Frank Wood’s Business Accounting 1 (12th edition)

Description

The world’s best-selling textbook on book-keeping and accounting, Business Accounting Volume 1 continues to provide an indispensable introduction for students and professionals across the globe. It is renowned for clarity, with easy-to-understand language and a plethora of examples to aid your understanding.

The 12th edition is updated to be fully compliant with International Financial Reporting Standards (IFRS). Other updates include new coverage of professional ethics, disaster recovery, and over 70 new examples to test your understanding.

Key Features

• A personalized study plan for each student
• Guided solutions that take students step by step through solving a problem
• Exam board-style questions
• An eBook for quick reference

Table of Contents

1. Notes for Teachers and Lecturers
2. Notes for Students
3. PART ONE: INTRODUCTION TO DOUBLE ENTRY BOOKKEEPING
   1. The accounting equation and the statement of financial position
   2. The double entry system for assets, liabilities and capital
   3. Inventory
   4. The effect of profit or loss on capital and the double entry system for expenses and revenues
   5. Balancing-off accounts
   6. The trial balance
4. PART TWO: THE FINANCIAL STATEMENTS OF SOLE TRADERS
   1. Income statements: an introduction
   2. Statements of financial position
   3. Income statements and statements of financial position: further considerations
   4. Accounting concepts and assumptions
5. PART THREE: BOOKS OF ORIGINAL ENTRY
   1. Books of original entry and ledgers
   2. The banking system in the UK
   3. Cash books
   4. Sales day book and sales ledger
   5. Purchases day book and purchases ledger
   6. Returns day books
   7. The journal
   8. The analytical petty cash book and the imprest system
   9. Value added tax
   10. Columnar day books
   11. Employees’ pay
   12. Computers and accounting
   13. Computerised accounting systems
6. PART FOUR: ADJUSTMENTS FOR FINANCIAL STATEMENTS
   1. Capital expenditure and revenue expenditure
   2. Bad debts, allowances for doubtful debts, and provisions for discounts
   3. Depreciation of non-current assets: nature and calculations
   4. Double entry records for depreciation
   5. Accruals and prepayments and other adjustments for financial statements
   6. The valuation of inventory
   7. Bank reconciliation statements
   8. Control accounts
   9. Errors not affecting the balancing of the trial balance
   10. Suspense accounts and errors
   11. Scenario questions
7. PART FIVE: SPECIAL ACCOUNTING PROCEDURES
   1. Introduction to accounting ratios
   2. Single entry and incomplete records
   3. Receipts and payments accounts and income and expenditure accounts
   4. Manufacturing accounts
   5. Departmental accounts
   6. Statements of cash flows
   7. Joint venture accounts
8. PART SIX: PARTNERSHIP ACCOUNTS AND COMPANY ACCOUNTS
   1. Partnership accounts: an introduction
   2. Goodwill for sole traders and partnerships
   3. Revaluation of partnership assets
   4. Partnership dissolution
   5. An introduction to the financial statements of limited liability companies
   6. Purchase of existing partnership and sole traders’ businesses
9. PART SEVEN: AN INTRODUCTION TO FINANCIAL ANALYSIS
   1. An introduction to the analysis and interpretation of accounting statements
10. Part 8: AN INTRODUCTION TO MANAGEMENT ACCOUNTING
    1. An introduction to management accounting
11. APPENDICES
    1. Answers to review questions
    2. Answers to multiple-choice questions
    3. Glossary
12. Index