Contents PART 1 ACCOUNTING 1 UNIT 1 Basic Accounting 2 Chapter 1 Introduction to Accounting 3 1.1 Definition of Accounting 3 1.2 Profession of Accounting 3 1.3 Types of Accounting Information 5 1.4 Measurement Bases of Financial Accounting 5 1.5 Basic Accounting Assumptions and Qualitative Characteristics 7 Chapter 2 The Accounting Equation and Double-Entry Bookkeeping 17 2.1 Accounting Elements 17 2.2 The Accounting Equation 18 2.3 Double-Entry Bookkeeping 21 Chapter 3 Accounting Cycle (Ⅰ) 29 3.1 Journal and Journalizing Transactions 29 3.2 Ledger and Posting Transactions 32 3.3 Preparing a Trial Balance 35 Chapter 4 Accounting Cycle (Ⅱ) 43 4.1 Time Period Principle and the Need for Adjustments 43 4.2 Accrual Basis Versus Cash Basis of Accounting 44 4.3 Prepare Adjusting Entries 45 4.4 The Adjusted Trial Balance and Preparation for Financial Statements 49 4.5 Worksheet 52 4.6 Closing Entries 54 4.7 The Post-Closing Trial Balance 56 4.8 The Steps in the Accounting Cycle 57 Chapter 5 Basic Financial Statements 66 5.1 Statement of Profit or Loss and Other Comprehensive Incomes 66 5.2 Statement of Changes in Owners’ Equity 67 5.3 Statement of Financial Position 68 5.4 Statement of Cash Flows 70 Chapter 6 Accounting for Merchandising Operations 76 6.1 Merchandising Activities 76 6.2 Accounting for Merchandise Purchase 78 6.3 Accounting for Merchandise Sales 81 6.4 The Adjusting and Closing Entries for Merchandisers 83 6.5 Preparing Financial Statements 85 UNIT 2 Financial Accounting 93 Chapter 7 Cash 94 7.1 Nature of Cash 94 7.2 Control of Cash 95 Chapter 8 Accounts Receivable 110 8.1 Nature of Accounts Receivable 110 8.2 Sales Discounts 111 8.3 Sales Returns and Allowances 112 8.4 Accounting for Bad Debt Expense 112 Chapter 9 Inventory 126 9.1 Nature of Inventory 126 9.2 Perpetual and Periodic Inventory Systems 127 9.3 Inventory Cost Flow Methods 128 Chapter 10 Fixed Assets 140 10.1 Definition of Fixed Assets 140 10.2 Acquisition of Fixed Assets 140 10.3 Depreciation of Fixed Assets 142 10.4 Disposal of Fixed Assets 145 Chapter 11 Intangible Assets 152 11.1 Definition of Intangible Assets 152 11.2 Classification of Intangible Assets 152 11.3 Acquisition of Intangible Assets 153 11.4 Amortization of Intangible Assets 154 11.5 Goodwill 155 Chapter 12 Liabilities 161 12.1 Definition of Liabilities 161 12.2 Characteristics of Liabilities 161 12.3 Classification of Liabilities 161 12.4 Accounting for Liabilities 162 Chapter 13 Owners’ Equity 171 13.1 Forms of Business Organizations 171 13.2 Sole Proprietorship Accounting 171 13.3 Partnership Accounting 172 13.4 Corporation Accounting 182 Chapter 14 Revenues and Expenses 198 14.1 Contents of Income Statement 198 14.2 Accounting for Revenues 199 14.3 Accounting for Expenses 201 Chapter 15 Financial Statements (Ⅰ) 210 15.1 Statement of Financial Position 210 15.2 Statement of Profit or Loss and Other Comprehensive Incomes 219 Chapter 16 Financial Statements (Ⅱ) 233 16.1 Statement of Cash Flows 233 16.2 Statement of Changes in Owners’ Equity 237 PART 2 FINANCIAL MANAGEMENT 248 Chapter 17 Overview of Financial Management 250 17.1 Main Contents of Financial Management 250 17.2 Targets of Financial Management 253 17.3 Major Tasks of Financial Managers 254 Chapter 18 Time Value of Money 257 18.1 Relationship to Payment Decisions 257 18.2 Future Value and Present Value of Single Amount 257 18.3 Future Value and Present Value of Annuity 259 18.4 Determining Annuity Value 262 Chapter 19 Interest Rate 265 19.1 Historical Interest Rates 265 19.2 Reasons for Interest Rate Changes 266 19.3 Interest Rate Quotes 267 19.4 Converting APR to EAR 267 19.5 Inflation and Real Versus Nominal Rates 268 19.6 Risks and Taxes 268 19.7 Market Interest Rate Model 269 Chapter 20 Risk and Return 271 20.1 A Single Investment 271 20.2 A Multi-Investment Portfolio 273 20.3 Risk-Return Relationship 275 Chapter 21 Financial Ratio Analysis 278 21.1 Broad Categories of Ratios 278 21.2 Profitability and Return on Capital 280 21.3 Liquidity, Gearing/Leverage and Working Capital 282 21.4 Efficiency Ratios: Control of Receivables and Inventories 285 21.5 Shareholders’ Investment Ratios 287 Chapter 22 Debt Financing 296 22.1 Short-Term Debt Financing 296 22.2 Long-Term Debt Financing 297 Chapter 23 Equity Financing 301 23.1 The Concept of Equity Financing 301 23.2 Advantages and Disadvantages of Equity Financing 301 23.3 The Factors Considered for Choosing a Method of Financing 302 23.4 The Sources of Equity Financing 302 23.5 The Methods of Equity Financing 303 Chapter 24 Capital Budgeting (Ⅰ) 308 24.1 The Importance of Capital Budgeting 308 24.2 The Processes and Principles of Capital Budgeting 309 24.3 Incremental Cash Flows of Project 309 Chapter 25 Capital Budgeting (Ⅱ) 315 25.1 Capital Budgeting Decision Criteria 315 25.2 PP 315 25.3 NPV 316 25.4 IRR 317 Chapter 26 Working Capital Management 322 26.1 Working Capital Terminology 322 26.2 Cash Management 323 26.3 Accounts Receivable Management 324 26.4 Inventory Management 325 Chapter 27 Distribution of Profits 336 27.1 The Basic Theory of Dividend Policy 336 27.2 Dividend Theories 337 27.3 Factors Influencing Dividend Decisions 339 27.4 Dividend Policies 341 Chapter 28 Financial Planning 352 28.1 The Objective of Financial Planning 352 28.2 The Benefits of Financial Planning 352 28.3 Important Elements in Financial Planning 353 28.4 The Financial Planning Model 354 28.5 The Links Between Long-Term and Short-Term Financing Decisions 355
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