Custom ACC 590B (University of Illinois-Springfield)

by Easton, Hartgraves

ISBN: 978-1-61853-445-3 | Copyright 2022

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Financial Statement Analysis & Valuation, 6e (pg. 1.1-1)
Module 1 Framework for Analysis and Valuation (pg. 1.1-1)
Step 1 Business Environment and Accounting (pg. 1.1-5)
Review 1-1 (pg. 1.1-6)
Financial Statements: Demand and Supply (pg. 1.1-6)
Demand for Information (pg. 1.1-6)
Supply of Information (pg. 1.1-9)
International Accounting Standards (pg. 1.1-10)
Review 1-2 (pg. 1.1-11)
Review of Financial Statements (pg. 1.1-12)
Balance Sheet (pg. 1.1-12)
Income Statement (pg. 1.1-15)
Statement of Stockholders’ Equity (pg. 1.1-17)
Statement of Cash Flows (pg. 1.1-18)
Information Beyond Financial Statements (pg. 1.1-19)
Review 1-3 (pg. 1.1-19)
Analyzing the Business Environment (pg. 1.1-20)
Analyzing the Value-Chain (pg. 1.1-20)
Five-Forces Analysis of Business Environment (pg. 1.1-20)
SWOT Analysis of Business Environment (pg. 1.1-21)
Analyzing Competitive Advantage (pg. 1.1-22)
Review 1-4 (pg. 1.1-23)
Step 2 Adjusting and Analyzing Financial Data (pg. 1.1-24)
Managerial Choices in Financial Reporting (pg. 1.1-24)
Analysis of Return on Assets (pg. 1.1-25)
Components of Return on Assets (pg. 1.1-25)
Analysis of Return on Equity (pg. 1.1-26)
Review 1-5 (pg. 1.1-27)
Step 3 Forecasting Financial Numbers (pg. 1.1-27)
Review 1-6 (pg. 1.1-28)
Step 4 Business Valuation (pg. 1.1-29)
Valuation Models (pg. 1.1-29)
Are Financial Data Relevant? (pg. 1.1-29)
Financial Statement Analysis in an Efficient Capital Market (pg. 1.1-30)
Analyzing Global Reports (pg. 1.1-31)
Review 1-7 (pg. 1.1-32)
Appendix 1A: Financial Statement Data and Analytics (pg. 1.1-32)
SEC Filings (pg. 1.1-32)
Data Analytics (pg. 1.1-35)
Guidance Answer (pg. 1.1-36)
Questions (pg. 1.1-36)
Mini Exercises (pg. 1.1-37)
Exercises (pg. 1.1-39)
Problems (pg. 1.1-41)
IFRS Applications (pg. 1.1-47)
Analysis Decision Points (pg. 1.1-48)
Ongoing Analysis Project (pg. 1.1-48)
Solutions to Reviews (pg. 1.1-49)
Module 2 Review of Business Activities and Financial Statements (pg. 1.2-1)
Interpreting A Balance Sheet (pg. 1.2-3)
Assets (pg. 1.2-3)
Liabilities and Equity (pg. 1.2-5)
Review 2-1 (pg. 1.2-12)
Interpreting An Income Statement (pg. 1.2-12)
Recognizing Revenues and Expenses (pg. 1.2-13)
Reporting of Transitory Items (pg. 1.2-14)
Analyzing the Income Statement (pg. 1.2-16)
Review 2-2 (pg. 1.2-16)
Interpreting A Statement of Stockholders’ Equity (pg. 1.2-17)
Review 2-3 (pg. 1.2-18)
Interpreting A Statement of Cash Flows (pg. 1.2-18)
Statement Format and Data Sources (pg. 1.2-18)
Review 2-4 (pg. 1.2-19)
Articulation of Financial Statements (pg. 1.2-19)
Retained Earnings Reconciliation (pg. 1.2-20)
Financial Statement Linkages (pg. 1.2-20)
Review 2-5 (pg. 1.2-21)
Analyzing Transactions and Adjustments (pg. 1.2-22)
Four-Step Accounting Cycle (pg. 1.2-22)
Financial Statement Effects Template (pg. 1.2-22)
Accounting Cycle Step 1-Analyze Transactions and Prepare Entries (pg. 1.2-24)
Applying the Financial Statement Effects Template (pg. 1.2-24)
Applying the Journal Entry and T-Account (pg. 1.2-24)
Review 2-6 (pg. 1.2-26)
Accounting Cycle Step 2-Prepare Accounting Adjustments (pg. 1.2-27)
Prepaid (Deferred) Expenses (pg. 1.2-28)
Unearned (Deferred) Revenues (pg. 1.2-28)
Accrued Expenses (pg. 1.2-29)
Accrued Revenues (pg. 1.2-29)
Accounting Adjustments for Apple (pg. 1.2-30)
Review 2-7 (pg. 1.2-31)
Accounting Cycle Step 3-Prepare Financial Statements (pg. 1.2-31)
Review 2-8 (pg. 1.2-31)
Accounting Cycle Step 4-Close the Books (pg. 1.2-32)
Review 2-9 (pg. 1.2-32)
Additional Information Sources (pg. 1.2-32)
Form 10-K (pg. 1.2-32)
Form 20-F and Form 40-F (pg. 1.2-34)
Form 8-K (pg. 1.2-35)
Analyst Reports (pg. 1.2-35)
Credit Services (pg. 1.2-36)
Data Services (pg. 1.2-36)
Review 2-10 (pg. 1.2-36)
Analyzing Global Reports (pg. 1.2-36)
Guidance Answers (pg. 1.2-37)
Questions (pg. 1.2-37)
Mini Exercises (pg. 1.2-38)
Exercises (pg. 1.2-40)
Problems (pg. 1.2-46)
IFRS Application (pg. 1.2-51)
Analysis Discussion Points (pg. 1.2-52)
Ongoing Analysis Project (pg. 1.2-53)
Solutions to Reviews (pg. 1.2-53)
Module 3 Profitability Analysis and Interpretation (pg. 1.3-1)
Return on Equity (ROE) (pg. 1.3-3)
Review 3-1 (pg. 1.3-4)
ROE Disaggregation: DuPont Analysis (pg. 1.3-4)
Return on Assets (pg. 1.3-4)
Financial Leverage (FL) (pg. 1.3-5)
Review 3-2 (pg. 1.3-6)
Return on Assets and Its Disaggregation (pg. 1.3-6)
Analysis of Profitability and Productivity (pg. 1.3-7)
Analysis of Profitability (pg. 1.3-8)
Analysis of Productivity (pg. 1.3-9)
Analysis of Financial Leverage (pg. 1.3-12)
Review 3-3 (pg. 1.3-14)
Balance Sheet Analysis with an Operating Focus (pg. 1.3-15)
Return on Net Operating Assets (RNOA) (pg. 1.3-15)
Net Operating Assets (NOA) (pg. 1.3-16)
Net Nonoperating Obligations (NNO) (pg. 1.3-17)
Income Statement Analysis with an Operating Focus (pg. 1.3-19)
Review 3-4 (pg. 1.3-19)
Operating Line Items on the Income Statement (pg. 1.3-20)
Nonoperating Line Items on the Income Statement (pg. 1.3-20)
Net Nonoperating Expense (NNE) (pg. 1.3-23)
Review 3-5 (pg. 1.3-23)
Return on Net Operating Assets (RNOA) (pg. 1.3-24)
RNOA Disaggregation into Margin and Turnover (pg. 1.3-26)
Review 3-6 (pg. 1.3-26)
Net Operating Profit Margin (pg. 1.3-27)
Net Operating Asset Turnover (pg. 1.3-27)
Trade-Off between Margin and Turnover (pg. 1.3-28)
Review 3-7 (pg. 1.3-30)
Analyzing Global Reports (pg. 1.3-30)
Appendix 3A: Operating versus Nonoperating Classification (pg. 1.3-31)
Appendix 3B: Nonoperating Return Component of ROE (pg. 1.3-32)
Nonoperating Return (pg. 1.3-32)
Nonoperating Return- With Substantial Net Nonoperating Assets: Amazon (pg. 1.3-34)
Nonoperating Return- With Noncontrolling Interest: AT&T (pg. 1.3-35)
Review 3-8 (pg. 1.3-36)
Appendix 3C: Vertical and Horizontal Analysis (pg. 1.3-36)
Limitations of Ratio Analysis (pg. 1.3-37)
Review 3-9 (pg. 1.3-39)
Guidance Answer (pg. 1.3-40)
Questions (pg. 1.3-40)
Mini Exercises (pg. 1.3-40)
Exercises (pg. 1.3-44)
Problems (pg. 1.3-49)
IFRS Application (pg. 1.3-56)
Analysis Discussion Points (pg. 1.3-56)
Ongoing Analysis Project (pg. 1.3-57)
Solutions to Reviews (pg. 1.3-58)
Module 4 Credit Risk Analysis and Interpretation (pg. 1.4-1)
Market for Credit (pg. 1.4-3)
Demand for Credit (pg. 1.4-3)
Supply of Credit (pg. 1.4-4)
Review 4-1 (pg. 1.4-7)
Credit Risk Analysis Process (pg. 1.4-8)
Information for Credit Risk Analysis (pg. 1.4-8)
Chance of Default (pg. 1.4-9)
Loss Given Default (pg. 1.4-11)
Review 4-2 (pg. 1.4-13)
Measuring Credit Risk (pg. 1.4-13)
Adjusting Financial Information (pg. 1.4-14)
Profitability Analysis (pg. 1.4-15)
Coverage Analysis (pg. 1.4-17)
Liquidity Analysis (pg. 1.4-20)
Solvency Analysis (pg. 1.4-21)
Review 4-3 (pg. 1.4-24)
Credit Ratings (pg. 1.4-25)
Importance of Credit Ratings (pg. 1.4-27)
How Credit Ratings Are Determined (pg. 1.4-28)
Review 4-4 (pg. 1.4-33)
Predicting Bankruptcy Risk (pg. 1.4-33)
Altman Z-Score (pg. 1.4-33)
Application of Z-Score (pg. 1.4-34)
Bankruptcy Prediction Errors (pg. 1.4-34)
Review 4-5 (pg. 1.4-35)
Guidance Answers (pg. 1.4-35)
Questions (pg. 1.4-35)
Mini Exercises (pg. 1.4-36)
Exercises (pg. 1.4-38)
Problems (pg. 1.4-41)
IFRS Applications (pg. 1.4-46)
Analysis Discussion Point (pg. 1.4-49)
Ongoing Analysis Project (pg. 1.4-49)
Solutions to Reviews (pg. 1.4-50)
Module 12 Cost of Capital and Valuation Basics (pg. 1.12-1)
Basics of Valuation (pg. 1.12-3)
Payoffs from Equity and Debt Instruments (pg. 1.12-4)
Steps in Stock Valuation (pg. 1.12-4)
Intrinsic Value (pg. 1.12-5)
Review of Time Value of Money (pg. 1.12-6)
Valuation of a Debt Instrument (pg. 1.12-9)
Valuation of an Equity Instrument (pg. 1.12-9)
Estimating Cost of Capital (pg. 1.12-10)
Diversifiable and Non-Diversifiable Risk (pg. 1.12-11)
Review 12-1 (pg. 1.12-11)
Cost of Equity Capital Using the Capital Asset Pricing Model (pg. 1.12-12)
Cost of Equity Capital Using a Multi-Factor Model (pg. 1.12-13)
Review 12-2 (pg. 1.12-14)
Cost of Debt Capital (pg. 1.12-14)
Review 12-3 (pg. 1.12-16)
Weighted Average Cost of Capital (pg. 1.12-16)
Review 12-4 (pg. 1.12-18)
Dividend Discount Model (pg. 1.12-18)
Recursive Process of Valuation (pg. 1.12-18)
Framework of the Dividend Discount Model (pg. 1.12-19)
Dividend Discount Model with Constant Perpetuity (pg. 1.12-19)
Review 12-5 (pg. 1.12-20)
Dividend Discount Model with Increasing Perpetuity (pg. 1.12-20)
Issues in Applying the Dividend Discount Model (pg. 1.12-21)
Review 12-6 (pg. 1.12-23)
Appendix 12A: Estimating Cost of Equity Capital (pg. 1.12-23)
Guidance Answer (pg. 1.12-28)
Questions (pg. 1.12-29)
Mini Exercises (pg. 1.12-29)
Exercises (pg. 1.12-30)
Problems (pg. 1.12-31)
Analysis Discussion Points (pg. 1.12-34)
Ongoing Analysis Project (pg. 1.12-36)
Solutions to Reviews (pg. 1.12-37)
Module 13 Cash-Flow-Based Valuation (pg. 1.13-1)
Equity Valuation Models (pg. 1.13-3)
Dividend Discount Model (pg. 1.13-3)
Discounted Cash Flow Model (pg. 1.13-4)
Residual Operating Income Model (pg. 1.13-4)
Model Equivalency (pg. 1.13-4)
Valuation Model Inputs (pg. 1.13-4)
Review 13-1 (pg. 1.13-6)
Discounted Cash Flow (DCF) Model (pg. 1.13-6)
DCF Model Structure (pg. 1.13-6)
Steps in Applying the DCF Model (pg. 1.13-7)
Illustrating the DCF Model (pg. 1.13-8)
Extending the DCF Model (pg. 1.13-9)
Analyzing Global Reports (pg. 1.13-15)
Review 13-2 (pg. 1.13-15)
Appendix 13A: Financial Statements for Procter & Gamble (pg. 1.13-16)
Appendix 13B: Derivation of Free Cash Flow Formula (pg. 1.13-18)
Appendix 13C: Deutsche Bank Valuation of Procter & Gamble (pg. 1.13-18)
Guidance Answer (pg. 1.13-29)
Questions (pg. 1.13-29)
Mini Exercises (pg. 1.13-29)
Exercises (pg. 1.13-30)
Problems (pg. 1.13-33)
Analysis Discussion Point (pg. 1.13-37)
Ongoing Analysis Project (pg. 1.13-37)
Solutions to Reviews (pg. 1.13-38)
Module 14 Operating-Income-Based Valuation (pg. 1.14-1)
Equity Valuation Models (pg. 1.14-3)
Dividend Discount Model (pg. 1.14-3)
Discounted Cash Flow Model (pg. 1.14-4)
Residual Operating Income Model (pg. 1.14-4)
Model Equivalency (pg. 1.14-4)
Valuation Model Inputs (pg. 1.14-5)
Review 14-1 (pg. 1.14-6)
Residual Operating Income (ROPI) Model (pg. 1.14-6)
ROPI Model Structure (pg. 1.14-6)
Steps in Applying the ROPI Model (pg. 1.14-7)
Illustrating the ROPI Model (pg. 1.14-8)
Extending the ROPI Model (pg. 1.14-10)
Review 14-2 (pg. 1.14-11)
Steady State in Valuation (pg. 1.14-11)
Multi-Year Forecast Precision (pg. 1.14-12)
Achieving Steady State (pg. 1.14-12)
Forecasting Steady State-An Illustration (pg. 1.14-13)
Review 14-3 (pg. 1.14-15)
Managerial Insights from the ROPI Model (pg. 1.14-15)
Management Focus on Improved Efficiency (pg. 1.14-15)
Management Focus on Improved Profitability (pg. 1.14-16)
Assessment of Valuation Models (pg. 1.14-16)
Analyzing Global Reports (pg. 1.14-17)
Review 14-4 (pg. 1.14-18)
Appendix 14A: P&G Financial Statements (pg. 1.14-18)
Guidance Answer (pg. 1.14-20)
Questions (pg. 1.14-21)
Mini Exercises (pg. 1.14-21)
Exercises (pg. 1.14-23)
Problems (pg. 1.14-26)
Analysis Discussion Point (pg. 1.14-30)
Ongoing Analysis Project (pg. 1.14-31)
Solutions to Reviews (pg. 1.14-32)
Module 15 Market-Based Valuation (pg. 1.15-1)
Valuation Model Using Market Multiples (pg. 1.15-3)
Application of the Model Using Market Multiples (pg. 1.15-4)
Valuation Using Balance Sheet Multiples (pg. 1.15-5)
Valuation Using a Net Operating Asset (NOA) Multiple (pg. 1.15-6)
Valuation Using a Book Value (BV) Multiple (pg. 1.15-6)
Review 15-1 (pg. 1.15-8)
Valuation Using Income Statement Multiples (pg. 1.15-8)
Valuation Using a Net Operating Profit After Tax (NOPAT) Multiple (pg. 1.15-9)
Valuation Using a Net Income (NI) Multiple (pg. 1.15-10)
Valuation Using Industry-Based Multiples (pg. 1.15-11)
Combining Estimates from Differing Multiples (pg. 1.15-11)
Review 15-2 (pg. 1.15-12)
Selecting Comparables for Market Multiples (pg. 1.15-12)
Deriving Price-to-Book from Residual Operating Income Model (pg. 1.15-13)
PB Ratios in Relation to Profitability, Growth, and Risk (pg. 1.15-13)
Deriving Price-to-Earnings from Residual Operating Income Model (pg. 1.15-16)
PE Ratios in Relation to Profitability, Growth, and Risk (pg. 1.15-17)
Review 15-3 (pg. 1.15-18)
Interpreting and Reverse Engineering Market Multiples (pg. 1.15-19)
Interpreting and Reverse Engineering the PB Ratio (pg. 1.15-19)
Interpreting and Reverse Engineering the PE Ratio (pg. 1.15-21)
Perspective on Valuation Multiples and Fundamental Analysis (pg. 1.15-21)
Review 15-4 (pg. 1.15-22)
Guidance Answer (pg. 1.15-23)
Questions (pg. 1.15-23)
Mini Exercises (pg. 1.15-24)
Exercises (pg. 1.15-26)
Problems (pg. 1.15-30)
Analysis Discussion Points (pg. 1.15-34)
Ongoing Analysis Project (pg. 1.15-37)
Solutions to Reviews (pg. 1.15-37)
Managerial Accounting, 8e (pg. 2.68)
Chapter 3: Cost-Volume-Profit Analysis and Planning (pg. 2.68)
Razor USA, LLC (pg. 2.68)
Cost-Volume-Profit Analysis (pg. 2.70)
Key Assumptions (pg. 2.71)
Profit Formula (pg. 2.72)
Review 3-1 (pg. 2.74)
Contribution and Functional Income Statements (pg. 2.74)
Contribution Income Statement (pg. 2.74)
Functional Income Statement (pg. 2.75)
Analysis Using Contribution Margin Ratio (pg. 2.75)
Review 3-2 (pg. 2.76)
Break-Even Point and Profit Planning (pg. 2.76)
Determining Break-Even Point in Units (pg. 2.76)
Profit Planning (pg. 2.78)
Cost-Volume-Profit Graph (pg. 2.79)
Profit-Volume Graph (pg. 2.79)
Impact of Income Taxes (pg. 2.81)
Review 3-3 (pg. 2.82)
Multiple-Product Cost-Volume-Profit Analysis (pg. 2.82)
Determining Break-Even and Target Profit Sales Dollars (pg. 2.82)
Sales Mix Analysis (pg. 2.84)
Review 3-4 (pg. 2.86)
Analysis of Operating Leverage (pg. 2.86)
 Appendix 3A: Profitability Analysis with Unit and Nonunit Cost Drivers (pg. 2.88)
Multi-Level Contribution Income Statement (pg. 2.88)
Variations in Multi-Level Contribution Income Statement (pg. 2.90)
Review 3-6 (pg. 2.91)
Guidance Answers (pg. 2.91)
 Key Ratios (pg. 2.92)
 Key Terms (pg. 2.92)
 Multiple Choice  (pg. 2.92)
Questions (pg. 2.94)
Mini Exercises (pg. 2.94)
Exercises (pg. 2.96)
Problems (pg. 2.100)
Cases and Projects (pg. 2.105)
Solutions to Review Problems (pg. 2.106)
Chapter 4: Relevant Costs and Benefits for Decision Making (pg. 2.110)
Uber (pg. 2.110)
Identifying Relevant Costs (pg. 2.112)
Relevance of Future Revenues (pg. 2.113)
Relevance of Outlay Costs (pg. 2.113)
Irrelevance of Sunk Costs (pg. 2.114)
Sunk Costs Can Cause Ethical Dilemmas (pg. 2.114)
Relevance of Disposal and Salvage Values (pg. 2.115)
Relevance of Opportunity Costs (pg. 2.115)
Review 4-1 (pg. 2.116)
Differential Analysis of Relevant Costs (pg. 2.116)
Review 4-2 (pg. 2.117)
Applying Differential Analysis (pg. 2.117)
Multiple Changes in Profit Plans (pg. 2.118)
Review 4-3 (pg. 2.119)
Special Orders (pg. 2.119)
Review 4-4 (pg. 2.122)
Outsourcing Decisions (Make or Buy) (pg. 2.122)
Review 4-5 (pg. 2.126)
Sell or Process Further (pg. 2.126)
Review 4-6 (pg. 2.128)
Use of Limited Resources (pg. 2.128)
Single Constraint (pg. 2.128)
Multiple Constraints (pg. 2.129)
Theory of Constraints (pg. 2.130)
Limitations of Decision Analysis Models (pg. 2.131)
Review 4-7 (pg. 2.131)
Guidance Answers (pg. 2.131)
 Key Terms (pg. 2.132)
 Multiple Choice (pg. 2.132)
Questions (pg. 2.133)
Mini Exercises (pg. 2.134)
Exercises (pg. 2.137)
Problems (pg. 2.140)
Cases and Projects (pg. 2.144)
Solutions to Review Problems (pg. 2.148)
Chapter 8: Pricing and Other Product Management Decisions (pg. 2.278)
Roku (pg. 2.278)
Understanding the Value Chain (pg. 2.280)
Usefulness of a Value Chain Perspective (pg. 2.282)
Value-Added and Value Chain Perspectives (pg. 2.284)
Review 8-1­ (pg. 2.284)
The Pricing Decision (pg. 2.284)
Economic Approaches to Pricing (pg. 2.284)
Cost-Based Approaches to Pricing (pg. 2.285)
Review 8-2 (pg. 2.288)
Target Costing (pg. 2.289)
Target Costing Is Proactive for Cost Management (pg. 2.289)
Target Costing Encourages Design for Production (pg. 2.290)
Target Costing Reduces Time to Introduce Products (pg. 2.291)
Target Costing Requires Cost Information (pg. 2.291)
Target Costing Requires Coordination (pg. 2.291)
Target Costing is Key for Products with Short Life Cycles (pg. 2.292)
Target Costing Helps Manage Life Cycle Costs (pg. 2.293)
Review 8-3 (pg. 2.294)
Continuous Improvement Costing (pg. 2.294)
Review 8-4 (pg. 2.295)
Benchmarking (pg. 2.296)
Review 8-5 (pg. 2.297)
Guidance Answers  (pg. 2.297)
Key Ratios  (pg. 2.297)
Key Terms  (pg. 2.297)
Multiple Choice  (pg. 2.297)
Questions (pg. 2.298)
Mini Exercises (pg. 2.299)
Exercises (pg. 2.300)
Problems (pg. 2.302)
Cases and Projects (pg. 2.304)
Solutions to Review Problems (pg. 2.305)
Appendix A: Managerial Analysis of Financial Statements (pg. 2.492)
Financial Statement Analysis for Managers (pg. 2.494)
Review Appendix A-1 (pg. 2.495)
Factors Impacting Financial Statement Analysis (pg. 2.495)
Review Appendix A-2 (pg. 2.496)
Application of Financial Statement Analysis (pg. 2.496)
Evaluative Standards and Benchmarks (pg. 2.496)
Comparative and Common Size Statements (pg. 2.497)
Review Appendix A-3 (pg. 2.499)
Solvency Analysis (pg. 2.501)
Review Appendix A-4 (pg. 2.504)
Performance Analysis (pg. 2.504)
Horizontal Analysis of Solvency and Performance (pg. 2.507)
Industry Benchmarking of Analysis Measures (pg. 2.509)
Review Appendix A-5 (pg. 2.511)
Key Terms  (pg. 2.511)
Questions  (pg. 2.511)
Mini Exercises (pg. 2.512)
Exercises (pg. 2.514)
Problems (pg. 2.515)
Cases and Projects (pg. 2.517)
Solutions to Review Problems (pg. 2.519)
Peter D. Easton

Peter D. Easton

Peter D. Easton is an expert in accounting and valuation and holds the Notre Dame Alumni Chair in Accountancy in the Mendoza College of Business.

Professor Easton’s expertise is widely recognized by the academic research community and by the legal community. Professor Easton frequently serves as a consultant on accounting and valuation issues in federal and state courts.

Professor Easton holds undergraduate degrees from the University of Adelaide and the University of South Australia. He holds a graduate degree from the University of New England and a PhD in Business Administration (majoring in accounting and finance) from the University of California, Berkeley.

Professor Easton’s research on corporate valuation has been published in the Journal of Accounting and Economics, Journal of Accounting Research, The Accounting Review, Contemporary Accounting Research, Review of Accounting Studies, and Journal of Business Finance and Accounting.

Professor Easton has served as an associate editor for 11 leading accounting journals and he is currently an associate editor for the Journal of Accounting Research, Journal of Business Finance and Accounting, and Journal of Accounting, Auditing, and Finance. He is an editor of the Review of Accounting Studies.

Professor Easton has held appointments at the University of Chicago, the University of California at Berkeley, Ohio State University, Macquarie University, the Australian Graduate School of Management, the University of Melbourne, Tilburg University, National University of Singapore, Seoul National University, and Nyenrode University. He is the recipient of numerous awards for excellence in teaching and in research. Professor Easton regularly teaches accounting analysis and security valuation to MBAs. In addition, Professor Easton has taught managerial accounting at the graduate level.

Al L. Hartgraves

Al L. Hartgraves

Al L. Hartgraves is Professor Emeritus of Accounting at the Goizueta Business School at Emory University in Atlanta, Georgia. He has been a frequent Guest Professor at Johannes Kepler University in Linz, Austria and at the Helsinki School of Economics and Business Administration in Finland.

His published scholarly and professional articles have appeared in The Accounting Review, Accounting Horizons, Management Accounting, Journal of Accountancy, Journal of Accounting and Public Policy and many other journals. Students at Goizueta Business School have selected him on six occasions to receive the Distinguished Educator Award. In 2002 he received Emory University’s highest teaching award, The Scholar/Teacher Award, and in 2003 he was recognized as the Accounting Educator of the Year by the Georgia Society of CPAs. He has been recognized as an Outstanding Faculty Member in two editions of The Business Week Guide to the Best Business Schools. He is a Certified Public Accountant (inactive) and a Certified Management Accountant, having received the Certificate of Distinguished Performance on the CMA exam. He received his Ph.D. from Georgia State University.

Financial Statement Analysis & Valuation, 6e (Easton, McAnally, Sommers)
Last Updated: Mar 7 2022

Corrections to identified errors in the first printing of the text.

Appendix C
Last Updated: Jul 13 2020

Appendix C:  Comprehensive Case / Harley-Davidson

Excel Templates - Students
Last Updated: Sep 16 2020

Excel templates for use with Module Reviews.

Managerial Accounting, 8e (Hartgraves, Morse)
Last Updated: Dec 10 2019

Corrections to identified errors in the text.

Practice Quizzes
Last Updated: Jun 22 2017

Brief practice quizzes containing multiple choice questions for each chapter.

Practice Quiz Solutions
Last Updated: Jun 22 2017

Solutions to brief practice quizzes.

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