Finance and Accounting for Nonfinancial Managers with CD 2011 / Edition 4

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More About This Textbook

Overview

This book is an introduction to the world of financial management. The focus is to familiarize the nonfinancial manager with the important concepts and vocabulary involved with accounting and finance so that the business leader can develop an ability to ask the right questions, understand the response, and understand the finance and accounting tools that are used in business planning, reporting and strategizing.

All business managers, who are not financial experts, will benefit from the information in this book. This includes all engineers, marketing and sales personnel, and others who have moved up within their firm to the point at which they need more financial information to understand the financial picture, and move the business forward.

This fourth edition has changed substantially including many general updates, new and expanded chapters, a discussion of international accounting standards that may soon have a major impact on accounting in the United States, and a major restructuring of the order in which the material in the book is presented.

Prior editions of this work have been well received in the professional and academic market. It has been included in business CD collections, and is the basis for an on-line course in accounting and finance. It has been adopted by colleges and universities and has been the basis for a number of executive programs as well. It has also been valuable to a large number of individuals who comment on the value it brought to their business.

This edition includes Microsoft Excel templates that allow the reader to apply many of the concepts and techniques discussed. Instructors will be pleased with the addition of Questions for Review at the end of each chapter. The solutions to these questions and a set of power point slides are on the Instructor's Guide CD.

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Product Details

  • ISBN-13: 9780808025764
  • Publisher: Toolkit Media Group
  • Publication date: 4/25/2011
  • Edition description: New Edition
  • Edition number: 4
  • Pages: 400
  • Sales rank: 388,136
  • Product dimensions: 6.00 (w) x 8.90 (h) x 0.90 (d)

Table of Contents

Preface xiii

List of Excel Templates xvii

Chapter 1 An Introduction to Financial Management 1

What Is Financial Management? 1

The Goals of Financial Management 2

Key Terms 6

Questions for Review 7

Chapter 2 Excel Basics 9

Spreadsheets 9

What Are the Reasons We Use Electronic Spreadsheets 9

Getting Started with Excel 11

Alternative Ways to Do Computations 14

Setting up the Spreadsheet 17

Automatic Computation Updates 23

Copying Cells 26

Summary 27

Key Terms 27

Questions for Review 28

Additional Resources 28

Chapter 3 Accounting Concepts 29

Basics 29

Assets 30

Liabilities 31

Owners' Equity 31

The Accounting Equation 31

Key Terms 32

Questions for Review 32

Chapter 4 An Introduction to the Key Financial Statements 33

The Balance Sheet 33

The Income Statement 35

The Statement of Cash Flows 36

Cash Versus Accrual Accounting 37

Key Terms 39

Questions for Review 39

Chapter 5 Where Does the Organization's Money Come From? Capital Structure 41

Proprietorships and Partnerships 41

Not-for-Profit Organizations 41

For-Profit Corporations 42

Getting Capital 46

Key Terms 48

Questions for Review 49

Chapter 6 Strategic Planning and Budgeting 51

Definition and Role of Budgets 51

Strategic Plan 51

Long-Range Plan 52

Annual Budgets 53

Budget Preparation 54

Flexible Budgeting 60

The Cash Budget 61

Zero-Based Budgeting 62

Key Terms 63

Questions for Review 64

Chapter 7 Business Plans 65

Why Develop a Business Plan? 65

Questions that Drive a Business Plan 65

The Planning Process 66

The Elements of a Business Plan 67

How a Business Plan Is Read 75

A Successful Business Plan 76

Key Terms 76

Questions for Review 77

Chapter 8 Cost Accounting 79

Average vs. Marginal Costs 79

Cost vs. Expense: The Inventory Process 81

Period Costs vs. Product Costs 82

Cost Systems: Process, Job-Order, and Standard Costs 83

Cost Allocation 84

Key Terms 89

Questions for Review 90

Chapter 9 Leverage 91

Financial Leverage 91

Operating Leverage 93

Key Terms 96

Questions for Review 97

Chapter 10 Dealing with Uncertainty 99

The Expected Value Technique 99

Network Cost Budgeting 103

Key Terms 108

Questions for Review 109

Chapter 11 Capital Budgeting 111

Investment Opportunities 111

Data Generation 112

The Payback Method 112

The Time Value of Money 114

The Net Present Value (NPV) Method 121

The Internal Rate of Return Method (ERR) 124

Project Ranking 125

Summary 126

Key Terms 126

Questions for Review 127

Chapter 12 Earned Value Management 129

Quantifying Planned Value (PV) and Earned Value (EV) 130

The Method 134

Limitation of EVM 136

Benefits of EVM 136

Key Terms 137

Questions for Review 137

Chapter 13 Depreciation: Having Your Cake and Eating It Too! 139

Amortization 139

Asset Valuation for Depreciation 140

Straight-Line vs. Accelerated Depreciation 143

Comparison of the Depreciation Methods 143

Modified Accelerated Cost Recovery System (MACRS) 146

Depreciation and Deferred Taxes: Accounting Magic 146

Key Terms 147

Questions for Review 148

Chapter 14 Long-Term Financing 149

Long-Term Notes 149

Mortgages 149

Bonds 152

Leases 155

Key Terms 158

Questions for Review 159

Chapter 15 Working Capital Management and Banking Relationships 161

Working Capital Management 161

Short-Term Resources 161

Short-Term Obligations 169

Banking Relationships 173

Key Terms 175

Questions for Review 176

Chapter 16 Inventory Costing: The Accountant's World of Make Believe 179

The Inventory Equation 179

Periodic vs. Perpetual Inventory Methods 179

The Problem of Inflation 181

Cash-Flow Assumptions 182

Comparisons of the LIFO and FIFO Cost-Flow Assumptions 183

LIFO and IFRS 185

Key Terms 186

Questions for Review 186

Chapter 17 Variance Analysis: Using Budgets for Control 187

Understanding Why Variances Occurred 187

Static Budgets 189

Flexible Budgeting 191

Key Terms 194

Questions for Review 194

APPENDIX-Computing Variances 195

Chapter 18 Fraud 197

What is Fraud? 197

Business Fraud 198

Why Does Fraud Happen? 199

Preventing Fraud by Focusing on Ethics 200

Preventing Fraud through Legislation 201

Using Control Systems to Prevent Fraud 203

Key Terms 207

Questions for Review 208

Chapter 19 The Role of the Outside Auditor 209

Generally Accepted Accounting Principles (GAAP) 209

International Financial Reporting Standards (IFRS) 214

The Audit 217

Key Terms 221

Questions for Review 222

Chapter 20 Recording and Reporting Financial Information 223

Double Entry and the Accounting Equation 223

Debits and Credits 224

Ledgers 227

Chart of Accounts 228

Key Terms 229

Questions for Review 229

APPENDIX-Recording and Reporting Financial Information 231

Chapter 21 Valuation of Assets, Liabilities and Stockholders' Equity 247

Asset Valuation 247

Valuation of Liabilities 254

Valuation of Stockholders' Equity 255

Key Terms 255

Questions for Review 256

Chapter 22 A Closer Look at Financial Statements 257

The Balance Sheet 257

The Income Statement 261

The Statement of Cash Flows 263

Key Terms 267

Questions for Review 267

Chapter 23 Notes to the Financial Statements 269

Significant Accounting Policies 269

Other Notes 271

Summary 273

Key Terms 274

Questions for Review 274

Chapter 24 Ratio Analysis 275

Benchmarks for Comparison 275

Common Size Ratios 280

Liquidity Ratios 283

Efficiency Ratios 285

Solvency Ratios 287

Profitability Ratios 289

Key Terms 293

Questions for Review 293

Chapter 25 A Primer on Taxes 295

How Much Do You Need to Know? 295

Personal vs. Corporate Taxes 295

The Tax Rate and the Tax Base 298

Progressive, Proportional, and Regressive Tax Rates 298

Marginal, Average, and Effective Tax Rates 299

Calculating Federal Income Tax 302

Other Concerns for Corporations 303

Conclusion 304

Key Terms 304

Q├║estions for Review 304

Chapter 26 Summary and Conclusion 305

Glossary 307

Annotated List of Web Sites Related to Finance and Accounting 321

Index 325

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