate business. (If desired, an in-depth discussion of corporate transactions is available in the last chapters of volume 1 as additional content.)
Volume 2 completes the accounting cycle and discusses how to apply generally accepted accounting principles to key accounts. Major topics include:
- Causes of adjustments and procedures to adjust accounts at period-end
- How to close the books (corporate, proprietorship, partnership)
- Cash basis accounting compared to accrual basis accounting
- Worksheets
- Merchandising operations and transactions for both major types of inventory systems
- Financial statements of merchandising businesses
- Accounting systems and special journals
- Cash and internal control requirements and methods
- Receivables
- Inventory costing methods
- Long-term assets
- The payroll process and payroll procedures
- How to prepare and analyze a statement of cash flows
- How to prepare and use a cash budget
- Long-term liabilities (bonds and notes payable)
- Accounting software uses, limitations, and features checklist
There are more than 900 end-of-chapter questions and problems with answers and solutions fully viewable in text, disk, and online with no access codes required. Chapters include vocabulary reviews and cumulative self-tests with solutions and guidance to relevant content. Templates on disk and online provide accounting forms needed for problem solutions and for general use. The book includes ethics guidelines and extensive ethics case studies.
Gregory Mostyn is a member of the American Institute of Certified Public Accountants and the American Accounting Association. He is an instructor at Mission College, Santa Clara, California, and for over 30 years has taught a variety of accounting courses. His research interest is instructional design and learning theory as applied to accounting instruction and textbook design, and he has authored journal articles on the topics. (See: Cognitive Load Theory: What It Is, Why It s Important for Accounting Instruction and Research (2012), Issues in Accounting Education, Journal of the American Accounting Association, V 27, No. 1; An Application of Contemporary Learning Theory to Online Course Textbook Selection (2009), MERLOT, Journal of Online Learning and Teaching, V. 5, No. 4).
