Financial Accounting

Part 1 An introduction to accounting: accounting - the language of business; changes in financial position; comprehensive problem one - Little Bear Railroad, Incorporated; measuring business income and completion of the accounting cycle; year end!. Part 2 The business world: accounting for merchandizing activities; introduction to financial statement analysis and the statement of cash flows. Part 3 Accounting for assets: financial assets; inventories and the cost of goods sold; plant assets and depreciation. Part 4 Accounting for liabilities and owners' equity: liabilities; owners' equity - forms of business organizations; reporting unusual events and special equity transactions. Part 5 A look back - and ahead: measuring cash flows; accounting concepts, professional judgment and ethical conduct. Appendices: annual report for Toys "R" Us, Incorporated; exploring the Internet accounting systems, internal control and audits; the time-value of money - future amounts and present values; international accounting and foreign currency transactions; income taxes and business decisions; analysis and interpretation of financial statements - a second look; not-for-profit organizations and governmental accounting.