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1 Financial Accounting and Its Economic Context 2

PART 1 AN OVERVIEW OF FINANCIAL ACCOUNTING 2

1 FINANCIAL ACCOUNTING AND ITS ECONOMIC CONTEXT 2

PART 1 AN OVERVIEW OF FINANCIAL ACCOUNTING 2

Consumption and Investment 4

THE DEMAND FOR FINANCIAL INFORMATION: A USER S ORIENTATION 4

The Demand for Documentation 5

Where to Invest? 5

The Auditor s Report，the Management Letter，and the Financial Statements 6

Martin and the CPA：Different Perspectives 6

The Demand for an Independent Audit 6

The Financial Statements: Definitions and Preliminary Analysis 10

What Form of Investment: Debt or Equity? 12

A Decision Is Made but Important Questions Still Remain 13

Financial Accounting Information: More Than the Financial Statements 14

THE ENVIRONMENT OF FINANCIAL ACCOUNTING 14

Providers of Capital：Investors and Creditors 16

Companies (Managers) 16

Independent Auditors 17

Contracts 17

Legal Liability 18

Relationships Among the Capital Providers，Management，and the Independent Auditor 18

Ethics and Professional Reputation 20

ECONOMIC CONSEQUENCES: MANAGEMENT S PERSPECTIVE 21

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES 22

The Securities and Exchange Commission 22

ACCOUNTING STANDARD SETTING: A POLITICAL PROCESS 23

The Financial Accounting Standards Board 23

Reactions to Economic Consequences: Lobbying Accounting Numbers 24

INTERNATIONAL PERSPECTIVE: ACCOUNTING PRACTICES AND STANDARDS THROUGHOUT THE WORLD 25

British-American-Dutch Model 25

Continental Model 26

South American Model 26

Communist Model 26

International Accounting Standard Setting 26

Appendix 1A Three Other Kinds of Accounting 30

NOT-FOR-PROFIT ACCOUNTING 30

MANAGERIAL ACCOUNTING 30

TAX ACCOUNTING 30

COMPARING THE FOUR KINDS OF ACCOUNTING 31

The Role of the Accounting Profession 33

2 THE FINANCIAL STATEMENTS 37

2 The Financial Statements 37

BUSINESSES ARE LIKE FRUIT TREES 38

Three Activities of a Business 39

Businesses 39

Fruit Trees 39

THE CLASSIFIED BALANCE SHEET 40

A Photograph of Financial Condition 40

Balance Sheet Classifications 42

Assets 42

Liabilities 46

Stockholders Equity 47

THE INCOME STATEMENT 49

Revenues 49

Expenses 50

THE STATEMENT OF RETAINED EARNINGS 51

THE STATEMENT OF CASH FLOWS 52

Cash Flows From Operating Activities 52

Cash Flows From Financing Activities 54

Cash Flows From Investing Activities 54

RELATIONSHIPS AMONG THE FINANCIAL STATEMENTS 54

INTERNATIONAL PERSPECTIVE: FINANCIAL STATEMENTS AND ANALYSES IN OTHER COUNTRIES 56

3 Using Financial Statement Information 76

PART 2 USE，MEASUREMENT，AND MECHANICS OF FINANCIAL STATEMENTS 76

3 USING FINANCIAL STATEMENT INFORMATION 76

PART 2 USE，MEASUREMENT AND MECHANICS OF FINANCIAL STATEMENTS 76

PREDICTION AND CONTROL 77

Financial Accounting Numbers as Prediction Aids 77

Financial Accounting Numbers and Management Control 78

The Audit Report 79

ASSESSING EARNING POWER AND SOLVENCY 79

Significant Transactions 80

The Credit Rating 81

Analyzing the Financial Statements 82

Solvency Assessment 95

LIMITATIONS OF FINANCIAL ACCOUNTING INFORMATION 96

Management Biases 97

Inherent GAAP Limitations 99

INTERNATIONAL PERSPECTIVE: FINANCIAL STATEMENT ANALYSIS IN AN INTERNATIONAL SETTING 101

ANALYZING THE FINANCIAL STATEMENTS OF ALBERTSONS AND SAFEWAY 102

A Word of Caution 104

ASSUMPTIONS OF FINANCIAL ACCOUNTING 132

Economic Entity Assumption 132

4 THE MEASUREMENT FUNDAMENTALS OF FINANCIAL ACCOUNTING 132

4 The Measurement Fundamentals of Financial Accounting 132

Fiscal Period Assumption 133

Going Concern Assumption 134

Stable Dollar Assumption 134

VALUATIONS ON THE BALANCE SHEET 136

Four Alternative Valuation Bases 137

Valuation Bases Used on the Balance Sheet 138

THE PRINCIPLES OF FINANCIAL ACCOUNTING MEASUREMENT 140

The Principle of Objectivity 140

The Principles of Matching and Revenue Recognition 142

The Principle of Consistency 144

TWO EXCEPTIONS TO THE BASIC PRINCIPLES: MATERIALITY AND CONSERVATISM 146

Materiality 146

Conservatism 147

INTERNATIONAL PERSPECTIVE: AN EXTREME FORM OF CONSERVATISM THAT ENCOURAGES INCOME MANIPULATION 149

Appendix 4A The Time Value of Money 152

INTEREST: THE PRICE OF MONEY 152

TIME VALUE 153

Size of Time Value 153

Inflation 153

TIME VALUE COMPUTATIONS 154

Future Value 154

Present Value 158

An Illustration 159

PRESENT VALUE AND FINANCIAL ACCOUNTING 163

5 THE MECHANICS OF FINANCIAL ACCOUNTING 182

5 The Mechanics of Financial Accounting 182

ECONOMIC EVENTS 183

Relevant Events 183

Objectivity 183

THE FUNDAMENTAL ACCOUNTING EQUATION 184

Assets 184

Stockholders Equity 185

BUSINESS TRANSACTIONS，THE ACCOUNTING EQUATION，AND THE FINANCIAL STATEMENTS 185

Liabilities 185

Transactions and the Accounting Equation 186

The Accounting Equation and the Financial Statements 187

THE JOURNAL ENTRY 190

RECOGNIZING GAINS AND LOSSES 196

PERIODIC ADJUSTMENTS 197

Accruals 197

Cost Expirations 200

Revaluation Adjustments 206

FINANCIAL STATEMENT PRESENTATION IN A MULTINATIONAL ENVIRONMENT 207

Appendix 5A The Accounting Cycle: An Overview 215

The Journal 216

The Ledger 217

The Work Sheet 218

Preparation of the Financial Statements 224

A COMPREHENSIVE EXAMPLE OF THE ACCOUNTING CYCLE 226

Appendix 5B Mechanics: A User s Perspective 230

PART 3 ASSETS: A CLOSER LOOK 258

6 THE CURRENT ASSET CLASSIFICATION，CASH，AND ACCOUNTS RECEIVABLE 258

6 The Current Asset Classification，Cash，and Accounts Receivable 258

PART 3 ASSETS：A CLOSER LOOK 258

THE CURRENT ASSET CLASSIFICATION 259

The Relative Size of Current Assets Across Industries 260

Measures Using Current Assets: Working Capital，Current Ratio，and Quick Ratio 260

The Economic Consequences of Working Capital，the Current Ratio，and the Quick Ratio 262

Limitations of the Current Asset Classification 263

CASH 264

Restrictions on the Use of Cash 265

Proper Management of Cash 266

Control of Cash 267

ACCOUNTS RECEIVABLE 267

Importance of Accounts Receivable 268

Net Realizable Value: The Valuation Base for Accounts Receivable 269

Cash Discounts 270

Accounting for Uncollectibles (Bad Debts) 272

Accounting for Sales Returns 278

ACCOUNTS RECEIVABLE FROM A USER S PERSPECTIVE 278

When Should a Receivable Be Recorded? 278

Balance Sheet Valuation of Receivables 280

THE COLLECTION PERIOD FOR ACCOUNTS RECEIVABLE 281

Appendix 6A Short-Term Notes Receivable 286

ACCOUNTING FOR SHORT-TERM NOTES RECEIVABLE 286

Example: Housing Finance Company 287

Methods 1 and 2 Compared 288

Financial Institutions and Uncollectible Loans 288

Appendix 6B 289

Accounting for Receivables and Payables Expressed in Foreign Currencies 289

Exchange Rates Among Currencies 290

Receivables and Payables Held in Other Currencies 291

Hedging and the Economic Consequences of Fluctuating Exchange Rates 293

7 MERCHANDISE INYENTORY 311

7 Merchandise Inventory 311

THE RELATIVE SIZE OF INVENTORIES 312

ACCOUNTING FOR INVENTORY: FOUR IMPORTANT ISSUES 312

ACQUIRING INVENTORY: WHAT COSTS TO CAPITALIZE? 313

What Items or Units to Include? 314

Determining the Costs of Manufacturing Inventories 316

CARRYING INVENTORY: THE PERPETUAL OR PERIODIC METHOD? 317

Perpetual and Periodic Methods: Costs and Benefits 319

Errors in the Inventory Count 321

SELLING INVENTORY: WHICH COST FLOW ASSUMPTION? 322

Specific Identification 323

Three Inventory Cost Flow Assumptions: Averaging，FIFO，and LIFO 324

Inventory Cost Flow Assumptions：Effects on the Financial Statements 326

Inventory Cost Flow Assumptions: Effects on Federal Income Taxes 327

Choosing an Inventory Cost Flow Assumption: Trade-Offs 328

ENDING INVENTORY: APPLYING THE LOWER-OF-COST-OR-MARKET RULE 332

The Lower-of-Cost-or-Market Rule and Hidden Reserves 333

INTERNATIONAL PERSPECTIVE: JAPANESE BUSINESS AND INVENTORY ACCOUNTING 334

Appendix 7A 339

Determining Market Values for Inventories and Applying the Lower-of-Cost-or-Market Rule 339

8 INVESTMENTS IN EQUITY SECURITIES 355

8 Investments in Equity Securities 355

EQUITY SECURITIES CLASSIFIED AS CURRENT 356

The Intention to Convert: Another Area of Subjectivity 357

The Existence of a Ready Market 357

TRADING AND AVAILABLE-FOR-SALE SECURITIES 358

Declaration and Receipt of Cash Dividends 359

Purchasing Trading and Available-for-Sale Securities 359

Price Changes of Securities on Hand at the End of the Accounting Period 360

Sale of Securities 360

Discussion of Mark-to-Market Accounting 363

Reclassifications and Permanent Market Value Declines 363

Accounting for Long-Term Equity Investments 364

LONG-TERM EQUITY INVESTMENTS 364

The Cost Method 365

The Equity Method 366

Some Cautions to Financial Statement Users About the Equity Method 368

Business Acquisitions，Mergers，and Consolidated Financial Statements 369

The Equity Method or Consolidated Statements? 371

Accounting for Equity Investments: A Summary 372

GOODWILL ACCOUNTING: CONTROVERSY AND INTERNATIONAL IMPLICATIONS 374

Appendix 8A 379

Consolidated Financial Statements 379

Accounting for Business Acquisitions and Mergers: The Purchase Method 380

Preparing Consolidated Financial Statement for Multinational 391

Quality of Earnings Cases A Comprehensive Review 409

CASE 1: LIBERTY MANUFACTURING 409

CASE 2: MICROLINE CORPORATION 412

CASE 3: TECHNIC ENTERPRISES AND SONAR-SUN INC． 416

9 Long-Lived Assets 423

9 LONG-LIVED ASSETS 423

THE RELATIVE SIZE OF LONG-LIVED ASSETS 424

LONG-LIVED ASSET ACCOUNTING: GENERAL ISSUES AND FINANCIAL STATEMENT EFFECTS 425

AN OVERVIEW OF LONG-LIVED ASSET ACCOUNTING 428

ACQUISITION: WHAT COSTS TO CAPITALIZE? 428

The Acquisition of Land 429

Lump-Sum Purchases 429

Construction of Long-Lived Assets 430

POSTACQUISITION EXPENDITURES: BETTERMENTS OR MAINTENANCE? 431

COST ALLOCATION: AMORTIZING CAPITALIZED COSTS 432

Estimating the Useful Life and Salvage Value 432

Revising the Useful-Life Estimate 433

Cost Allocation (Depreciation) Methods 434

Cost Allocation Methods and the Matching Principle 440

How Does Management Choose an Acceptable Cost Allocation Method? 440

Depreciation Methods for Income Tax Purposes 441

DISPOSAL: RETIREMENTS，SALES，AND TRADE-INS 443

Retirement of Long-Lived Assets 443

Trade-Ins of Long-Lived Assets 444

Sale of Long-Lived Assets 444

INTERNATIONAL PERSPECTIVE: LONG-LIVED ASSETS AND CURRENT VALUES 446

Appendix 9A 450

Intangible Assets and Deferred Costs 450

COPYRIGHTS，PATENTS，AND TRADEMARKS 451

THE COSTS OF DEVELOPING COMPUTER SOFTWARE 451

GOODWILL 452

ORGANIZATIONAL COSTS 453

RESEARCH AND DEVELOPMENT COSTS 453

Appendix 9B 454

Accounting for Long-Lived Assets—A Review and Critique 454

PROBLEMS WITH HISTORICAL COST 454

PROBLEMS WITH COST ALLOCATION 455

MISCONCEPTIONS ABOUT COST ALLOCATION 455

PART 4 LIABILITIES AND STOCKHOLDERS EQUITY：A CLOSER LOOK 474

10 Introduction to Liabilities：Economic Consequences，Current Liabilities，and Contingencies 474

10 INTRODUCTION TO LIABILITIES: ECONOMIC CONSEQUENCES，CURRENT LIABILITIES，AND CONTINGENCIES 474

PART 4 LIABILITIES AND STOCKHOLDERS EQUITY: A CLOSER LOOK 475

WHAT IS A LIABILITY? 475

THE RELATIVE SIZE OF LIABILITIES ON THE BALANCE SHEET 475

REPORTING LIABILITIES ON THE BALANCE SHEET: ECONOMIC CONSEQUENCES 476

Stockholders and Investors 476

Creditors 477

Management 477

Auditors 478

CURRENT LIABILITIES 479

The Relative Size of Current Liabilities on the Balance Sheet 479

Valuing Current Liabilities on the Balance Sheet 480

Reporting Current Liabilities: An Economic Consequence 480

ACCOUNTING FOR CURRENT LIABILITIES 481

Determinable Current Liabilities 481

Contingent Liabilities: A Scenario 489

CONTINGENCIES AND CONTINENT LIABILITIES 489

Accounting for Contingencies 491

INTERNATIONAL PERSPECTIVE: EXECUTIVE COMPENSATION AND U．S．BUSINESS IN THE GLOBAL MARKETPLACE 495

Appendix 10A 501

Retirement Costs: Pensions and Postretirement Health Care and Insurance 501

PENSIONS 501

Defined-Contribution Plan 501

Defined-Benefit Plan 502

POSTRETIREMENT HEALTH CARE AND INSURANCE COSTS 504

Deferred Income Taxes 505

THE CONCEPT OF DEFERRED INCOME TAXES 505

Appendix 10B 505

ACCOUNTING ENTRIES FOR DEFERRED INCOME TAXES 506

DEFERRED INCOME TAXES: ADDITIONAL ISSUES 507

THE CONSERVATISM RATIO 509

11 Long-Term Liabilities: Notes，Bonds，and Leases 527

11 LONG-TERM LIABILITIES: NOTES，BONDS，AND LEASES 527

THE RELATIVE SIZE OF LONG-TERM LIABILITIES 528

THE ECONOMIC CONSEQUENCES OF REPORTING LONG-TERM LIABILITIES 530

BASIC DEFINITIONS AND DIFFERENT CONTRACTUAL FORMS 531

EFFECTIVE INTEREST RATE 532

Installment and Non-Interest-Bearing Obligations 532

Interest-Bearing Obligations 533

ACCOUNTING FOR LONG-TERM OBLIGATIONS: THE EFFECTIVE INTEREST METHOD 534

ACCOUNTING FOR LONG-TERM NOTES PAYABLE 535

Equipment Exchanged for a Non-Interest-Bearing Note 535

BONDS PAYABLE 537

Bond Terminology 537

The Price of a Bond 539

The Effective Rate and the Stated Rate 540

Accounting for Bonds Payable 541

The Effective Interest Method and Changing Interest Rates 546

Bond Redemptions 547

Financial Instruments and Off-Balance-Sheet Risks 548

LEASES 549

Operating Leases 550

Capital Leases 550

Operating Leases，Capital Leases，and Off Balance-Sheet Financing 552

INTERNATIONAL PERSPECTIVE: THE IMPORTANCE OF DEBT FINANCING IN OTHER COUNTRIES 554

Appendix 11A 559

Accounting for Long-Term Investments in Debt Securities 559

Long-Term Notes Receivable 559

Accounting for Long-Term Notes Receivable 560

Investments in Corporate Bonds 561

Accounting for Investments in Corporate Bonds 562

The Determination of Bond Prices 564

Appendix 11B 564

Determine the Effective (Actual)Rate of Return 565

Determine the Required Rate of Return 565

Compare the Effective Rate to the Required Rate 566

Factors Determining Bond Prices 566

12 Stockholders Equity 585

12 STOCKHOLDERS EQUITY 585

THE RELATIVE IMPORTANCE OF LIABILITIES，CONTRIBUTED CAPITAL，AND EARNED CAPITAL 586

Characteristics of Debt 587

DEBT AND EQUITY DISTINGUISHED 587

Characteristics of Equity 588

Why Is It Important to Distinguish Debt From Equity 588

THE ECONOMIC CONSEQUENCES ASSOCIATED WITH ACCOUNTING FOR STOCKHOLDERS EQUITY 591

ACCOUNTING FOR STOCKHOLDERS EQUITY 592

Preferred Stock 593

Common Stock 596

Treasury Stock 598

Stock Options 602

Retained Earnings 603

THE STATEMENT OF STOCKHOLDERS EQUITY 609

INTERNATIONAL PERSPECTIVE: THE RISE OF INTERNATIONAL EQUITY MARKETS 610

Appendix 12A 617

Forms of Business 617

THE CORPORATE FORM OF ORGANIZATION 617

Corporate Income Taxes 618

Stockholder Returns: Capital Appreciation and Dividends 618

Limited Liability 618

PROPRIETORSHIPS AND PARTNERSHIPS 619

Legal Liability of Partners: Unlimited 619

Income Taxes: Personal Rates and Unaffected by Withdrawals 619

Returns to Partners: Limited Markets but Relatively Free Withdrawals 620

CHOOSING A FORM OF BUSINESS: A SUMMARY 620

PART 5 INCOME AND FLOWS 642

13 The Complete Income Statement 642

13 THE COMPLETE INCOME STATEMENT 642

PART 5 INCOME AND FLOWS 642

THE ECONOMIC CONSEQUENCES ASSOCIATED WITH INCOME MEASUREMENT AND DISCLOSURE 643

THE MEASUREMENT OF INCOME: DIFFERENT MEASURES FOR DIFFERENT OBJECTIVES 644

Capital and Operating Transactions: A Framework 646

Classifying Operating Transactions 648

A COMPLETE INCOME STATEMENT DISCLOSURE AND PRESENTATION 649

(1)Operating Revenues and Expenses: Usual and Frequent 651

(2)Other Revenues and Expenses: Unusual or Infrequent 651

(3)Disposal of a Business Segment 652

(4)Extraordinary Items: Unusual and Infrequent 654

(5)Changes in Accounting Principles 654

EARNINGS-PER-SHARE DISCLOSURE 656

INTRAPERIOD TAX ALLOCATIOIN 658

INCOME STATEMENT CATEGORIES: USEFUL FOR DECISIONS BUT SUBJECTIVE 659

RETAINED EARNINGS AND PRIOR ADJUSTMENTS 661

INTERNATIONAL PERSPECTIVE: INVESTMENTS AND INCOME STATEMENT DISCLOSURE 661

14 THE STATEMENT OF CASH FLOWS 682

14 The Statement of Cash Flows 682

THE DEFINITON OF CASH 683

A GENERAL DESCRIPTION OF THE STATEMENT OF CASH FLOWS 684

Cash Provided (Used) by Operating Activities 685

Cash Provided (Used)by Investing Activities 686

Cash Provided (Used)by Financing Activities 686

HOW THE STATEMENT OF CASH FLOWS COMPLEMENTS THE INCOME STATEMENT AND BALANCE SHEET 688

HOW THE STATEMENT OF CASH FLOWS CAN BE USED 689

Analyzing the Statement of Cash Flows 689

The Importance of Cash From Operating Activities 690

The Importance of Significant Noncash Transactions 691

THE STATEMENT OF CASH FLOWS: ECONOMIC CONSEQUENCES 692

THE MECHANICS OF PREPARING THE STATEMENT OF CASH FLOWS 693

A Conceptual Description of the Statement of Cash Flows 693

Deriving Cash Flow From Accrual Financial Statements， 695

Cash Provided (Used)by Operating Activities， 696

Cash Provided (Used)by Investing Activities 701

Cash Provided (Used)by Financing Activities 702

THE COMPLETE STATEMENT OF CASH FLOWS 704

The Direct Method 704

The Indirect Method 704

The Direct and Indirect Methods: A Reconciliation 706

ANALYZING THE STATEMENT OF CASH FLOWS: AN APPLICATION 707

Explaining the Changes in the Cash Balance 707

Summarizing the Cash Effects of Operating Transactions 707

INTERNATIONAL PRESPECTIVE: THE STATEMENT OF CASH FLOWS 708

Summarizing the Cash Effect of Investing and Financing Transactions 708

Quality of Earnings Cases 734

A Comprehensive Review 734

CASE 1: AVERY CORPORATION 734

CASE 2: ZENITH SERVICES 739

CASE 3: PIERCE AND SNOWDEN 743

APPENDICES 753

A CONVERTING ACCRUAL NUMBERS TO CASH FLOWS: THE DIRECT AND INDIRECT FORMS OF PRESENTATION 753

APPENDICES 753

A Converting Accrual Numbers to Cash Flows：The Direct and Indirect Forms of Presentation 753

PRESENTING THE OPERATING SECTION OF THE STATEMENT OF CASH FLOWS: DIRECT AND INDIRECT METHODS 756

T-ACCOUNT ANALYSIS: ANOTHER METHOD TO CONVERT ACCRUAL NUMBERS TO CASH FLOWS 756

B FINANCIAL ACCOUNTING SIMULATION PROJECT 764

B Financial Accounting Simulation Project 764

C THE ANNUAL REPORT OF MCI CORPORATION 783

C The Annual Report of MCI Corporation 783