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① Foundations1

CHAPTER 1 Development of Accounting and Financial Reporting2

A Brief History of Accounting3

The Origin of Financial Reporting5

Uniform Accounting7

Impact of the Securities and Exchange Commission8

Structure for Establishing Generally Accepted Accounting Principles9

Brief History of the Development of the FASB10

The Accounting Principles Board11

Other Attempts at Formulating a Conceptual Framework11

Developments Leading to Establishing the FASB11

Dynamics of the Standard-Setting Process13

From Issue to Published Standard15

“House of GAAP”16

A Look at Financial Reporting in Japan18

Short History of the International Accounting Standards Board20

A Look to the Future22

CHAPTER 2 Review of the Accounting Cycle and Financial Reporting27

The Accounting Information System28

Concepts in Recording Transactions29

Accounts，Ledgers，and Journals30

The Accounting Equation31

T-Accounts and Normal Balances32

The Accounting Cycle32

Journalizing Transactions33

Posting to the General Ledger37

Preparing a Trial Balance38

Adjusting the Trial Balance（Adjusting Entries）39

Adjusted Trial Balance45

Closing Entries45

Preparing the Financial Statements48

Presentation of Financial Statements—An International Context62

Appendix A：Closing Entry Scheme for Changing the Inventory Balance under a Periodic Inventory System65

Appendix B：Worksheets66

Appendix C：Multi-Step Format—Published Financial Statement68

Appendix D：Financial Statements from Another Country69

Appendix E：Reversing Entries71

CHAPTER 3 Introduction to Financial Statement Analysis99

Uses of Financial Statement Analysis101

Basic Types of Analysis102

Trend and Cross-Sectional Analyses103

Common-Size Financial Statements104

Using Historical Information to Project Future Information106

Horizontal Analysis109

Ratio Analysis110

Returning to Zenith Corporation119

CHAPTER 4 The FASB’s Conceptual Framework134

The Financial Statement Reader and General-Purpose Financial Statements135

Objectives of Financial Reporting136

Accrual-and Cash-Based Financial Statements137

Qualitative Characteristics of Information139

Primary Qualities139

Secondary Qualities141

Cost-Benefit Constraint141

Materiality Constraint142

Traditional Assumptions of Accounting and Financial Reporting144

Financial Statement Elements145

Measurement Tools and Attributes147

Measurement Principles148

Historical Cost Principle149

Revenue Recognition Principle150

Matching Principle151

Present Value Principle153

Conservatism153

International Perspectives on Financial Reporting154

The International Accounting Standards Board154

Germany：A Code-Law Country155

②Applying the Conceptual Framework175

CHAPTER 5 Historical Cost Principle：Acquiring Assets176

The Theory of Measuring Assets at Acquisition177

Asset Classification178

Journal Entry178

Expenditures that Comprise Historical Cost178

Inventory179

Investments181

Property，Plant，and Equipment181

Capitalization of Interest184

Intangibles186

Patents，Copyrights，and Other Similar Intangible Assets186

Leasehold Improvements186

Organization Costs187

Development Stage Corporation187

Goodwill188

Research and Development（R＆D）190

General Observations on Measuring Intangible Assets191

Measuring Historical Cost192

Lump-Sum Purchase of Assets193

Assets Acquired through Noncash（i.e.，Nonmonetary） Transactions194

Appendix：Capitalization of Interest202

CHAPTER 6 Matching Principle：Recognizing Costs of Inventory as Expenses224

The Theory of Expensing the Cost of Inventory225

Matching Principle225

Cost-Flow Assumption226

Financial Reporting227

Goods Included in Inventory227

Inventory Control Procedures228

Cost-Flow Assumptions230

First-In，First-Out（FIFO）231

Last-In，First-Out（LIFO）233

Choosing between FIFO and LIFO235

Average Cost237

Specific Identification238

Dollar-Value LIFO238

The Concept and Procedures239

External and Internal Indexes241

Internal Accounting for Inventory Valuation242

Estimating Inventory243

Gross Profit Percentage Method243

Retail Method244

Effects of Errors in Inventory on Financial Statements249

Appendix A：LIFO Reserve251

Appendix B：Various Cost-Flow Assumptions under the Retail Method253

CHAPTER 7 Matching Principle：Immediate Recognition and Systematic and Rational Allocation274

The Theory of Expensing Costs，Including the Costs of Long-Lived Assets275

Immediate Recognition275

Systematic and Rational Allocation277

Applying the “Immediate Recognition” Aspect279

Expenditures to Maintain or Increase the Value of Long-Lived Tangible Assets279

Expenditures to Protect Intangible Assets282

International Accounting Standards283

Applying the “Systematic and Rational”Aspect—Depreciation283

Methods of Depreciation284

Straight-Line Depreciation Method284

Evaluating Depreciation Methods289

Depreciation for Partial Years290

International Accounting Standards292

Applying the “Systematic and Rational”Criteria—Amortization293

Goodwill294

International Accounting Standards295

Financial Reporting295

Change in Accounting Estimate295

Disposal of Long-Live Assets296

Disposal by Sale296

Disposal by Other than Sale297

Effects of Errors298

Appendix A：Group/Composite Depreciation Method303

Appendix B：Depletion of Natural Resources305

CHAPTER 8 Revenue Recognition Principle326

The Theory of When Revenue Should Be Recognized327

General Rule—Point of Sale（or Time of Service）329

Managing Earnings through Overstating Revenue331

Sales with Buy-Back Agreements333

Sales with the Right of Return333

Recognizing Revenue Before Sale—When Production Is Complete334

Recognizing Revenue Before Sale—Percentage-of-Completion336

Procedures for Computing Income or Loss337

Financial Reporting340

The Point-of-Sale Method for Long-Term Contracts-Completed-Contract Method341

Recognizing Revenue After the Point of Sale—Installment-Sales Method342

General Procedures for Recognizing Income/Loss342

Financial Reporting343

Repossessions346

Recognizing Revenue After the Point of Sale—Cost Recovery Method347

Investment Revenue347

Appendix A：Other Times to Recognize Revenue350

Appendix B：Consignment Sales351

Appendix C：Franchise Fees352

Appendix D：Interest on Installment Sales354

CHAPTER 9 Reporting Income：Classifications and EPS372

The Theory of Measuring and Reporting Income374

Economic Approach to Defining and Measuring Income375

Transactions Approach to Defining and Measuring Income375

U.S.GAAP Requirements for Reporting Income377

Continuing Operations378

Discontinued Operations380

Extraordinary Items385

International Practices386

Change in Accounting Principle387

Computing Diluted Earnings per Share392

Review of Basic EPS Procedures393

Computing Diluted EPS395

Appendix：Solution to Diluted EPS Example404

CHAPTER 10 Financial Reporting for Assets430

Theory of Reporting Assets431

Cash and Cash Equivalents434

Receivables435

Financial Reporting436

Determining Net Realizable Value436

Writing Off an Uncollectible Account Receivable—Allowance Method440

Collecting Accounts Receivable that Previously Were Written Off441

Using Accounts Receivable as a Means of Financing442

Pledging（or Assigning） Accounts Receivable442

Factoring Receivables without Recourse443

Factoring Receivables with Recourse444

Inventories447

Lower-of-Cost-or-Market Procedures448

Applying LCM Procedures451

Reasons for Using a Ceiling and Floor452

Criticisms of the LCM Rule452

Long-Lived Assets454

Long-Lived Assets to Be Sold454

Long-Lived Assets Being Held for Use456

Goodwill and Other Intangible Assets with Indeterminate Lives458

Financial Reporting459

Non-U.S.GAAP Financial Reporting Practices460

Appendix：Discounting Notes Receivable463

CHAPTER 11 Present Value：Measuring Long-Term Liabilities490

The Theory of Discounting Cash Flows491

Review of Time Value of Money Concepts that Apply to Long-Term Liabilities493

Review of Basic Terminology493

Review of Basic Procedures494

Bonds Payable496

Issuing Bonds497

Determining Interest Amounts and Accounting for the Premium/Discount500

Effective-Interest Amortization501

Straight-Line Amortization503

Bond Issue Costs507

Retiring Bonds508

Long-Term Notes511

Notes Issued Solely for Cash512

Notes Issued for Cash and Other Considerations514

Notes Exchanged for Property，Goods，or Services515

Creditor’s Accounting for Long-Term Notes517

International Accounting Standards517

Appendix A：Future Amount/Present Value Tables519

Appendix B：Preparing an Electronic Spreadsheet Amortization Table Using Excel529

CHAPTER 12 Financial Reporting for Liabilities545

Theory—Existence of Liabilities546

Off-Balance-Sheet Financing547

Loss Contingencies549

Gain Contingencies555

Theory—Valuation of Liabilities556

Compensated Absences557

Warranties559

Theory—Classification of Liabilities560

Liabilities Expected to Be Refinanced560

Using Amortization Tables to Classify Debt562

General Comments Regarding Financial Reporting564

International Accounting Standards564

Accounting for Contingencies under German GAAP565

Appendix：Troubled Debt Restructuring569

CHAPTER 13 Legal Capital and Basic Stockholders’ Equity Transactions599

History and Theory600

Legal Capital601

Other Notions Governing the Accounting for Stockholders’ Equity Transactions602

Additional Paid-In Capital603

Rights and Characteristics of Capital Stock604

Financial Instruments with Debt and Equity Characteristics605

Issuing Stock606

Issuing Stock at Incorporation607

Issuing Stock Subsequent to Incorporation609

Issuing Stock at Less than Par Value609

Costs of Issuing Stock610

Subscribing Stock610

Selling Several Securities as a Unit612

Treasury Stock Transactions—Cost Method614

Retiring Stock616

Dividends617

Important Dates Connected with Dividends618

Accounting for Cash Dividends619

Order of Dividend Payments620

Appropriate Retained Earnings622

Preparing the Stockholder’s Equity Section of the Balance Sheet623

International Practices for Stockholders’Equity Transactions624

Classification of Treasury Stock624

Recognizing Dividends as a Liability624

Legal Reserves（Compare to Par Value Concept）625

International Accounting Standards625

Appendix：Treasury Stock Transactions—Par Value Method627

CHAPTER 14 More Transactions with and Reports to Owners644

Accounting for Securities with Some Equity Characteristics646

Convertible Debt646

Conversion Feature Inseparable from the Debt647

Induced Conversions649

Debt Issued with Detachable Stock Warrants（i.e.，Rights）650

Stock Warrants651

Stock Warrants in Connection with the Preemptive Right651

Stock Options653

Stock Options vs.Restricted Stock662

More on Dividends and Stock Splits664

Property Dividends664

Liquidating Dividends665

Scrip Dividends665

Stock Dividends665

Stock Split Effected in the Form of a Dividend（Large Stock Dividend）666

Stock Splits667

Summary of Stock Dividends and Stock Splits668

Statement of Changes in Stockholders’ Equity669

Reporting to Owners669

Prior-Period Adjustments672

Appendix A：Significant Events Leading to SFAS No.123675

Appendix B：Excel Spreadsheet Formulas for the Black-Scholes Option Pricing Model676

CHAPTER 15 Financial Reporting for Marketable Securities and Comprehensive Income694

Marketable Securities—Significant Influence not Achieved695

Trading Securities Portfolio696

Held-to-Maturity Securities699

Available-for-Sale Securities701

Permanent Decline in Value704

Financial Reporting704

Summary of Key Points704

Transferring Marketable Securities between Portfolios705

Other Comprehensive Income and Comprehensive Income708

Alternate Reporting Formats709

Reclassification Adjustments710

Equity Method of Accounting—Significant Influence Achieved713

The Theory of the Equity Method714

Accounting for Basic Transactions under the Equity Method715

Intricacies to the Equity Method715

Summary of the Equity Method720

CHAPTER 16 Statement of Cash Flows734

Objective of the Statement of Cash Flows736

Focus on Cash and Cash Equivalents737

Reconciliation737

Categories on the Statement737

Significant Noncash Transactions740

Steps in Preparing the Statement of Cash Flows740

Preparing the Operating Activities Section—The Indirect Method741

Adjustments for Noncash Transactions on the Income Statement741

Adjustments that Affect Cash in a Different Period742

The Direct Method748

Preparing the Investing and Financing Activities Sections750

Intangible Assets754

Property，Plant，and Equipment，Including Accumulated Depreciation755

Investments756

Stockholders’ Equity757

Liabilities758

Preparing and Interpreting the Statement of Cash Flows759

Other Issues in Preparing the Statement of Cash Flows762

Reporting Extraordinary Items，Etc.762

Bad Debts Expense and the Allowance for Doubtful Accounts763

Bond Premiums and Discounts764

Preparing a Worksheet765

International Comparative Practices767

International Accounting Standards769

Appendix：Direct Method—Red Rock Candy Mountain Company771

③Special Reporting Issues799

CHAPTER 17 Accounting for Leases800

History and Theory of Leasing801

Criteria and Terminology802

Operating Leases804

Capital Leases for the Lessee805

Applying the Capital Lease Criteria806

Initial Recording of a Capital Lease807

Subsequent Accounting for the Asset807

Subsequent Accounting for the Liability807

Financial Reporting of a Capital Lease808

Example Problem：Capital Lease—Lessee810

Capital Leases for the Lessor—Direct Financing810

Initial Recording of a Direct Financing Capital Lease810

Subsequent Accounting for a Direct Financing Capital Lease811

Financial Reporting for a Direct Financing Capital Lease811

Capital Leases for the Lessor—Sales-Type811

Initial Recording for a Sales-Type Capital Lease812

Subsequent Accounting for a Sales-Type Capital Lease812

Financial Reporting for a Sales-Type Capital Lease812

Capital Leases with Guaranteed Residual Values814

Initial Recording of a Capital Lease with a Guaranteed Residual Value815

Subsequent Accounting for a Capital Lease with Guaranteed Residual Value816

Settling a Capital Lease with a Guaranteed Residual Value817

Leases with Unguaranteed Residual Values818

Initial Recording of a Capital Lease with an Unguaranteed Residual Value819

Subsequent Accounting for a Capital Lease with Unguaranteed Residual Value819

Leases with a Bargain Purchase Option820

Initial Direct Costs823

Treating an Operating Lease as a Capital Lease825

International Accounting Standards827

Comprehensive Example Problem828

Appendix A：Solutions to Example Problems829

Appendix B：Sale-Leasebacks833

CHAPTER 18 Accounting for Pensions854

Theory and Definitions855

Accounting and Reporting for Defined Contribution Plans856

Accounting and Reporting for Defined Benefit Plans857

Component 1 of Pension Expense：Service Cost858

Components 2 and 3 of Pension Expense：Interest Cost and Return on Plan Assets860

Component 4 of Pension Expense：Amortization of Prior Service Costs862

Funding Requirements and Journal Entries865

Component 5 of Pension Expense：Amortization of Unrecognized Gains and Losses866

Reinforcing Illustration869

Analysis of the Prepaid/Accrued Cost Account with Pension Worksheet869

Minimum Liability870

International Accounting Standards872

Appendix A：Pension Expense for Jared and Castro ＆ Co.Example875

Appendix B：Liabilities for Postretire-ment Benefits878

CHAPTER 19 Accounting for Income Taxes892

Theory—Reconciling Net Income with Taxable Income893

Defining Permanent and Temporary Differences894

Deferred Tax Assets and Deferred Tax Liabilities896

Example #1—Basic Procedures898

Example #2—Beginning Balance in Deferred Tax Accounts and Changes in Tax Rates902

Example #3—Comprehensive Practice Problem907

Valuation Allowance908

Financial Reporting909

Net Operating Loss Carrybacks/Carryforwards911

International Financial Reporting Practices913

Tax Effects of Changes in Accounting Principles914

Appendix A：Solution to Comprehensive Practice Problem917

Appendix B：Intraperiod Tax Allocation919

CHAPTER 20 Foreign Currency Transactions940

Introduction941

Foreign Exchange944

Exchange Rate Arrangements946

Determinants of Exchange Rates948

European Monetary Union（EMU）950

Accounting for Foreign Exchange Transactions951

Foreign Exchange Transaction—Cash Basis952

Foreign Exchange Transaction—Credit Sale953

Using Forward Contracts to Eliminate Foreign Currency Risk954

Accounting for Forward Contracts957

Speculation in Derivatives960

CHAPTER 21 Foreign Currency Hedge Accounting973

The Use of Foreign Contracts as Foreign Currency Hedging Instruments974

Foreign Currency Firm Commitments975

Foreign Currency Forecasted Transactions979

Foreign-Currency-Denominated Securities982

The Use of Options to Hedge Foreign Currency Transactions988

Assessment of Hedge Effectiveness990

Separating an Option’s Market Value into Time Value and Intrinsic Value Components991

Accounting for Foreign Currency Options991

Natural Hedges997

International Accounting Standards997

Foreign Currency Transactions997

Hedging Foreign Currency Transactions998

GLOSSARY1013

COMPANY INDEX1029

SUBJECT INDEX1033