Financial Accounting: An Integrated Approach

Title
Copyright
Brief Contents
Contents
Preface
Guide to the text
Guide to the online resources
About the authors
Acknowledgements
CHAPTER 1 Introduction to financial accounting
Chapter Overview
1.1 Use and preparation of accounting
1.2 Financial accounting
1.3 Who uses financial accounting information?
1.4 The people involved in financial accounting
1.5 Accrual accounting
1.6 The key financial statements
1.7 Demands on the quality of financial accounting information
1.8 Financial statement assumptions
1.9 Is accounting really important?
CHAPTER 2 Measuring and evaluating financial position and financial performance
Chapter Overview
2.1 Introduction to the balance sheet
2.2 Explanations of the three balance sheet categories: assets, liabilities and equity
2.3 Some preliminary analysis of the Sound and Light balance sheet
2.4 A closer look at the balance sheet
2.5 Maintaining the accounting equation
2.6 Managers and the balance sheet
2.7 The income statement
2.8 Connecting balance sheets and income statements
2.9 A closer look at the income statement
2.10 Capital markets, managers and performance evaluation
APPENDIX TO CHAPTER 2: Background: sole traders, partnerships, companies and financing
A2.1 Four kinds of business organisation
A2.2 Business financing
CHAPTER 3 The double-entry system
Chapter Overview
3.1 Transaction analysis
3.2 Transaction analysis extended
3.3 Recording transactions: double-entry bookkeeping
3.4 More about accounts
3.5 More examples of how debits and credits work
3.6 Debits and credits extended
3.7 Arranging accounts on the balance sheet
3.8 More journal entries
3.9 Cash versus accrual accounting revisited
APPENDIX TO CHAPTER 3: A brief history of early accounting
A3.1 Mesopotamia to Rome: 4500 BC to AD 400
A3.2 The Middle Ages to the Renaissance: AD 400–1500
A3.3 Britain: 1500 to the early 1800s
A3.4 Financial accounting's recent history
CHAPTER 4 Record-keeping adjustments
Chapter Overview
4.1 The importance of good records
4.2 Financial accounting's transactional filter
4.3 Accounting's books' and records
4.4 An illustrative example
4.5 Electronic commerce
4.6 Managers, bookkeeping and control
CHAPTER 5 Accrual accounting
Chapter Overview
5.1 Conceptual foundation of accrual accounting
5.2 Accrual accounting adjustments
5.3 Multi-column worksheets
5.4 The financial period
5.5 Contra accounts
5.6 Illustrative example
5.7 Managers and accrual accounting assumptions
CHAPTER 6 Financial reporting principles, accounting standards and auditing
Chapter Overview
6.1 Accounting regulation in Australia1
6.2 International financial reporting standards
6.3 The importance of accounting standards and principles
6.4 Accounting principles and the use of accounting information
6.5 Framework for the preparation and presentation of financial statements
6.6 Assets and liabilities: valuation and measurement
6.7 The annual report and financial statements
6.8 The external auditor's report
6.9 The nature of a profession and professional ethics
6.10 Capital markets
6.11 Contracts and financial accounting information
6.12 Managers and financial accounting standards
CHAPTER 7 Internal control and cash
Chapter Overview
7.1 Internal control
7.2 Internal control of cash
7.3 Bank reconciliations
7.4 Performing a bank reconciliation from information in cash journals
7.5 Petty cash
7.6 Disclosure of internal control in annual reports
7.7 Managers and internal control
CHAPTER 8 Accounts receivable and further record-keeping
Chapter Overview
8.1 Receivables
8.2 Control accounts and contra accounts
8.3 Accounts receivable and contra accounts
8.4 Illustrative example
8.5 Trade discount and cash discount
8.6 Detailed recording using special journals, subsidiary ledgers and control accounts
8.7 Prime entry records: special journals
8.8 Subsidiary ledgers and control accounts
8.9 Operation of special journals and subsidiary ledgers
8.10 Role of general journal and general ledger
CHAPTER 9 Inventory
Chapter Overview
9.1 Inventory control
9.2 Accounting entries for perpetual and periodic inventory
9.3 Inventory valuation and cost of goods sold
9.4 More about inventory cost flow assumptions
9.5 An example: Meeix Ltd
9.6 Lower of cost and net realisable value rule
9.7 Retail inventory and standard costs
9.8 Disclosure of inventory accounting policies
9.9 Managers and the valuation of inventory
CHAPTER 10 Noncurrent assets
Chapter Overview
10.1 The cost of an asset: basic components
10.2 Depreciation of assets and depreciation expense
10.3 Depreciation bases and methods
10.4 Depreciation example
10.5 Gains and losses on noncurrent asset disposals
10.6 Asset revaluations
10.7 Asset impairment
10.8 Intangible assets
10.9 Goodwill
10.10 Finance leases
10.11 Managers and noncurrent assets
CHAPTER 11 Liabilities
Chapter Overview
11.1 What is a liability?
11.2 General measurement principles
11.3 Financial statement presentation of liabilities
11.4 Payables
11.5 Interest-bearing liabilities: short term
11.6 Interest-bearing liabilities: long term
11.7 Tax liabilities
11.8 Provisions
11.9 Contingent liabilities
11.10 'Off balance sheet' financing
11.11 Goods and services tax
APPENDIX TO CHAPTER 11: Future cash flows: present value analysis
A11.1 Future cash flows
A11.2 Interest and present value
CHAPTER 12 Investments and shareholders' equity
Chapter Overview
12.1 Intercorporate investments and corporate groups
12.2 Consolidations
12.3 Shareholders' equity
12.4 Share capital
12.5 Reserves
12.6 Retained profits and dividends
12.7 Bonus issues and share splits
12.8 Managers, investments and shareholders' equity
CHAPTER 13 Revenue and expense recognition: additional concepts
Chapter Overview
13.1 Revenues
13.2 Revenue recognition
13.3 The expenses concept: the Framework
13.4 Statement of profit or loss and other comprehensive income
13.5 Statement of changes in equity
13.6 'What if' (effects) analysis
13.7 Managers and the recognition of revenues and expenses
CHAPTER 14 The statement of cash flows
Chapter Overview
14.1 The purpose of cash flow analysis
14.2 Overview of the statement of cash flows
14.3 Preparation using the direct method
14.4 Interpreting a statement of cash flows (direct method)
14.5 Preparation using the indirect method
14.6 Interpreting a statement of cash flows (indirect method)
14.7 Cash flow and the manager
CHAPTER 15 Financial statement analysis
Chapter Overview
15.1 Investment and relative return
15.2 Introduction to financial statement analysis
15.3 Common size statements
15.4 Woolworths Limited: an example company
15.5 Financial statement ratio analysis
15.6 Integrative ratio analysis
15.7 Financial statement ratio analysis example
15.8 'What if' effects on ratios
15.9 Measuring a manager's performance
CHAPTER 16 Accounting policy choices
Chapter Overview
16.1 Introduction
16.2 Background to accounting policy choices
16.3 Inventory valuation and COGS: effects
16.4 Depreciation effects analysis
16.5 Intangibles effects analysis
16.6 Accounting policy disclosure
16.7 Accounting policy choices: management's objectives
CHAPTER 17 Sustainability reporting
Chapter Overview
17.1 What is sustainability reporting?
17.2 What is reported in sustainability reports?
17.3 Do stakeholders require more than financial reporting?
17.4 Why do organisations produce sustainability reports?
17.5 Criteria for sustainability reporting
17.6 Trends in sustainability reporting
17.7 Energy efficiency as an important example of sustainability
17.8 Integrated reporting
APPENDIX Woolworths Limited 2017 Annual Report
Glossary
Index