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The tenth edition thoroughly involves students with financial statements by using real-world examples. It builds skills in analyzing real financial reports through statements, exhibits, and cases of actual companies. Emphasis is placed on the analysis and interpretation of the end result of financial reporting--financial statements.

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• Chapter 1 Introduction to Financial Reporting(p. 1)
• Development of Generally Accepted Accounting Principles (GAAP)(p. 1)
• American Institute of Certified Public Accountants (AICPA)
• Financial Accounting Standards Board (FASB)
• Operating Procedure for Statements of Financial Accounting Standards (SFASs)
• FASB Conceptual Framework
• Additional Input-American Institute of Certified Public Accountants (AICPA)(p. 7)
• Emerging Issues Task Force (EITF)(p. 8)
• A New Reality(p. 8)
• Traditional Assumptions of the Accounting Model(p. 10)
• Business Entity
• Going Concern or Continuity
• Time Period
• Monetary Unit
• Historical Cost
• Conservatism
• Realization
• Matching
• Consistency
• Full Disclosure
• Materiality
• Industry Practices
• Transaction Approach
• Cash Basis
• Accrual Basis
• Using the Internet(p. 19)
• Companies' Internet Web Sites
• Helpful Web Sites
• Summary(p. 20)
• To the Net(p. 20)
• Questions(p. 21)
• Problems(p. 23)
• Case 1-1 Standards Overload?(p. 27)
• Case 1-2 Standard Setting: "A Political Aspect"(p. 28)
• Case 1-3 Standard Setting: "By the Way of the United States Congress"(p. 31)
• Case 1-4 Flying High(p. 32)
• Case 1-5 Hawaii Centered(p. 33)
• Case 1-6 Going Concern?(p. 34)
• Case 1-7 Economics and Accounting: The Uncongenial Twins(p. 36)
• Case 1-8 I Often Paint Fakes(p. 36)
• Case 1-9 Oversight(p. 37)
• Web Case: Thomson One, Business School Edition(p. 41)
• Chapter 2 Introduction to Financial Statements and Other Financial Reporting Topics(p. 43)
• Forms of Business Entities(p. 43)
• The Financial Statements(p. 44)
• Balance Sheet (Statement of Financial Position)
• Statement of Stockholders' Equity (Reconciliation of Stockholders' Equity Accounts)
• Income Statement (Statement of Earnings)
• Statement of Cash Flows (Statement of Inflows and Outflows of Cash)
• Notes
• The Accounting Cycle(p. 46)
• Recording Transactions
• Recording Adjusting Entries
• Preparing the Financial Statements
• Treadway Commission
• Auditor's Opinion(p. 50)
• Auditor's Report on the Firm's Internal Controls
• Report of Management on Internal Control over Financial Reporting
• Management's Responsibility for Financial Statements
• The SEC's Integrated Disclosure System
• Proxy
• Summary Annual Report(p. 57)
• The Efficient Market Hypothesis(p. 58)
• Ethics(p. 58)
• SEC Requirements-Code of Ethics
• Harmonization of International Accounting Standards(p. 60)
• Consolidated Statements(p. 62)
• Accounting for Business Combinations(p. 62)
• Summary(p. 63)
• To the Net(p. 63)
• Questions(p. 64)
• Problems(p. 65)
• Case 2-1 The CEO Retires(p. 70)
• Case 2-2 The Dangerous Morality of Managing Earnings(p. 72)
• Case 2-3 Frequent-Flier Awards-Firm Commitment(p. 77)
• Case 2-4 International Accounting-Harmonization in Practice(p. 78)
• Case 2-5 Materiality: In Practice(p. 79)
• Case 2-6 Who is Responsible?(p. 79)
• Case 2-7 Safe Harbor(p. 80)
• Case 2-8 Enforcement(p. 81)
• Case 2-9 Watch-Dollars-Auditing Standards-GAAP(p. 82)
• Case 2-10 Multiple Country Enforcement(p. 85)
• Web Case: Thomson One, Business School Edition(p. 85)
• Chapter 3 Balance Sheet(p. 87)
• Basic Elements of the Balance Sheet(p. 87)
• Assets
• Liabilities
• Stockholders' Equity
• Quasi-Reorganization
• Accumulated Other Comprehensive Income
• Equity-Oriented Deferred Compensation
• Employee Stock Ownership Plans (ESOPs)
• Treasury Stock
• Stockholders' Equity in Unincorporated Firms
• Statement of Stockholders' Equity(p. 115)
• Problems in Balance Sheet Presentation(p. 116)
• Summary(p. 117)
• To the Net(p. 117)
• Questions(p. 118)
• Problems(p. 119)
• Case 3-1 Winne(p. 124)
• Case 3-2 Reader's(p. 127)
• Case 3-3 Sir Isaac(p. 129)
• Case 3-4 Foods a Plenty(p. 131)
• Case 3-5 Our Principal Asset is Our People(p. 131)
• Case 3-6 Brands Are Dead?(p. 132)
• Case 3-7 Advertising-Asset?(p. 132)
• Case 3-8 Canadian GAAP vs. U.S. GAAP(p. 132)
• Web Case: Thomson One, Business School Edition(p. 133)
• Chapter 4 Income Statement(p. 135)
• Basic Elements of the Income Statement(p. 135)
• Net Sales (Revenues)
• Cost of Goods Sold (Cost of Sales)
• Other Operating Revenue
• Operating Expenses
• Other Income or Expense
• Special Income Statement Items(p. 138)
• (A) Unusual or Infrequent Item Disclosed Separately
• (B) Equity in Earnings of Nonconsolidated Subsidiaries
• Income Taxes Related to Operations
• (C) Discontinued Operations
• (D) Extraordinary Items
• (E) Cumulative Effect of Change in Accounting Principle
• (F) Minority Share of Earnings
• Earnings per Share(p. 144)
• Retained Earnings(p. 144)
• Dividends and Stock Splits(p. 145)
• Legality of Distributions to Stockholders(p. 147)
• Comprehensive Income(p. 147)
• Summary(p. 149)
• To the Net(p. 150)
• Questions(p. 151)
• Problems(p. 151)
• Case 4-1 Optically Stimulated(p. 157)
• Case 4-2 Gaming(p. 157)
• Case 4-3 Riding High(p. 158)
• Case 4-4 The Big Order(p. 159)
• Case 4-5 Celtics(p. 159)
• Case 4-6 Always Low Prices(p. 161)
• Case 4-7 Multiple Income(p. 161)
• Web Case: Thomson One, Business School Edition(p. 162)
• Chapter 5 Basics of Analysis(p. 165)
• Ratio Analysis(p. 165)
• Common-Size Analysis (Vertical and Horizontal)(p. 166)
• Year-to-Year Change Analysis(p. 166)
• Financial Statement Variation by Type of Industry(p. 167)
• Review of Descriptive Information(p. 171)
• Comparisons(p. 171)
• Trend Analysis
• Standard Industrial Classification (SIC) Manual
• North American Industry Classification System (NAICS)
• Industry Averages and Comparison with Competitors
• Caution in Using Industry Averages
• Relative Size of Firm(p. 178)
• Other Library Sources(p. 178)
• Ward's Business Directory
• Standard & Poor's Stock Reports
• Standard & Poor's Register of Corporations, Directors, and Executives
• Standard & Poor's Analyst's Handbook
• Standard & Poor's Corporation Records
• America's Corporate Families: The Billion Dollar Directory
• D&B Million Dollar Directory
• Directory of Corporate Affiliations
• Thomas Register of American Manufacturers
• Mergent Industrial Manual
• Security Owner's Stock Guide
• Standard & Poor's Statistical Service
• Mergent Dividend Record
• Standard & Poor's Annual Dividend Record
• D&B Reference Book of Corporate Managements
• Compact Disclosure
• The Users of Financial Statements(p. 180)
• Summary(p. 181)
• To the Net(p. 182)
• Questions(p. 183)
• Problems(p. 184)
• Web Case: Thomson One, Business School Edition(p. 186)
• Chapter 6 Liquidity of Short-Term Assets; Related Debt-Paying Ability(p. 187)
• Current Assets, Current Liabilities, and the Operating Cycle(p. 187)
• Cash
• Marketable Securities
• Receivables
• Inventories
• Prepayments
• Other Current Assets
• Current Liabilities
• Current Assets Compared with Current Liabilities(p. 205)
• Working Capital
• Current Ratio
• Acid-Test Ratio (Quick Ratio)
• Cash Ratio
• Other Liquidity Considerations(p. 209)
• Sales to Working Capital (Working Capital Turnover)
• Liquidity Considerations Not on the Face of the Statements
• Summary(p. 210)
• To the Net(p. 211)
• Questions(p. 212)
• Problems(p. 214)
• Case 6-1 LIFO-FIFO(p. 226)
• Case 6-2 Rising Prices, a Time to Switch Off LIFO?(p. 228)
• Case 6-3 Kodak Moment(p. 228)
• Case 6-4 The Other Side of LIFO(p. 231)
• Case 6-5 Chemical Specialty(p. 232)
• Case 6-6 Booming Retail(p. 234)
• Case 6-7 Supreme(p. 235)
• Web Case: Thomson One, Business School Edition(p. 236)
• Chapter 7 Long-Term Debt-Paying Ability(p. 237)
• Income Statement Consideration when Determining Long-Term Debt-Paying Ability(p. 237)
• Times Interest Earned
• Fixed Charge Coverage
• Balance Sheet Consideration when Determining Long-Term Debt-Paying Ability(p. 241)
• Debt Ratio
• Debt/Equity Ratio
• Debt to Tangible Net Worth Ratio
• Other Long-Term Debt-Paying Ability Ratios
• Special Items that Influence a Firm's Long-Term Debt-Paying Ability(p. 247)
• Long-Term Assets versus Long-Term Debt
• Long-Term Leasing
• Pension Plans
• Postretirement Benefits Other than Pensions
• Joint Ventures
• Contingencies
• Financial Instruments with Off-Balance-Sheet Risk and Financial Instruments with Concentrations of Credit Risk
• Disclosures About Fair Value of Financial Instruments
• Summary(p. 262)
• To the Net(p. 262)
• Questions(p. 263)
• Problems(p. 264)
• Case 7-1 Expensing Interest Now and Later(p. 270)
• Case 7-2 Consideration of Leases(p. 271)
• Case 7-3 How May I Help You?(p. 274)
• Case 7-4 Lockout(p. 274)
• Case 7-5 Many Employers(p. 275)
• Case 7-6 Play it Safe(p. 276)
• Case 7-7 Apparel(p. 278)
• Case 7-8 Fair Value of Financial Instruments(p. 279)
• Case 7-9 Communications(p. 280)
• Web Case: Thomson One, Business School Edition(p. 280)
• Chapter 8 Profitability(p. 283)
• Profitability Measures(p. 283)
• Net Profit Margin
• Total Asset Turnover
• Return on Assets
• DuPont Return on Assets
• Interpretation Through DuPont Analysis
• Variation in Computation of DuPont Ratios Considering Only Operating Accounts
• Operating Income Margin
• Operating Asset Turnover
• Return on Operating Assets
• Sales to Fixed Assets
• Return on Investment (ROI)
• Return on Total Equity
• Return on Common Equity
• The Relationship Between Profitability Ratios
• Gross Profit Margin
• Trends in Profitability(p. 294)
• Segment Reporting(p. 294)
• Revenues by Major Product Lines(p. 297)
• Gains and Losses from Prior Period Adjustments(p. 298)
• Comprehensive Income(p. 298)
• Pro Forma Financial Information(p. 298)
• Interim Reports(p. 300)
• Summary(p. 301)
• To the Net(p. 302)
• Questions(p. 304)
• Problems(p. 304)
• Case 8-1 Jeff's Self-Service Station(p. 310)
• Case 8-2 The Tale of the Segments(p. 311)
• Case 8-3 The Story of Starbucks-In Segments(p. 313)
• Case 8-4 Scoreboards, Electronic Displays, Etc.(p. 315)
• Case 8-5 Yahoo! Services(p. 317)
• Case 8-6 Cars, Trucks, Etc.(p. 319)
• Case 8-7 Shoes, Shoes, Shoes(p. 319)
• Web Case: Thomson One, Business School Edition(p. 320)
• Chapter 9 For the Investor(p. 321)
• Leverage and Its Effects on Earnings(p. 321)
• Definition of Financial Leverage and Magnification Effects
• Computation of the Degree of Financial Leverage
• Summary of Financial Leverage
• Earnings per Common Share(p. 324)
• Price/Earnings Ratio(p. 325)
• Percentage of Earnings Retained(p. 326)
• Dividend Payout(p. 326)
• Dividend Yield(p. 327)
• Book Value per Share(p. 328)
• Stock Options (Stock-Based Compensation)(p. 328)
• Restricted Stock(p. 332)
• Stock Appreciation Rights(p. 332)
• Summary(p. 333)
• To the Net(p. 334)
• Questions(p. 334)
• Problems(p. 335)
• Case 9-1 Casey's(p. 340)
• Case 9-2 Met-Pro Split(p. 341)
• Case 9-3 Stock Option Plans (Stock-Based Compensation)(p. 342)
• Case 9-4 Food, Food, Food(p. 344)
• Case 9-5 Connecting(p. 347)
• Web Case: Thomson One, Business School Edition(p. 348)
• Chapter 10 Statement of Cash Flows(p. 349)
• Basic Elements of the Statement of Cash Flows(p. 350)
• Financial Ratios and the Statement of Cash Flows(p. 355)
• Operating Cash Flow/Current Maturities of Long-Term Debt and Current Notes Payable
• Operating Cash Flow/Total Debt
• Operating Cash Flow per Share
• Operating Cash Flow/Cash Dividends
• Alternative Cash Flow(p. 359)
• Procedures for Development of the Statement of Cash Flows(p. 359)
• Summary(p. 364)
• To the Net(p. 365)
• Questions(p. 366)
• Problems(p. 367)
• Case 10-1 The Big.Com(p. 378)
• Case 10-2 Watch the Cash(p. 379)
• Case 10-3 Who is Rapidly Expanding?(p. 380)
• Case 10-4 The Retail Mover(p. 383)
• Case 10-5 Noncash Charges(p. 385)
• Case 10-6 Sorry-Give it Back(p. 388)
• Case 10-7 Cash Movements and Periodic Income Determination(p. 388)
• Web Case: Thomson One, Business School Edition(p. 389)
• Summary Analysis Nike, Inc. (Includes 2005 Financial Statements on Form 10-K, and Selected Parts of 2005 Proxy)(p. 391)
• Nike-Background Information(p. 391)
• Management Discussion and Analysis (See 10-K) (in Part)
• Vertical Common-Size Statement of Income (Exhibit 1)
• Horizontal Common-Size Statement of Income (Exhibit 2)
• Three-Year Comparison (Exhibit 3)
• Ratio Comparison with Selected Competitor (Exhibit 4)
• Ratio Comparison with Industry (Exhibit 5)
• Other(p. 400)
• Summary(p. 400)
• Nike 2005 Financial Statements and Selected Parts of Proxy(p. 400)
• Chapter 11 Expanded Analysis(p. 485)
• Financial Ratios as Perceived by Commercial Loan Departments(p. 485)
• Most Significant Ratios and Their Primary Measure
• Ratios Appearing Most Frequently in Loan Agreements
• Financial Ratios as Perceived by Corporate Controllers(p. 487)
• Most Significant Ratios and Their Primary Measure
• Key Financial Ratios Included as Corporate Objectives
• Financial Ratios as Perceived by Certified Public Accountants(p. 489)
• Financial Ratios as Perceived by Chartered Financial Analysts(p. 489)
• Financial Ratios Used in Annual Reports(p. 490)
• Degree of Conservatism and Quality of Earnings(p. 491)
• Inventory
• Fixed Assets
• Intangible Assets
• Pensions
• Forecasting Financial Failure(p. 492)
• Univariate Model
• Multivariate Model
• Analytical Review Procedures(p. 495)
• Management's Use of Analysis(p. 495)
• Use of LIFO Reserves(p. 496)
• Graphing Financial Information(p. 497)
• Management of Earnings(p. 497)
• Valuation(p. 502)
• Multiples
• Multiperiod Discounted Valuation Models
• What They Use
• International Aspects
• Valuation as Seen by Management Consultants
• From Page V
• Dot.coms
• Summary(p. 506)
• To the Net(p. 507)
• Questions(p. 507)
• Problems(p. 509)
• Case 11-1 Foresland Extraordinary(p. 524)
• Case 11-2 Accounting Hocus-Pocus(p. 527)
• Case 11-3 Turn a Cheek(p. 528)
• Case 11-4 How Would You Value Nike?(p. 529)
• Web Case: Thomson One, Business School Edition(p. 530)
• Chapter 12 Special Industries: Banks, Utilities, Oil and Gas, Transportation, Insurance, Real Estate Companies(p. 533)
• Banks(p. 533)
• Balance Sheet
• Income Statement
• Ratios for Banks
• Regulated Utilities(p. 540)
• Financial Statements
• Ratios for Regulated Utilities
• Oil and Gas(p. 546)
• Successful-Efforts versus Full-Costing Methods
• Supplementary Information on Oil and Gas Exploration, Development, and Production Activities
• Cash Flow
• Transportation(p. 549)
• Financial Statements
• Ratios
• Insurance(p. 553)
• Balance Sheet Under GAAP
• Assets
• Assets-Other than Investments
• Income Statement Under GAAP
• Ratios
• Real Estate Companies(p. 559)
• Summary(p. 559)
• To the Net(p. 560)
• Questions(p. 561)
• Problems(p. 563)
• Case 12-1 Allowance for Funds(p. 566)
• Case 12-2 Results of Operations for Oil and Gas Producing Activities(p. 568)
• Case 12-3 Summary of Loan Loss Experience(p. 569)
• Case 12-4 You Can Bank On It(p. 571)
• Case 12-5 You're Covered(p. 573)
• Web Case: Thomson One, Business School Edition(p. 574)
• Chapter 13 Personal Financial Statements and Accounting for Governments and Not-for-Profit Organizations(p. 575)
• Personal Financial Statements(p. 575)
• Form of the Statements
• Suggestions for Reviewing the Statement of Financial Condition
• Suggestions for Reviewing the Statement of Changes in Net Worth
• Illustration of Preparation of the Statement of Financial Condition
• Illustration of Preparation of the Statement of Changes in Net Worth
• Accounting for Governments(p. 582)
• Accounting for Not-for-Profit Organizations Other Than Governments(p. 587)
• 1 SFAS No. 93, "Recognition of Depreciation by Not-for-Profit Organizations"
• 2 SFAS No. 116, "Accounting for Contributions Received and Contributions Made"
• 3 SFAS No. 117, "Financial Statements of Not-for-Profit Organizations"
• 4 SFAS No. 124, "Accounting for Certain Investments Held by Not-for-Profit Organizations"
• Applicability of GAAP to Not-for-Profit Organizations
• Budgeting by Objectives and/or Measures of Productivity
• Summary(p. 592)
• To the Net(p. 592)
• Questions(p. 593)
• Problems(p. 594)
• Case 13-1 Deficit Budget?(p. 597)
• Case 13-2 My Mud Hens(p. 598)
• Case 13-3 Jeep(p. 600)
• Case 13-4 Governor Lucas-This is Your County(p. 600)
• Case 13-5 County-Wide(p. 601)
• Glossary(p. 603)
• Bibliography(p. 623)
• Index(p. 633)