Summary

With easy-to-understand explanations and real-life examples, Intermediate Accounting For Dummies provides students with a deeper and broader level of accounting theory. The typical intermediate accounting format requires two semesters of intense conceptual course work. Major topics include the conceptual framework of Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), financial ratios analysis, equity accounting, investment strategies and financial statement preparation.

Author Biography

Maire Loughran is a certified public accountant who has prepared compilation, review, and audit reports for fifteen years. A member of the American Institute of Certified Public Accountants, she is a full adjunct professor who teaches graduate and undergraduate auditing and accounting classes.

Introduction 1

Part I: Introducing Financial Accounting and Standards 7

Chapter 1: Seeing the Big Picture of Financial Accounting 9

Chapter 2: Walking Through the Conceptual Framework of Financial Accounting 23

Chapter 3: Invaluable Valuation 43

Chapter 4: Reviewing the Accounting System 51

Part II: Preparing and Using Financial Statements 65

Chapter 5: Posting Income Statement Profit and Loss 67

Chapter 6: Reporting Assets and Claims: Keeping Your Balance (Sheet) 83

Chapter 7: Follow the Money! Studying Cash Flow 101

Chapter 8: Time Is Money: Looking at the Time Value of Money 115

Part III: Homing in on Current and Noncurrent Assets 127

Chapter 9: Assessing Cash and Receivables 129

Chapter 10: Inventory Cost Flow Assumptions 145

Chapter 11: Buying and Selling Property, Plant, and Equipment (PP&E) 167

Chapter 12: Recognizing Depreciation, Impairments, and Depletion 183

Chapter 13: Keeping Track of Other Noncurrent Assets 197

Part IV: Analyzing Debt and Equity 207

Chapter 14: Tracking Current Liabilities and Contingencies 209

Chapter 15: Planning for Long-Term Obligations 227

Chapter 16: Letting Owners Know Where They Stand: The Equity Section 241

Part V: Accounting for Advanced Intermediate Issues 257

Chapter 17: Accounting for Income Taxes 259

Chapter 18: Accounting for Leases 277

Chapter 19: Fessing Up: Correcting Errors

and Reporting Changes in Methods 295

Chapter 20: Is That You, Revenue? Revenue Recognition Concepts 313

Part VI: The Part of Tens 327

Chapter 21: Ten Common Notes to the Financial Statements 329

Chapter 22: Ten Ratios for Financial Statement Analysis 337

Index 343

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