Accounting Fundamentals of Financial Accounting
Fundamentals of Financial Accounting

Fundamentals of Financial Accounting Phillips, Libby, & Libby • 3rd Edition •

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Ch. 1 - Business Decisions and Financial Accounting

Welcome! Types of Accounting Business Organization Useful Information Fundamental Accounting Equation The Financial Statements Sample Financial Statements - Coca Cola

Ch. 2 - Reporting Investing and Financing Results on the Balance Sheet

Journal Entries: Debits and Credits Accounting Flow Intuition: BASE Formula Journal Entries: Business Formation Example Trial Balance Classified Balance Sheet Components Introduction to Ratios Ratios: Working Capital and the Current Ratio

Ch. 3 - Reporting Operating Results on the Income Statement

Accrual Accounting vs. Cash Basis Accounting Revenue Recognition and Expense Recognition Single-step Income Statement Multi-step Income Statement Ratios: Total Asset Turnover

Ch. 4 - Adjustments, Financial Statements, and Financial Results

Introduction to Adjusting Journal Entries and Prepaid Expenses Adjusting Entries: Supplies Adjusting Entries: Unearned Revenue Adjusting Entries: Accrued Expenses Adjusting Entries: Accrued Revenues Adjusting Entries: Depreciation Summary of Adjusting Entries Unadjusted vs Adjusted Trial Balance Closing Entries Post-Closing Trial Balance

Ch. 5 - Financial Reporting and Analysis

Fraud and the Fraud Triangle Sarbanes-Oxley Act Multi-step Income Statement Ratios: Debt to Asset Ratio Ratios: Total Asset Turnover Ratios: Profit Margin

Ch. 6 - Internal Control and Financial Reporting for Cash and Merchandising Sales

Service Company vs. Merchandising Company Merchandising Company vs. Manufacturing Company Net Sales Five Components of Internal Controls Principles of Control Activities Limitations of Internal Controls Bank Reconciliation Journal Entries for Bank Reconciliation

Ch. 7 - Reporting and Interpreting Inventories and Cost of Goods Sold

Merchandising Company vs. Manufacturing Company Cost of Goods Sold - Perpetual Inventory vs. Periodic Inventory Perpetual Inventory - Purchases Perpetual Inventory - Freight Costs Perpetual Inventory - Purchase Discounts Perpetual Inventory - Purchasing Summary Periodic Inventory - Purchases Periodic Inventory - Freight Costs Periodic Inventory - Purchase Discounts Periodic Inventory - Purchasing Summary Physical Inventory Count, Ownership of Goods, and Consigned Goods Specific Identification Periodic Inventory - FIFO, LIFO, and Average Cost Perpetual Inventory - FIFO, LIFO, and Average Cost Financial Statement Effects of Inventory Costing Methods Inventory Errors Ratios: Inventory Turnover Ratios: Average Days in Inventory

Ch. 8 - Reporting and Interpreting Receivables, Bad Debt Expense, and Interest Revenue

Types of Receivables Net Accounts Receivable: Direct Write-off Method Net Accounts Receivable: Allowance for Doubtful Accounts Net Accounts Receivable: Percentage of Sales Method Net Accounts Receivable: Aging of Receivables Method Notes Receivable Ratios: Accounts Receivable (AR) Turnover Ratios: Average Collection Period (Days Sales Outstanding)

Ch. 9 - Reporting and Interpreting Long-Lived Tangible and Intangible Assets

Initial Cost of Long Lived Assets Ordinary Repairs vs. Capital Improvements Depreciation: Straight Line Depreciation: Declining Balance Depreciation: Units-of-Activity Depreciation: Summary of Main Methods Depreciation for Partial Years Retirement of Plant Assets (No Proceeds) Sale of Plant Assets Change in Estimate: Depreciation Intangible Assets and Amortization Natural Resources and Depletion Asset Impairments Ratios: Fixed Asset Turnover

Ch. 10 - Reporting and Interpreting Liabilities

Types of Liabilities Notes Payable Payroll and Payroll Taxes Sales Tax Payable Current Portion of Long Term Debt Contingent Liabilities Estimated Liabilities: Warranties Introduction to Bonds and Bond Characteristics Face Value Bonds Discount on Bonds Premium on Bonds Straight Line Amortization of Bond Premium or Discount Effective Interest Amortization of Bond Premium or Discount Redeeming Bonds before Maturity Ratios: Quick (Acid Test) Ratio Ratios: Times Interest Earned (TIE)

Ch. 11 - Reporting and Interpreting Stockholders' Equity

Characteristics of a Corporation Shares Authorized, Issued, and Outstanding Issuing Par Value Stock Issuing No Par Value Stock Retained Earnings Preferred Stock Treasury Stock Dividends and Dividend Preferences Stock Dividends Stock Splits Ratios: Earnings Per Share (EPS) Ratios: Return on Equity (ROE) Ratios: Price-Earnings Ratio (PE Ratio)

Ch. 12 - Reporting and Interpreting Statement of Cash Flows

Introduction to the Statement of Cash Flows Operating Activities: Indirect Method Operating Activities: Direct Method Investing Activities Financing Activities Ratios: Quality of Earnings Ratio Ratios: Capital Acquisition Ratio

Ch. 13 - Measuring and Evaluating Financial Performance

Horizontal Analysis Vertical Analysis Common-sized Statements Discontinued Operations and Extraordinary Items Introduction to Ratios Ratios: Working Capital and the Current Ratio Ratios: Quick (Acid Test) Ratio Ratios: Gross Profit Rate Ratios: Profit Margin Ratios: Inventory Turnover Ratios: Average Days in Inventory Ratios: Accounts Receivable (AR) Turnover Ratios: Average Collection Period (Days Sales Outstanding) Ratios: Total Asset Turnover Ratios: Fixed Asset Turnover Ratios: Return on Equity (ROE) Ratios: Earnings Per Share (EPS) Ratios: Quality of Earnings Ratio Ratios: Debt to Asset Ratio Ratios: Times Interest Earned (TIE)

End Of Book Appendix: Time Value of Money

Time Value of Money Equations Using Time Value of Money Tables

End Of Book Appendix: Reporting Investments

Introduction to Investments in Securities Trading Securities Available-for-Sale (AFS) Securities Held-to-Maturity (HTM) Securities Equity Method

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