Verfügbarkeit: Financial accounting for dummies

Financial accounting for dummies:

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1. Verfasser:	Loughran, Maire (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Hoboken, NJ Wiley 2011
Schriftenreihe:	... for dummies
Schlagworte:	Rechnungswesen
Online-Zugang:	Inhaltsverzeichnis
Beschreibung:	XVIII, 338 S. Ill.
ISBN:	9780470930656

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MARC


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adam_text	Titel: Financial accounting for dummies Autor: Loughran, Maire Jahr: 2011 Table of Contents Introduction................................................................. / About This Book..............................................................................................1 Conventions Used in This Book.....................................................................2 What You re Not to Read................................................................................3 Foolish Assumptions.......................................................................................3 How This Book Is Organized..........................................................................4 Part I: Getting a Financial Accounting Initiation................................4 Part II: Reviewing Some Accounting Basics........................................4 Part III: Spending Quality Time with the Balance Sheet....................4 Part IV: Investigating Income and Cash Flow.....................................5 Part V: Analyzing the Financial Statements........................................5 Part VI: Feeling Brave? Tackling More Advanced Financial Accounting Topics............................................................5 Part VII: The Part of Tens......................................................................5 Icons Used in This Book.................................................................................6 Where to Go from Here...................................................................................6 Parti: Getting a Financial Accounting Initiation............7 Chapter 1: Seeing the Big Picture of Financial Accounting..........9 Knowing the Purposes of Financial Accounting..........................................9 Preparing financial statements..........................................................10 Showing historic performance...........................................................11 Providing results for the annual report............................................12 Getting to Know Financial Accounting Users.............................................12 Identifying the most likely users........................................................13 Recognizing their needs......................................................................13 Providing information for decision-making......................................14 Respecting the Key Characteristics of Financial Accounting Information............................................................................15 Relevance..............................................................................................15 Reliability..............................................................................................16 Comparability.......................................................................................16 Consistency..........................................................................................17 Accepting Financial Accounting Constraints.............................................18 Considering Your Ethical Responsibilities.................................................19 Following the accountant s code of conduct...................................20 Having integrity....................................................................................20 Maintaining objectivity.......................................................................21 Achieving independence.....................................................................21 Introducing the Conceptual Framework of Financial Accounting...........22 Chapter 2: Making Mom Proud: Financial Accounting Career Options...............................................23 The Making of a Financial Accountant........................................................23 Getting educated..................................................................................24 Aiming for an MBA or a CPA (or both!).............................................25 Identifying other helpful licenses......................................................26 Considering Your Employment Opportunities..........................................28 Public accounting: Working for yourself or a CPA firm..................29 Private accounting...............................................................................30 Nonprofit and governmental accounting..........................................31 Crystal Ball Time: Looking into the Future of Financial Accounting.............................................................................33 Examining the evolution of financial accounting.............................33 Factoring in the changing nature of business..................................34 Chapter 3: Introducing the Big Three Financial Statements........37 Gauging the Health of a Business through Its Financials.........................38 Reporting Assets and Claims: The Balance Sheet.....................................39 Realizing why the balance sheet is classified ...............................39 Studying the balance sheet components..........................................40 Seeing an example of a classified balance sheet..............................43 Posting Profit or Loss: The Income Statement...........................................43 Keeping a scorecard for business activity.......................................44 Studying the income statement components...................................45 Seeing an example of an income statement.....................................46 Showing the Money: The Statement of Cash Flows...................................47 Tracking sources and uses of cash....................................................47 Studying sections of the cash flow statement..................................48 Seeing a short statement of cash flows.............................................49 Chapter 4: Acronym Alert! Setting the Standards for Financial Accounting......................................51 Walking through the Origins of Number Crunching.................................52 Knowing the Role of the American Institute of Certified Public Accountants (AICPA).................................................................................53 ASB audit and attestation standards.................................................54 AICPA Code of Professional Conduct................................................55 Following Regulatory Issues.........................................................................57 The U.S. Securities and Exchange Commission (SEC)....................57 The Sarbanes-Oxley Act of 2002 (SOX).............................................58 The Public Company Accounting Oversight Board (PCAOB)........59 Getting to Know the Financial Accounting Standards Board (FASB).....60 Understanding generally accepted accounting principles (GAAP)............................................................................61 Looking online for the FASB s standards..........................................62 Part II: Reviewing Some Accounting Basics..................63 Chapter 5: Booking It: The Process behind Financial Accounting.........................................65 Shedding Some Light on Bookkeeping........................................................66 Analyzing the Effect of Business Transactions..........................................66 Working the fundamental accounting equation...............................67 Getting familiar with accounts...........................................................68 Defining debits and credits.................................................................70 Learning about the transaction methodology.................................70 Defining Journals...........................................................................................71 Using journals to record cash transactions.....................................71 Recording accrual transactions.........................................................75 Learning about other journals...........................................................77 Seeing examples of common journal entries....................................79 Bringing It All Together in the Ledger........................................................81 Realizing what a ledger is...................................................................81 Posting to the ledgers.........................................................................82 Viewing an example of a general ledger............................................82 Recognizing the purpose of the trial balance..................................85 Chapter 6: Focusing on Accounting Methods and Concepts........87 Distinguishing between Key Accounting Methods....................................88 The cash basis......................................................................................88 The accrual basis.................................................................................89 Sorting through Standards for Other Types of Accounting.....................90 Managerial accounting........................................................................90 Not-for-profit accounting....................................................................91 Governmental accounting...................................................................92 International accounting.....................................................................93 Considering the Conceptual Framework of Financial Accounting..........93 The objective of financial reporting..................................................94 Characteristics of accounting information.......................................95 Elements of the financial statements................................................95 Financial statement measurements...................................................96 Part III: Spending Quality Time With the Balance Sheet...............................................97 Chapter 7: Assessing the Balance Sheet s Asset Section..........99 Homing in on Historic Cost........................................................................100 Learning What Makes an Asset Current...................................................100 Cash.....................................................................................................100 Short-term investments....................................................................102 Accounts receivable..........................................................................103 Notes receivable................................................................................105 Inventory.............................................................................................105 Prepaid expenses...............................................................................107 Keeping Track of Noncurrent (Long-Term) Assets.................................107 Meeting the tangibles: Property, plant, and equipment (PP E).........................................................................108 Investigating intangible assets.........................................................110 Studying the Asset Section of the Balance Sheet....................................Ill Chapter 8: Digging for Debt in the Liabilities Section.............113 Seeing How Businesses Account for Liabilities.......................................114 Keeping Current Liabilities under Control...............................................115 Accounts payable..............................................................................116 Payroll and taxes................................................................................117 Unearned revenue..............................................................................119 Other short-term liabilities...............................................................120 Planning for Long-Term Obligations.........................................................122 Managing long-term debt..................................................................123 Anticipating contingent liabilities....................................................124 Accounting for Bond Issuances.................................................................125 Understanding bond basics..............................................................125 Accounting for bonds sold at face value........................................126 Addressing interest payments.........................................................126 Getting and amortizing a premium..................................................126 Reporting a bond discount...............................................................127 Retiring and converting bonds.........................................................128 Chapter 9: Letting Owners Know Where They Stand: The Equity Section...........................................129 Distinguishing Different Types of Business Entities...............................130 Sole proprietorship...........................................................................130 Partnership.........................................................................................131 Corporate............................................................................................132 Defining Paid-in Capital...............................................................................133 Recording Retained Earnings.....................................................................135 Spotting Reductions to Stockholders Equity..........................................135 Paying dividends................................................................................136 Buying treasury stock.......................................................................138 Learning about Stock Splits........................................................................138 Accounting for Accumulated Other Comprehensive Income................139 Seeing a Sample Equity Section of the Balance Sheet.............................139 Part IV: Investigating Income and Cash Flow............. Ibl Chapter 10: Searching for Profit or Loss on the Income Statement...........................................143 Presenting the Income Statement in One of Two Ways..........................144 Recognizing the single-step format.................................................144 Breaking it out with the multiple-step format................................145 Defining Different Types of Businesses....................................................146 Providing a service............................................................................146 Merchandising to the public............................................................146 Manufacturing a product..................................................................147 Examining Income Statement Sections.....................................................147 Two types of revenue........................................................................148 Contra revenue accounts..................................................................149 Cost of goods sold.............................................................................151 Gross profit.........................................................................................154 Operating expenses...........................................................................154 Heading toward the bottom line......................................................155 Earnings per share.............................................................................157 Watching Out for Unusual Income Statement Items...............................158 Discontinued operations...................................................................158 Extraordinary items...........................................................................159 Arriving at the Final Product......................................................................160 Chapter 11: Following the Money by Studying Cash Flow.........163 Understanding the Difference between Cash and Profit........................164 Seeing how noncash transactions affect profit..............................164 Distinguishing costs from expenses................................................165 Realizing the Purpose of the Statement of Cash Flows...........................165 Walking through the Cash Flow Sections.................................................167 Figuring cash operating results.......................................................167 Showing cash investing transactions..............................................170 Accounting for financing activities..................................................172 Recognizing Methods for Preparing the Statement of Cash Flows.......173 Using the direct method...................................................................174 Starting indirectly with net income.................................................174 Interpreting the Statement of Cash Flows................................................175 Looking at Two Sample Statements of Cash Flows.................................176 Chapter 12: Examining Depreciation Cost Flow Assumptions...........................................179 Discovering How Depreciation Affects All Financial Statements..........180 Mastering Costs...........................................................................................181 Defining costs and expenses in the business world......................181 Satisfying the matching principle....................................................182 Identifying product and period costs..............................................183 Learning which costs are depreciated............................................183 Distinguishing among Depreciation Methods..........................................185 Walking through the straight-line method.....................................187 Accelerating by using declining balance........................................187 Calculating sum-of-the-years -digits................................................188 Using the units-of-production method............................................188 Seeing how the methods compare..................................................189 Figuring partial year depreciation...................................................190 Preparing a Depreciation Schedule...........................................................190 Chapter 13: Learning about Inventory Cost Flow Assumptions.....193 Discovering How Inventory Valuation Affects the Financial Statements.........................................................................194 Do Service Companies Have Inventory?...................................................195 Classifying Inventory Types.......................................................................196 Accounting for merchandising company inventory......................196 Accounting for manufacturing company inventory......................198 Getting to Know Inventory Valuation Methods.......................................199 Specific identification........................................................................200 Weighted average..............................................................................200 First-in, first out (FIFO)......................................................................200 Last-in, first-out (LIFO)......................................................................201 Comparing inventory cost-flow assumptions................................201 Preparing an Inventory Worksheet...........................................................204 Part V: Analyzing the Financial Statements................205 Chapter 14: Using Ratios and Other Tools.......................207 Learning about Liquidity Measurements.................................................208 Figuring the current ratio.................................................................208 Putting the acid test to work............................................................209 Working with working capital..........................................................210 Measuring Profitability...............................................................................211 Explaining trend analysis..................................................................212 Focusing on return on investment...................................................213 Homing in on return on equity.........................................................214 Exploring Activity Measures......................................................................214 Accounts receivable turnover..........................................................215 Inventory turnover............................................................................216 Analyzing Financial Statements.................................................................216 Using horizontal analysis..................................................................217 Comparing with vertical analysis....................................................217 Using Common Size Financial Statements................................................218 Chapter 15: Got Your Dictionary Ready? Reading Explanatory Notes and Disclosures.......................................221 Realizing How Corporations Should Govern Themselves......................222 Identifying Corporate Characteristics......................................................222 Reviewing Common Explanatory Notes...................................................225 Leveling the playing field among financial statements.................225 Explaining significant accounting policies.....................................226 Looking for important event disclosures.......................................229 Putting the Onus on the Preparer.............................................................233 Chapter 16: Studying the Report to the Shareholders.............237 Why Private and Public Companies Treat Annual Reports Differently...................................................................................238 Fulfilling Three Purposes............................................................................239 Serving a marketing and PR function..............................................239 Stating financial performance and goals.........................................240 Meeting regulatory requirements....................................................240 Reading the Annual Report to Shareholders...........................................241 Meeting the chair of the board of directors...................................241 Highlighting key financial data.........................................................242 Touting company achievements......................................................244 Looking into the future......................................................................244 Getting to know key management and board members...............245 Walking through the Form 10-K.................................................................245 Facing page: Identifying the affected company..............................246 Part I: Learning more about the registrant.....................................246 Part II: Revealing the company s financial performance..............247 Part III: Identifying management and corporate governance.......250 Part IV: Exhibits, financial statement schedules, and signature..............................................................250 Part VI: Feeling Brave Tackling More Advanced Financial Accounting Topics.......................251 Chapter 17: Accounting for Business Combinations..............253 Explaining What Constitutes a Merger or Acquisition...........................254 Recognizing the Business Combination...................................................256 Before July 2001: The pooling of interest method.........................256 Through 2008: The purchase method.............................................257 Post 2008: The acquisition method.................................................257 Reviewing Issues Affecting Mergers and Acquisitions...........................259 Understanding contingent considerations.....................................260 Providing for golden parachute payments.....................................260 Realizing valuation for the business combination........................261 Accounting for acquisition-related costs........................................262 Identifying other issues.....................................................................262 Defining Investments in Equities...............................................................265 Using the fair value method.............................................................265 Putting the equity method in play...................................................266 Consolidating financial statements.................................................266 Classifying Types of Reorganization Dispositions..................................269 Chapter 18: Accounting for Income Taxes.......................271 Identifying Financial Income versus Taxable Income.............................272 Figuring out financial income...........................................................272 Taking a look at taxable income......................................................273 Explaining why the two incomes differ...........................................274 Taking Advantage of Net Operating Losses.............................................277 Identifying loss carrybacks...............................................................278 Understanding loss carryforwards..................................................278 Presenting a Side-by-Side Comparison of Book and Tax Calculations.......................................................................................279 Taking Deferred Tax Liabilities or Assets to the Balance Sheet............280 Chapter 19: Accounting for Leases.............................283 Reviewing Lease Basics..............................................................................283 Identifying leasing advantages.........................................................284 Introducing the lessor and lessee....................................................285 Accounting for the Lessee..........................................................................286 Looking at operating leases..............................................................286 Walking through capital leases........................................................287 Presenting a capital lease on the financial statements.................289 Accounting for the Lessor..........................................................................290 Operating leases................................................................................291 Direct financing leases......................................................................291 Sales-type leases................................................................................292 Chapter 20: Reporting Changes in Methods and the Correction of Errors.......................................293 Coping with Accounting Changes..............................................................293 Reporting changes in accounting principles..................................294 Changing a company s estimates.....................................................298 Understanding changes in reporting entities.................................300 Dealing with Errors......................................................................................301 Reviewing common types of errors.................................................301 Letting counterbalancing errors lie.................................................302 Restating the financial statements..................................................303 Part Vll: The Part of Tens..........................................305 Chapter 21: Ten Financial Accounting Shenanigans..............307 Reporting Revenue in the Wrong Period..................................................307 Reporting Fictitious Income.......................................................................308 Misclassifying Income Items......................................................................309 Failing to Record Liabilities........................................................................309 Reporting Liabilities in the Wrong Period................................................310 Inflating Asset Value....................................................................................311 Improperly Changing Accounting Methods.............................................312 Not Disclosing Related-Party Transactions..............................................312 Capitalizing Normal Operating Expenses.................................................313 Hiding Reportable Contingencies..............................................................313 Chapter 22: Ten Industries with Special Accounting Standards .. .315 Airlines..........................................................................................................315 Finance Companies.....................................................................................316 Franchisors...................................................................................................317 Oil and Gas Companies...............................................................................317 Government Contractors............................................................................318 Healthcare Entities......................................................................................318 Motion Picture Companies.........................................................................319 Not-for-Profit Organizations.......................................................................319 Real Estate Developers...............................................................................320 Computer Software......................................................................................320 Index......................................................................321
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