December 2010
Intermediate to advanced
848 pages
31h 28m
English
Content preview from Financial Accounting: In an Economic Context
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.
KEY TERMS
Note: Definitions for these terms are provided in the glossary at the end of the text.
Conservatism (p. 95)
Consistency (p. 92)
Economic entity assumption (p. 79)
Face value (p. 87)
Fair market value (FMV) (p. 84)
Fiscal period assumption (p. 80)
Fiscal years (p. 81)
Going concern assumption (p. 81)
Historical costs (p. 87)
Input market (p. 84)
Lower-of-cost-or-market rule (p. 87)
Matching (p. 90)
Materiality (p. 93)
Net realizable value (p. 87)
Objectivity (p. 88)
Original cost (p. 84)
Output market (p. 84)
Present value (p. 84)
Purchasing power (p. 82)
Replacement cost (p. 84)
Revenue recognition (p. 90)
Stable dollar assumption (p. 82)
Valuation bases (p. 84)
ETHICS in the Real World
Microsoft Corporation changed its accounting for the sale of operating systems when it released Vista in 2007. The company now recognizes all revenue when a copy of Vista is sold; in previous years the company withheld a portion of revenue to be recognized in future periods when software updates were made available to customers. Historically, Microsoft lobbied the FASB and SEC to support strict guidelines for revenue recognition for software companies, but the company now has adopted some of the aggressive policies it had previously decried.
ETHICAL ISSUE Is Microsoft acting ethically when it changes its position on an important financial accounting principle? Discuss the implication of market forces on Microsoft's decisions.
INTERNET RESEARCH EXERCISE
Find the most recent Form 10-K ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access
More than 5,000 organizations count on O’Reilly
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.