圣智学习

《财务会计》分为三个部分。第一部分主要介绍会计的职能、意义和会计的三大报表：资产负债表、利润表和现金流量表。第二部分将会计信息和其经济意义进行了联系，为会计初学者讲述了会计信息的目的。第三部分逐个科目分析了会计中的主要项目。《财务会计》一改簿记式会计教学的缺点，给会计教学增加了投资与价值评估的内容。这样的教学对即将面对我国不断国际化、金融化、复杂化的经济和商业环境的学生是很有益处的。
《财务会计》适合用作本科、会计学专业硕士（MPAcc）和MBA项目初级会计课程的教材。

Rick Antle　美国耶鲁大学管理学院会计学教授，高级副院长。他从斯坦福大学取得博士学位，曾经在芝加哥大学任教。Antle教授是会计学与经济学交叉领域的专家，他的研究范围包括了审计师的动机和独立性，会计师事务所，管理层激励机制，效绩评估，资本市场和转移定价等。Antle教授在以上领域内为工业界做过广泛的咨询。他曾经或正在担任大部分重要会计学术期刊的主编或编委。

Stanley J．Garstka　美国耶鲁大学管理学院管理学教授，助理院长，非营利性投资项目主任。他从卡内基一梅隆大学取得博士学位，并曾经在芝加哥大学任教。Garstka教授的研究范围包括了公司破产、重组等。他在工业界有广泛的咨询经验。

Part 1：Fundamentals of
Accounting 1
1．Introduction to Financial Accounting 2
What Is Accounting? 3
Frameworks for Understanding Accounting
Information 4
Financial Histories：The Financial Statements 5
Why Study Accounting?8
Decision Making 9
Accounting Is More Than Just Numbers 9
Economic Concepts 12
Financial Value 12
Wealth 13
Economic Income 14
Importance of Financial Value，Wealth，and
Economic Income in Accounting 14
Accounting Conventions 16
Nature of Accounting Conventions 16
Factors Affecting Accounting Conventions 16
Institutional Context 17
Conclusion 20
Key Terms 20
2． Balance Sheet Concepts：Assets，
Liabilities，and Equities 21
Basic Definitions，Theory,and Examples 22
The Entity Concept 22
Assets：Definition 23
Assets：Examples 23
Assets：Valuation 26
Liabilities：Definition 27
Liabilities：Examples 27
Liabilities：Valuation 30
Equities：Definition 30
Equities：Examples 30
Examples：Concluding Remarks 3 1
Balance Sheet Construction：Using the
Accounting Identity 32
An Example：Websell 32
T-Accounts，Debits，and Credits 37
Analyses Using Balance Sheet Information 40
Conclusion 40
Key Terms 41
3． Income Statement Concepts：Income，
Revenues，and Expenses 42
Income(Loss)44
Revenues 48
Expenses 50
Gains and Losses 53
Debits and Credits 53
A Word About Ledgers and Journals 55
An Example：Continuing Websell 55
The Process of Adjusting 58
Conclusion 63
Key Terms 64
4． Statement of Cash Flows：Operating，
Investing，and Financing Activities 65
Basic Definitions，Theory,and Examples 66
Definition of Cash 66
Cash Flows 68
Investing Activities 69
Financing Activities 70
Operating Activities 70
Types ofCash Flows and Types ofBalance
Sheet Accounts 71
Cash Flow from Operations versus Net
Income 72
An Example：Total Toy Company 72
Construction of Cash Flow Statements 78
Direct Method 78
Indirect Method 82
Alternative Explanation of the Indirect
Method 87
AnalysesUsingCashFlowStatements 90
Conclusion 91
Key Terms 91
5． Using the Fundamental Accounting
Framework：America Online，Inc． 92
AOL：Business and Environment 93
AoL\'s Balance Sheets 94
AOL\'s Income Statement 96
Notes to AOL\'s Financial Statements 97
AOL\'sCashFlowStatement 99
Using Articulation to Complete the Picture 101
AnalysisandDiscussion 102
Conclusion 105

Part 2：Valuation Basics and
Accounting Measures 1 07
6． Economic Concepts：Behind the
AccountingNumbers 108
Accounting Adjustments 1 10
Websell’S Adjustments 1 10
AdjustmentApproach l：EstimatetheRemaining
AdjustmentApproach2：EstimatetheAmountof
Expense forthe Period 112
Adjustments andValuation 113
Cash Flows and Economic Value 114
CashFlowsoverTime：TheTimeValueof
Money 115
FutureValDe 115
PresentValue 117
Relation to Accounting 118
PresentValues ofSequences ofCash Flows 119
Uncertain Cash Flows：Expected Value 120
Probability Trees and Uncertain Cash Flows 122
Relation to Accounting 1 22
Time and Uncertainty：Combining Present and
ExpectedValues 122
Normal and Abnormal Earnings 123
Conclusion 124
KeyTerms 125
Appendix 6．1：CalculatingPresentValues
Using Calculators，Spreadsheets，and Tables
of Discount Factors 126
Calculators 126
Spreadsheets 126
Tables of Discount Factors 127
7． Financial Statement Analysis：
Connecting Economic Concepts
toAccountingReports 129
AlternativeMeasuresofValue：AFramework
forFinancial StatementAnal)，sis 131
The Value ofa Firm in the Stock Market 131
GAAP Valuation 131
Financial Statement Analysis 1 32
Conceptual Framework for Financial Statement
Analysis 132
HarrodsburgFirstFinancialBancorp,Inc．135
Microsoft Corporation 143
Discussion 149
Conclusion 150
key Terms 150

Part 3：Topics in
Financial Reporting 1 51
8． Accounts Receivable 152
Nature of Accounts Receivable 153
An Example：Navigant Consulting，Inc． 153
Economic Value of Accounts Receivable 156
GAAPforAccountsReceivable 158
Determining Bad Debt Expense and the Allowance
forBadDebts 161
Comparison of GAAP and Economic Value 164
Financial StatementAnalysis ofAccounts
Receivable 166
Conclusion 167
KeyTerms 167
9． Inventories 168
Nature of Inventories 169
An Example：Maytag 170
EconomicValtie ofInventories 172
GAAP forInventories 174
Peiiodic versus Perpetual Inventory Systems 174
FIFO(First—In，First-Out) 1 75
LIFO(Last—In，First一0ut) 1 76
Average Cost 177
Lower—of-Cost—or—Market(LOCM) 179
Comparison of GAAP and Economic Values 179
Financial StatementAnalysis ofInventory 181
Conclusion 182
Key Terms 183
10． Marketable Securities 184
Nature of Marketable Securities 185
An Example：Merrill Lynch 185
EconomicValueofMarketable Securities 187
GAAP forMarketable Securities 188
Trading Securities 188
Available—for—Sale Securities 190
Held-to-Maturity Securities 192
Comparison of GAAP and Economic
Values 194
Financial StatementAnalysis ofMarketable
Securities 196
Conclusion 197
Key Terms 197
11． Long-Lived Assets 198
Nature of Long-Lived Assets 199
An Example：Quaker Oats 200
EconomicValue ofLong-LivedAssets 203
GAAPforLong-LivedAssets 205
Capitalization versus Expense 205
Valuation 205
Depreciation 206
ComparisonofGAAPandEconomic
Values 208
Changing Expectations 209
Asset Impairment 210
Financial Statement Analysis of Long-Lived
Assets 2ll
Conclusion 212
Key Terms 212
Appendix 11．1：EconomicValueofLine
Painter Co． 213
12． Long-Term Liabilities 215
Nature of Long-Term Liabilities 216
General Characteristics of Financial
Instruments 216
Schedule of Payments 217
Restrictions on the Borrower’S Actions or Financial
Condition 218
Rights of the Borrower and Lender in the Absence
ofDefault 219
Rights of the Borrower and Lender in
Default 219
Classification of Long—Term Financing
Instruments 219
An Example：Northwest Airlines 220
Conclusion 222
Economic Value of Long—Term Liabilities 222
GAAP for Long—Term Liabilities 225
Operating and Capital Leases 226
Retirement of Long—Term Liabilities 227
Comparison of GAAP and Economic
Values 228
Financial Statement Analysis of Long—Term
Liabilities 231
Conclusion 235
Key Terms 236
Appendix 12．1：More Detail on Northwest\'s
Liabilities 236
Appendix 12．2：Comparison of Alternative Forms
ofFinancing 239
13． Equities 243
Nature of Equities 244
Ownership 244
Equity,Debt，and Hybrid Financial
Instruments 246
An Example，3M 248
Statement of Changes in Shareholders’
Equity 249
Economic Value of Equities 251
GAAP forEquities 251
Issuance and Retirement 251
Treasury Stock 252
Conversion 254
Distributions to Shareholders 254
Stock Splits and Stock Dividends 255
Conclusion 256
Financial Statement Analysis of Equities 257
Earnings per Share 257
Employee Stock Options 259
Conclusion 261
Key Terms 261
14． Income Taxes 262
Nature of Income Taxes 263
An Example：Northwest Airlines 263
Tax Accounting Principles(TAJP) 267
Marketable Securities 267
Depreciation 267
Postretirement Benefits Other Than
Pensions 268
Asset Impairment 269
Net Operating Loss Carryforwards／
Carrybacks 269
Warranties 270
Inventories 270
Lease Transactions 270
Example of TAP Financial Statements 270
Economic ValRe of Deferred Income Taxes 275
Example of Deferred Tax Liability Creation：
Depreciation 275
Example of Deferred Tax Asset Creation：
Warranties 277
GAAPforDererredIncomeTaxes 278
GAAP versus TAP Accounts for NetService and the
GAAP Tax Adjustments 280
Comparison of GAAP and Economic Values for
Deferred Income Taxes 282
AnalysisofDeferredIncomeTaxes 283
Conclusion 283
Key Terms 284
15． Active Investments in
Corporations 285
Nature ofActive Investments 287
An Example：Xerox Corporation 288
Economics of Active Investments 292
GAAPforActiveInvestments 293
Equity Method 293
Consolidation Method 294
Minority Interest 295
Valuation 295
Do GAAP Capture the Economics? 296
Ratio Analysis of Consolidated Statements 296
Conclusion 297
Key Terms 297
Appendix 15．1：Constructing a Consofidated
Balance Sheet on the Date of Acquisition 297
Appendix 15．2：Acquisitions，Divestitures，and
the Articulation of Consolidated Financial
Statements 302
Appendix 15．3：Pooling of Interests 306
16． Financial Statement Analysis and the
Valuation of Common Stock 308
Background：Valuation of a Company Using
Discounted Cash Flow Analysis 310
Coldwater Creek 312
Coldwater’S Balance Sheets 313
Catalog Costs 315
Executive L．oans 315
Time-Series Benchmarks 316
Current Ratio 317
Quick Ratio 317
Debt-to——Equity 318
Long-Term Debt——to—Equity 318
Cross—Sectional Benchmarks 318
Coldwater\'s Income Statements 320
Key Step：Articulation 321
Projections 323
Valuation 329
Conclusion 331
Key Terms 331
Final Thoughts 332