Financial Accounting and Reporting, 2nd Edition

• Chapter 1: The Accounting Information System
• Applications to people within and outside the firm
• Accounting and you
• The Accounting Information System
• Forms of businesses
• Accounting standard-setting
• Accounting concepts
• Concluding remarks
• Chapter review
• Glossary
• Chapter assignments
• Test prepper
• Chapter 2: The Financial Statements
• Chapter review
• Glossary
• Appendix: Using spreadsheets for financial statement preparation and analysis
• Chapter assignments
• Test prepper
• Chapter 3: Accounting Transaction Processing
• Applications to people within and outside the firm
• Part I: Recording Business Transactions
• Evaluating a business transaction
• Relationships among accounts
• Basic transactions
• Part II: Double-Entry Accounting
• Debits, credits, and the T account
• Recording general journal entries
• Posting to the general ledger
• Creating a trial balance
• Concluding remarks
• Chapter review
• Glossary
• Appendix: A case study of double-entry accounting
• Chapter assignments
• Test prepper
• Chapter 4: Measuring Profitability and Financial Position on the Financial Statements
• Applications to people within and outside the firm
• Part I: Accounting for the Business Cycle, Adjustments, and Closing the Books
• The business cycle
• The accounting process
• Accrual basis accounting
• Adjusting journal entries
• Preparing the adjusted trial balance
• Preparing closing journal entries
• Part II: Financial Reporting and Ethics
• Preparing the financial statements
• Financial statement format
• Ethical issues pertaining to accrual accounting
• Concluding remarks
• Glossary
• Appendix: Computerized processing of accounting information
• Chapter assignments
• Test prepper
• Chapter 5: Cash, Internal Control, and Ethics
• Applications to people within and outside the firm
• Cash and cash equivalents
• Internal control over cash
• Components of internal control structure
• Auditing the financial statements
• Making ethical decisions
• Concluding remarks
• Chapter review
• Glossary
• Appendix: E-business and E-risk
• Chapter assignments
• Test prepper
• Chapter 6: Accounts and Notes Receivable
• Applications to people within and outside the firm
• Types of receivables
• Accounts receivable
• Uncollectible accounts receivable
• Notes receivable
• Managing receivables and cash
• Analyzing liquidity and receivables
• Concluding remarks
• Chapter review
• Glossary
• Appendix: Short-Term Investments (Marketable Securities)
• Chapter assignments
• Test prepper
• Chapter 7: Accounting for the Merchandising Firm
• Applications to people within and outside the firm
• What is inventory?
• Cost of goods sold
• Inventory costing methods
• Periodic versus perpetual systems
• Evaluating inventory
• Application of accounting concepts
• International Issues
• Concluding remarks
• Chapter review
• Glossary
• Chapter assignments
• Test prepper
• Chapter 8: Plant Assets, Intangibles, and Long-Term Investments
• Applications to people within and outside the firm
• Cross-functional issues regarding asset purchases
• Cost of plant assets
• Depreciating plant assets
• Disposal of depreciable plant assets
• Natural resources and depletion
• Intangible assets and amortization
• Long-term investments
• Concluding remarks
• Chapter review
• Glossary
• Appendix: Accounting for long-term investments
• Chapter assignments
• Test prepper
• Chapter 9: Liabilities
• Applications to people within and outside the firm
• Current liabilities
• Long-term liabilities
• Raising capital: stocks versus bonds
• Evaluating the level of debt
• Lease liabilities
• Pensions and post-retirement benefits
• Concluding remarks
• Chapter review
• Glossary
• Chapter assignments
• Test prepper
• Chapter 10: Accounting for the Corporation
• Applications to people within and outside the firm
• Characteristics of the corporate form of business
• Common stock
• Preferred stock
• Stock dividends and stock splits
• Stock option
• Treasury stock
• Concluding remarks
• Chapter review
• Glossary
• Chapter assignments
• Test prepper
• Chapter 11: More About the Income Statement and Statement of Stockholders’ Equity
• Applications to people within and outside the firm
• Corporate income statement
• Statement of stockholders’ equity
• Ethical & legal responsibility for the financial statements
• Concluding remarks
• Chapter review
• Glossary
• Chapter assignments
• Test prepper
• Chapter 12: The Statement of Cash Flows
• Applications to people within and outside the firm
• The importance of cash flows
• Preparing the statement of cash flows
• Making decisions based on the statement of cash flows
• Concluding remarks
• Chapter review
• Glossary
• Appendix: Direct method for preparing the statement of cash flows
• Chapter assignments
• Test prepper
• Chapter 13: Financial Statement Analysis
• Applications to people within and outside the firm
• Analyzing financial performance
• Financial ratios
• Vertical analysis
• Horizontal analysis
• Trend analysis
• Comparative Analysis
• Concluding remarks
• Chapter review
• Glossary
• Chapter assignments
• Test prepper
• Chapter 14: Accounting for Global Commerce
• Applications to people within and outside the firm
• Accounting for global commerce
• International financial reporting standards
• International standards on auditing
• Restating foreign subsidiary financial statements
• Working in a different culture
• Concluding remarks
• Chapter review
• Glossary
• Chapter assignments
• Test prepper

Dr. L. Murphy Smith, CPA, is the David and Ashley Dill Distinguished Professor of Accounting at Murray State University. Dr. Smith's academic record includes numerous professional journal articles, research grants, books, and professional meeting presentations in the U.S. and abroad. His work has been cited in various news media, including Fortune, USA Today, and The Wall Street Journal. He has received numerous teaching and research awards, including the Outstanding Educator Award from the Texas Society of CPAs and Outstanding Researcher Award from the American Accounting Association Strategic and Emerging Technologies Section. He ranks in the top one percent of authors on Social Sciences Research Network (SSRN.com) by downloaded articles. During his career, he has held a number of leadership positions in academic and professional organizations, such as American Accounting Association Professionalism & Ethics Committee and Institute of Internal Auditors Academic Relations Committee.