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Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203
Financial and Managerial
Accounting 15e

Carl S. Warren
Professor Emeritus of Accounting
University of Georgia, Athens

Jefferson P. Jones
Associate Professor of Accounting
Auburn University

William B. Tayler
Brigham Young University

Australia • Brazil • Canada • Mexico • Singapore • United Kingdom • United States

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 This is an electronic version of the print textbook. Due to electronic rights restrictions,
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Financial and Managerial Accounting, 15e © 2020, 2018 Cengage Learning, Inc. ALL RIGHTS RESERVED.
Carl S. Warren
Unless otherwise noted, all content is © Cengage.
Jefferson P. Jones
WCN: 02-300
William B. Tayler
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or distributed in any form or by any means, except as permitted by U.S.

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 Preface

Roadmap for Success

Warren/Jones/Tayler Financial and Managerial Accounting, 15e, provides a sound pedagogy for
giving ­students a solid foundation in business and accounting. Warren/Jones/Tayler covers the fun-
damentals AND ­motivates students to learn by showing how accounting is important to businesses.
Warren/Jones/Tayler is successful because it reaches students with a combination of new and
tried-and-tested pedagogy.
This revision includes a range of new and existing features that help Warren/Jones/Tayler pro-
vide students with the context to see how accounting is valuable to business. These include:
▪▪ New! Certified Management Accountant (CMA®) Examination Questions
▪▪ New! Make a Decision section
▪▪ New! Pathways Challenge
Warren/Jones/Tayler also includes a thorough grounding in the fundamentals that any busi-
ness student will need to be successful. These key features include:
▪▪ Stepwise approach to accounting cycle
▪▪ Presentation style designed around the way students learn
▪▪ At the start of each chapter, a schema, or roadmap, shows students what they are going
to learn and how it is connected to the larger picture. In the early chapters, the schema
illustrates how the steps in the accounting cycle are interrelated. In later financial chapters,
the schema shows how each chapter’s topics are connected to the financial statements.

4 7
Chapter
Chapter

The Accounting Cycle Internal Control and Cash

Chapter 1
Transactions

Statement of Statement of caSh flowS

StockholderS’ equity For the Year Ended December 31, 20Y5
For the Year Ended December 31, 20Y5
Cash flows from (used for)
Common Retained operating activities $XXX
Accounting SyStem Cash flows from (used for)
Stock Earnings Total
Accounting Equation Balances, Jan. 1, 20Y5 $XXX $ XXX $ XXX investing activities XXX
Assets = Liabilities + Equity Issued common stock XXX XXX Cash flows from (used for)
Net income XXX XXX financing activities XXX
Dividends (XXX) (XXX) Net increase (decrease) in cash $XXX
Chapter 2 Balances, Dec. 31, 20Y5 $XXX $ XXX $ XXX Cash balance, January 1, 20Y5 XXX
Account
Cash balance, December 31, 20Y5 $XXX
Debits Credits
RuleS of Debit AnD cReDit Balance Sheet
Balance Sheet Accounts income Statement December 31, 20Y5
For the Year Ended December 31, 20Y5
Assets
Sales $ XXX Current assets:
ASSET S = L IABILIT IE S + STOCKHOLDE RS' E QUIT Y
Cost of goods sold (XXX) Cash $XXX
Asset Accounts Liability Accounts Common Stock + Retained Earnings
Debit for Credit for Debit for Credit for
Gross profit $ XXX Accounts receivable XXX
Debit for Credit for Debit for Credit for
increases decreases decreases increases Operating expenses: Inventory XXX
decreases increases decreases increases
(+) (–) (–) (+) (–) (+) (–) (+) Wages expense $XXX Total current assets $XXX
Balance Balance Advertising expense XXX Property, plant, and equipment XXX
Balance Balance
Utilities expense XXX Total assets $XXX
Depreciation expense XXX Liabilities
Income Statement … XXX Current liabilities $XXX
Accounts Total operating expenses (XXX) Long-term liabilities XXX
Dividends Revenue Accounts Operating income $ XXX Total liabilities $XXX
Other revenue and expense XXX Stockholders’ Equity
Debit for Credit for Debit for Credit for
increases decreases decreases increases Net income $ XXX Common stock $XXX
(+) (–) (–) (+) Retained earnings XXX
Balance Balance Total stockholders’ equity XXX
Total liabilities and stockholders’ equity $XXX
Expense Accounts
Debit for Credit for
increases decreases
(+) (–)
Balance

Unadjusted Trial Balance

158 350
To t al Deb it Bala n c es = To t a l Cr ed it Bala n c es

98169_ch04_ptg01_158-231.indd 158 25/09/17 5:27 PM 98169_ch07_ptg01_350-395.indd 350 25/09/17 5:28 PM

iii

Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
 iv Preface

▪▪ The schema for the managerial chapters ­illustrates

how the chapter content lays the foundation

15
with managerial concepts and principles. Then it
Introduction to

Chapter
moves students through developing the informa-
Managerial Accounting
tion and ultimately into evaluating and analyzing
information in order to make decisions.
Principles
Chapter 15 Introduction to Managerial Accounting

Developing Information
COST SYSTEMS COST ALLOCATIONS

Chapter 16 Job Order Costing Chapter 19 Support Departments

Chapter 17 Process Costing Chapter 19 Joint Costs
Chapter 18 Activity-Based Costing

Decision Making
PLANNING AND EVALUATING TOOLS STRATEGIC TOOLS

Chapter 20 Cost-Volume-Profit Analysis Chapter 26 Capital Investment Analysis

Chapter 21 Variable Costing Chapter 27 Lean Manufacturing
Chapter 22 Budgeting Systems Chapter 27 Activity Analysis
Chapter 23 Standard Costing and Variances Chapter 28 The Balanced Scorecard
Chapter 24 Decentralized Operations Chapter 28 Corporate Social Responsibility
Chapter 25 Differential Analysis

748

02663_ch15_ptg01_748-791.indd 748 17/08/18 2:30 PM

Chapter 6 Inventories 301

Finally, controls for safeguarding inventory should include security measures to prevent damage
and customer or employee theft. Some examples of security measures include the following:
Best Buy ▪▪ Storing inventory in areas that are restricted to only authorized employees
▪▪ Locking high-priced inventory in cabinets

A ssume that in September you purchased a Sony HDTV from

Best Buy (BBY). At the same time, you purchased a Denon
surround sound system for $599.99. You liked your surround sound
Businesses such as Best Buy make similar assumptions when
identical merchandise is purchased at different costs. For example,
Best Buy may have purchased thousands of Denon surround sound
▪▪ Using two-way mirrors, cameras, security tags, and guards

so well that in November you purchased an identical Denon sys- systems over the past year at different costs. At the end of a period, Best Buy uses scanners to screen customers as they leave the store for merchandise that has not been pur- Link to
tem on sale for $549.99 for your bedroom TV. Over the holidays, you
moved to a new apartment and in the process of unpacking discov-
some of the Denon systems will still be in inventory, and some will
have been sold. But which costs relate to the sold systems, and
chased. In addition, Best Buy stations greeters at the store’s entrance to keep customers from bringing in bags
that can be used to shoplift merchandise.
Best Buy
ered that one of the Denon surround sound systems was missing. which costs relate to the Denon systems still in inventory? Best
Luckily, your renters or homeowners insurance policy will cover the Buy’s assumption about inventory costs can involve large dollar
theft; but the insurance company needs to know the cost of the amounts and, thus, can have a significant impact on the financial Reporting Inventory
system that was stolen. statements. For example, Best Buy reported $5,051 million of inven- A physical inventory or count of inventory should be taken near year-end to make sure that
The Denon systems were identical. However, to respond to tory and net income of $897 million for a recent year. the quantity of inventory reported in the financial statements is accurate. After the quantity

▪▪ Link to the “opening company” of each chapter

the insurance company, you will need to identify which system was This chapter discusses such issues as how to determine the of inventory on hand is determined, the cost of the inventory is assigned for reporting in the
stolen. Was it the first system, which cost $599.99, or was it the sec- cost of merchandise in inventory and the cost of goods sold. How- financial statements. Most companies assign costs to inventory using one of three inventory
ond system, which cost $549.99? Whichever assumption you make ever, this chapter begins by discussing the importance of control cost flow assumptions. If a physical count is not possible or inventory records are not available,
over inventory.
calls out examples of how the concepts i­ntroduced
© Photo credit here

may determine the amount that you receive from the insurance the inventory cost may be estimated as described in the appendix at the end of this chapter.
company.

in the chapter are connected to the openingLinkcom-

Best Buy conducts ongoing physical counts of inventory throughout the year as a basis for monitoring and to
pany. This shows how accounting is usedBest
predicting loss adjustments for theft.
in Buy
the
real world by real companies.
Inventory Cost Flow Assumptions Objective 2
Describe three
An accounting issue arises when identical units of merchandise are acquired at different unit costs inventory cost flow
during a period. In such cases, when an item is sold, it is necessary to determine its cost using a assumptions and how
they impact the income
cost flow assumption and related inventory costing method. Three common cost flow assumptions
statement and balance
and related inventory costing methods are shown in Exhibit 1. sheet.
©richard Levine/aLamy Stock Photo

Exhibit 1 Cost Flow Assumptions

1. Cost flow is in the order 2. Cost flow is in the reverse 3. Cost flow is an average of
in which the costs were order in which the costs the costs.
incurred. were incurred.

Link to Best Buy Pages 301, 303, 314, 315, 316 First-in, First-out Last-in, First-out Weighted Average Cost
(FIFO) (LIFO)
Why It Matters Page 308 Purchased Purchased Sold Purchased
Goods Goods Goods Goods
Analysis for Decision Making Pages 320–321

FIFO LIFO WEI

AVEGRHTED Sold
COSAGE Goods
T

299
Sold
Goods

98169_ch06_rev05_298-349.indd 299 18/08/17 2:25 pm

98169_ch06_rev05_298-349.indd 301 18/08/17 2:29 pm

Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
 from a literary, artistic, or to exceed legal life
musical composition
Trademark Exclusive use of a name, None Impairment loss if fair
term, or symbol value less than carrying
value (impaired)
Goodwill Excess of purchase price of None Impairment loss if fair
a business over the fair value less than carrying Preface v
value of its net assets value (impaired)
(assets ] liabilities)

▪▪ New! Pathways Challenge encourages students’ interest in accounting and emphasizes

the critical thinking aspect of accounting. A suggested answer to the Pathways Challenge
is provided at the end of the chapter.

Pathways Challenge
This is Accounting!
Economic Activity
Verizon Communications Inc. (VZ) is the largest wireless service provider in the United States
with over 114 million retail subscribers. To deliver its products and services, Verizon must have access to
spectrum—the radio frequencies that carry sound, data, and video to wireless devices. However, spectrum
is a limited resource that the Federal Communications Commission (FCC) licenses to businesses for a period
of 10 years, subject to renewal. In a recent year, Verizon acquired almost $10 billion in wireless licenses.

Critical Thinking/Judgment Chapter 9 Long-Term Assets: Fixed and Intangible 445

How should Verizon account for its acquisition of wireless licenses?
What is the useful life of a wireless license?
As shown in Exhibit 1, classifying a cost involves
Should Verizon expense (amortize) the cost of its wireless licenses?
the following steps:
▪ Step 1. Is the purchased item long-lived? Suggested answer at end of chapter.
Chapter 9 Long-Term Assets: Fixed and Intangible 493
If yes, the item is recorded as an asset on the balance sheet, either as a fixed asset
Pathways
or an investment. Proceed to Step 2. Challenge
If no, the item is classified and recorded as an expense.
This is Accounting!
▪ Step 2. Is the asset used in normal operations?
Information/Consequences
If yes, the asset is classified and recorded as a fixed asset.
Because a wireless license does not exist physically, Verizon’s (VZ) wireless licenses are intangible assets.
If no, the asset is classified and recorded
All of as ana wireless
the costs of acquiring investment.
license should be recorded as an asset. In a recent year, Verizon report-
ed almost $87 billion of wireless licenses, representing 35% of its total assets.
Items that are classified and recorded as fixed assets include land, buildings, or equip-
Even though the FCC license is granted for a 10-year period, Verizon considers this license to have an indef-
ment. Such assets normally last more than a year
inite useful and
life. This aretheused
is because insubject
license is theto normal operations
renewal at a low of the FCC has
cost and, historically,
renewed Verizon’s licenses.
the business. However, standby equipment for use during peak periods or when other equip-
Verizon does not expense (amortize) the cost of its wireless licenses. Instead, the licenses are reviewed for
ment breaks down is still classified as a fixed asset, even though it is not used very often. In
any impaired value.
contrast, fixed assets that have been abandoned or are no longer used in operations are not
Suggested Answer
classified as fixed assets.
98169_ch09_ptg01_442-493.indd 467 25/09/17 5:38 PM

In a recent financial statement, McDonald’s reported total property, plant, and equipment of over $34 billion, Link to
▪▪ Located
which
inconsists
eachofchapter,
land, buildings,
Why and equipment.
It M McDonald’s
­ atters shows students how accounting is important
to ­businesses with which they are familiar. A Concept Clip icon indicates which Why
It Matters features have an accompanying concept clip video in CNOWv2.
CONCEPT CLIP

Why It Matters
CONCEPT CLIP
Fixed Assets the proportion of fixed assets to total assets. Retail has the high-
est percent of fixed assets to total assets, while social media and

F
ixed assets often represent a significant portion of a company’s software are on the lower end of the scale. High-tech service com-
total assets. The table that follows shows the fixed assets as panies often use fewer fixed assets to deliver their services than
a percent of total assets for some select companies across a will companies that use stores, equipment, planes, cell towers,
variety of industries. As can be seen, the type of industry will impact or theme parks.

Percent of Fixed Assets

Company Industry to Total Assets
McDonald’s Corporation (MCD) Food Retail 69%
Target Corporation (TGT) Merchandise Retail 63%
Delta Air Lines, Inc. (DAL) Transportation 48%
Verizon Communications Inc. (VZ) Communications 35%
The Walt Disney Company (DIS) Entertainment 30%
Facebook, Inc. (FB) Social Media 13%
98169_ch09_ptg01_442-493.indd 493 25/09/17 5:39 PM
Microsoft Corporation (MSFT) Software 9%

Fixed assets have important properties that require management ▪ Fixed assets need to be maintained during use. Managers need to
attention: develop maintenance programs to keep the investment in fixed as-
▪ Fixed assets require a long-term commitment. Mistakes in acquir- sets productive.
ing fixed assets can be very costly and difficult to reverse; thus, ▪ Fixed assets often require significant funds to purchase. Managers
managers must take special care in acquiring fixed assets. must acquire funding internally or by other sources to finance the
▪ Fixed assets wear out over time and need to be replaced. Managers purchase of fixed assets.
must monitor fixed assets and know when to replace fixed assets
due to wear and tear or obsolescence.

Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
 vi Preface
238 238 Chapter
Chapter
5 Accounting
5 Accounting
for Retail
forBusinesses
Retail Businesses
▪▪ To aid comprehension and to demonstrate the impact of transactions, journal entries
UnderUnder
includethethe
perpetual
the
netperpetual
inventory
effect inventory
of system,
the system,
cash purchases
transactioncashon
purchases
theof accounting
merchandise
of merchandise
are recorded
are recorded
equation. as follows:
as follows:

20Y8 20Y8
A 5 A L 51 L E 1 E Jan. 3Jan. Inventory
3 Inventory 2,510 2,510
12 12 Cash Cash 2,510 2,510
Purchased
Purchased
inventory
inventory
from Bowen
from Bowen
Co. Co.

Purchases
Purchases
of inventory
of inventory
on account
on account
are recorded
are recorded
as follows:
as follows:

A 5 A L 51 LE 1 E Jan. 4Jan. Inventory

4 Inventory 9,250 9,250
1 11 1 Accounts
Accounts
Payable—Thomas
Payable—Thomas
Corporation
Corporation 9,250 9,250
Purchased
Purchased
inventory
inventory
on account.
on account.

The terms
The terms
of purchases
of purchases
on account
on account
are normally
are normally
indicated
indicated invoice
on theon the invoice
or billor
that
billthe
that
seller
the seller
▪sends
▪ The link
sends
the between
buyer.
the buyer. Anthe
An example journal
example
of an of entry
invoice
an and
invoice
sent the
tosent to accounting
NetSolutions
NetSolutions equation
by Alpha
by Alpha is also
Technologies included
Technologies
is shown in in
is shown in
the
Exhibit accompanying
Exhibit
3. 3. CengageNOWv2 course in the accounting cycle chapters, reminding
­students of the link—but not requiring them to actively make the link.

Exhibit
Exhibit
3 3
AlphaAlpha
Technologies
Technologies InvoiceInvoice
Invoice
Invoice 1000 Matrix
1000 Matrix
Blvd. Blvd. 106-8 106-8
San Jose,
SanCA
Jose,
95116-1000
CA 95116-1000
Made inMade
U.S.A.in U.S.A.

Sold ToSold To CUSToMER

CUSToMER oRdERoRdER
NetSolutions
NetSolutions oRdERoRdER
No. No. dATE dATE
5101 Washington
5101 Washington
Ave. Ave. 412 412 Jan. 3, 20Y8
Jan. 3, 20Y8
Cincinnati,
Cincinnati,
OH 45227-5101
OH 45227-5101

dATE ShIppEd
dATE ShIppEd how ShIppEd
how ShIppEd
ANd RoUTE
ANd RoUTE TERMSTERMS INvoICE INvoICE
dATE dATE
Jan. 5, 20Y8
Jan. 5, 20Y8 US Express
US Express
Trucking
Trucking
Co. Co. 2/10, n/30
2/10, n/30 Jan. 5, 20Y8
Jan. 5, 20Y8

FRoM FRoM F.o.B. F.o.B.

San Jose
San Jose Cincinnati
Cincinnati
▪▪ To aid learning and problem solving, throughout each chapter Check Up Corners provide
QUANTITy
QUANTITy dESCRIpTIoN
dESCRIpTIoN UNIT pRICE
UNIT pRICE AMoUNT AMoUNT
students
20
with step-by-step
20
guidance
HC9 Printer/Fax/Copiers
on how to solve
HC9 Printer/Fax/Copiers
problems. Problem-solving
150.00 150.00 3,000.00
3,000.00
tips help
462students avoid
Chapter common
9 Long-Term errors.
Assets: Fixed and Intangible

Check Up Corner 9-2 Selling Fixed Assets

The terms The terms for when for when
payments payments
for merchandise
for merchandise are toarebe tomadebe made
are called the credit
are called the credit
terms.terms.
If If
payment
Onpayment
the is
firstrequired
dayis
of required
on delivery,
the year, onCompany
Firefall delivery,
the purchased
terms
the terms
are cash
areor
equipment cash
at anet
costor
cash.
of net Otherwise,
cash.
$340,000. TheOtherwise,
the buyer
equipment the buyer
is allowed
is allowed
an an
was expected to have a useful life of four years, a residual value of $20,000, and is depreciated at a straight-
amount amount
line of oftime,
rate of Firefall
25%. known
time,sold
known
as
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pay.to The
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balance in the period
usually usually
beginsbegins
with with
the datetheofdate
accumulated thedepreciation
of
sale
theassale
shownas shown
account on$240,000.
was theoninvoice.
the invoice.
Journalize the entry to record the sale if the equipment
Ifwaspayment
sold for:
If payment is dueiswithin
due within
a stateda stated
number number
of days of after
days theafterinvoice
the invoice
date, such
date, as
such30 as
days,
30 days,
the the
termsa. terms
$95,000
are net are30net
days.
30 These
days. Theseterms terms
may be maywritten as n/30.
be written as 2n/30.
If payment
2
If payment
is dueisbyduethebyendtheofend
theof the
monthb. month
$105,000
in which in which
the sale thewassalemade,
was made,
the termsthe terms
are written as n/eom.
are written as n/eom.
2 Solution:
The word
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The
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as used
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as used
does
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notdoes
havenot
thehave
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meaning
usual meaning
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of a number
after deductions
after deductions
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have
subtracted,
been subtracted,
as in net as in net income.
income.
a. Equipment sold for $95,000:

WhyWhy
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Matters
Matters Cash terms, terms,
then the
then
Accumulated Depreciation—Equipment
eratingerating
company
the company
95,000
240,000
cycle. For
cycle.
example,
is ableistoable
For example, Apple
use to
Apple
suppliers
(AAPL)
use suppliers
(AAPL)
to finance
to finance
is ableistoable
the op-the op-
collect
to collect
on on
Loss on Sale of Equipment 5,000
sales within
sales within
an average
an average
of approximately
of approximately
30 days.
30 However,
days. However,
Apple Apple
Apple’s
Apple’s
CreditCredit
Terms Terms Equipment
uses anuses
average
an average
340,000
of approximately
of approximately 100 days100todays
paytoitspaysuppliers.
its suppliers.

WW
orkingorking
capitalcapital
efficiency
efficiency
is influenced
is influenced
by theby relationship
the relationship Thus, Apple
Thus, AppleSelling
collects Price
collects
faster – Book Value
faster
than =
itthan
pays,it allowing
pays,Accumulated
allowing
Apple Apple
to use tothe
use the
$95,000 – $100,000 Depreciation at
between
between
the suppliers’
the suppliers’
and customers’
and customers’
credit credit
terms. terms. suppliers’
If the If the suppliers’
moneymoney
as an interest-free
as an interest-free
loan forloan
the for
70-day
the 70-day
(100 days(100–days –
b. Equipment sold for $105,000: the End of Year 3
suppliers’
suppliers’
credit terms
credit are
termslonger
are longer
than the
thancustomers’
the customers’
credit credit30 days)
30difference.
days) difference.
Source: Apple®
Source: Apple® Cash 105,000
Accumulated Depreciation—Equipment 240,000
Equipment 340,000
Gain on Sale of Equipment 5,000 Selling Price – Book Value =
$105,000 – $100,000

Check Up Corner
98169_ch05_rev03_232-297.indd
98169_ch05_rev03_232-297.indd
238 238 16/08/17 16/08/17
5:10 pm 5:10 pm

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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
 Note to Financial Statements:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,465.0
Buildings and improvements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,207.1
Equipment and other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,771.3
Total cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $34,443.4 Preface vii
Source: Adapted from McDonald’s Corporation’s 2016 annual report.

▪▪ Analysis for Decision ­Making ­highlights how companies use accounting ­information to
The
make cost and related accumulated
decisions depletion
and evaluate of mineral
their rights are
business. normally
This shown asstudents
provides part of the with context of why
“Fixed assets” section of the balance sheet. The mineral rights may be shown net of depletion on
accounting
the face is sheet.
of the balance important to companies.
In such cases, a supporting note discloses the accumulated depletion.

Analysis for Decision Making

Fixed Asset Turnover Ratio Objective 7

Describe and illustrate
The fixed asset turnover ratio measures the number of sales dollars earned per dollar of the fixed asset
fixed assets. The higher the ratio, the more efficiently a company is using its fixed assets in turnover ratio to
generating sales. The ratio is computed as follows: assess the efficiency
of a company’s use of
Sales its fixed assets.
Fixed Asset Turnover Ratio =
Average Book Value of Fixed Assets

To illustrate, the following data (in millions) were taken from a recent financial statement
of McDonald’s Corporation (MCD):
Sales $24,621.9
Fixed assets (net):
Beginning of year 21,257.6
End of year 23,117.6
McDonald’s fixed asset turnover ratio for the year is computed as follows (rounded to one
decimal place):
Sales
Fixed Asset Turnover Ratio =
Average Book Value of Fixed Assets
$24,621.9
=
($21,257.6 + $23,117.6) ÷ 2
$24,621.9
= = 1.1
$22,187.6

Is 1.1 efficient? To answer this question, McDonald’s fixed asset turnover ratio can be com-
pared to other quick-service restaurant companies, as shown in Exhibit 14. Yum! Brands (YUM)
operates KFC, Pizza Hut, and Taco Bell quick-service restaurants. The other restaurants are likely
familiar by name.

▪▪ Make a Decision in the end-of-chapter material gives students a chance to analyze real-world
business decisions.
98169_ch09_ptg01_442-493.indd 469 25/09/17 5:20 PM

Make a Decision
Fixed Asset Turnover Ratio

MAD 9-1 Analyze and compare Amazon.com to Netflix Obj. 7

Amazon.com, Inc. (AMZN) is the world’s leading Internet retailer of merchandise and
REAL WORLD
media. Amazon also designs and sells electronic products, such as e-readers. Netflix, Inc.
(NFLX) is one of the world’s leading Internet television networks. Both companies compete
in the digital media and streaming space. However, Netflix is more narrowly focused in the
digital streaming business than is Amazon.
Sales and average book value of fixed assets information (in millions) are provided for
Amazon and Netflix for a recent year as follows:
Amazon.com Netflix
Sales $135,987 $8,830
Average book value of fixed assets 25,476 212

a. Compute the fixed asset turnover ratio for each company. Round to one decimal place.
b. Which company is more efficient in generating sales from fixed assets?
c. Interpret your results.

MAD 9-2 Analyze and compare Alaska Air, Delta Air Lines, and Southwest Airlines Obj. 7
Alaska Air Group (ALK), Delta Air Lines (DAL), and Southwest Airlines (LUV) reported
the following financial information (in millions) in a recent year:
REAL WORLD

Alaska Air Group Delta Air Lines Southwest Airlines

Sales $5,931 $39,639 $20,425
Average book value of fixed assets 5,234 23,707 16,323

a. Determine the fixed asset turnover ratio for each airline. Round to one decimal place.
b. Based on the fixed asset turnover ratio, which airline appears to be the most ef-
ficient in the use of its fixed assets?
c. The most important fixed asset to an airline is the aircraft. Given this, what factors
might influence the efficient use of fixed assets for an airline?

MAD 9-3 Analyze Verizon Obj. 7

Verizon Communications Inc. (VZ) is a major telecommunications company in the
United States. Two recent balance sheets for Verizon disclosed the following information
REAL WORLD
regarding
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May notassets:
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viii Preface

▪▪ At the end of each chapter, Let’s Review is a new chapter summary and self-assessment
feature that is designed to help busy students prepare for an exam. It includes a summary
of each learning objective’s key points, key terms, multiple-choice questions, exercises, and
a sample problem that students may use to practice.
▪▪ Sample multiple-choice questions allow students to practice with the type of assessments
they are likely to see on an exam.
▪▪ Short exercises and a longer problem allow students to apply their knowledge.
▪▪ Answers provided at the end of the Let’s Review section let students check their knowl-
edge immediately.
▪ Take It Further in the end-of-chapter activities allows instructors to assign other special
activities related to ethics, communication, and teamwork.
▪ NEW! Certified Management Accountant (CMA®) Examination Questions help students
prepare for the CMA exam so they can earn CMA certification.

CengageNOWv2
CengageNOWv2 is a powerful course management and online homework resource that pro-
vides control and customization to optimize the student learning experience. Included are
many proven resources, such as algorithmic activities, a test bank, course management tools,
reporting and assessment options, and much more.

NEW! Excel Online

Cengage and Microsoft have partnered in CNOWv2 to provide students with a uniform, authen-
tic Excel experience. It provides instant feedback, built-in video tips, and easily accessible
spreadsheet work. These features allow you to spend more time teaching college accounting
applications, and less time troubleshooting Excel.
These new algorithmic activities offer pre-populated data directly in Microsoft Excel Online.
Each student receives his or her own version of the problem to perform the necessary data cal-
culations in Excel Online. Their work is constantly saved in Cengage cloud storage as a part of
homework assignments in CNOWv2. It’s easily retrievable so students can review their answers
without cumbersome file management and numerous downloads/uploads.

Motivation: Set Expectations and Prepare Students

for the Course
CengageNOWv2 helps motivate students and get them ready to learn by reshaping their misconcep-
tions about the introductory accounting course and providing a powerful tool to engage students.

CengageNOWv2 Start-Up Center

Students are often surprised by the amount of time they need to spend outside of class work-
ing through homework assignments in order to succeed. The CengageNOWv2 Start-Up Center
will help students identify what they need to do and where they need to focus in order to
be successful with a variety of new resources.
▪▪ What Is Accounting? Module ensures students understand course expectations and how to
be successful in the introductory accounting course. This module consists of two assign-
able videos: Introduction to Accounting and Success Strategies. The Student Advice Videos
offer advice from real students about what it takes to do well in the course.
▪▪ Math Review Module, designed to help students get up to speed with necessary math
skills, includes math review assignments and Show Me How math review videos to ensure
that students have an understanding of basic math skills.
▪▪ How to Use CengageNOWv2 Module focuses on learning accounting, not on a particular
software system. Quickly familiarize your students with CengageNOWv2 and direct them
to all of its built-in student resources.

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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Visit https://ebookmass.com today to explore
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 Preface ix

Motivation: Prepare Them for Class

With all the outside obligations accounting students have, finding time to read the textbook
before class can be a struggle. Point students to the key concepts they need to know before
they attend class.
▪▪ Video: Tell Me More. Short Tell Me More lecture activities explain the core concepts of the
chapter through an engaging auditory and visual presentation. Available either on a stand-
alone basis or as an assignment, they are ideal for all class formats—flipped model, online,
hybrid, or face-to-face.

Provide Help Right When Students Need It

The best way to learn accounting is through practice, but students often get stuck when
attempting homework assignments on their own.
▪▪ Video: Show Me How. Created for the most frequently assigned end-of-chapter items,
Show Me How problem demonstration videos provide a step-by-step model of a similar
problem. Embedded tips help students avoid common mistakes and pitfalls.

SHOW ME HOW

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x Preface

Help Students Go Beyond Memorization to True

Understanding
Students often struggle to understand how concepts relate to one another. For most students, an
introductory accounting course is their first exposure to both business transactions and the account-
ing system. While these concepts are already difficult to master individually, their combination
and interdependency in the introductory accounting course often pose a challenge for students.
▪▪ Mastery Problems. Mastery Problems enable you to assign problems and activities de-
signed to test students’ comprehension and mastery of difficult concepts.

MindTap eReader
The MindTap eReader for Warren/Jones/Tayler’s Financial and Managerial Accounting is
the most robust digital reading experience available. Hallmark features include:
▪▪ Fully optimized for the iPad.
▪▪ Note taking, highlighting, and more.
▪▪ Embedded digital media.
▪▪ The MindTap eReader also features ReadSpeaker®, an online text-to-speech application that
vocalizes, or “speech-enables,” online educational content. This feature is ideally suited
for both instructors and learners who would like to listen to content instead of (or in
addition to) reading it.

Cengage Unlimited
Cengage Unlimited is a first of-its-kind digital subscription designed specifically to lower costs.
Students get total access to everything Cengage has to offer on demand—in one place. That’s
20,000 eBooks, 2,300 digital learning products, and dozens of study tools across 70 disciplines and
over 675 courses. Currently available in select markets. Details at www.cengage.com/unlimited.

New to This Edition

In all chapters, the following improvements have been made: ▪▪ New items have been added to the Take It Further
▪▪ Chapter schemas have been revised throughout. section of the chapter.
▪▪ Link to, Analysis for Decision Making, and Make a Deci- ▪▪ New Certified Management Accountant (CMA®) Exam-
sion page references added at the beginning of the ination Questions help students prepare for the CMA
chapter, as appropriate, allow students to easily locate exam so they can earn CMA certification.
the ties to the opening company throughout the chapter.
▪▪ New learning objective for Analysis for Decision M
­ aking. Chapter 1
▪▪ Stock ticker symbol has been inserted for all real- ▪▪ Enhancing characteristics added to discussion of
world (publicly listed) companies. This helps students GAAP.
to use financial websites to locate real company data. ▪▪ Discussion of fiscal year added to time period discussion
▪▪ Years are now identified as 20Y1, 20Y2, …., 20Y9. of GAAP (moved from Chapter 6). This is consistent with
▪▪ New Pathways Challenge feature added, consistent with use of fiscal years throughout Chapters 1–4 and with the
the work of the Pathways Commission. This feature fact that many publicly traded companies use fiscal years
emphasizes the critical thinking aspect of accounting. not ending in December 31.
A Suggested Answer to the Pathways Challenge is pro- ▪▪ The statement of stockholders’ equity replaces the
vided at the end of the chapter. retained earnings statement. This is consistent with
▪▪ New Make a Decision section at the end of the the financial reporting of publicly held companies
Analysis for Decision Making directs students and that report a statement of stockholders’ equity rather
instructors to the real-world company end-of-chapter than a retained earnings statement.
materials related to Analysis for Decision Making. ▪▪ Exhibit 8 revised to show the interrelationships of
Also, the continuing company analysis is identified the statement of stockholders’ equity with the income
and referenced in this Make a Decision section. statement and balance sheet.
▪▪ New exercise based on Analysis for Decision Making has
been added to the Let’s Review section of the chapter.

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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
 Preface xi

Chapter 2 the financial reporting of publicly held companies

that report a statement of stockholders’ equity rather
▪▪ Revised the discussion of correcting entries and inserted
than a retained earnings statement.
new exhibit to better enhance student understanding.

Chapter 3 Chapter 6
▪▪ New Check Up Corner on weighted average inventory
▪▪ Exhibit 1 (Accruals) has been revised to make it con-
method has been added.
sistent with Exhibit 2 (Deferrals).
▪▪ New exhibit on weighted average flow of costs has
▪▪ The chapter has been changed so that accruals are
been added.
discussed and illustrated first, followed by deferrals.
▪▪ Weighted average illustration has been added to
Accruals are the simplest adjustment (no entry has
Check Up Corner 6-3.
been made). Thus, the chapter discussion now goes
▪▪ Added an illustration of the lower of cost or net real-
from simple to complex, which facilitates student
izable for inventory applied by different classes of
understanding of this complex topic.
inventory (Exhibit 10).
Chapter 4
Chapter 7
▪▪ New learning objectives for Appendices 1 and 2.
▪▪ Presentation of bank reconciliation has been refor-
▪▪ The statement of stockholders’ equity replaces the
matted.
retained earnings statement. This is consistent with
the financial reporting of publicly held companies
Chapter 9
that report a statement of stockholders’ equity rather
than a retained earnings statement. ▪▪ New Check Up Corner on selling fixed assets was
▪▪ Exhibit 1 revised to show the interrelationships of added.
the statement of stockholders’ equity with the income ▪▪ Lease discussion was modified to reflect the latest
statement and balance sheet. accounting standard.
▪▪ Simplified and updated the closing process so that two
Chapter 10
rather than four closing entries are required. Doing so
eliminates the temporary (clearing) account Income ▪▪ Simplified Exhibit 1 by removing cash/sales discounts.
Summary, which students have difficulty understanding.
▪▪ Exhibit 8 (Accounting Cycle) revised and made more Chapter 11
readable. ▪▪ Present value formulas have been added to Appendix
1, “Present Value Concepts and Pricing Bonds Pay-
Chapter 5 able.”
▪▪ Chapter has been retitled as “Accounting for Retail
Businesses.” Using Retail in the title rather than Mer- Chapter 12
chandising is more current terminology that students ▪▪ Added brief discussion of different classes of common
can identify with. stock (Classes A, B, and C).
▪▪ Schema revised to only focus on the financial state-
ments and the key accounts that will be discussed Chapter 15
within the chapter. ▪▪ “Managerial Accounting in the Organization” section
▪▪ New learning objective and separate discussion for significantly revised to discuss horizonal and vertical
the adjusting process of a retail business. business units; McAfee, Inc., is used as an illustration.
▪▪ New learning objective and Appendix “Gross Method ▪▪ New Why It Matters features the IMA and CMA.
of Recording Sales Discounts.” This gives instructors ▪▪ New Why It Matters features vertical and horizontal
flexibility as to whether to cover the net or gross functions for service companies.
methods of accounting for sales discounts. ▪▪ Discussion of sustainability and accounting moved to
▪▪ Chart of Accounts for NetSolutions as a Retail Busi- new Chapter 28.
ness (Exhibit 2) has been moved earlier in the chapter
so that students can focus on the new accounts spe- Chapter 16
cific to retail businesses.
▪▪ Discussion of sustainability and accounting moved to
▪▪ Customer refunds, allowances, and returns discussion
new Chapter 28.
has been simplified to progress from simple to com-
▪▪ Added one new Analysis for Decision Making item.
plex, as summarized in Exhibit 7.
▪▪ Closing process for a retail business has been revised
to use a two-entry closing process. Chapter 17
▪▪ The statement of stockholders’ equity replaces the ▪▪ Why It Matters feature (Sustainable Papermaking)
retained earnings statement. This is consistent with moved to Chapter 28.
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
xii Preface

▪▪ Lean manufacturing discussion with related home- Chapter 24

work items moved to Chapter 27.
▪▪ Balanced scorecard discussion moved to Chapter 28.
▪▪ Added one new Analysis for Decision Making item.
▪▪ Added one new Analysis for Decision Making item.
Chapter 18 Chapter 25
▪▪ Added Learning Objective 7: Describe and illustrate
▪▪ Total cost and variable cost concepts for product pric-
the use of activity-based costing information in deci-
ing were moved to an end-of-chapter appendix.
sion making.
▪▪ Added one new Make a Decision item.
Chapter 19—NEW Chapter Chapter 26
▪▪ Learning Objectives:
▪▪ Analysis for Decision Making on capital investment
•• Describe support departments and support depart- for sustainability has been moved to Chapter 28.
ment costs. ▪▪ Added new Analysis for Decision Making entitled
•• Describe the allocation of support department costs “Uncertainty: Sensitivity and Expected Value Analyses.”
using a single plantwide rate, multiple department ▪▪ Added six new Make a Decision items.
rates, and activity-based costing.
•• Allocate support department costs to production Chapter 27
departments using the direct method, sequential
▪▪ Added Objective 4: Describe and illustrate the use of
method, and reciprocal services method.
lean principles and activity analysis in a service or
•• Describe joint products and joint costs.
administrative setting.
•• Allocate joint costs using the physical units,
weighted average, market value at split-off, and
Chapter 28—NEW Chapter
net realizable value methods.
•• Describe and illustrate the use of support depart- ▪▪ Learning Objectives:
ment and joint cost allocations to evaluate the •• Describe the concept of a performance measure-
performance of production managers. ment system.
•• Describe and illustrate the basic elements of a bal-
Chapter 20 anced scorecard.
▪▪ Added one new Analysis for Decision Making item. •• Describe and illustrate the balance scorecard,
including the use and impact of strategy maps,
Chapter 21 measure maps, strategic learning, scorecard cas-
cading, and cognitive biases.
▪▪ Contribution margin analysis deleted from chapter.
•• Describe corporate social responsibility (CSR),
▪▪ Revenue variance portion added as an appendix to
including methods of measuring and encouraging
­Chapter 23.
social responsibility using the balanced scorecard.
•• Use capital investment analysis to evaluate CSR
Chapter 22 ­projects.
▪▪ Added one new Analysis for Decision Making item.
Appendix D Investments
Chapter 23 ▪▪ The investments appendix has been updated to be con-
▪▪ Added new appendix on revenue variances. sistent with Financial Instruments, Subtopic 825-10,
▪▪ Nonfinancial performance measures (previously FASB Accounting Standards Update, Financial Account-
Learning Objective 6) moved to Chapter 28. ing Standards Board, Norwalk, CT, January 2016.
▪▪ Added four new revenue variance exercises.
▪▪ Added one new Analysis for Decision Making item.

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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
 Acknowledgements

The many enhancements to this edition of Financial and Managerial Accounting are the direct result of reviews,
surveys, and focus groups with instructors at institutions across the country. We would like to take this opportunity
to thank those who have helped us better understand the challenge of the financial accounting course and provided
valuable feedback on our content and digital assets.

John Alpers, Tennessee Wesleyan Dave Fitzgerald, Jackson College Dr. April Poe, University of the
Anne Marie Anderson, Raritan Valley Kenneth Flug, St. Thomas Aquinas Incarnate Word
Community College College Francisco Rangel, Riverside City
Rick Andrews, Sinclair Community John Giles, North Carolina State College
College University Jeffery Reinking, University of
Maureen Baker, Long Beach City Marcye Hampton, University of Central Florida – Orlando
College Central Florida Jenny Resnick, Santa Monica College
Surasakdi Bhamornsiri, University of Christopher Harper, Grand Valley Benjamin Reyes, Long Beach City
North Carolina at Charlotte State University College
Alan Blankley, University of North Thomas Heikkinen, Jackson College Vernon Richardson, University of
Carolina at Charlotte Melanie Hicks, Liberty University Arkansas
Cindy Bolt, The Citadel Susanne Holloway, Salisbury University Patrick Rogan, Cosumnes River
Julie Bonner, Central Washington Jose Hortensi, Miami Dade College College
University Md Safayat Hossain, Florida Lauran B. Schmid, The University of
Charles Boster, Salisbury University International University Texas Rio Grande Valley
Salma Boumediene, Montana State Su-Jane Hsieh, San Francisco State Jennifer Schneider, University of
University – Billings University North Georgia
Jerold K. Braun, Daytona State College Aileen Huang, Santa Monica College Mary Sheil, Kennesaw State University
Louise Burney, University of Mississippi Julie Ying Huang, University of Meghna Singhvi, Loyola Marymount
Shauna Butler, St. Thomas Aquinas Louisville University
College Ann Kelley, Providence College Margie Snow, Norco College
James N. Cannon, Iowa State University Daniel Kim, Midlands Technical College Mona Stephens, Southern New
Kirk Canzano, Long Beach City College Angela Kirkendall, South Puget Hampshire University
Jack Cathey, University of North Sound Community College Linda Stoller, Bentley University
Carolina at Charlotte Satoshi Kojima, East Los Angeles Michael Stoots, UCLA extension
Donna Chadwick, Sinclair College Nirmalee Summers, University of
Community College Charles Leflar, University of Arkansas Wisconsin – La Crosse
Ming Lu Chun, Santa Monica College Tara Maciel, San Diego Mesa College Dominique Svarc, Harper College
Anne Clem, Iowa State University Annette Maddox, Georgia Highlands Patricia Tupaj, Quinsigamond
Dixon Cooper, Ouachita Baptist College Community College
University LuAnn Bean Mangold, Florida Bill Urquhart, Florida Atlantic
Bryan Corsnitz, Long Beach City Institute of Technology University
College Eric Martin, University of Tennessee Rodney Vogt, Kansas State University
Pat Creech, Northeastern Oklahoma Robert A. Martin, Kennesaw State Rick Warne, University of Cincinnati
A&M University Randi Watts, Baker College
Stephan Davenport, University of Michelle McFeaters, Grove City College Cammy Wayne, Harper College
Tennessee – Chattanooga Dawn McKinley, Harper College Vivian Winston, Indiana University
David Deboskey, San Diego State Allison McLeod, University of North Jan Workman, East Carolina University
Daniel De La Rosa, Fullerton College Texas Glen Young, Texas A&M University –
Heather Demshock, Lycoming College Rodney Michael College Station
Scott Dotson, Tennessee Wesleyan Shawn Miller, Lone Star College Mellissa Youngman, National Technical
University Jill Mitchell, Northern Virginia Institute for the Deaf, RIT
Hong Duong, Salisbury University Community College – Alexandria Mustafa Younis, Tulane University
Desiree Elias, Florida International DeeAnne Lynn Peterson-Meyer, Fang Zhao, Florida International
University University of Wisconsin – Eau University
James Emig, Villanova University Claire Terri Ziegler, Ohio State University
Valerie Evans, Kansas State University
xiii

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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
xiv Acknowledgements

Special thanks to our Financial Accounting Advisory Board Members:

Reb Beatty, Anne Arundel Steven Hegemann, University of Don Minyard, University of Alabama
Community College Nebraska – Lincoln Micki Nickla, Ivy Tech Community
Amy Bourne, Oregon State University Todd Jensen, Sierra College College – Gary
Rachel Brassine, East Carolina Sergey Komissarov, University of John Robertson, Arkansas State
University Wisconsin – La Crosse University
Gregory Brookins, Santa Monica Anthony Kurek, Eastern Michigan Philip Slater, Forsyth Technical
College University Community College
Marci Butterfield, University of Utah Joseph Larkin, Saint Joseph’s University Bob Urell, Irvine Valley College
Lawrence Chui, University of St. Gary Laycock, Ivy Tech Community Alycia Marie Winegardner, University
Thomas College – Terre Haute of Tennessee – Knoxville
Jerrilyn Eisenhauer, Tulsa Kristy McAuliffe, San Jacinto College
Community College – Southeast Melanie McCoskey, University of Akron
Shari Fowler, Indiana University – East Allison McLeod, University of North
Micah Frankel, California State Texas
University – East Bay

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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
 About the Authors
Carl S. Warren
Dr. Carl S. Warren is Professor Emeritus of Accounting at the University of Georgia, Athens.

©TERRY R. SPRAY INHISIMAGE STUDIOS

Dr. Warren has taught classes at the University of Georgia, University of Iowa, Michigan
State University, and University of Chicago. He has focused his teaching efforts on prin-
ciples of accounting and auditing. Dr. Warren received his Ph.D. from Michigan State
University and his BBA and MA from the University of Iowa. During his career, Dr. Warren
published numerous articles in professional journals, including The Accounting Review,
Journal of Accounting Research, Journal of Accountancy, The CPA Journal, and Auditing:
A Journal of Practice and Theory. Dr. Warren has served on numerous committees of the
American Accounting Association, the American Institute of Certified Public Accountants,
and the Institute of Internal Auditors. He has consulted with numerous companies and
public accounting firms. His outside interests include handball, golfing, skiing, backpack-
ing, motorcycling, and fly-fishing. He also enjoys interacting with his five grandchildren,
Bella and Mila (twins), Jeremy, and Brooke and Robbie (twins).

Jefferson P. Jones
Dr. Jefferson P. Jones is an Associate Professor of Accounting in the School of Accountancy
at Auburn University where he teaches financial accounting and applied financial research
courses. He received his Bachelor’s in Accounting and Master of Accountancy degrees

© THOMAS BOUTWELL, T2PHOTOGRAPHY

from Auburn University and his Ph.D. from Florida State University. Dr. Jones has received
numerous teaching awards, including the Auburn University Beta Alpha Psi Outstanding
Teaching Award (ten times); the Auburn University Outstanding Master of Accountancy Pro-
fessor Teaching Award (five times); the Auburn University Outstanding Distance Master of
Accountancy Teaching Award (three times); and the Auburn University College of Business
McCartney Teaching Award. In addition, he has made numerous presentations around the
country on research and pedagogical issues. Dr. Jones has public accounting experience
as an auditor with Deloitte and Touche, holds a CPA certificate in the state of Alabama
(inactive), and is a member of the American Accounting Association, the American Institute
of Certified Public Accountants (AICPA), and the Alabama Society of CPAs (ASCPA). His
research interests focus on financial accounting, specifically investigating the quality of
reported accounting information, and accounting education. He has published articles in
numerous journals, including Advances in Accounting, Review of Quantitative Finance and
Accounting, Issues in Accounting Education, International Journal of Forecasting, and The
CPA Journal. When not at work, Dr. Jones enjoys playing golf and watching college football.

William B. Tayler
Dr. William B. Tayler is the Robert J. Smith Professor of Accountancy in the Marriott
School of Business at Brigham Young University (BYU). Dr. Tayler is an internationally
renowned, award-winning accounting researcher and instructor. He has presented his
research as an invited speaker at universities and conferences across the globe. Dr. Tayler
earned his Ph.D. and master’s degree at Cornell University. He teaches in BYU’s Executive
MBA Program and in BYU’s School of Accountancy, one of the top ranked accounting
programs in the world. Dr. Tayler has also taught at Cornell University and Emory Uni-
versity and has received multiple teaching awards. Dr. Tayler is a Certified Management
© EMORY UNIVERSITY

Accountant and consultant specializing in cost accounting, performance measurement,

the assignment of decision rights, and incentive compensation. His work has been pub-
lished in top journals, including Accounting Horizons, Accounting, Organizations and
­Society, The Accounting Review, Contemporary Accounting Research, IMA Educational
Case Journal, Journal of Accounting Research, Journal of Behavioral Finance, Journal
of Finance, Review of Financial Studies, and Strategic Finance. Dr. Tayler serves on
the editorial boards of The Accounting Review, Management Accounting Research, and
Accounting, Organizations and Society. He is also director of the Institute of Manage-
ment Accountants Research Foundation.
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 Chemistry - Learning Objectives
Third 2021 - Department

Prepared by: Teacher Miller

Date: July 28, 2025

Test 1: Learning outcomes and objectives

Learning Objective 1: Problem-solving strategies and techniques
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Learning Objective 2: Research findings and conclusions
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 3: Assessment criteria and rubrics
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 4: Assessment criteria and rubrics
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Learning Objective 5: Best practices and recommendations
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 5: Statistical analysis and interpretation
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Critical analysis and evaluation
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Note: Learning outcomes and objectives
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 8: Case studies and real-world applications
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Best practices and recommendations
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Discussion 2: Ethical considerations and implications
Key Concept: Statistical analysis and interpretation
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Remember: Ethical considerations and implications
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Practical applications and examples
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Key terms and definitions
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 14: Diagram/Chart/Graph]
Note: Ethical considerations and implications
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Important: Ethical considerations and implications
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 16: Diagram/Chart/Graph]
Example 16: Theoretical framework and methodology
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 17: Diagram/Chart/Graph]
Remember: Problem-solving strategies and techniques
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Study tips and learning strategies
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 19: Diagram/Chart/Graph]
Practice Problem 19: Ethical considerations and implications
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Exercise 3: Interdisciplinary approaches
Remember: Best practices and recommendations
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 21: Diagram/Chart/Graph]
Important: Historical development and evolution
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Remember: Critical analysis and evaluation
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Practice Problem 23: Problem-solving strategies and techniques
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Remember: Study tips and learning strategies
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Fundamental concepts and principles
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Important: Fundamental concepts and principles
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Remember: Ethical considerations and implications
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Practice Problem 28: Fundamental concepts and principles
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 29: Interdisciplinary approaches
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 30: Diagram/Chart/Graph]
Appendix 4: Critical analysis and evaluation
Definition: Best practices and recommendations
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 31: Diagram/Chart/Graph]
Practice Problem 31: Ethical considerations and implications
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Study tips and learning strategies
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Practice Problem 33: Fundamental concepts and principles
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Definition: Theoretical framework and methodology
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 35: Interdisciplinary approaches
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Note: Best practices and recommendations
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 37: Historical development and evolution
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 38: Diagram/Chart/Graph]
Important: Current trends and future directions
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Remember: Fundamental concepts and principles
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Results 5: Theoretical framework and methodology
Key Concept: Assessment criteria and rubrics
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Ethical considerations and implications
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Key Concept: Critical analysis and evaluation
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Note: Critical analysis and evaluation
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 44: Learning outcomes and objectives
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 45: Diagram/Chart/Graph]
Example 45: Assessment criteria and rubrics
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Ethical considerations and implications
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Literature review and discussion
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Best practices and recommendations
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Key Concept: Study tips and learning strategies
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 50: Diagram/Chart/Graph]
Review 6: Best practices and recommendations
Key Concept: Research findings and conclusions
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Important: Practical applications and examples
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 52: Diagram/Chart/Graph]
Key Concept: Research findings and conclusions
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 53: Diagram/Chart/Graph]
Example 53: Historical development and evolution
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Note: Literature review and discussion
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Important: Key terms and definitions
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Case studies and real-world applications
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 57: Research findings and conclusions
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 58: Key terms and definitions
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Practical applications and examples
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Topic 7: Learning outcomes and objectives
Note: Comparative analysis and synthesis
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Note: Statistical analysis and interpretation
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Literature review and discussion
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Case studies and real-world applications
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Current trends and future directions
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Important: Experimental procedures and results
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 66: Diagram/Chart/Graph]
Remember: Fundamental concepts and principles
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Current trends and future directions
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 68: Learning outcomes and objectives
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Practice Problem 69: Experimental procedures and results
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 70: Diagram/Chart/Graph]
References 8: Practical applications and examples
Definition: Comparative analysis and synthesis
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 71: Diagram/Chart/Graph]
Important: Critical analysis and evaluation
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Important: Practical applications and examples
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 73: Diagram/Chart/Graph]
Key Concept: Study tips and learning strategies
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 74: Diagram/Chart/Graph]
Important: Literature review and discussion
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Research findings and conclusions
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Comparative analysis and synthesis
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 77: Diagram/Chart/Graph]
Note: Experimental procedures and results
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Case studies and real-world applications
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Problem-solving strategies and techniques
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Unit 9: Historical development and evolution
Key Concept: Fundamental concepts and principles
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Practice Problem 81: Comparative analysis and synthesis
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 82: Diagram/Chart/Graph]
Important: Learning outcomes and objectives
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 83: Diagram/Chart/Graph]
Remember: Theoretical framework and methodology
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Best practices and recommendations
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 85: Diagram/Chart/Graph]
Key Concept: Practical applications and examples
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 86: Practical applications and examples
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Key Concept: Theoretical framework and methodology
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 88: Current trends and future directions
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 89: Diagram/Chart/Graph]
Definition: Statistical analysis and interpretation
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Section 10: Literature review and discussion
Note: Key terms and definitions
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Research findings and conclusions
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 92: Diagram/Chart/Graph]
Definition: Ethical considerations and implications
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 93: Experimental procedures and results
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 94: Diagram/Chart/Graph]
Remember: Problem-solving strategies and techniques
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Case studies and real-world applications
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 96: Historical development and evolution
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Experimental procedures and results
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 98: Interdisciplinary approaches
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 99: Experimental procedures and results
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Practice 11: Theoretical framework and methodology
Important: Interdisciplinary approaches
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 101: Literature review and discussion
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Practice Problem 102: Historical development and evolution
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Note: Ethical considerations and implications
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 104: Diagram/Chart/Graph]
Practice Problem 104: Ethical considerations and implications
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 105: Diagram/Chart/Graph]
Practice Problem 105: Critical analysis and evaluation
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Study tips and learning strategies
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 107: Diagram/Chart/Graph]
Practice Problem 107: Learning outcomes and objectives
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Comparative analysis and synthesis
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 109: Literature review and discussion
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 110: Diagram/Chart/Graph]
Abstract 12: Best practices and recommendations
Definition: Study tips and learning strategies
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 111: Diagram/Chart/Graph]
Note: Learning outcomes and objectives
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Important: Interdisciplinary approaches
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 113: Case studies and real-world applications
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 114: Current trends and future directions
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 115: Literature review and discussion
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Fundamental concepts and principles
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 117: Diagram/Chart/Graph]
Key Concept: Theoretical framework and methodology
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Important: Best practices and recommendations
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Problem-solving strategies and techniques
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Module 13: Best practices and recommendations
Definition: Interdisciplinary approaches
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 121: Critical analysis and evaluation
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
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