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Financial Reporting and Analysis : Using Financial Accounting Information,9780324304459
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Financial Reporting and Analysis : Using Financial Accounting Information

by
Edition:
10th
ISBN13:

9780324304459

ISBN10:
0324304455
Format:
Hardcover
Pub. Date:
4/27/2006
Publisher(s):
South-Western College Pub
List Price: $277.99

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This is the 10th edition with a publication date of 4/27/2006.
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Summary

The tenth edition thoroughly involves students with financial statements by using real-world examples. It builds skills in analyzing real financial reports through statements, exhibits, and cases of actual companies. Emphasis is placed on the analysis and interpretation of the end result of financial reporting--financial statements.

Table of Contents

Introduction to Financial Reporting
1(42)
Development of Generally Accepted Accounting Principles (GAAP)
1(6)
American Institute of Certified Public Accountants (AICPA)
Financial Accounting Standards Board (FASB)
Operating Procedure for Statements of Financial Accounting Standards (SFASs)
FASB Conceptual Framework
Additional Input---American Institute of Certified Public Accountants (AICPA)
7(1)
Emerging Issues Task Force (EITF)
8(1)
A New Reality
8(2)
Traditional Assumptions of the Accounting Model
10(9)
Business Entity
Going Concern or Continuity
Time Period
Monetary Unit
Historical Cost
Conservatism
Realization
Matching
Consistency
Full Disclosure
Materiality
Industry Practices
Transaction Approach
Cash Basis
Accrual Basis
Using the Internet
19(1)
Companies' Internet Web Sites
Helpful Web Sites
Summary
20(1)
To the Net
20(1)
Questions
21(2)
Problems
23(20)
Case 1-1 Standards Overload?
27(1)
Case 1-2 Standard Setting: ``A Political Aspect''
28(3)
Case 1-3 Standard Setting: ``By the Way of the United States Congress''
31(1)
Case 1-4 Flying High
32(1)
Case 1-5 Hawaii Centered
33(1)
Case 1-6 Going Concern?
34(2)
Case 1-7 Economics and Accounting: The Uncongenial Twins
36(1)
Case 1-8 I Often Paint Fakes
36(1)
Case 1-9 Oversight
37(4)
Web Case: Thomson One, Business School Edition
41(2)
Introduction to Financial Statements and Other Financial Reporting Topics
43(44)
Forms of Business Entities
43(1)
The Financial Statements
44(2)
Balance Sheet (Statement of Financial Position)
Statement of Stockholders' Equity (Reconciliation of Stockholders' Equity Accounts)
Income Statement (Statement of Earnings)
Statement of Cash Flows (Statement of Inflows and Outflows of Cash)
Notes
The Accounting Cycle
46(4)
Recording Transactions
Recording Adjusting Entries
Preparing the Financial Statements
Treadway Commission
Auditor's Opinion
50(7)
Auditor's Report on the Firm's Internal Controls
Report of Management on Internal Control over Financial Reporting
Management's Responsibility for Financial Statements
The SEC's Integrated Disclosure System
Proxy
Summary Annual Report
57(1)
The Efficient Market Hypothesis
58(1)
Ethics
58(2)
SEC Requirements---Code of Ethics
Harmonization of International Accounting Standards
60(2)
Consolidated Statements
62(1)
Accounting for Business Combinations
62(1)
Summary
63(1)
To the Net
63(1)
Questions
64(1)
Problems
65(22)
Case 2-1 The CEO Retires
70(2)
Case 2-2 The Dangerous Morality of Managing Earnings
72(5)
Case 2-3 Frequent-Flier Awards---Firm Commitment
77(1)
Case 2-4 International Accounting---Harmonization in Practice
78(1)
Case 2-5 Materiality: In Practice
79(1)
Case 2-6 Who is Responsible?
79(1)
Case 2-7 Safe Harbor
80(1)
Case 2-8 Enforcement
81(1)
Case 2-9 Watch-Dollars--Auditing Standards---GAAP
82(3)
Case 2-10 Multiple Country Enforcement
85(1)
Web Case: Thomson One, Business School Edition
85(2)
Balance Sheet
87(48)
Basic Elements of the Balance Sheet
87(28)
Assets
Liabilities
Stockholders' Equity
Quasi-Reorganization
Accumulated Other Comprehensive Income
Equity-Oriented Deferred Compensation
Employee Stock Ownership Plans (ESOPs)
Treasury Stock
Stockholders' Equity in Unincorporated Firms
Statement of Stockholders' Equity
115(1)
Problems in Balance Sheet Presentation
116(1)
Summary
117(1)
To the Net
117(1)
Questions
118(1)
Problems
119(16)
Case 3-1 Winne
124(3)
Case 3-2 Reader's
127(2)
Case 3-3 Sir Isaac
129(2)
Case 3-4 Foods a Plenty
131(1)
Case 3-5 Our Principal Asset is Our People
131(1)
Case 3-6 Brands Are Dead?
132(1)
Case 3-7 Advertising---Asset?
132(1)
Case 3-8 Canadian GAAP vs. U.S. GAAP
132(1)
Web Case: Thomson One, Business School Edition
133(2)
Income Statement
135(30)
Basic Elements of the Income Statement
135(3)
Net Sales (Revenues)
Cost of Goods Sold (Cost of Sales)
Other Operating Revenue
Operating Expenses
Other Income or Expense
Special Income Statement Items
138(6)
Unusual or Infrequent Item Disclosed Separately
Equity in Earnings of Nonconsolidated Subsidiaries
Income Taxes Related to Operations
Discontinued Operations
Extraordinary Items
Cumulative Effect of Change in Accounting Principle
Minority Share of Earnings
Earnings per Share
144(1)
Retained Earnings
144(1)
Dividends and Stock Splits
145(2)
Legality of Distributions to Stockholders
147(1)
Comprehensive Income
147(2)
Summary
149(1)
To the Net
150(1)
Questions
151(1)
Problems
151(14)
Case 4-1 Optically Stimulated
157(1)
Case 4-2 Gaming
157(1)
Case 4-3 Riding High
158(1)
Case 4-4 The Big Order
159(1)
Case 4-5 Celtics
159(2)
Case 4-6 Always Low Prices
161(1)
Case 4-7 Multiple Income
161(1)
Web Case: Thomson One, Business School Edition
162(3)
Basics of Analysis
165(22)
Ratio Analysis
165(1)
Common-Size Analysis (Vertical and Horizontal)
166(1)
Year-to-Year Change Analysis
166(1)
Financial Statement Variation by Type of Industry
167(4)
Review of Descriptive Information
171(1)
Comparisons
171(7)
Trend Analysis
Standard Industrial Classification (SIC) Manual
North American Industry Classification System (NAICS)
Industry Averages and Comparison with Competitors
Caution in Using Industry Averages
Relative Size of Firm
178(1)
Other Library Sources
178(2)
Ward's Business Directory
Standard & Poor's Stock Reports
Standard & Poor's Register of Corporations, Directors, and Executives
Standard & Poor's Analyst's Handbook
Standard & Poor's Corporation Records
America's Corporate Families:® The Billion Dollar Directory®
D&B® Million Dollar Directory®
Directory of Corporate Affiliations
Thomas Register of American Manufacturers
Mergent Industrial Manual
Security Owner's Stock Guide
Standard & Poor's Statistical Service
Mergent Dividend Record
Standard & Poor's Annual Dividend Record
D&B Reference Book of Corporate Managements
Compact Disclosure
The Users of Financial Statements
180(1)
Summary
181(1)
To the Net
182(1)
Questions
183(1)
Problems
184(3)
Web Case: Thomson One, Business School Edition
186(1)
Liquidity of Short-Term Assets; Related Debt-Paying Ability
187(50)
Current Assets, Current Liabilities, and the Operating Cycle
187(18)
Cash
Marketable Securities
Receivables
Inventories
Prepayments
Other Current Assets
Current Liabilities
Current Assets Compared with Current Liabilities
205(4)
Working Capital
Current Ratio
Acid-Test Ratio (Quick Ratio)
Cash Ratio
Other Liquidity Considerations
209(1)
Sales to Working Capital (Working Capital Turnover)
Liquidity Considerations Not on the Face of the Statements
Summary
210(1)
To the Net
211(1)
Questions
212(2)
Problems
214(23)
Case 6-1 LIFO-FIFO
226(2)
Case 6-2 Rising Prices, a Time to Switch Off LIFO?
228(1)
Case 6-3 Kodak Moment
228(3)
Case 6-4 The Other Side of LIFO
231(1)
Case 6-5 Chemical Specialty
232(2)
Case 6-6 Booming Retail
234(1)
Case 6-7 Supreme
235(1)
Web Case: Thomson One, Business School Edition
236(1)
Long-Term Debt-Paying Ability
237(46)
Income Statement Consideration when Determining Long-Term Debt-Paying Ability
237(4)
Times Interest Earned
Fixed Charge Coverage
Balance Sheet Consideration when Determining Long-Term Debt-Paying Ability
241(6)
Debt Ratio
Debt/Equity Ratio
Debt to Tangible Net Worth Ratio
Other Long-Term Debt-Paying Ability Ratios
Special Items that Influence a Firm's Long-Term Debt-Paying Ability
247(15)
Long-Term Assets versus Long-Term Debt
Long-Term Leasing
Pension Plans
Postretirement Benefits Other than Pensions
Joint Ventures
Contingencies
Financial Instruments with Off-Balance-Sheet Risk and Financial Instruments with Concentrations of Credit Risk
Disclosures About Fair Value of Financial Instruments
Summary
262(1)
To the Net
262(1)
Questions
263(1)
Problems
264(19)
Case 7-1 Expensing Interest Now and Later
270(1)
Case 7-2 Consideration of Leases
271(3)
Case 7-3 How May I Help You?
274(1)
Case 7-4 Lockout
274(1)
Case 7-5 Many Employers
275(1)
Case 7-6 Play it Safe
276(2)
Case 7-7 Apparel
278(1)
Case 7-8 Fair Value of Financial Instruments
279(1)
Case 7-9 Communications
280(1)
Web Case: Thomson One, Business School Edition
280(3)
Profitability
283(38)
Profitability Measures
283(11)
Net Profit Margin
Total Asset Turnover
Return on Assets
DuPont Return on Assets
Interpretation Through DuPont Analysis
Variation in Computation of DuPont Ratios Considering Only Operating Accounts
Operating Income Margin
Operating Asset Turnover
Return on Operating Assets
Sales to Fixed Assets
Return on Investment (ROI)
Return on Total Equity
Return on Common Equity
The Relationship Between Profitability Ratios
Gross Profit Margin
Trends in Profitability
294(1)
Segment Reporting
294(3)
Revenues by Major Product Lines
297(1)
Gains and Losses from Prior Period Adjustments
298(1)
Comprehensive Income
298(1)
Pro Forma Financial Information
298(2)
Interim Reports
300(1)
Summary
301(1)
To the Net
302(2)
Questions
304(1)
Problems
304(17)
Case 8-1 Jeff's Self-Service Station
310(1)
Case 8-2 The Tale of the Segments
311(2)
Case 8-3 The Story of Starbucks---In Segments
313(2)
Case 8-4 Scoreboards, Electronic Displays, Etc.
315(2)
Case 8-5 Yahoo! Services
317(2)
Case 8-6 Cars, Trucks, Etc.
319(1)
Case 8-7 Shoes, Shoes, Shoes
319(1)
Web Case: Thomson One, Business School Edition
320(1)
For the Investor
321(28)
Leverage and Its Effects on Earnings
321(3)
Definition of Financial Leverage and Magnification Effects
Computation of the Degree of Financial Leverage
Summary of Financial Leverage
Earnings per Common Share
324(1)
Price/Earnings Ratio
325(1)
Percentage of Earnings Retained
326(1)
Dividend Payout
326(1)
Dividend Yield
327(1)
Book Value per Share
328(1)
Stock Options (Stock-Based Compensation)
328(4)
Restricted Stock
332(1)
Stock Appreciation Rights
332(1)
Summary
333(1)
To the Net
334(1)
Questions
334(1)
Problems
335(14)
Case 9-1 Casey's
340(1)
Case 9-2 Met-Pro Split
341(1)
Case 9-3 Stock Option Plans (Stock-Based Compensation)
342(2)
Case 9-4 Food, Food, Food
344(3)
Case 9-5 Connecting
347(1)
Web Case: Thomson One, Business School Edition
348(1)
Statement of Cash Flows
349(136)
Basic Elements of the Statement of Cash Flows
350(5)
Financial Ratios and the Statement of Cash Flows
355(4)
Operating Cash Flow/Current Maturities of Long-Term Debt and Current Notes Payable
Operating Cash Flow/Total Debt
Operating Cash Flow per Share
Operating Cash Flow/Cash Dividends
Alternative Cash Flow
359(1)
Procedures for Development of the Statement of Cash Flows
359(5)
Summary
364(1)
To the Net
365(1)
Questions
366(1)
Problems
367(24)
Case 10-1 The Big.Com
378(1)
Case 10-2 Watch the Cash
379(1)
Case 10-3 Who is Rapidly Expanding?
380(3)
Case 10-4 The Retail Mover
383(2)
Case 10-5 Noncash Charges
385(3)
Case 10-6 Sorry---Give it Back
388(1)
Case 10-7 Cash Movements and Periodic Income Determination
388(1)
Web Case: Thomson One, Business School Edition
389(2)
Summary Analysis Nike, Inc. (Includes 2005 Financial Statements on Form 10-K, and Selected Parts of 2005 Proxy)
391(1)
Nike---Background Information
391(9)
Management Discussion and Analysis (See 10-K) (in Part)
Vertical Common-Size Statement of Income (Exhibit 1)
Horizontal Common-Size Statement of Income (Exhibit 2)
Three-Year Comparison (Exhibit 3)
Ratio Comparison with Selected Competitor (Exhibit 4)
Ratio Comparison with Industry (Exhibit 5)
Other
400(1)
Summary
400(1)
Nike 2005 Financial Statements and Selected Parts of Proxy
400(85)
Expanded Analysis
485(48)
Financial Ratios as Perceived by Commercial Loan Departments
485(2)
Most Significant Ratios and Their Primary Measure
Ratios Appearing Most Frequently in Loan Agreements
Financial Ratios as Perceived by Corporate Controllers
487(2)
Most Significant Ratios and Their Primary Measure
Key Financial Ratios Included as Corporate Objectives
Financial Ratios as Perceived by Certified Public Accountants
489(1)
Financial Ratios as Perceived by Chartered Financial Analysts
489(1)
Financial Ratios Used in Annual Reports
490(1)
Degree of Conservatism and Quality of Earnings
491(1)
Inventory
Fixed Assets
Intangible Assets
Pensions
Forecasting Financial Failure
492(3)
Univariate Model
Multivariate Model
Analytical Review Procedures
495(1)
Management's Use of Analysis
495(1)
Use of LIFO Reserves
496(1)
Graphing Financial Information
497(1)
Management of Earnings
497(5)
Valuation
502(4)
Multiples
Multiperiod Discounted Valuation Models
What They Use
International Aspects
Valuation as Seen by Management Consultants
From Page V
Dot.coms
Summary
506(1)
To the Net
507(1)
Questions
507(2)
Problems
509(24)
Case 11-1 Foresland Extraordinary
524(3)
Case 11-2 Accounting Hocus-Pocus
527(1)
Case 11-3 Turn a Cheek
528(1)
Case 11-4 How Would You Value Nike?
529(1)
Web Case: Thomson One, Business School Edition
530(3)
Special Industries: Banks, Utilities, Oil and Gas, Transportation, Insurance, Real Estate Companies
533(42)
Banks
533(7)
Balance Sheet
Income Statement
Ratios for Banks
Regulated Utilities
540(6)
Financial Statements
Ratios for Regulated Utilities
Oil and Gas
546(3)
Successful-Efforts versus Full-Costing Methods
Supplementary Information on Oil and Gas Exploration, Development, and Production Activities
Cash Flow
Transportation
549(4)
Financial Statements
Ratios
Insurance
553(6)
Balance Sheet Under GAAP
Assets
Assets---Other than Investments Income Statement Under GAAP
Ratios
Real Estate Companies
559(1)
Summary
559(1)
To the Net
560(1)
Questions
561(2)
Problems
563(12)
Case 12-1 Allowance for Funds
566(2)
Case 12-2 Results of Operations for Oil and Gas Producing Activities
568(1)
Case 12-3 Summary of Loan Loss Experience
569(2)
Case 12-4 You Can Bank On It
571(2)
Case 12-5 You're Covered
573(1)
Web Case: Thomson One, Business School Edition
574(1)
Personal Financial Statements and Accounting for Governments and Not-for-Profit Organizations
575(28)
Personal Financial Statements
575(7)
Form of the Statements
Suggestions for Reviewing the Statement of Financial Condition
Suggestions for Reviewing the Statement of Changes in Net Worth
Illustration of Preparation of the Statement of Financial Condition
Illustration of Preparation of the Statement of Changes in Net Worth
Accounting for Governments
582(5)
Accounting for Not-for-Profit Organizations Other Than Governments
587(5)
SFAS No. 93, ``Recognition of Depreciation by Not-for-Profit Organizations''
SFAS No. 116, ``Accounting for Contributions Received and Contributions Made''
SFAS No. 117, ``Financial Statements of Not-for-Profit Organizations''
SFAS No. 124 ``Accounting for Certain Investments Held by Not-for-Profit Organizations''
Applicability of GAAP to Not-for-Profit Organizations
Budgeting by Objectives and/or Measures of Productivity
Summary
592(1)
To the Net
592(1)
Questions
593(1)
Problems
594(9)
Case 13-1 Deficit Budget?
597(1)
Case 13-2 My Mud Hens
598(2)
Case 13-3 Jeep
600(1)
Case 13-4 Governor Lucas---This is Your County
600(1)
Case 13-5 County-Wide
601(2)
Glossary 603(20)
Bibliography 623(10)
Index 633


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