Contents
PART 1: AN OVERVIEW OF FINANCIAL ACCOUNTING
1 FINANCIAL ACCOUNTING AND ITS ECONOMIC CONTEXT
Financial Reporting and Investment Decisions
The Demand for Financial Information: A User's Orientation
The Demand for an Independent Audit
Martin and the CPA: Different Incentives
The Auditor's Report, the Management Letter, and the Financial Statements
Descriptions of Financial Statements
Analysis of Financial Statements
What Form of Investment: Debt or Equity?
A Decision Is Made, but Important Questions Still Remain
The Economic Environment in which Financial Reports Are Prepared and Used
Reporting Entities and Industries
Financial Information Users and Capital Markets
Contracts: Debt Covenants and Management Compensation
Financial Reporting Regulations and Standards
Generally Accepted Accounting Principles
Board of Directors and Audit Committee
Professional Reputation and Ethics
International Perspective: Movement Toward a Global Financial Reporting System
Capital Flows and Operating, Investing, and Financial Activities
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