Contents

About the Authors

Chapter 1: An Introduction to Financial Statements

The three principal financial statements

Other items in the annual report

Generally Accepted Accounting Principles: the rules of the game

The barriers to understanding financial statements

Key lessons from the chapter

Key terms and concepts from the chapter

Questions

Problems

Case studies

Notes

Chapter 2: The Balance Sheet and Income Statement

A further look at the balance sheet

Assets

Liabilities

Shareholders’ equity

A further look at the income statement

Other things you should know about the balance sheet and the income statement

Key lessons from the chapter

Key terms and concepts from the chapter

Questions

Appendix 2.1 The mechanics of financial accounting: the double-entry system

The accounting process in practice

Key terms and concepts from the appendix

Key lessons from the appendix

Problem

Case study

Chapter 3: A Brief Overview of GAAP and IFRS: the Framework for Financial Accounting

The core principles of GAAP and IFRS

The key characteristics of financial information

The key assumptions of financial information

Modifying conventions

The future of financial reporting

Key lessons from the chapter

Key terms and concepts from the chapter

Questions

Chapter 4: Revenue Recognition

Introduction

Definition: what is revenue?

Revenue-recognition principles

When does revenue recognition occur?

Revenue recognition: the journal entries

More on long-term contracts

Revenue-recognition controversies

Revenue recognition: ...

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