What is included with this book?
Acknowledgments | p. xiv |
Basic Concepts | p. 1 |
Elements of the Balance Sheet | p. 1 |
Assets | p. 3 |
Liabilities and Equity | p. 3 |
Dual-Aspect Concept | p. 4 |
Money-Measurement Concept | p. 6 |
Entity Concept | p. 6 |
Going-Concern Concept | p. 7 |
Asset-Measurement Concept | p. 8 |
Balance Sheet Items | p. 10 |
Assets | p. 10 |
Liabilities | p. 12 |
Current Ratio | p. 12 |
Equity | p. 12 |
Key Points to Remember | p. 13 |
Balance Sheet Changes; Income Measurement | p. 15 |
Current Assets | p. 15 |
Noncurrent Assets | p. 16 |
Current Liabilities | p. 17 |
Noncurrent Liabilities | p. 18 |
Equity | p. 18 |
Balance Sheet Changes | p. 18 |
Income Measurement | p. 25 |
Key Points to Remember | p. 29 |
Accounting Records and Systems | p. 31 |
The Account | p. 31 |
Rules for Increases and Decreases | p. 33 |
Debit and Credit | p. 35 |
Income Statement Accounts | p. 36 |
The Ledger and the Journal | p. 37 |
The Closing Process | p. 39 |
A Note on Computers | p. 41 |
Key Points to Remember | p. 42 |
Revenues and Monetary Assets | p. 45 |
Fiscal Year | p. 46 |
Accrual Accounting | p. 46 |
Conservatism Concept | p. 47 |
Materiality Concept | p. 48 |
Realization Concept | p. 48 |
Service Revenue | p. 51 |
Amount of Revenue | p. 52 |
Monetary Assets | p. 54 |
Days' Sales Uncollected | p. 55 |
Key Points to Remember | p. 55 |
Expense Measurement; The Income Statement | p. 57 |
Expense and Expenditure | p. 58 |
Unexpired and Expired Costs | p. 60 |
Matching Concept | p. 60 |
Other Assets that Will Become Expenses | p. 61 |
Expenses that Create Liabilities | p. 62 |
Fringe Benefits | p. 63 |
Rent Expense | p. 64 |
Losses | p. 64 |
Summary of Matching Concept | p. 65 |
An Example of Matching | p. 66 |
The Income Statement | p. 69 |
A Package of Accounting Reports | p. 71 |
Income Statement Percentages | p. 71 |
Review of Basic Concepts | p. 72 |
Key Points to Remember | p. 72 |
Inventories and Cost of Sales | p. 75 |
Finding Cost of Sales | p. 75 |
Inventory Valuation: Assumptions | p. 79 |
First-In, First-Out (Fifo) Method | p. 81 |
Last-In, First-Out (Lifo) Method | p. 81 |
Average-Cost Method | p. 82 |
Comparison of Inventory Methods | p. 83 |
Inventory Valuation: Adjustment to Market | p. 83 |
Inventory in a Manufacturing Company | p. 84 |
Product Costs and Period Costs | p. 85 |
Overhead Rates | p. 86 |
Inventory Turnover | p. 86 |
Key Points to Remember | p. 87 |
Noncurrent Assets and Depreciation | p. 89 |
Noncurrent Assets | p. 89 |
Accounting for Acquisitions | p. 90 |
Capital Leases | p. 90 |
Depreciation | p. 91 |
Depreciation Methods | p. 93 |
Units-of-Production Depreciation | p. 93 |
Straight-Line Depreciation | p. 94 |
Accelerated Depreciation | p. 95 |
Accounting for Depreciation | p. 96 |
Sale of a PPE Asset | p. 98 |
Significance of Depreciation | p. 99 |
Depletion | p. 99 |
Intangible Assets | p. 100 |
Key Points to Remember | p. 100 |
Liabilities and Equity | p. 103 |
Working Capital | p. 103 |
Sources of Capital | p. 104 |
Debt Capital | p. 105 |
Types of Equity Capital | p. 106 |
Common Stock | p. 108 |
Preferred Stock | p. 109 |
Retained Earnings and Dividends | p. 110 |
Distributions to Shareholders | p. 110 |
Balance Between Debt and Equity Capital | p. 111 |
Debt Ratio | p. 113 |
Consolidated Financial Statements | p. 114 |
Key Points to Remember | p. 116 |
Statement of Cash Flows | p. 119 |
Cash Flow from Operating Activities-Indirect Method | p. 122 |
Adjustment for Depreciation Expense | p. 123 |
Adjustments for Changes in Working Capital Accounts | p. 124 |
Adjustments for Changes in Current Assets | p. 124 |
No Change in Balance | p. 124 |
Current Asset Balance Decreased | p. 125 |
Current Asset Balance Increases | p. 126 |
Analysis with Diagrams | p. 126 |
Adjustments for Changes in Current Liabilities | p. 129 |
Net Effect of Working Capital Changes | p. 129 |
Summary of Operating Adjustments | p. 131 |
Cash Flow from Investing and Financing Activities | p. 131 |
Investing Activities | p. 131 |
Financing Activities | p. 132 |
Completing the Statement of Cash Flows | p. 133 |
Uses of the Statement of Cash Flows | p. 133 |
Key Points to Remember | p. 134 |
Analysis of Financial Statements | p. 135 |
Limitations of Financial Statement Analysis | p. 135 |
Auditing | p. 136 |
Overall Financial Measures of Performance | p. 136 |
Factors Affecting Return on Equity | p. 138 |
Tests of Capital Utilization | p. 141 |
Other Measures of Performance | p. 144 |
Comments on Profitability Measurement | p. 146 |
Tests of Financial Condition | p. 147 |
Dupont Analysis | p. 147 |
Quality of Earnings | p. 150 |
The Sarbanes-Oxley Act of 2002 | p. 154 |
Key Points to Remember | p. 156 |
Nonprofit Financial Statements | p. 159 |
Nonprofit Organizations | p. 159 |
Different Missions and Goals | p. 160 |
Net Assets | p. 161 |
Revenues, Expenses, and Investments | p. 162 |
Transfers | p. 166 |
Similarities to Financial Statement of Corporations | p. 167 |
Limitations of Ratio Analysis | p. 168 |
Key Points to Remember | p. 168 |
International Financial Reporting Standards (IFRS) | p. 171 |
Gaap and IFRS: Similarities and Differences | p. 173 |
Revenue Recognition | p. 175 |
Inventory | p. 175 |
Non-Current Assets and Depreciation (Property, Plant, and Equipment) | p. 175 |
Financial Statement Presentation | p. 176 |
Consolidated Financial Statements | p. 176 |
Key Points to Remember | p. 177 |
Concluding Note | p. 179 |
Glossary | p. 181 |
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