Table Of ContentH o r n g r e n ’ s
Financial &
Managerial
accounting
F o u r t h e d i t i o n
Tracie Nobles
Texas State University–San Marcos
Brenda Mattison
Tri-County Technical College
Ella Mae Matsumura
University of Wisconsin–Madison
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Library of Congress Cataloging-in-Publication Data on file.
10 9 8 7 6 5 4 3 2
ISBN-13: 978-0-13-325124-1
ISBN-10: 0-13-325124-1
In memory of Charles T. Horngren 1926–2011
Whose vast contributions to the teaching and learning of
accounting impacted and will continue to impact generations
of accounting students and professionals.
About the Authors
Tracie L. Nobles, CPA, received her bachelor’s and master’s degrees in
accounting from Texas A&M University. She is currently a Senior Lecturer at Texas
State University, San Marco, TX. Previously she served as an Associate Professor
of Accounting at Austin Community College and has served as department chair
of the Accounting, Business, Computer Information Systems, and Marketing/
Management department at Aims Community College, Greeley, CO. Professor
Nobles has public accounting experience with Deloitte Tax LLP and Sample &
Bailey, CPAs.
Professor Nobles is a recipient of the Texas Society of CPAs Outstanding
Accounting Educator Award, NISOD Teaching Excellence Award and the Aims
Community College Excellence in Teaching Award. She is a member of the Teachers
of Accounting at Two Year Colleges, the American Accounting Association, the
American Institute of Certified Public Accountants, and the Texas State Society of
Certified Public Accountants. She is currently serving on the Board of Directors as
secretary/webmaster of Teachers of Accounting at Two Year Colleges, as chair of the
American Institute of Certified Public Accountants Pre-certification Executive Education committee, and as program chair for the Teaching,
Learning and Curriculum section of the American Accounting Association. In addition, Professor Nobles served on the Commission on
Accounting Higher Education: Pathways to a Profession.
Tracie has spoken on such topics as using technology in the classroom, motivating non-business majors to learn accounting, and incor-
porating active learning in the classroom at numerous conferences. In her spare time she enjoys spending time with her friends and family, and
camping, fishing, and quilting.
Brenda L. Mattison has a bachelor’s degree in education and a master’s degree
in accounting, both from Clemson University. She is currently an Accounting Instructor at
Tri-County Technical College in Pendleton, South Carolina. Brenda previously served as
Accounting Program Coordinator at TCTC and has prior experience teaching accounting at
Robeson Community College, Lumberton, North Carolina; University of South Carolina––
Upstate, Spartanburg, South Carolina; and Rasmussen Business College, Eagan, Minnesota.
She also has accounting work experience in retail and manufacturing businesses.
Brenda is a member of Teachers of Accounting at Two Year Colleges and the
American Accounting Association. She is currently serving on the board of directors as
Vice President of Registration of Teachers of Accounting at Two Year Colleges.
Brenda engages in the scholarship of teaching and learning (SOTL). While serving
as Faculty Fellow at Tri-County Technical College, her research project was Using Applied
Linguistics in Teaching Accounting, the Language of Business. Brenda has presented her
research findings. Other presentations include using active learning and manipulatives,
such as building blocks and poker chips, in teaching accounting concepts.
In her spare time, Brenda enjoys reading and spending time with her family, espe-
cially touring the United States in their motorhome. She is also an active volunteer in the
community, serving her church, local Girl Scouts, and other organizations.
Ella Mae Matsumura is a professor in the Department of Accounting
and Information Systems in the School of Business at the University of Wisconsin–
Madison, and is affiliated with the university’s Center for Quick Response
Manufacturing. She received an A.B. in mathematics from the University of
California, Berkeley, and M.Sc. and Ph.D. degrees from the University of British
Columbia. Matsumura has won two teaching excellence awards at the University of
Wisconsin–Madison and was elected as a lifetime fellow of the university’s Teaching
Academy, formed to promote effective teaching. She is a member of the university
team awarded an IBM Total Quality Management Partnership grant to develop
curriculum for total quality management education.
Professor Matsumura was a co-winner of the 2010 Notable Contributions
to Management Accounting Literature Award. She has served in numerous leader-
ship positions in the American Accounting Association (AAA). She was coeditor of
Accounting Horizons and has chaired and served on numerous AAA committees. She has been secretary–treasurer and president of the AAA’s
Management Accounting Section. Her past and current research articles focus on decision making, performance evaluation, compensation,
supply chain relationships, and sustainability. She coauthored a monograph on customer profitability analysis in credit unions.
iv
Brief Contents
Chapter 1 Accounting and the Business Environment 2
Chapter 2 Recording Business Transactions 66
Chapter 3 The Adjusting Process 136
Chapter 4 Completing the Accounting Cycle 210
Chapter 5 Merchandising Operations 280
Chapter 6 Merchandise Inventory 366
Chapter 7 Internal Control and Cash 432
Chapter 8 Receivables 488
Chapter 9 Plant Assets, Natural Resources, and Intangibles 548
Chapter 10 Investments 604
Chapter 11 Current Liabilities and Payroll 640
Chapter 12 Long-Term Liabilities 686
Chapter 13 Stockholders’ Equity 744
Chapter 14 The Statement of Cash Flows 808
Chapter 15 Financial Statement Analysis 884
Chapter 16 Introduction to Managerial Accounting 954
Chapter 17 Job Order Costing 1006
Chapter 18 Process Costing 1068
Chapter 19 Cost Management Systems: Activity-Based, Just-In-Time, and Quality Management Systems 1144
Chapter 20 Cost-Volume-Profit Analysis 1210
Chapter 21 Variable Costing 1268
Chapter 22 Master Budgets 1314
Chapter 23 Flexible Budgets and Standard Cost Systems 1400
Chapter 24 Responsibility Accounting and Performance Evaluation 1470
Chapter 25 Short-Term Business Decisions 1522
Chapter 26 Capital Investment Decisions 1584
AppENdIx A—2011 Green Mountain Coffee Roasters, Inc. Annual Report A-1
AppENdIx B—Present Value Tables B-1
AppENdIx C—Accounting Information Systems C-2
GlossAry G-1
INdEx I-1
pHoTo CrEdITs P-1
v
Contents
1 What Is the Trial Balance? 91
Chapter Preparing Financial Statements From the Trial Balance 91
Correcting Trial Balance Errors 92
Accounting and the Business Environment 2
How Do You Use the Debt Ratio to Evaluate Business
Why Is Accounting Important? 4
Performance? 93
Decision Makers: The Users of Accounting Information 4
■ review 96
The Accounting Profession 5
What Are the Organizations and Rules That Govern ■ Assess Your Progress 104
Accounting? 7 ■ Critical thinking 132
Governing Organizations 7
Generally Accepted Accounting Principles 7 3
The Economic Entity Assumption 8 Chapter
The Cost Principle 10
The Adjusting process 136
The Going Concern Assumption 11
The Monetary Unit Assumption 11 What Is the Difference Between Cash Basis Accounting
International Financial Reporting Standards 11 and Accrual Basis Accounting? 138
Ethics in Accounting and Business 11
What Concepts and Principles Apply to Accrual Basis
What Is the Accounting Equation? 13 Accounting? 140
Assets 13 The Time Period Concept 140
Liabilities 13 The Revenue Recognition Principle 140
Equity 13 The Matching Principle 141
How Do You Analyze a Transaction? 15 What Are Adjusting Entries and How Do We Record Them? 142
Transaction Analysis for Smart Touch Learning 15 Prepaid Expenses 143
How Do You Prepare Financial Statements? 21 Unearned Revenues 149
Income Statement 21 Accrued Expenses 150
Statement of Retained Earnings 22 Accrued Revenues 154
Balance Sheet 23 What Is the Purpose of the Adjusted Trial Balance and
Statement of Cash Flows 24 How Do We Prepare It? 158
How Do You Use Financial Statements to Evaluate What Is the Impact of Adjusting Entries on the Financial
Business Performance? 26 Statements? 160
Green Mountain Coffee Roasters, Inc. 26
How Could a Worksheet Help in Preparing Adjusting
Return on Assets (ROA) 26
Entries and the Adjusted Trial Balance? 161
■ review 29
AppENdIx 3A: Alternative Treatment of Recording Prepaid
■ Assess Your Progress 36
Expenses and Unearned Revenues 164
■ Critical thinking 58
What Is an Alternative Treatment of Recording Prepaid
2 Expenses and Unearned Revenues? 164
Chapter Prepaid Expenses 164
Unearned Revenues 165
recording Business Transactions 66
■ review 167
What Is an Account? 68
■ Assess Your Progress 176
Assets 68
■ Critical thinking 202
Liabilities 69
Equity 70
Chart of Accounts 70 4
Ledger 71 Chapter
What Is Double-Entry Accounting? 72 Completing the Accounting Cycle 210
The T-Account 72
How Do We Prepare Financial Statements? 212
Increases and Decreases in the Accounts 72
Relationships Among the Financial Statements 213
Expanding the Rules of Debit and Credit 73
The Normal Balance of an Account 73 How Could a Worksheet Help in Preparing Financial
Determining the Balance of a T-Account 74 Statements? 217
How Do You Record Transactions? 75 Section 5—Income Statement 217
Section 6—Balance Sheet 217
Source Documents—The Origin of the
Section 7—Determine Net Income or Net Loss 217
Transactions 75
Journalizing and Posting Transactions 76 What Is the Closing Process, and How Do We Close
The Ledger Accounts After Posting 87 the Accounts? 219
The Four-Column Account: An Alternative to the Closing Temporary Accounts—Net Income 221
T-Account 89 Closing Temporary Accounts—Net Loss 223
vi
How Do We Prepare a Post-Closing Trial Balance? 225 ■ review 316
What Is the Accounting Cycle? 227 ■ Assess Your Progress 328
How Do We Use the Current Ratio to Evaluate Business ■ Critical thinking 357
Performance? 228 Comprehensive Problem for Chapters 1–5 361
AppENdIx 4A: Reversing Entries: An Optional Step 230
6
Chapter
What Are Reversing Entries? 230
Accounting for Accrued Expenses 230 Merchandise Inventory 366
Accounting Without a Reversing Entry 231
What Are the Accounting Principles and Controls
Accounting With a Reversing Entry 232
That Relate to Merchandise Inventory? 368
■ review 234
Accounting Principles 368
■ Assess Your Progress 244 Control Over Merchandise Inventory 369
■ Critical thinking 272 How Are Merchandise Inventory Costs Determined
Comprehensive Problem 1 for Chapters 1–4 275 Under a Perpetual Inventory System? 370
Comprehensive Problem 2 for Chapters 1–4 277 Specific Identification Method 372
First-In, First-Out (FIFO) Method 373
5 Last-In, First-Out (LIFO) Method 374
Chapter Weighted-Average Method 377
How Are Financial Statements Affected by Using Different
Merchandising operations 280
Inventory Costing Methods? 379
What Are Merchandising Operations? 282
Income Statement 380
The Operating Cycle of a Merchandising Business 282 Balance Sheet 380
Merchandise Inventory Systems: Perpetual and Periodic Inventory
How Is Merchandise Inventory Valued When Using
Systems 284
the Lower-of-Cost-or-Market Rule? 383
How Are Purchases of Merchandise Inventory Recorded
Computing the Lower-of-Cost-or-Market 383
in a Perpetual Inventory System? 285
Recording the Adjusting Journal Entry to Adjust Merchandise
Purchase of Merchandise Inventory 286 Inventory 383
Purchase Discounts 287
What Are the Effects of Merchandise Inventory Errors
Purchase Returns and Allowances 288
on the Financial Statements? 385
Transportation Costs 290
Cost of Inventory Purchased 291 How Do We Use Inventory Turnover and Days’ Sales
in Inventory to Evaluate Business Performance? 388
How Are Sales of Merchandise Inventory Recorded
in a Perpetual Inventory System? 292 Inventory Turnover 388
Days’ Sales in Inventory 388
Sale of Merchandise Inventory 292
Sales Discounts 294 AppENdIx 6A: Merchandise Inventory Costs Under
Sales Returns and Allowances 295 a Periodic Inventory System 389
Transportation Costs—Freight Out 296
How Are Merchandise Inventory Costs Determined Under
Net Sales Revenue and Gross Profit 297
a Periodic Inventory System? 389
What Are the Adjusting and Closing Entries
First-In, First-Out (FIFO) Method 391
for a Merchandiser? 298
Last-In, First-Out (LIFO) Method 391
Adjusting Merchandise Inventory Based on a Physical Count 298
Weighted-Average Method 391
Closing the Accounts of a Merchandiser 299
Worksheet for a Merchandising Business—Perpetual Inventory AppENdIx 6B: Estimating Ending Merchandise Inventory 393
System 299 How Can the Cost of Ending Merchandise Inventory
How Are a Merchandiser’s Financial Statements Be Estimated? 393
Prepared? 302 Gross Profit Method 393
Income Statement 302 The Retail Method 394
Statement of Retained Earnings and the Balance Sheet 304 ■ review 396
How Do We Use the Gross Profit Percentage to Evaluate ■ Assess Your Progress 405
Business Performance? 304
■ Critical thinking 425
AppENdIx 5A: Accounting for Merchandise Inventory
7
in a Periodic Inventory System 306
Chapter
How Are Merchandise Inventory Transactions Recorded
Internal Control and Cash 432
in a Periodic Inventory System? 306
Purchases of Merchandise Inventory 306 What Is Internal Control and How Can It Be Used to Protect
Sale of Merchandise Inventory 308 a Company’s Assets? 434
Adjusting and Closing Entries 308 Internal Control and the Sarbanes-Oxley Act 434
Preparing Financial Statements 311 The Components of Internal Control 435
Contents vii
Internal Control Procedures 436 How Do We Use the Acid-Test Ratio, Accounts Receivable
The Limitations of Internal Control—Costs and Benefits 439 Turnover Ratio, and Days’ Sales in Receivables to
What Are the Internal Control Procedures With Respect Evaluate Business Performance? 512
to Cast Receipts? 440 Acid-Test (or Quick) Ratio 513
Cash Receipts Over the Counter 440 Accounts Receivable Turnover Ratio 514
Cash Receipts by Mail 440 Days’ Sales in Receivables 514
What Are the Internal Control Procedures With Respect ■ review 516
to Cash Payments? 441 ■ Assess Your Progress 523
Controls Over Payment by Check 441 ■ Critical thinking 543
How Can a Petty Cash Fund Be Used for Internal Control
Purposes? 444
9
Setting Up the Petty Cash Fund 444
Chapter
Replenishing the Petty Cash Fund 445
Changing the Amount of the Petty Cash Fund 447 plant Assets, Natural resources, and Intangibles 548
How Can the Bank Account Be Used as a Control How Does a Business Measure the Cost of a Plant Asset? 550
Device? 448 Land and Land Improvements 551
Signature Card 448 Buildings 552
Deposit Ticket 448 Machinery and Equipment 552
Check 448 Furniture and Fixtures 553
Bank Statement 449 Lump-Sum Purchase 553
Electronic Funds Transfer 450 Capital and Revenue Expenditures 554
Bank Reconciliation 450
What Is Depreciation and How Is It Computed? 556
Examining a Bank Reconciliation 453
Factors in Computing Depreciation 556
Journalizing Transactions From the Bank Reconciliation 454
Depreciation Methods 557
How Can the Cash Ratio Be Used to Evaluate Business Partial-Year Depreciation 563
Performance? 455 Changing Estimates of a Depreciable Asset 563
■ review 457 Reporting Plant Assets 564
■ Assess Your Progress 466 How Are Disposals of Plant Assets Recorded? 565
Discarding Plant Assets 565
■ Critical thinking 484
Selling Plant Assets 567
8 How Are Natural Resources Accounted For? 572
Chapter
How Are Intangible Assets Accounted For? 573
receivables 488 Accounting for Intangibles 573
Specific Intangibles 573
What Are Common Types of Receivables and How Are Credit
Reporting of Intangible Assets 576
Sales Recorded? 490
How Do We Use the Asset Turnover Ratio to Evaluate
Types of Receivables 490
Business Performance? 577
Exercising Internal Control Over Receivables 491
Recording Sales on Credit 491 AppENdIx 9A: Exchanging Plant Assets 578
Recording Credit Card and Debit Card Sales 492
How Are Exchanges of Plant Assets Accounted For? 578
Factoring and Pledging Receivables 494
Exchange of Plant Assets—Gain Situation 578
How Are Uncollectibles Accounted for When Using the Direct
Exchange of Plant Assets—Loss Situation 579
Write-Off Method? 495
■ review 581
Recording and Writing Off Uncollectible Accounts—Direct
■ Assess Your Progress 587
Write-Off Method 495
Recovery of Accounts Previously Written Off—Direct Write-Off ■ Critical thinking 600
Method 496
Limitations of the Direct Write-Off Method 496 10
How Are Uncollectibles Accounted for When Using the Chapter
Allowance Method? 497
Investments 604
Recording Bad Debts Expense—Allowance Method 497
Writing Off Uncollectible Accounts—Allowance Method 498 Why Do Companies Invest? 606
Recovery of Accounts Previously Written Off—Allowance Method 499 Debt Securities Versus Equity Securities 606
Estimating and Recording Bad Debts Expense—Allowance Method 500 Reasons to Invest 606
Comparison of Accounting for Uncollectibles 505 Classification and Reporting of Investments 607
How Are Notes Receivable Accounted For? 507 How Are Investments in Debt Securities Accounted
Indentifying Maturity Date 508 For? 609
Computing Interest on a Note 509 Purchase of Debt Securities 609
Accruing Interest Revenue and Recording Honored Notes Receivable 509 Interest Revenue 609
Recording Dishonored Notes Receivable 512 Disposition at Maturity 609
viii Contents
How Are Investments in Equity Securities Accounted For? 610 Present Value 694
Equity Securities With Less Than 20% Ownership (Cost Method) 610 Bond Interest Rates 695
Equity Securities With 20% or More, But Less Than 50%, Bond Financing Versus Issuing Stock 696
Ownership (Equity Method) 611 How Are Bonds Payable Accounted for Using the Straight-Line
Equity Securities With 50% or More Ownership (Consolidations) 614 Amortization Method? 697
How Are Debt and Equity Securities Reported? 615 Issuing Bonds Payable at Face Value 697
Trading Investments 615 Issuing Bonds Payable at a Discount 698
Available-for-Sale Investments 616 Issuing Bonds Payable at a Premium 700
Held-to-Maturity Investments 618 How Is the Retirement of Bonds Payable Accounted For? 703
How Do We Use the Rate of Return on Total Assets Retirement of Bonds at Maturity 703
to Evaluate Business Performance? 619 Retirement of Bonds Before Maturity 703
■ review 621 How Are Liabilities Reported on the Balance Sheet? 705
■ Assess Your Progress 627 How Do We Use the Debt to Equity Ratio to Evaluate
■ Critical thinking 636 Business Performance? 707
AppENdIx 12A: The Time Value of Money 708
11
What Is the Time Value of Money, and How Is the Present
Chapter
Value of a Future Amount Calculated? 708
Current liabilities and payroll 640 Time Value of Money Concepts 708
How Are Current Liabilities of Known Amounts Present Value of a Lump Sum 711
Present Value of an Annuity 711
Accounted For? 642
Present Value of Bonds Payable 712
Accounts Payable 642
Sales Tax Payable 643 AppENdIx 12B: Effective-Interest Method of
Unearned Revenues 643 Amortization 714
Short-Term Notes Payable 644
How Are Bonds Payable Accounted for Using the Effective-
Current Portion of Long-Term Notes Payable 645
Interest Amortization Method? 714
How Do Companies Account for and Record Payroll? 646
Effective-Interest Amortization for a Bond Discount 714
Gross Pay and Net (Take-Home) Pay 647
Effective-Interest Amortization of a Bond Premium 715
Employee Payroll Withholding Deductions 647
■ review 718
Payroll Register 650
Journalizing Employee Payroll 651 ■ Assess Your Progress 724
Employer Payroll Taxes 651 ■ Critical thinking 738
Internal Control Over Payroll 653
How Are Current Liabilities That Must Be Estimated 13
Accounted For? 654 Chapter
Bonus Plans 654
stockholders’ Equity 744
Vacation, Health, and Pension Benefits 655
Warranties 655 What Is a Corporation? 746
Characteristics of Corporations 746
How Are Contingent Liabilities Accounted For? 657
Stockholders’ Equity Basics 747
Remote Contingent Liability 658
Reasonably Possible Contingent Liability 658 How Is the Issuance of Stock Accounted For? 750
Probable Contingent Liability 658 Issuing Common Stock at Par Value 750
Issuing Common Stock at Premium 751
How Do We Use the Times-Interest-Earned Ratio to Evaluate
Issuing Common Stock at a Discount 752
Business Performance? 660
Issuing No-Par Common Stock 752
■ review 662
Issuing Stated Value Common Stock 753
■ Assess Your Progress 669 Issuing Common Stock for Assets Other Than Cash 753
■ Critical thinking 682 Issuing Preferred Stock 754
How Are Dividends and Stock Splits Accounted
12 For? 755
Chapter Cash Dividends 755
Stock Dividends 758
long-Term liabilities 686
Stock Splits 762
How Are Long-Term Notes Payable and Mortgages Payable Cash Dividends, Stock Dividends, and Stock Splits
Accounted For? 688 Compared 763
Long-Term Notes Payable 688 How Is Treasury Stock Accounted For? 764
Mortgages Payable 689
Treasury Stock Basics 764
What Are Bonds? 692 Purchase of Treasury Stock 764
Types of Bonds 693 Sale of Treasury Stock 765
Bond Prices 693 Retirement of Stock 768
Contents ix
