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1　FUNDAMENTAL CONCEPTS ANDINTRODUCTION TO FINANCIAL REPORTING　1

Development of Generally Accepted Accounting Principles(GAAP)1

American Institute of Certified Public Accountants(AICPA)·Financial Accounting Standards Board(FASB)·OperatingProcedure for Statements of Financial Accounting Standards(SFAS)·FASB Conceptual FrameworkAdditional Input—American Instit10

Emerging Issues Task Force(EITF)11

Traditional Assumptions of the Accounting Model11

Business Entity·Going Concern or Continuity·TimePeriod·Monetary Unit·Historical Cost·Conservatism·Realization·Matching·Consistency·Full Disclosure·Materiality·Industry Practices·Transaction Approach·Present Value Considerat23

Questions　23

Problems 　27

Case 1-1 Standards Overload?33

Case 1-2 Standard Setting: A Political Aspect34

Case 1-3 Standard Setting: By the Way of the United StatesCongress39

Case 1-4 Recognizing Revenue and Related Costs—ConsiderThese Situations(PartⅠ)39

Case 1-5 Recognizing Revenue and Related Costs—ConsiderThese Situations(PartⅡ)41

Case 1-6 Cash Basis—Accrual Basis?42

Case 1-7 Going Concern?43

Case 1-8 Economics and Accounting:The Uncongenial Twins44

Forms of Business Entities47

2　INTRODUCTION TO FINANCIAL STATEMENTSAND OTHER FINANCIAL REPORTING TOPICS47

The Financial Statements48

Balance Sheet (Statement of Financial Position）·Income Statement（Statement of Earnings)·Statement of Owners Equity(Reconcilia-tion of Owners Equity Accounts)·Statement of Cash Flows（Statement of Inflows and Outflows of Cash)·Foot52

Recording Transactions·Recording Adjusting Entries·Preparingthe Financial StatementsHuman Resources and Social Accounting56

Auditor s Report56

Management s Responsibility for Financial Statements·The SEC sIntegrated Disclosure System·ProxySummary Annual Report66

Ethics66

Harmonization of International Accounting Standards68

Questions71

Summary71

Problems73

Case 2-1 The CEO Retires78

Case 2-2 The Dangerous Morality of Managing Earnings81

Case 2-3 Frequent-Flier Awards—Tick-Tick,Tick-Tick,Tick-Tick88

Case 2-4 International Accounting—Harmonization inPractice 　89

3　BALANCE SHEET93

Consolidated Statements93

Accounting for Business Combinations94

Basic Elements of the Balance Sheet95

APB Opinion No.15·FASB Statement No.128

Summary134

Assets·Liabilities·Owners Equity·Quasi-Reorganization·Foreign Currency Translation·UnrealizedHolding Gains and Losses·Equity-Oriented DeferredCompensation·Employee Stock Ownership Plans(ESOPs)·Treasury Stock·Owners Equity in Un134

Questions135

Problems138

Case 3-1 Balance Sheet Review145

Case 3-2 Insight on Liabilities and Shareholders Equity148

Case 3-3 Insight on Shareholders Investment149

Case 3-4 Insight on Assets150

Case 3-5 Selective Review of Balance Sheet151

Case 3-6 Our Principal Asset Is Our People154

Case 3-7 Brands Are Dead?155

Case 3-8 Advertising—Asset?155

4 INCOME STATEMENT157

Basic Elements of the Income Statement157

Net Sales(Revenues)·Cost of Goods Sold or Cost of Sales·Other Operating Revenue·Operating Expenses·OtherIncome and ExpenseSpecial Income Statement Items160

(A)Unusual or Infrequent Item Disclosed Separately·(B)Equity in Earnings of Nonconsolidated Subsidiaries·Income Taxes Related to Operations·(C)DiscontinuedOperations·(D)Extraordinary Items·(E)CumulativeEffect of Change in Accountin170

Retained Earnings171

Dividends and Stock Splits173

Summary176

Questions176

Problems178

Case 4-1 Single-Step/Multiple-Step Income Statement185

Case 4-2 Identify Nonrecurrent Items186

Case 4-3 Review of Income187

Case 4-4 Examination of Income Statement188

Case 4-5 The Big Order189

Ratio Analysis191

5 BASICS OF ANALYSIS191

Common-Size Analysis(Vertical and Horizontal)192

Financial Statement Variations by Type of Industry193

Review of Descriptive Information196

Comparisons199

Trend Analysis·Standard Industrial Classification Manual(SIC)·Industry Averages and Comparison with Competitors·Caution inUsing Industry AveragesRelative Size of Firm217

Other Library Sources217

Standard Poor s Reports·Standard Poor s Register of Corpora-tions,Directors,and Executives·Standard Poor s Analyst sHandbook·Standard Poor s Corporation Records·America sCorporate Families:TM The Billion Dollar Directory？·221

Company s Intemet Home Page·Accounting-Oriented Home PagesThe Users of Financial Statements223

Questions225

Summary225

Problems227

6 AN ILLUSTRATION OF STATEMENT ANALYSIS:PART Ⅰ—COOPER TIRE RUBBER COMPANY229

Cooper Tire Rubber Company Operations229

Products and Sales·Raw Materials·Research,Development,andProduct Improvement229

1995 Financial Statements for Cooper Tire Rubber Company231

The Tire Industry232

Questions249

Problems250

Case 6-1 Comprehensive Review of Statements250

7 LIQUIDITY OF SHORT-TERM ASSETS;RELATED DEBT-PAYING ABILITY253

Current Assets,Current Liabilities,and the Operating Cycle253

Cash·Marketable Securities·Receivables·Inventories·Prepayments·Other Current Assets·Current LiabilitiesCurrent Assets Compared with Current Liabilities279

Working Capital·Current Ratio·Acid-Test Ratio(QuickRatio)·Cash RatioOther Liquidity Considerations286

Sales to Working Capital(Working Capital Turnover)·LiquidityConsiderations Not on the Face of the StatementsSummary288

Questions290

Problems293

Case 7-1 LIFO-FIFO309

Case 7-2 Rising Prices,a Time to Switch Off LIFO?311

Case 7-3 The Other Side of LIFO312

Case 7-4 Booming Retail314

8 LONG-TERM DEBT-PAYING ABILITY317

Income Statement Consideration when Determining Long-TermDebt-Paying Ability317

Times Interest Earned·Fixed Charge CoverageBalance Sheet Consideration when Determining Long-TermDebt-Paying Ability322

Debt Ratio·Debt/Equity Ratio·Debt to Tangible Net WorthRatio·Other Long-Term Debt-Paying Ability RatiosSpecial Items that Influence a Firm s Long-Term Debt-PayingAbility332

Long-Term Assets Versus Long-Term Debt·Long-TermLeasing·Pension Plans·Postretirement Benefits Other thanPensions·Joint Ventures·Contingencies·Financial Instrumentswith Off-Balance-Sheet Risk and Financial Instruments withConcentra355

Questions　356

Problems358

Case 8-1 Deferred Taxes?The Answer Is Yes!368

Case 8-2 Expensing Interest Now and Later373

Case 8-3 Consideration of Leases374

Case 8-4 Consider These Contingencies376

Case 8-5 Insight on Pensions and Postretirement Benefits377

Case 8-6 Retirement Plans Revisited381

Case 8-7 Fair Value of Financial Instruments382

9 ANALYSIS OF PROFITABILITY385

Profitability Measures385

Net Profit Margin·Total Asset Turnover·Return onAssets·DuPont Return on Assets·Interpretation ThroughDuPont Analysis·Variation in Computation of DuPont RatiosConsidering Only Operating Accounts·Operating IncomeMargin·Operating As400

Segment Reporting　400

Gains and Losses that Bypass the Income Statement　404

Interim Reports　406

Summary 　408

Questions 　410

Problems411

Case 9-1 Johnny s Self-Service Station420

Case 9-2 The Tale of the Segments421

Case 9-3 Insights on Geographic Area424

Case 9-4 Profitability Analysis425

10 ANALYSIS FOR THE INVESTOR429

Leverage and Its Effect on Earnings429

Definition of Financial Leverage and MagnificationEffects·Computation of the Degree of FinancialLeverage·Summary of Financial LeverageEarnings per Common Share433

Price/Earnings Ratio436

Percentage of Earnings Retained437

Dividend Payout438

Dividend Yield440

Book Value per Share440

Stock Options441

Stock Appreciation Rights444

Summary445

Questions446

Problems447

Case 10-1 Stock Split454

Case 10-2 View This Investment457

Case 10-3 Stock Option Plan460

Case 10-4 Consideration of Stock Dividend462

Case 10-5 Stock Split Revisited468

11 STATEMENT OF CASH FLOWS473

A Review of the Funds Statement474

Basic Elements of the Statement of Cash Flows477

Financial Ratios and the Statement of Cash Flows486

Procedures for Development of the Statement of Cash Flows 　490

Operating Cash Flow/Current Maturities of Long-Term Debt andCurrent Notes Payable·Operating Cash Flow/TotalDebt·Operating Cash Flow per Share·Operating Cash Flow/Cash DividendsAlternative Cash Flow 　490

Summary　499

Questions　499

Problems　501

Case 11-1 Cash Flow Tales517

Case 11-2 Watch the Cash519

Case 11-3 Rapidly Expanding521

Case 11-4 Cash Movements and Periodic Income Determination530

12 STATEMENT ANALYSIS:PART Ⅱ—COOPER TIRE RUBBER COMPANY533

Eleven-Year Summary533

Comments Related to Eleven-Year Summary533

Liquidity·Long-Term Debt-PayingAbility·Profitability·Investor Analysis·OtherManagement s Discussion and Analysis541

Selected Comments Under Financial Condition ·SelectedComments Under Results of Operations Five-Year Ratio Comparison544

Liquidity·Long-Term Debt-PayingAbility·Profitability·Investor AnalysisRatio Comparison with Industry Averages548

Liquidity·Long-Term Debt-PayingAbility·Profitability·Investor AnalysisSummary　552

13　EXPANDED UTILITY OF FINANCIAL RATIOS553

Financial Ratios as Perceived by Commercial Loan Departments553

Most Significant Ratios and Their Primary Measure·RatiosAppearing Most Frequently in Loan AgreementsFinancial Ratios as Perceived by Corporate Controllers555

Most Significant Ratios and Their Primary Measure·Key FinancialRatios Included as Corporate ObjectivesFinancial Ratios as Perceived by Certified Public Accountants558

Financial Ratios as Perceived by Chartered Financial Analysts559

Financial Ratios Used in Annual Repots560

Degree of Conservatism and Quality of Earnings562

Inventory·Fixed Assets·Intangible Assets·Pensions·LeasesForecasting Financial Failure564

Univariate Model·Multivariate ModelAnalytical Review Procedures568

Management s Use of Analysis569

Use of LIFO Reserves569

Summary573

Graphing Financial Information573

CoNTENTSQuestions576

Problems578

Case 13-1 What Position?599

14 IMPACT OF CHANGING PRICES ON FINANCIALSTATEMENTS603

Constant Dollar Accounting(Price-Level)603

Current Cost Accounting612

Financial Reporting and Changing Prices614

Summary617

Questions617

Problems619

15 STATEMENT ANALYSIS FOR SPECIAL INDUSTRIES:BANKS,UTILITIES,OIL AND GAS,TRANSPORTATION,INSURANCE,REAL ESTATE COMPANIES625

Banks625

Balance Sheet·Income Statement·Ratios for BanksElectric Utilities636

Financial Statements·Ratios for Electric UtilitiesOil and Gas646

Successful Efforts Versus Full Cost·Supplementary Informationon Oil and Gas Exploration,Development,and ProductionActivities·Cash FlowTransportation650

Financial Statements·RatiosInsurance657

Balance Sheet Under GAAP·Income Statement UnderGAAP·RatiosReal Estate Companies665

Summary666

Questions671

Problems673

Case 15-1 Allowance for Funds678

Case 15-2 In Progress681

Case 15-3 Loans and Provision for Loans685

Case 15-4 You Can Bank on It686

Case 15-5 Proved Reserves691

Case 15-7 Insight693

Case 15-6 Heavenly Flying693

16 PERSONAL FINANCIAL STATEMENTS ANDACCOUNTING FOR GOVERNMENTS ANDNOT-FOR-PROFIT ORGANIZATIONS695

Personal Financial Statements695

Form of the Statements·Suggestions for Reviewing the Statementof Financial Condition·Suggestions for Reviewing the Statement ofChanges in Net Worth·Illustration of Preparation of the Statementof Financial Condition·Illustration of P705

Accounting for Not-For-Profit Organizations Other thanGovernments710

1．SFAS No.93. Recognition of Depreciation by Not-for-ProfitOrganizations (August 1987)·2．SFAS No.116, Accounting forContributions Received and Contributions Made (June 1993)·3．SFAS No.117, Financial Statements of Not-for-Profit Org722

Questions725

Problems726

Case 16-1 Governor Lucas-This Is Your County731

COMPREHENSIVE CASE—Worthington Industries741

GLOSSARY759

BIBLIOGRAPHY779

INDEX789