Maire Loughran - Financial Accounting For Dummies

10 Part 6: Feeling Brave? Tackling More Advanced Financial Accounting Topics Chapter 17: Accounting for Emerging Issues Reviewing Different Technological Effects on Financial Accounting Introducing the Pharmaceutical Industry Crediting Research and Development Costs Recognizing Losses Chapter 18: Accounting for Income Taxes Identifying Financial Income versus Taxable Income Taking Advantage of Net Operating Losses Presenting a Side-by-Side Comparison of Book and Tax Calculations Taking Deferred Tax Liabilities or Assets to the Balance Sheet Chapter 19: Accounting for Leases Reviewing Lease Basics Accounting for the Lessee Accounting for the Lessor Chapter 20: Reporting Changes in Methods and the Correction of Errors Coping with Accounting Changes Dealing with Errors

11 Part 7: The Part of Tens Chapter 21: Ten Financial Accounting Shenanigans Reporting Revenue in the Wrong Period Reporting Fictitious Income Increasing Income with Misleading Events Shifting Expenses Between Periods Misclassifying Cash Failing to Record Liabilities Reporting Liabilities in the Wrong Period Not Disclosing Related-Party Transactions Capitalizing Normal Operating Expenses Deleting Transactions Chapter 22: Ten Accounting Career Opportunities Certified Public Accountant Consultant Corporate Accountant Forensic Accountant Government Accountant Information Technology Auditor Income Tax Accountant International Accountant Non-Accounting Accountant Not-for-Profit Accountant

12 Index

13 About the Author

14 Connect with Dummies

15 End User License Agreement

1 Chapter 17TABLE 17-1 Allocating Costs to Expense or Asset

1 Chapter 2FIGURE 2-1: An abbreviated classified balance sheet.FIGURE 2-2: A simple income statement.FIGURE 2-3: A very basic statement of cash flows.

2 Chapter 3FIGURE 3-1: Service business income statement.FIGURE 3-2: Merchandising business income statement.FIGURE 3-3: Cash budget.FIGURE 3-4: Bank statement reconciliation.FIGURE 3-5: Cash to accrual cheat sheet

3 Chapter 5FIGURE 5-1: Horizontal analysis.FIGURE 5-2: A partial cash receipts journal.FIGURE 5-3: A partial cash disbursements journal.FIGURE 5-4: A partial sales journal.FIGURE 5-5: A partial purchases journal.FIGURE 5-6: The standard journal entry format.FIGURE 5-7: Recording service income.FIGURE 5-8: Journalizing a loan transaction.FIGURE 5-9: Journalizing common business transactions.FIGURE 5-10: A partial general ledger.FIGURE 5-11: A partial trial balance.

4 Chapter 7FIGURE 7-1: The asset section of a balance sheet.

5 Chapter 8FIGURE 8-1: The liability section of a balance sheet.FIGURE 8-2: Inventory purchase on account and payment within discount period.FIGURE 8-3: Journal entry to record accrued payroll and taxes.FIGURE 8-4: Recording accrued and actual warranty expense.

6 Chapter 9FIGURE 9-1: A statement of owner’s equity for a sole proprietorship.FIGURE 9-2: A statement of partners’ equity.FIGURE 9-3: The equity section of a balance sheet.

7 Chapter 10FIGURE 10-1: A single step format income statement.FIGURE 10-2: A multiple step format income statement.FIGURE 10-3: Net sales.FIGURE 10-4: Computing COGS for a manufacturing company.FIGURE 10-5: The step-by-step preparation of cost of goods manufactured during ...FIGURE 10-6: Reporting unusual income statement items.FIGURE 10-7: An income statement for a manufacturing business.

8 Chapter 11FIGURE 11-1: A direct method statement of cash flows.FIGURE 11-2: An indirect method statement of cash flows.

9 Chapter 12FIGURE 12-1: Recording land purchases and related costs.FIGURE 12-2: A double declining balance depreciation calculation.FIGURE 12-3: Comparison of depreciation expense among methods.FIGURE 12-4: Example of a depreciation schedule.

10 Chapter 13FIGURE 13-1: Effect of changes in price levels on inventory.FIGURE 13-2: Kool Kicks inventory analysis.FIGURE 13-3: FIFO cost-flow assumption.FIGURE 13-4: LIFO cost-flow assumption.FIGURE 13-5: Partial inventory worksheet.

11 Chapter 14FIGURE 14-1: Income statement horizontal analysis for 2020 and 2021.FIGURE 14-2: Income statement vertical analysis for 2020 and 2021.

12 Chapter 16FIGURE 16-1: Select financial information.FIGURE 16-2: An unqualified independent auditor’s report for Village Shipping, ...

13 Chapter 17FIGURE 17-1: Summary of the credit for increasing research activities.

14 Chapter 18FIGURE 18-1: Financial income provision for income taxes.FIGURE 18-2: Tax calculation using the General Business Credit and the Foreign ...FIGURE 18-3: Calculating income tax refund receivable for an NOL carryback.FIGURE 18-4: Calculating income tax refund receivable for an NOL carryforward.FIGURE 18-5: Comparing figures calculated for an income statement to those used...

15 Chapter 19FIGURE 19-1: Recording a finance lease transaction.

16 Chapter 20FIGURE 20-1: Change in method of accounting for inventory.

1 Cover

2 Title Page

3 Copyright

4 Table of Contents

5 Begin Reading

6 Index

7 About the Author

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