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Financial Accounting: A Valuation Emphasis

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Financial Accounting: A Valuation Emphasis Cover

 

Synopses & Reviews

Publisher Comments:

A company is worth only as much as its accounting information.

The Financial Accounting Standards Board recently issued an exposure draft providing guidance on how to measure fair value. Some observers anticipate future pronouncements requiring more extensive use of fair value in accounting disclosures. In the absence of market prices, determining fair values requires the application of various valuation concepts.

Financial Accounting: A Valuation Emphasisintegrates an understanding of valuation concepts with accounting principles. The authors place considerable emphasis on the economic consequences of accounting practices. You’ll develop a solid background in basic accounting processes and disclosures, and the critical role of accounting in valuation.

Features

  • Highlights the valuation and economic consequences of core accounting concepts.
  • Emphasizes the construction of accounting information and how that information affects the value of the firm.
  • Offers an inviting and accessible presentation, with real-world examples and transactions.
  • Provides an early treatment of statement of cash flows and financial statement analysis.
  • Illustrates key concepts, including valuation models through an integrated example of a hypothetical company.
  • Helps you appreciate the significance of accounting information to managers, investors, regulators, and others with an interest in the firm's affairs.

Synopsis:

Financial Accounting: A Valuation Emphasis integrates an understanding of valuation concepts with accounting principles. The authors place considerable emphasis on the economic consequences of accounting practices. You’ll develop a solid background in basic accounting processes and disclosures, and the critical role of accounting in valuation. The book Features
  • Highlights the valuation and economic consequences of core accounting concepts.
  • Emphasizes the construction of accounting information and how that information affects the value of the firm.
  • Offers an inviting and accessible presentation, with real-world examples and transactions.
  • Provides an early treatment of statement of cash flows and financial statement analysis.
  • Illustrates key concepts, including valuation models through an integrated example of a hypothetical company.
  • Helps you appreciate the significance of accounting information to managers, investors, regulators, and others with an interest in the firm's affairs.

Synopsis:

A company is worth only as much as its accounting information.

The Financial Accounting Standards Board recently issued an exposure draft providing guidance on how to measure fair value. Some observers anticipate future pronouncements requiring more extensive use of fair value in accounting disclosures. In the absence of market prices, determining fair values requires the application of various valuation concepts.

Financial Accounting: A Valuation Emphasis integrates an understanding of valuation concepts with accounting principles. The authors place considerable emphasis on the economic consequences of accounting practices. You’ll develop a solid background in basic accounting processes and disclosures, and the critical role of accounting in valuation.

Features

  • Highlights the valuation and economic consequences of core accounting concepts.
  • Emphasizes the construction of accounting information and how that information affects the value of the firm.
  • Offers an inviting and accessible presentation, with real-world examples and transactions.
  • Provides an early treatment of statement of cash flows and financial statement analysis.
  • Illustrates key concepts, including valuation models through an integrated example of a hypothetical company.
  • Helps you appreciate the significance of accounting information to managers, investors, regulators, and others with an interest in the firm's affairs.

About the Author

Dr. John (Jack) Hughes holds the Ernst & Young Chair in Accounting at UCLA. He joined the UCLA faculty in 1999, having formerly been a member of faculties at Western New England College, Dartmouth College, Duke University, University of Minnesota, and University of British Columbia. He has won teaching awards in MBA programs at Duke and British Columbia and in undergraduate programs at Western New England, Purdue, and Minnesota.

Professor Hughes currently teaches in the MBA, Ph.D., and undergraduate programs. His present MBA course assignment is financial statement analysis, a course that emphasizes valuing equity from fundamental analysis. At the undergraduate level, Professor Hughes recently taught a course on Special Topics in Accounting that explored recent accounting scandals and their economic consequences and valuation implications. He serves as the accounting area Ph.D. advisor.

Professor Hughes has over 50 articles either published or forthcoming in major academic journals in accounting and economics, including The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Review of Accounting Studies, Econometrica, Journal of Economic Theory, RAND Journal of Economics, and Journal of Law and Economics. He is cofounder and a coeditor of the Review of Accounting Studies.

Professor Hughe's personal interests include cycling in the nearby Santa Monica mountains and rock climbing at his summer residence in British Columbia.

Dr. Frances L. Ayres Ph.D., CPA is currently the Director of the School of Accounting and is the John W. Jr. and Barbara J. Branch Professor of Accounting at the University of Oklahoma. She received her Ph.D. in Accounting at the University of Iowa. She has been a faculty member at the University of Oaklahoma for 22 years. Her teaching focus is in the Financial accounting area. She has taught introductory financial accounting to undergraduates and MBAs, intermediate financial accounting, accounting theory, and financial statement analysis. Dr. Ayres has published in numerous academic and professional journals, including the Journal of Accounting and Economics, the Journal of Accounting Research, The Accounting Review, and Management Accounting. She serves as an ad hoc reviewer for several journals and serves on the editorial boards of The Accounting Review and Journal of Accounting and Public Policy. She is past editor of the Journal of the American Taxation Association and currently serves as president of the American Taxation Association. Her research interest focus on the impact of taxation and financial information and disclosures on managers and investors. She also serves on the Board of Directors of the Oklahoma City Chapter of the Financial Executives Institute and has served on the Business Advisory Board for Los Alamos National Laboratory.

Dr. Robert (Rob) E. Hoskin is currently Accounting Faculty and Director of Executive Programs at the School of Business, University of Connecticut. He received his Ph.D. from Cornell University in 1980 and taught for six years at the Fuqua School of Business, Duke University, before coming to the University of Connecticut. Dr. Hoskin has since served as Director of the Executive MBA Program and as Associate Dean prior to his current role. He spent six months with Price Waterhouse in 1990 as a faculty intern. He currently teaches primarily introductory Financial Accounting to MBAs, a course in financial services (Insurance and Banking) in the MS in Accounting Program, as well as several executive education programs in the insurance and banking arena.

Table of Contents

CHAPTER 1. Financial Reporting: The Institutional Setting.

LEARNING OBJECTIVES.

REAL WORLD VIGNETTE.

Reporting of the Activities of the Firm.

Regulation of Financial Reporting.

Determining Generally Accepted Accounting Principles.

Independent Audits of Financial Statements.

Economic Consequences of Accounting Practices.

Financial Reporting and Valuation.

Summary and Transition.

CHAPTER 2. Financial Statements: An Overview.

LEARNING OBJECTIVES.

REAL WORLD VIGNETTE.

Forms of Business Organization.

Financial Accounting Reports.

Statement of Financial Position.

ASSETS.

LIABILITIES.

STOCKHOLDERS??? EQUITY.

THE ACCOUNTING EQUATION.

STATEMENT OF FINANCIAL POSITION: ROSS STORES.

Flow Statements: Changes in Financial Position.

Statement of Earnings.

Statement of Cash Flows.

Articulation of the Financial Statements.

Statement of Changes in Stockholders??? Equity.

Other Statement Disclosures.

The Influence of Financial Statements.

Summary and Transition.

CHAPTER 3. The Accounting Process.

LEARNING OBJECTIVES.

REAL WORLD VIGNETTE.

Balance Sheet Accounts.

ASSETS.

LIABILITIES.

STOCKHOLDERS??? EQUITY.

NOMINAL ACCOUNTS.

Accounting for Transactions.

Double-Entry Accounting Systems.

T-ACCOUNTS.

JOURNAL ENTRIES.

COMPUTERIZED ACCOUNTING.

An Illustration of Transaction Analysis.

ANALYSIS OF FINANCING AND INVESTING ACTIVITIES.

Issuing Stock.

Purchasing Fixtures.

Borrowing Funds.

Using Journal Entries and T-Accounts to Record Transactions.

CONSTRUCTION THE FINANCIAL STATEMENTS.

ANALYSIS OF OPERATING ACTIVITIES.

Revenues and Expenses.

Using the Accounting Equation to Analyze Operating Activities.

Purchasing Inventory on Account (Transaction 4).

Selling Inventory on Account (Transaction 5).

Recognizing Cost of Goods Sold (Transaction 6).

Collecting Receivables (Transaction 7).

Paying Accounts Payable (Transaction 8).

Paying Selling and Administrative?? Costs (Transaction 9).

Depreciating Fixtures (Transaction 10).

Paying Interest (Transaction 11).

Dividends (Transaction 12).

Nominal Accounts Revisited.

Using Journal Entries and T-Accounts to Record Transactions.

CONSTRUCTING THE FINANCIAL STATEMENTS.

CLOSING ENTRIES.

The Accounting Cycle.

Analyzing Financial Statements.

Summary and Transition.

CHAPTER 4.?? Income Measurement and Reporting.

LEARNING OBJECTIVES.

REAL WORLD VIGNETTE.

Accrual Accounting.

Revenue Recognition.

REVENUE RECOGNITION CRITERIA.

At Point of Delivery.

As Service Is Provided or Cost Incurred.

Based on Contractual Agreements.

At Time of Production.

As Cash Is Collected.

During Construction.

Expense Recognition.

Recording Accrual Entries.

REVENUES THAT ARE RECEIVED IN CASH BEFORE THEY ARE EARNED.

REVENUES THAT ARE EARNED BEFORE THEY ARE RECEIVED IN CASH.

EXPENSES THAT ARE PAID IN CASH BEFORE THEY ARE INCURRED.

EXPENSES THAT ARE INCURRED BEFORE THEY ARE PAID IN CASH.

Valuation Implications of Income Recognition.

Income Statement Format.

LINE ITEM DEFINITIONS.

INCOME STATEMENT LABELS.

Income from Continuing Operations.

Nonrecurring Items.

Discontinued Operations.

Extraordinary Items.

Accounting Changes and Errors.

Pro Forma Earnings.

Earnings per Share.

Comprehensive Income.

Summary and Transition.

CHAPTER 5.?? Financial Statements: Measuring Cash Flow.

Cash Flow Statement Components.

CASH FLOW FROM OPERATING ACTIVITIES.

CASH FLOW FROM INVESTING ACTIVITIES.

CASH FLOW FROM FINANCING ACTIVITIES.

Preparation of the Statement of Cash Flows.

WORKSHEET ENTRIES FOR CASH FROM OPERATIONS.

Adjusting Net Income.

Revenue Adjustments to Net Income.

Cost of Goods Sold Adjustment to Net Income.

Depreciation Adjustment to Net Income.

Prepaid Expense Adjustment to Net Income.

WORKSHEET ENTRIES FOR CASH FROM INVESTING.

WORKSHEET ENTRIES FOR CASH FROM FINANCING.

SUMMARY OF CASH FLOW STATEMENT PREPARATION???INDIRECT METHOD.

Articulation of the Cash Flow Statement.

Supplemental Disclosures to the Cash Flow Statement.

Interpreting the Cash Flow Statement.

Valuation Implications of the Cash Flow Statement.

Summary and Transition.

CHAPTER 6.?? Financial Statement Analysis.

LEARNING OBJECTIVES.

REAL WORLD VIGNETTE.

Overview of Financial Statement Analysis.

CHAPTER 8.?? Valuing Inventories.

Learning Objectives.

REAL WORLD VIGNETTE.

Merchandise and Manufacturing Inventories.

INVENTORY COSTS.

INVENTORY-LEVEL MANAGEMENT.

VALUING INVENTORY.

ACCOUNTING FOR INVENTORY.

Inventory Recording Procedures.

PERIODIC METHOD.

PERPETUAL METHOD.

Inventory Cost Flow Assumptions.

FIRST-IN, FIRST-OUT.

LAST-IN, FIRST-OUT.

WEIGHTED AVERAGE.

SPECIFIC IDENTIFICATION.

Illustration of Cost Flow Assumptions.

PERIODIC INVENTORY COMPUTATIONS.

Periodic FIFO.

Periodic LIFO.

Periodic Weighted Average.

PERPETUAL INVENTORY COMPUTATIONS.

Perpetual FIFO.

Perpetual LIFO.

Perpetual Weighted Average.

COMPARISON OF INVENTORY METHODS.

Inventory Method Choices and Firm Value.

LIFO???s Effect on Financial Statements.

LATE PURCHASES.

LIFO LIQUIDATIONS.

Financial Analysis and Inventory: Converting from LIFO to FIFO.

RATIO ANALYSIS IMPLICATIONS.

Transition and Summary.

CHAPTER 9.?? Valuing Long-Lived Assets.

LEARNING OBJECTIVES.

REAL WORLD VIGNETTE.

Capitalization Criteria.

INTEREST CAPITALIZATION.

BASKET PURCHASES.

Creating Comparable Data for Financial Statement Analysis.

???AS IF??? RESTATEMENTS.

MANDATED ACCOUNTING CHANGES.

DISCRETIONARY ACCOUNTING CHANGES.

Using Financial Ratios to Assess Past Performance.

ASSESSING PROFITABILITY.

ASSESSING TURNOVER RATIOS.

ASSESSING DEBT REPAYMENT ABILITY.

SHORT-TERM DEBT.

LONG-TERM DEBT.

Using Financial Ratios to Assess Comparative Performance.

INTER-TEMPORAL COMPARISONS.

CROSS-SECTIONAL COMPARISONS.

Forecasting.

TIME SERIES ANALYSIS.

PRO FORMA STATEMENTS.

Time Value of Money.

FUTURE VALUE.

PRESENT VALUE.

ADJUSTING FOR UNCERTAINTY.

Model for Valuing Equity.

DCF APPROACH.

RI APPROACH.

Summary and Transition.

CHAPTER 7.?? Valuing Receivables.

LEARNING OBJECTIVES.

REAL WORLD VIGNETTE.

Accounts Receivable.

DOUBTFUL ACCOUNTS RECOGNITION.

ILLUSTRATION OF DOUBTFUL ACCOUNTS METHODS.

Direct Write-Off Method.

Allowance Method.

REAL COMPANY ILLUSTRATION OF DOUBTFUL ACCOUNTS.

ESTIMATING DOUBTFUL ACCOUNTS.

SALES RETURNS AND ALLOWANCES.

Accounts Receivable and Revenue Recognition.

Financing Receivables.

Selling Receivables.

Summary and Transition.

IMPROVEMENTS AND REPAIRS.

ASSET EXCHANGES.

Depreciation.

DEPRECIATION METHODS.

Straight-Line Depreciation.

Declining Balance Methods.

Tax Depreciation.

CHOICE OF DEPRECIATION METHODS.

EFFECT OF CHANGES IN ESTIMATES.

Asset Impairments.

Intangible Assets.

RESEARCH AND DEVELOPMENT.

COMPUTER SOFTWARE.

OIL AND GAS EXPLORATION COSTS AND RESERVES.

GOODWILL.

Transition and Summary.

CHAPTER 10.?? Operating Liabilities: Recognition and Disclosure.

LEARNING OBJECTIVES.

REAL WORLD VIGNETTE.

Liability Recognition.

Balance Sheet Classification.

Accounts Payable.

Advances on Sales and Unearned Revenue.

Accrued Liabilities.

Contingencies.

Purchase and Sales Commitment.

Restructuring Charges.

Income Taxes.

Deferred Tax Liabilities.

Deferred Tax Assets.

Reporting of Deferred Taxes.

Pensions and Other Postretirement Benefits.

DEFINED BENEFIT PLANS.

DEFINED CONTRIBUTION PLANS.

Summary and Transition.

CHAPTER 11.?? Debt: Pricing, Covenants, and Disclosure.

LEARNING OBJECTIVES.

REAL WORLD VIGNETTE.

Notes Payable.

Pricing of Debt.

Accounting for Discounts on Debt.

Zero-Coupon Debt.

Fair Value of Debt.

Early Debt Retirement.

Debt Covenants.

Credit Agreements.

Bonds Payable.

Accounting for Coupon Bonds.

Leases.

Special Purpose Entities.

Summary and Transition.

CHAPTER 12. Stockholders??? Equity: The Residual Interest.

LEARNING OBJECTIVES.

REAL WORLD VIGNETTE.

Overview of Stockholders??? Equity.

Types of Stock.

COMMON STOCK.

PREFERRED STOCK.

Distributions to Stockholders.

CASH DIVIDENDS.

STOCK REPURCHASES.

Stock Dividends and Stock Splits.

SMALL STOCK DIVIDENDS.

LARGE STOCK DIVIDENDS.

STOCK SPLITS.

Stock Options and Compensation.

Convertible Securities.

Earnings per Share.

DILUTED EARNINGS PER SHARE.

Retained Earnings and Comprehensive Income.

Statement of Changes in Stockholders??? Equity.

Summary and Transition.

CHAPTER 13.?? Intercorporate Investments.

LEARNING OBJECTIVES.

REAL WORLD VIGNETTE.

Overview of Intercorporate Investments.

Passive Minority Ownership.

HELD TO MATURITY DEBT SECURITIES.

TRADING SECURITIES.

AVAILABLE FOR SALE SECURITIES.

NONMARKETABLE SECURITIES.

VALUATION AND MARKETABLE SECURITIES.

Active Minority Investments.

Majority Investments.

Special Purpose Entities.

Summary and Transition.

CHAPTER 14. Introduction to Valuation Analysis.

LEARNING OBJECTIVES.

REAL WORLD VIGNETTE.

Overview of Fundamental Analysis Methods.

Pro Forma Financial Statements.

PRO FORMA INCOME STATEMENTS.

Sales Forecasting.

Operating Expense Forecasting.

Depreciation Forecasting.

Interest Expense Forecasting.

Tax Expense Forecasting.

Other Forecasting Items.

PRO FORMA BALANCE SHEETS.

Plant, Property and Equipment.

Alternative Assumptions.

Cash Forecasting.

Effects of Intercorporate Investments.

Debt Forecasting.

Deferred Taxes.

Owners??? Equity.

PRO FORMA CASH FLOW STATEMENTS.

Discounted Cash Flow (DCF) Approach.

FREE CASH FLOWS.

TERMINAL VALUE.

COST OF EQUITY.

EXAMPLE OF DCF ANALYSIS WITH DEBT FINANCING.

Residual Income (RI) Approach.

SIMPLE EXAMPLE CONTINUED.

Applying the Valuation Approaches.

PRO FORMA STATEMENTS.

DCF ANALYSIS.

RI ANALYSIS.

Valuing a Real Company.

PRO FORMA STATEMENTS.

VALUATION ANALYSES.

Valuation and Pricing Multiples.

Summary and Transition.

Appendixes:

A. Adjusting Entries.

B. Time Value of Money.

C. Comprehensive Case and Chico???s 10K Report Fiscal 2002.

D. Journal References.

E. Official Accounting Pronouncements.

Glossary.

Index.

Product Details

ISBN:
9780471203599
Author:
Hughes, John S
Publisher:
John Wiley & Sons
Author:
Ayres, Frances L.
Author:
Frances L. Ayre
Author:
Hughes, John S.
Author:
Hoskin, Robert E.
Author:
S
Subject:
Accounting
Subject:
Accounting - Financial
Subject:
Business-Accounting and Finance
Subject:
financial accounting
Copyright:
Edition Number:
3
Publication Date:
January 2005
Binding:
HARDCOVER
Grade Level:
College/higher education:
Language:
English
Illustrations:
Y
Pages:
592
Dimensions:
255 x 212 x 25 mm 45.6 oz

Related Subjects

Business » Accounting and Finance
Textbooks » General

Financial Accounting: A Valuation Emphasis Used Hardcover
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Product details 592 pages John Wiley & Sons - English 9780471203599 Reviews:
"Synopsis" by , Financial Accounting: A Valuation Emphasis integrates an understanding of valuation concepts with accounting principles. The authors place considerable emphasis on the economic consequences of accounting practices. You’ll develop a solid background in basic accounting processes and disclosures, and the critical role of accounting in valuation. The book Features
  • Highlights the valuation and economic consequences of core accounting concepts.
  • Emphasizes the construction of accounting information and how that information affects the value of the firm.
  • Offers an inviting and accessible presentation, with real-world examples and transactions.
  • Provides an early treatment of statement of cash flows and financial statement analysis.
  • Illustrates key concepts, including valuation models through an integrated example of a hypothetical company.
  • Helps you appreciate the significance of accounting information to managers, investors, regulators, and others with an interest in the firm's affairs.
"Synopsis" by , A company is worth only as much as its accounting information.

The Financial Accounting Standards Board recently issued an exposure draft providing guidance on how to measure fair value. Some observers anticipate future pronouncements requiring more extensive use of fair value in accounting disclosures. In the absence of market prices, determining fair values requires the application of various valuation concepts.

Financial Accounting: A Valuation Emphasis integrates an understanding of valuation concepts with accounting principles. The authors place considerable emphasis on the economic consequences of accounting practices. You’ll develop a solid background in basic accounting processes and disclosures, and the critical role of accounting in valuation.

Features

  • Highlights the valuation and economic consequences of core accounting concepts.
  • Emphasizes the construction of accounting information and how that information affects the value of the firm.
  • Offers an inviting and accessible presentation, with real-world examples and transactions.
  • Provides an early treatment of statement of cash flows and financial statement analysis.
  • Illustrates key concepts, including valuation models through an integrated example of a hypothetical company.
  • Helps you appreciate the significance of accounting information to managers, investors, regulators, and others with an interest in the firm's affairs.

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