Crash Course in Accounting and Financial Statement Analysis

ISBN-10: 0470047011
ISBN-13: 9780470047019
Edition: 2nd 2007 (Revised)
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Description: Written for those with no prior accounting background and those who merely seek a refresher, this book is written in a clear, easy-to-follow style that makes accounting accessible, and is filled with exercises that test and reinforce concepts  More...

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Book details

List price: $32.50
Edition: 2nd
Copyright year: 2007
Publisher: John Wiley & Sons, Incorporated
Publication date: 2/26/2007
Binding: Paperback
Pages: 292
Size: 8.50" wide x 10.75" long x 0.75" tall
Weight: 1.430
Language: English

Written for those with no prior accounting background and those who merely seek a refresher, this book is written in a clear, easy-to-follow style that makes accounting accessible, and is filled with exercises that test and reinforce concepts covered.

About the Authors
Preface
Introduction to Accounting
What Is Accounting?
Why Is Accounting Important?
Making Corporate Decisions
Making Investment Decisions
Accounting Facilitates Corporate and Investment Decisions
Who Uses Accounting?
U.S. Accounting Regulations
Generally Accepted Accounting Principles
Overview of the Securities and Exchange Commission
Overview of the Financial Accounting Standards Board
International Accounting Regulations
Convergence of U.S. GAAP and IFRS
Summary
Basic Accounting Principles
Assumptions
Accounting Entity
Going Concern
Measurement and Units of Measure
Periodicity
Wrap-up: Assumptions
Principles
Historical Cost
Accrual Basis
Full Disclosure
Wrap-up: Principles
Constraints
Estimates and Judgments
Materiality
Consistency
Conservatism
Summary
Financial Reporting
Financial Reporting Overview
Finding Financial Reports
Form 10-K (Annual Filing)
Why Is the 10-K Important?
Form 10-Q (Quarterly Filing)
Other Important Filings
Form 8-K
Form S-1
Form 14A
Form 20-F
Summary
Reading the Annual Report
Introduction
Letter to Stockholders
Financial Highlights
Management's Discussion and Analysis
Financial Statements
Income Statement
Balance Sheet
Cash Flow Statement
Notes to Consolidated Statements
Report of Management's Responsibilities
Certification of Financial Statements
Risk Factors
Legal Proceedings
Report of Independent Auditors
Directors and Officers
Summary
Income Statement
What is the Income Statement?
Why Is It Important?
Revenues
Not All Income Is Revenue
Bad Debt Expense
What Is Bad Debt Expense?
Revenue Recognition: To Recognize and When?
Revenue Recognition: Long-Term Projects
Expense Recognition and Accrual Basis of Accounting
Basic Principles Revisited: Accrual Basis of Accounting and Matching Principle
Putting It All Together: The Accrual Basis of Accounting
Why Use Accrual Accounting?
Accrual versus Cash Accounting: What's the Difference?
Revenue Manipulation
Cost of Goods Sold
COGS Do Not Include Administrative Costs
Gross Profit
Selling, General and Administrative
Research and Development
Stock Options Expense
Depreciation Expense
Depreciation Is a "Phantom" Noncash Expense
Straight-Line Depreciation Method
Accelerated Depreciation Methods
Depreciation Methods Compared
Amortization
Amortization Is a "Noncash" Expense (Like Depreciation)
What Is the Difference between Depreciation and Amortization?
Summary
Goodwill
Goodwill Not Amortized after 2001
Interest Expense
Interest Income
Other Nonoperating Income
Income Tax Expense
Equity Income in Affiliates
Minority Interest
Net Income
Shares Outstanding
Representation of Shares Outstanding in the Income Statement
Common Dividends
Preferred Dividends
Earnings per Share
Nonrecurring Items
Unusual or Infrequent Items
Discontinued Operations
Extraordinary Items
Accounting Changes
Earnings before Interest, Taxes, Depreciation, and Amortization
EBITDA: Popular Measure of a Company's Financial Performance
EBITDA Has Several Shortcomings
EBIT
Summary
Balance Sheet
Introduction
Assets Represent the Company's Resources
Liabilities and Shareholders' Equity Represent the Company's Sources of Funds (i.e., How It Pays for Assets)
Lemonade Stand and the Accounting Equation
Balance Sheet
Double-Entry Accounting
Why Is Double-Entry Accounting Important?
Income Statement Revisited: Links to Balance Sheet
Retained Earnings: The Link Between Balance Sheet and Income Statement
Impact of Revenues on the Balance Sheet
Impact of COGS on the Balance Sheet
Impact of SG&A on the Balance Sheet
Impact of Depreciation on the Balance Sheet
Impact of Interest Expense on the Balance Sheet
Impact of Tax Expense on the Balance Sheet
Total Impact of the Year on the Balance Sheet
Summary
Order of Liquidity
Current versus Noncurrent Assets
Current versus Long-Term Liabilities
Assets
Inventories
LIFO Reserve: The Link between FIFO and LIFO Inventory Methods
Writing Down Inventories
Deferred Taxes
PP&E, Net of Depreciation
Reconciliation of PP&E
Fixed Asset Impairments
Fixed Asset Retirement and Disposal
Intercompany Investments
Consolidation
Intangible Assets
Goodwill
Summary: Intangible Assets and Goodwill
Summary: Assets
Liabilities
Other Typical Current Liabilities
Debt
Short-Term Debt versus Long-Term Debt
Capital Leases
Operating Leases
Deferred Taxes
Summary: Deferred Taxes
Pensions
Defined Benefit Plan
Minority Interest
Summary: Liabilities
Shareholders' Equity
Introduction
Common Stock
Additional Paid-In Capital
Preferred Stock
Treasury Stock
Retained Earnings
Summary: Shareholders' Equity
Summary
Cash Flow Statement
Introduction
Cash Flow Statement to the Rescue!
Cash Flow from Operations
Overview
Indirect Method
Getting from Net Income to Cost from Operations
Depreciation
Working Capital
Changes in Accounts Receivable
Changes in Accounts Receivable and the Lemonade Stand
Changes in Inventories
Changes in Inventories and the Lemonade Stand
Changes in Accounts Payable
Accounts Payable and the Lemonade Stand
Changes in Other Current Assets
Changes in Other Current Liabilities
Increases/Decreases in Deferred Taxes
Summary: Cash Flow from Operations
Cash Flow from Investing Activities
Overview
Components
Cash Flow from Financing Activities
Overview
Components
How the Cash Flow is Linked to the Balance Sheet
Summary
Online Exercise
Financial Ratio Analysis
Introduction
What Is Financial Ratio Analysis?
Liquidity Ratios
Current Ratio
Quick (Acid) Test
Current Cash Debt Coverage Ratio
Profitability Ratios
Gross Profit Margin
Profit Margin on Sales
Return on Assets
Return on Equity
Earnings per Share
Price-to-Earnings Ratio
Payout Ratio
Activity Ratios
Receivables Turnover
Days Sales Outstanding
Inventory Turnover
Days Sales of Inventory
Asset Turnover
Coverage Ratios
Debt to Total Assets
Times Interest Earned
Cash Debt Coverage Ratio
Calculations
Stock Options
Stock Options Expensing
Then...
...and Now
Debt
How Are These Two Forms of Capital Raised?
Who Issues Debt?
Long-Term Debt
Capital versus Operating Leases
Direct Method
Index

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