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Financial Accounting and Reporting

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Especially designed to present financial accounting in a one-sequence course in 2-year or 4-year college, this book can also effectively be used in a graduate-level financial accounting course for MBA students. Now available in eBook format - download to your computer instantly.
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The textbook, Financial Accounting and Reporting, by Murphy Smith, Katherine Taken Smith and Shannon Knight Deer, is especially designed to present financial accounting in a one-sequence course in 2-year or 4-year colleges. The book can also effectively be used in a graduate-level financial accounting course for MBA students, who are from non-business major backgrounds.

The text presents the fundamentals of financial accounting using a unique cross-functional approach that demonstrates the relevance of accounting information to the various business functional areas (e.g., marketing, finance, and production). This approach motivates learning by both preparers and users of accounting information.

Accounting majors will appreciate how accounting information contributes to the success of the firm and the decision-making of every member of the management team. Non-accounting majors will understand how accounting information contributes to their future job performance. Cross-functional applications are interwoven into the presentation of accounting fundamentals in each chapter. In addition, the book contains contemporary accounting issues related to ethics, information technology, and global commerce. The textbook features a chapter, as well as observations throughout the book, on International Financial Reporting Standards (IFRS) and how they differ from U.S. generally accepted accounting principles (GAAP).

The textbook covers the key topics in financial accounting like most books in this field. The significant difference is the book’s cross-functional perspective that engages students by showing them how they will use financial accounting in their careers. The book is also unique in its integration of accounting ethics, global commerce, and technology.

The textbook includes a CD-ROM containing ancillary materials such as a Solution Manual, Test Bank, Study Guide (including chapter summaries and sample questions and problems), Working Papers in Excel, and Power Point Slides.

The Financial Accounting and Reporting is now available in an eBook format which you can download to your computer instantly.

Contents:

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Financial Accounting and Reporting

Topics and Content


  • Chapter 1: The Accounting Information System
    • Applications to people within and outside the firm
    • Accounting and you
    • The Accounting Information System
    • Forms of businesses
    • Accounting standard-setting
    • Accounting concepts
    • Concluding remarks
    • Chapter review
    • Glossary
    • Chapter assignments
    • Test prepper
  • Chapter 2: The Financial Statements
    • Applications to people within and outside the firm
    • Financial accounting reports: The four financial statements
    • Relationship among financial statements
    • A case study: Financial statements of Apple Inc.
    • Concluding remarks
    • Chapter review
    • Glossary
    • Appendix: Using spreadsheets for financial statement preparation and analysis
    • Chapter assignments
    • Test prepper
  • Chapter 3: Accounting Transaction Processing
    • Applications to people within and outside the firm
    • Part I: Recording Business Transactions
    • Evaluating a business transaction
    • Relationships among accounts
    • Basic transactions
    • Part II: Double-Entry Accounting
    • Debits, credits, and the T account
    • Recording general journal entries
    • Posting to the general ledger
    • Creating a trial balance
    • Concluding remarks
    • Chapter review
    • Glossary
    • Appendix: A case study of double-entry accounting
    • Chapter assignments
    • Test prepper
  • Chapter 4: Measuring Profitability and Financial Position on the Financial Statements
    • Applications to people within and outside the firm
    • Part I: Accounting for the Business Cycle, Adjustments, and Closing the Books
    • The business cycle
    • The accounting process
    • Accrual basis accounting
    • Adjusting journal entries
    • Preparing the adjusted trial balance
    • Preparing closing journal entries
    • Part II: Financial Reporting and Ethics
    • Preparing the financial statements
    • Financial statement format
    • Ethical issues pertaining to accrual accounting
    • Concluding remarks
    • Glossary
    • Appendix: Computerized processing of accounting information
    • Chapter assignments
    • Test prepper
  • Chapter 5: Cash, Internal Control, and Ethics
    • Applications to people within and outside the firm
    • Cash and cash equivalents
    • Internal control over cash
    • Components of internal control structure
    • Auditing the financial statements
    • Making ethical decisions
    • Concluding remarks
    • Chapter review
    • Glossary
    • Appendix: E-business and E-risk
    • Chapter assignments
    • Test prepper
  • Chapter 6: Accounts and Notes Receivable
    • Applications to people within and outside the firm
    • Types of receivables
    • Accounts receivable
    • Uncollectible accounts receivable
    • Notes receivable
    • Managing receivables and cash
    • Analyzing liquidity and receivables
    • Concluding remarks
    • Chapter review
    • Glossary
    • Appendix: Short-Term Investments (Marketable Securities)
    • Chapter assignments
    • Test prepper
  • Chapter 7: Accounting for the Merchandising Firm
    • Applications to people within and outside the firm
    • What is inventory?
    • Cost of goods sold
    • Inventory costing methods
    • Periodic versus perpetual systems
    • Evaluating inventory
    • Application of accounting concepts
    • International Issues
    • Concluding remarks
    • Chapter review
    • Glossary
    • Chapter assignments
    • Test prepper
  • Chapter 8: Plant Assets, Intangibles, and Long-Term Investments
    • Applications to people within and outside the firm
    • Cross-functional issues regarding asset purchases
    • Cost of plant assets
    • Depreciating plant assets
    • Disposal of depreciable plant assets
    • Natural resources and depletion
    • Intangible assets and amortization
    • Long-term investments
    • Concluding remarks
    • Chapter review
    • Glossary
    • Appendix: Accounting for long-term investments
    • Chapter assignments
    • Test prepper
  • Chapter 9: Liabilities
    • Applications to people within and outside the firm
    • Current liabilities
    • Long-term liabilities
    • Raising capital: stocks versus bonds
    • Evaluating the level of debt
    • Lease liabilities
    • Pensions and post-retirement benefits
    • Concluding remarks
    • Chapter review
    • Glossary
    • Chapter assignments
    • Test prepper
  • Chapter 10: Accounting for the Corporation
    • Applications to people within and outside the firm
    • Characteristics of the corporate form of business
    • Common stock
    • Preferred stock
    • Stock dividends and stock splits
    • Stock option
    • Treasury stock
    • Concluding remarks
    • Chapter review
    • Glossary
    • Chapter assignments
    • Test prepper
  • Chapter 11: More About the Income Statement and Statement of Stockholders’ Equity
    • Applications to people within and outside the firm
    • Corporate income statement
    • Statement of stockholders’ equity
    • Ethical & legal responsibility for the financial statements
    • Concluding remarks
    • Chapter review
    • Glossary
    • Chapter assignments
    • Test prepper
  • Chapter 12: The Statement of Cash Flows
    • Applications to people within and outside the firm
    • The importance of cash flows
    • Preparing the statement of cash flows
    • Making decisions based on the statement of cash flows
    • Concluding remarks
    • Chapter review
    • Glossary
    • Appendix: Direct method for preparing the statement of cash flows
    • Chapter assignments
    • Test prepper
  • Chapter 13: Financial Statement Analysis
    • Applications to people within and outside the firm
    • Analyzing financial performance
    • Financial ratios
    • Vertical analysis
    • Horizontal analysis
    • Trend analysis
    • Comparative Analysis
    • Concluding remarks
    • Chapter review
    • Glossary
    • Chapter assignments
    • Test prepper
  • Chapter 14: Accounting for Global Commerce
    • Applications to people within and outside the firm
    • Accounting for global commerce
    • International financial reporting standards
    • International standards on auditing
    • Restating foreign subsidiary financial statements
    • Working in a different culture
    • Concluding remarks
    • Chapter review
    • Glossary
    • Chapter assignments
    • Test prepper

About the Author(s):

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  • Dr. L. Murphy Smith, CPA, is the David and Ashley Dill Distinguished Professor of Accounting at Murray State University. Dr. Smith's academic record includes numerous professional journal articles, research grants, books, and professional meeting presentations in the U.S. and abroad. His work has been cited in various news media, including Fortune, USA Today, and The Wall Street Journal. He has received numerous teaching and research awards, including the Outstanding Educator Award from the Texas Society of CPAs and Outstanding Researcher Award from the American Accounting Association Strategic and Emerging Technologies Section. He ranks in the top one percent of authors on Social Sciences Research Network (SSRN.com) by downloaded articles. During his career, he has held a number of leadership positions in academic and professional organizations, such as American Accounting Association Professionalism & Ethics Committee and Institute of Internal Auditors Academic Relations Committee.


  • Dr. Katherine T. Smith is a business professor at Murray State University. Previously, she taught at Texas A&M University, University of Mississippi, and Louisiana Tech University. She has been recognized for both outstanding teaching and outstanding research. Her research has appeared in major academic journals. Her work is widely recognized; she is in the top 5 percent of authors on Social Sciences Research Network, based on downloaded articles. She serves on six journal editorial boards. She has co-authored several books. In addition, she has made numerous presentations at professional meetings in the U.S. and abroad. In 2010 she received the Outstanding Educator Award from the Academy of Educational Leadership.


  • Shannon Knight Deer, CPA, is the Assistant Department Head in the Accounting Department at Texas A&M University. She gained experience in public accounting prior to entering academia. She teaches financial reporting at the principles and intermediate levels and stays abreast of emerging issues through consulting work and teaching a CPA review course. Her accomplishments include departmental and university level teaching awards.

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