Financial Accounting / Edition 1

Financial Accounting / Edition 1

by Michael Jones
     
 

Financial Accounting is intended as a core textbook for students studying the subject for the first time. This book provides a self-contained, introductory, one-semester course that covers topics such as the main financial statements, regulatory and conceptual frameworks and interpretation of accounts. Financial Accounting also includes recent

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Overview

Financial Accounting is intended as a core textbook for students studying the subject for the first time. This book provides a self-contained, introductory, one-semester course that covers topics such as the main financial statements, regulatory and conceptual frameworks and interpretation of accounts. Financial Accounting also includes recent developments in accounting and in particular the adoption of the International Financial Reporting Standards (IFRS).

Financial Accounting is an easy-to-follow introduction to the subject, and can be used by students on both accounting and non-accounting degrees, as well as those on MBA courses.

Designed to be both engaging and accessible to the student, Financial Accounting features:

  • A lively presentational style integrating cartoons and soundbites
  • 'Company Camera' boxes presenting financial data from a wide variety of international companies, such as Heineken, Nokia, Tesco and Volkswagen.
  • 'Real Life Nuggets' offering contemporary examples from the business press that give the body of the text a real-life resonance.
  • End of chapter questions of escalating difficulty, together with accompanying answers, enabling the student to develop their understanding of the key concepts discussed in the text.
  • A rich supporting website at www.wileyeurope.com/college/jones including solutions, extra question material and PowerPoint slides for lecturers, alongside multiple choice quizzes and an online glossary for students.

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Product Details

ISBN-13:
9780470058985
Publisher:
Wiley
Publication date:
04/13/2007
Edition description:
New Edition
Pages:
500
Product dimensions:
7.56(w) x 9.72(h) x 1.03(d)

Related Subjects

Table of Contents

About the Author.

About the Book: Background, The Market, Scope, Coverage, SpecialFeatures.

Acknowledgements.

Section A: Financial Accounting: The Techniques.

1 Introduction to Accounting.

Introduction.

Nature of Accounting.

Importance of Accounting.

Financial Accounting and Management Accounting.

Users of Accounts.

Accounting Context.

Types of Accountancy.

Types of Accountant.

Limitations of Accounting.

Conclusion.

Discussion Questions.

2 The Accounting Background.

Introduction.

Financial Accounting.

Language of Accounting.

Student Example.

Why is Financial Accounting Important?

Accounting Principles.

Conclusion.

Discussion Questions.

Numerical Questions.

Appendix 2.1: Illustration of a Summarised Company Profit andLoss Account: Marks & Spencer plc 2004.

Appendix 2.2: Illustration of a Limited Company’s BalanceSheet.

Appendix 2.3: Illustration of a Limited Company’s IncomeStatement (Profit and Loss Account).

Appendix 2.4: Illustration of a Limited Company’s CashFlow Statement.

3 Recording: Double-Entry Bookkeeping.

Introduction.

The Accounting Equation.

Worked Example.

Computers.

Conclusion.

Discussion Questions.

Numerical Questions.

4 Main Financial Statements: The Profit and Loss Account(Income Statement).

Introduction.

Context.

Definitions.

Layout.

Main Components.

Profit.

Listed Companies.

Capital and Revenue Expenditure.

Limitations.

Interpretation.

Conclusion.

Discussion Questions.

Numerical Questions.

5 Main Financial Statements: The Balance Sheet.

Introduction.

Context.

Definitions.

Layout.

Main Components.

Limitations.

Interpretation.

Listed Companies.

Conclusion.

Discussion Questions.

Numerical Questions.

Appendix 5.1: Horizontal Format of Balance Sheet.

6 Preparing the Financial Statements.

Introduction.

Main Financial Statements.

Trial Balance to Profit and Loss Account and Balance Sheet.

Adjustments to Trial Balance.

Comprehensive Example.

Conclusion.

Discussion Questions.

Numerical Questions.

7 Partnerships and Limited Companies.

Introduction.

Context.

Partnerships.

Limited Companies.

Limited Company Example: Stevens, Turner Ltd.

Limited Companies: Published Accounts.

Conclusion.

Discussion Questions.

Numerical Questions.

8 Main Financial Statements: The Cash Flow Statement.

Introduction.

Importance of Cash.

Context.

Cash and the Bank Account.

Relationship between Cash and Profit.

Preparation of Cash Flow Statement.

Conclusion.

Discussion Questions.

Numerical Questions.

9 Interpretation of Accounts.

Introduction.

Context.

Overview.

Importance of Ratios.

Closer Look at Main Ratios.

Worked Example.

Report Format.

Holistic View of Ratios.

Performance Indicators.

Limitations.

Conclusion.

Discussion Questions.

Numerical Questions.

Appendix 9.1: John Brown Ltd.

10 The Management of Working Capital and Sources ofFinance.

Introduction.

Nature of Sources of Finance.

Short-Term Financing.

Long-Term Financing.

Cost of Capital.

Conclusion.

Discussion Questions.

Numerical Questions.

Section B: Financial Accounting: The Context.

11 Regulatory and Conceptual Frameworks.

Introduction.

Traditional Corporate Model: Directors, Auditors andShareholders.

Regulatory Framework.

Regulatory Framework in the UK.

Corporate Governance.

Conceptual Framework.

Conclusion.

Selected Reading.

Discussion Questions.

12 Measurement Systems.

Introduction.

Overview.

Measurement Systems.

Deficiencies of Historical Cost Accounting.

Illustrative Example of Different Measurement Systems.

Real Life.

Conclusion.

Selected Reading.

Discussion Questions.

13 The Annual Report.

Introduction.

Definition.

Context.

Multiple Roles.

Main Contents of the Annual Report.

Presentation.

Group Accounts.

Impression Management.

Conclusion.

Selected Reading.

Discussion Questions.

14 Creative Accounting.

Introduction.

Definition.

Managerial Motivation.

Methods of Creative Accounting.

Example.

Real Life.

Case Studies.

Creative Presentation.

Controlling Creative Accounting.

Conclusion.

Selected Reading.

Discussion Questions.

15 International Accounting.

Introduction.

Context.

Divergent Forces.

Classification.

Country Snapshots.

Convergent Forces.

Conclusion.

Selected Reading.

Discussion Questions.

Further Reading.

Glossary of Key Accounting Terms.

Appendix: Answers.

Index.

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