Financial Accounting
Free

Financial Accounting

By [Authors removed at request of original publisher]
Free
Book Description

This book is intended for an undergraduate or MBA level Financial Accounting course. It covers the standard topics in a standard sequence, utilizing the Socratic method of asking and answering questions.

https://doi.org/10.24926/8668.0701
ISBN: 978-1-946135-10-0

Table of Contents
  • Cover
  • Title Page
  • Copyright
  • Table Of Contents
  • Publisher Information
  • About the Authors
  • Acknowledgments
  • Preface
  • Chapter 1: Why Is Financial Accounting Important?
    • 1.1 Making Good Financial Decisions about an Organization
    • 1.2 Incorporation and the Trading of Capital Shares
    • 1.3 Using Financial Accounting for Wise Decision Making
    • 1.4 End-of-Chapter Exercises
  • Chapter 2: What Should Decision-makers Know So That Good Decisions Can Be Made about an Organization?
    • 2.1 Creating a Portrait of an Organization That Can Be Used by Decision Makers
    • 2.2 Dealing with Uncertainty
    • 2.3 The Need for Generally Accepted Accounting Principles
    • 2.4 Four Basic Terms Found in Financial Accounting
    • 2.5 End-of-Chapter Exercises
  • Chapter 3: In What Form Is Financial Information Actually Delivered to Decision Makers Such as Investors and Creditors?
    • 3.1 The Construction of an Income Statement
    • 3.2 Reported Profitability and the Principle of Conservatism
    • 3.3 Increasing the Net Assets of a Company
    • 3.4 Reporting a Balance Sheet and a Statement of Cash Flows
    • 3.5 End-of-Chapter Exercises
  • Chapter 4: How Does an Organization Accumulate and Organize the Information Necessary to Prepare Financial Statements?
    • 4.5 The Connection of the Journal and the Ledger
    • 4.6 End-of-Chapter Exercises
    • 4.1 The Essential Role of Transaction Analysis
    • 4.2 The Effects Caused by Common Transactions
    • 4.3 An Introduction to Double-Entry Bookkeeping
    • 4.4 Preparing Journal Entries
  • Chapter 5: Why Must Financial Information Be Adjusted Prior to the Production of Financial Statements?
    • 5.1 The Need for Adjusting Entries
    • 5.2 Preparing Various Adjusting Entries
    • 5.3 Preparing Financial Statements Based on Adjusted Balances
    • 5.4 Chapter Appendix
    • 5.5 End-of-Chapter Exercises
  • Chapter 6: Why Should Decision Makers Trust Financial Statements?
    • 6.1 The Need for the Securities and Exchange Commission
    • 6.2 The Role of the Independent Auditor in Financial Reporting
    • 6.3 Performing an Audit
    • 6.4 The Need for Internal Control
    • 6.5 The Purpose and Content of an Independent Auditor’s Report
    • 6.6 End-of-Chapter Exercises
  • Chapter 7: In a Set of Financial Statements, What Information Is Conveyed about Receivables?
    • 7.7 End-of-Chapter Exercises
    • 7.1 Accounts Receivable and Net Realizable Value
    • 7.2 Accounting for Uncollectible Accounts
    • 7.3 The Problem with Estimations
    • 7.4 Estimating the Amount of Uncollectible Accounts
    • 7.5 Remeasuring Foreign Currency Balances
    • 7.6 A Company’s Vital Signs—Accounts Receivable
  • Chapter 8: How Does a Company Gather Information about Its Inventory?
    • 8.1 Determining and Reporting the Cost of Inventory
    • 8.2 Perpetual and Periodic Inventory Systems
    • 8.3 The Calculation of Cost of Goods Sold
    • 8.4 Reporting Inventory at the Lower-of-Cost-or-Market
    • 8.5 Determining Inventory on Hand
    • 8.6 End-of-Chapter Exercises
  • Chapter 9: Why Does a Company Need a Cost Flow Assumption in Reporting Inventory?
    • 9.1 The Necessity of Adopting a Cost Flow Assumption
    • 9.2 The Selection of a Cost Flow Assumption for Reporting Purposes
    • 9.3 Problems with Applying LIFO
    • 9.4 Merging Periodic and Perpetual Inventory Systems with a Cost Flow Assumption
    • 9.5 Applying LIFO and Averaging to Determine Reported Inventory Balances
    • 9.6 Analyzing Reported Inventory Figures
    • 9.7 End-of-Chapter Exercises
  • Chapter 10: In a Set of Financial Statements, What Information Is Conveyed about Property and Equipment?
    • 10.7 End-of-Chapter Exercises
    • 10.1 The Reporting of Property and Equipment
    • 10.2 Determining Historical Cost and Depreciation Expense
    • 10.3 Recording Depreciation Expense for a Partial Year
    • 10.4 Alternative Depreciation Patterns and the Recording of a Wasting Asset
    • 10.5 Recording Asset Exchanges and Expenditures That Affect Older Assets
    • 10.6 Reporting Land Improvements and Impairments in the Value of Property and Equipment
  • Chapter 11: In a Set of Financial Statements, What Information Is Conveyed about Intangible Assets?
    • 11.1 Identifying and Accounting for Intangible Assets
    • 11.2 The Balance Sheet Reporting of Intangible Assets
    • 11.3 Recognizing Intangible Assets Owned by a Subsidiary
    • 11.4 Accounting for Research and Development
    • 11.5 Acquiring an Asset with Future Cash Payments
    • 11.6 End-of-Chapter Exercises
  • Chapter 12: In a Set of Financial Statements, What Information Is Conveyed about Equity Investments?
    • 12.1 Accounting for Investments in Trading Securities
    • 12.2 Accounting for Investments in Securities That Are Available for Sale
    • 12.3 Accounting for Investments by Means of the Equity Method
    • 12.4 The Reporting of Consolidated Financial Statements
    • 12.5 End-of-Chapter Exercises
  • Chapter 13: In a Set of Financial Statements, What Information Is Conveyed about Current and Contingent Liabilities?
    • 13.1 Basic Reporting of Liabilities
    • 13.2 Reporting Current Liabilities Such as Gift Cards
    • 13.3 Accounting for Contingencies
    • 13.4 Accounting for Product Warranties
    • 13.5 End-of-Chapter Exercises
  • Chapter 14: In a Set of Financial Statements, What Information Is Conveyed about Noncurrent Liabilities Such as Bonds?
    • 14.2 The Issuance of Notes and Bonds
    • 14.3 Accounting for Zero-Coupon Bonds
    • 14.4 Pricing and Reporting Term Bonds
    • 14.5 Issuing and Accounting for Serial Bonds
    • 14.6 Bonds with Other Than Annual Interest Payments
    • 14.7 End-of-Chapter Exercises
    • 14.1 Debt Financing
  • Chapter 15: In Financial Statements, What Information Is Conveyed about Other Noncurrent Liabilities?
    • 15.1 Accounting for Leases
    • 15.2 Operating Leases versus Capital Leases
    • 15.3 Recognition of Deferred Income Taxes
    • 15.4 Reporting Postretirement Benefits
    • 15.5 End-of-Chapter Exercises
  • Chapter 16: In a Set of Financial Statements, What Information Is Conveyed about Shareholders’ Equity?
    • 16.1 Selecting a Legal Form for a Business
    • 16.2 The Issuance of Common Stock
    • 16.3 Issuing and Accounting for Preferred Stock and Treasury Stock
    • 16.4 The Issuance of Cash and Stock Dividends
    • 16.5 The Computation of Earnings per Share
    • 16.6 End-of-Chapter Exercises
  • Chapter 17: In a Set of Financial Statements, What Information Is Conveyed by the Statement of Cash Flows?
    • 17.1 The Structure of a Statement of Cash Flows
    • 17.2 Cash Flows from Operating Activities: The Direct Method
    • 17.3 Cash Flows from Operating Activities: The Indirect Method
    • 17.4 Cash Flows from Investing and Financing Activities
    • 17.5 Appendix
    • 17.6 End-of-Chapter Exercises
  • Appendix: Present Value Tables
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