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Intermediate Accounting For Dummies


The painless way to master an Intermediate Accounting course

With easy-to-understand explanations and real-world examples, Intermediate Accounting For Dummies takes the confusion out of the topics you'll encounter in this challenging course: Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), financial ratio analysis, equity accounting, investment strategies, financial statement preparation, and more.

  • Financial Accounting 101 — get acquainted with the role and responsibilities of financial accountants

  • Make a statement — walk through the proper preparation of the income statement, balance sheet, and statement of cash flow

  • Control your cash — discover everything you need to know about accounting for current and noncurrent assets

  • I.O.U. — find the 4-1-1 on debt and equity, short-term claims payable by the company, and accounting for long-term obligations under various debt scenarios

  • Mistakes happen — find out how to fix mistakes in financial statements, how to account for a change from one accounting method to another, and what to do when an accounting estimate is incorrect

Open the book and find:

  • The conceptual framework of financial accounting

  • The elements of financial statements

  • All about the accounting system

  • Lots of examples of worksheets and reports

  • How a business prepares an income statement

  • The ins and outs of cashflow

  • The time value of money

  • Ways to analyze debt and equity

  • Ten common disclosure notes to the financial statements

Learn to:

  • Master the concepts of this challenging course

  • Make sense of topics with real-life examples

  • Score your highest in Intermediate Accounting

Maire Loughran is a certified public accountant who has prepared compilation, review, and audit reports for fifteen years. A member of the American Institute of Certified Public Accountants, she is a full adjunct professor who teaches graduate and undergraduate auditing and accounting classes.

Introduction 1

Part I: Introducing Financial Accounting and Standards 7

Chapter 1: Seeing the Big Picture of Financial Accounting 9

Chapter 2: Walking Through the Conceptual Framework of Financial Accounting 23

Chapter 3: Invaluable Valuation 43

Chapter 4: Reviewing the Accounting System 51

Part II: Preparing and Using Financial Statements 65

Chapter 5: Posting Income Statement Profit and Loss 67

Chapter 6: Reporting Assets and Claims: Keeping Your Balance (Sheet) 83

Chapter 7: Follow the Money! Studying Cash Flow 101

Chapter 8: Time Is Money: Looking at the Time Value of Money 115

Part III: Homing in on Current and Noncurrent Assets 127

Chapter 9: Assessing Cash and Receivables 129

Chapter 10: Inventory Cost Flow Assumptions 145

Chapter 11: Buying and Selling Property, Plant, and Equipment (PP&E) 167

Chapter 12: Recognizing Depreciation, Impairments, and Depletion 183

Chapter 13: Keeping Track of Other Noncurrent Assets 197

Part IV: Analyzing Debt and Equity 207

Chapter 14: Tracking Current Liabilities and Contingencies 209

Chapter 15: Planning for Long-Term Obligations 227

Chapter 16: Letting Owners Know Where They Stand: The Equity Section 241

Part V: Accounting for Advanced Intermediate Issues 257

Chapter 17: Accounting for Income Taxes 259

Chapter 18: Accounting for Leases 277

Chapter 19: Fessing Up: Correcting Errors

and Reporting Changes in Methods 295

Chapter 20: Is That You, Revenue? Revenue Recognition Concepts 313

Part VI: The Part of Tens 327

Chapter 21: Ten Common Notes to the Financial Statements 329

Chapter 22: Ten Ratios for Financial Statement Analysis 337

Index 343