Financial Accounting for MBAs, 9e

by Easton, Wild, Halsey, McAnally

| ISBN: 978-1-61853-617-4 | Copyright 2025

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Welcome to Financial Accounting for MBAs 9e!

Welcome to the Ninth Edition of Financial Accounting for MBAs. Our main goal in writing this book was to satisfy the needs of todays business manager by providing the most contemporary, relevant, engaging, and user‑oriented book available. This book is the product of extensive market research including focus groups, market surveys, class tests, manuscript reviews, and interviews with faculty from across the country. We are grateful to students and faculty who used the previous editions and whose feedback greatly benefited this new edition.

Target Audience

Financial Accounting for MBAs is intended for use in full‑time, part‑time, executive, and working professional MBA programs that include a financial accounting course as part of the curriculum, and one in which managerial decision making and analysis are emphasized. This book easily accommodates mini‑courses lasting several days as well as extended courses lasting a full semester. The book and its resources are well suited for any instructional mode: face‑to‑face, online, flipped classroom, or any combination of delivery modes.

Data Analytics and Data Visualization

New technologies are changing the landscape of accounting and financial reporting. Companies are increasingly using data analytics and visualization (charts, pictures, and graphs) to more effectively convey financial information. To familiarize students with data visualization, each module opens with a data dashboard and uses real-world data analytics and applications for student learning. Each module contains Data Analytics Insight boxes that describe how data analytics applies to the topics. Analytics and visualizations are reinforced with assignments in each module that present data graphically and require students to analyze and interpret the data visualizations. Data analytics questions are exclusively available on myBusinessCourse. We provide students with online access to author-created PowerBI dashboards where they can interact with the data and learn how to create their own data visualizations. We have partnered with Calcbench, a leading provider of data extracted from SEC filings. Calcbench data underlies each of the Data Analytics Insights and all of the end-of-module data analytics assignments. This allows instructors and students to work with actual and interesting financial statement data. These discussions and assignments are identified by the data analytics icon in the margin.

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myBusinessCourse is a complete, secure, web-based training and e-Learning solution. There is nothing to download or install; it is accessible through any modern web browser and most mobile devices.

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eLecture Videos

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Innovative Approach

Financial Accounting for MBAs is managerially oriented and focuses on the most salient aspects of accounting. It helps MBA students learn how to read, analyze, and interpret financial accounting data to make informed business decisions. This text makes financial accounting engaging, relevant, and contemporary. To that end, it consistently incorporates real company data, both in the body of each module and throughout assignment material.

Flexible Structure

The MBA curricula, instructor preferences, and course lengths vary across colleges. Accordingly and to the extent possible, the 13 modules that make up Financial Accounting for MBAs were designed independently of one another. This modular presentation enables each college and instructor to “customize” the book to best fit the needs of their students. Our introduction and discussion of financial statements constitute Modules 1, 2, and 3. Module 4 presents the analysis of financial statements with an emphasis on analysis of operating profitability. Modules 5 through 10 highlight major financial accounting topics including assets, liabilities, equity, and related income statement items. Module 11 details the process for preparing and analyzing the statement of cash flow. Module 12 explains forecasting financial statements and Module 13 introduces basic valuation models. At the end of each module, we present an ongoing analysis project that can be used as a guide for an independent project. Like the rest of the book, the project is independent across modules. At the end of the book, we include several useful resources. Appendix A contains compound interest tables and formulas. Appendix B is a chart of accounts used in the book along with abbreviations. Appendix C is an Ongoing Analysis Project based on two companies, Parker Hannifin (PH) and Illinois Tool Works (ITW). Each module includes quantitative and qualitative questions that guide students through a company analysis.

Transaction Analysis and Statement Preparation

Instructors differ in their coverage of accounting mechanics. Some focus on the effects of transactions on financial statements using the balance sheet equation format. Others include coverage of journal entries and Taccounts. We accommodate both teaching styles. Specifically, Module 2 provides an expanded discussion of the effects of transactions using our innovative financial statement effects template. Emphasis is on the analysis of Apple’s summary transactions, which concludes with the preparation of its financial statements. Module 3, which is entirely optional, allows an instructor to drill down and focus on accounting mechanics: journal entries and Taccounts. It illustrates accounting for numerous transactions, including those involving accounting adjustments. It concludes with the preparation of financial statements. This detailed transaction analysis uses the same financial statement effects template, with journal entries and Taccounts highlighted in the margin. These two modules accommodate the spectrum of teaching styles—instructors can elect to use either or both modules to suit their preferences, and their students are not deprived of any information as a result of that selection.

Flexibility for Courses of Varying Lengths

Many instructors have approached us to ask about suggested class structures based on courses of varying length. To that end, we provide the following table of common course designs.

Managerial Emphasis

Tomorrow’s MBA graduates must be skilled in using financial statements to make business decisions. These skills often require application of ratio analyses, benchmarking, forecasting, valuation, and other aspects of financial statement analysis for decision making. Tomorrow’s MBA graduates must have the skills to go beyond basic financial statements and to interpret and apply nonfinancial statement disclosures, such as footnotes and supplementary reports. This book, therefore, emphasizes real company data, including detailed footnote and other management disclosures, and shows how to use this information to make managerial inferences and decisions. This approach makes financial accounting interesting and relevant for all MBA students.

As MBA instructors, we recognize that the core MBA financial accounting course is not directed toward accounting majors. Financial Accounting for MBAs embraces this reality. This book highlights financial reporting, analysis, interpretation, and decision making. We incorporate the following financial statement effects template to train MBA students in understanding the economic ramifications of transactions and their impact on financial statements. This analytical tool is a great resource for MBA students in learning accounting and applying it to their future courses and careers. Each transaction is identified in the “Transaction” column. Then, the dollar amounts (positive or negative) of the financial statement effects are recorded in the appropriate balance sheet or income statement columns. The template also reflects the statement of cash flow effects (via the cash column) and the statement of stockholders’ equity effects (via the contributed capital and earned capital columns). The earned capital account is immediately updated to reflect any income or loss arising from each transaction (denoted by the arrow line from net income to earned capital). This template is instructive as it reveals the financial impacts of transactions, and it provides insights into the effects of accounting choices.

Innovative Pedagogy

Financial Accounting for MBAs includes special features specifically designed for the MBA student.

Focus Companies for Each Module

Each module’s content is explained through the accounting and reporting activities of real companies. Each module incorporates a “focus company” for special emphasis and demonstration. The enhanced instructional value of focus companies comes from the way they engage MBA students in real analysis and interpretation. Focus companies were selected based on the industries that MBA students typically enter upon graduation.

Real Company Data Throughout

Market research and reviewer feedback tell us that one of instructors’ greatest frustrations with other MBA books is their lack of real company data. We have gone to great lengths to incorporate real company data throughout each module to reinforce important concepts and engage MBA students. We engage nonaccounting MBA students specializing in finance, taxation, marketing, management, real estate, operations, and so forth, with companies and scenarios that are relevant to them.

Footnotes and Other Management Disclosures

Analyzed on their own, financial statements reveal only part of a corporation’s economic story. Information essential for a complete analysis of a company’s performance and financial position must be gleaned from the footnotes and other disclosures provided by the company. Consequently, we incorporate footnotes and other disclosures generously throughout the text and assignments.

Dual Approach to ROE and Financial Statement Analysis

We continue to stress profitability and return analysis as a “hook” for student interest. The analysis framework includes disaggregation of ROE and application of several other key metrics.

  • Module 4 opens with the traditional DuPont model as a simple, yet powerful, analysis framework.
  • Later in Module 4, we disaggregate ROE into operating and nonoperating components as a natural extension of the traditional DuPont model.
  • Later modules revisit the DuPont model, and text boxes throughout include deeper discussion of operating versus nonoperating activities.
  • Later modules also discuss factors that affect operating performance and consider actions that managers can take to improve that performance.

Industry-Level Data

We repeatedly emphasize that financial analysis cannot be performed in a vacuum—appropriate benchmarks are critical to a complete understanding of a company’s financial performance and position. To this point, we provide graphics that capture industrylevel data including many of the ratios we discuss and compute in the modules.

Decision Making Orientation

One primary goal of an MBA financial accounting course is to teach students the skills needed to apply their accounting knowledge to solving real business problems and making informed business decisions. With that goal in mind, Managerial Decision boxes in each module encourage students to apply the material presented to solving actual business scenarios. Each module also includes Analysis Insight boxes that provide insight into data analysis techniques and models that financial analysts typically use.

Research Insights

Academic research plays an important role in the way business is conducted, accounting and analysis are performed, and students are taught. It is important for students to recognize how modern research and modern business practice interact. Therefore, we periodically incorporate relevant research to help students understand the important relation between research and modern business.

Reviews for Each Learning Objective

Financial accounting can be challenging—especially for MBA students lacking business experience or previous exposure to business courses. To reinforce concepts presented in each module and to ensure student comprehension, we include reviews that require students to recall and apply the financial accounting techniques and concepts described in each section. Review questions usually include real financial statement data from a company in the same industry as the module’s focus company. Each Review has a video, prepared by the authors, that provides a step-by-step solution to the review questions to further support students' learning.

Experiential Learning

Students retain information longer if they can apply the lessons learned from the module content. To meet this need for experiential learning, we conclude each module with a handson analysis project. The Ongoing Analysis Project uses Excel and includes financial statements for two companies, Parker Hannifin (PH) and Illinois Tool Works (ITW). Quantitative and qualitative questions in each module require students to apply the lessons learned to complete a comprehensive financial statement analysis and valuation. The project helps students synthesize the material in the module and integrate material across modules.

Excellent, Class-Tested Assignment Materials

Excellent assignment material is a musthave component of any successful book (and class). We went to great lengths to create the best assignments possible from contemporary financial statements. In keeping with the rest of the book, we used real company data extensively. We also ensured that assignments reflect our belief that MBA students should be trained in analyzing accounting information to make business decisions, as opposed to working on mechanical bookkeeping tasks. There are six categories of assignments: Multiple-Choice Questions, Questions, Mini Exercises, Exercises, Problems, and Management Applications.

Fundamentals of Financial Accounting Tutorial

This interactive tutorial is intended for use in programs that either require or would like to offer a pre-term tutorial that creates a baseline of accounting knowledge for students with little to no prior exposure to financial accounting. Initially developed as a pre-term tutorial for first-year MBA students, this product can be used as a warm-up for any introductory-level financial accounting course. It is designed as an asynchronous, interactive, self-paced experience for students

Available Learning Modules (You Select)

  1.   Introducing Financial Accounting (approximate completion time 2 hours)
  2.   Constructing Financial Statements (approximate completion time 4 hours)
  3.   Adjusting Entries and Completing the Accounting Cycle (approximate completion time 4 hours)
  4.   Reporting and Analyzing Cash Flows (approximate completion time 3.5 hours)
  5.   Analyzing and Interpreting Financial Statements (approximate completion time 3.5 hours)
  6.   Excel and Time-Value of Money Basics (approximate completion time 2 hours)

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New Edition Changes

Based on classroom use and reviewer feedback, a number of substantive changes have been made in the new edition to further enhance the MBA students’ experiences.

  • Digital delivery enhanced:  To serve the expanding delivery modes of MBA education, we updated our in‑module Reviews and Guided Example videos for all modules (each Learning Objective has a Review/Guided Example, as well as a corresponding eLecture). In addition, all objective assignments are available in MBC.
  • Updated and expanded data visualization and analytics: Data analytics questions have been updated and expanded in each module to show their usage in financial statement analysis. Author-prepared videos demonstrate how to complete the data visualizations and analytics assignments.
  • New Data Analytics Insights: Each module includes new Data Analytics Insights that provide examples of how financial statement data can be analyzed and visualized to uncover trends and address important questions. Also, a new Appendix D entitled, "Data Analytics & Visualizations" provides an overview to create a baseline of knowledge.
  • New analysis project: Each module concludes with a hands-on analysis project set in MBC. Students are led through an analysis of two competitors: Parker Hannifin (ticker: PH) and Illinois Tool Works (ticker: ITW). Students apply the tools they learn in each module to complete a comprehensive financial statement analysis and valuation project.
  • Integration of Calcbench data: We have partnered with Calcbench, a leading provider of data extracted from SEC filings. Calcbench data underlies most of the data visualization graphics presented in each module and many of the end-of-chapter data analytics assignments. This allows readers to work with actual and interesting financial statement data.
  • ESG reporting: We include relevant discussions of ESG reporting and analysis whenever appropriate.
  • Enhancements to MBC: Assignments in MBC are updated to reflect new technology and reduce rounding issues. Downloadable Excel spreadsheets have been developed for many assignments. Solutions to algorithmic assignments have been added to this edition. 
  • Credit analysis: There is expanded content related to credit analysis included in Module 7 where we discuss common goals of credit analysis and the critical facets of this process. We adopt the term "capital structure analysis" instead of "solvency analysis" in light of its growing popularity to emphasize the importance of looking at all facets of a company's capital structure when conducting credit analysis.
  • EBITDA: EBITDA is a term commonly used in practice. This important measure is introduced in several places and explains how it relates to net income and other income statement measures. This includes discussion of the pros and cons of using EBITDA and its variations.
  • Analyzing intangible assets: New content in Module 6 discusses a wide variety of intangible assets including goodwill. The section discusses valuation methods, capitalization, and the subsequent accounting for intangibles. This includes explanation of the impairment of intangible assets and how to forecast intangibles.
  • Treasury Stock: In light of the marked increase in the frequency and size of stock repurchases and retirements, this edition includes an expanded discussion of this activity and demonstrates the financial statement impact of retiring stock and its interpretation.
  • Acquired Research and Development expense: We include a discussion of the origin and interpretation of acquired R&D expenses for financial statement analysis.
  • Earnings Quality: We expand discussion of earnings quality to include a detailed look at the relations among net income, accruals, and cash flows, along with academic research on these subjects.
  • Financial Statement implications of current events: We discuss important market implications to financial statement analysis such as the collapse of Silicon Valley Bank and its connection to debt investments, the effect of unused office space in the wake of the shift to work-from-home on lease arrangements, and other current events.
  • Multiple Choice questions: Each module contains a new set of multiple-choice questions for readers to quickly check on their understanding of key concepts and tools for each module.
  • Solutions: Solutions are presented entirely in MS Excel. Spreadsheets include all data from the exercises and problems, which facilitates student work and allows instructors to easily demonstrate solutions.


For Instructors

  • myBusinessCourse: A web-based learning and assessment program intended to complement your textbook and classroom instruction. This easy-to-use course management system grades homework automatically and provides students with additional help when you are not available. In addition, detailed diagnostic tools assess class and individual performance. myBusinessCourse is ideal for online courses or traditional face-to-face courses for which you want to offer students more resources to succeed. Assignments with the MBC Homework logo in the margin are available in myBusinessCourse. eLecture videos are available for the module Learning Objectives, and Guided Examples for the in-module Reviews are available for you to assign students. MBC integrates with many learning management systems, including Canvas, Blackboard, Moodle, D2L, Schoology, and Sakai. The integration process is quick and easy, so you and your students are ready to go on day one.
  • Solutions Manual: Created by the authors, the Excel-based Solutions Manual contains complete solutions to all the assignments.
  • PowerPoint: Created by the authors, the PowerPoint slides outline key elements of each module.
  • Test Bank: Written by the authors, the test bank includes multiple-choice items, exercises, short essay questions, and problems.

Expand/Collapse All
About the Authors (pg. iii)
Preface (pg. v)
Brief Contents (pg. xiii)
Contents (pg. xiv)
Module 1: Financial Accounting for MBAs (pg. 1-1)
Reporting on Business Activities (pg. 1-3)
Review 1-1 (pg. 1-4)
Financial Statements: Demand and Supply (pg. 1-4)
Demand for Information (pg. 1-4)
Supply of Information (pg. 1-7)
International Accounting Standards (pg. 1-8)
Review 1-2 (pg. 1-9)
Structure of Financial Statements (pg. 1-10)
Balance Sheet (pg. 1-10)
Income Statement (pg. 1-13)
Statement of Stockholders’ Equity (pg. 1-14)
Statement of Cash Flows (pg. 1-15)
Information Beyond Financial Statements (pg. 1-16)
Managerial Choices in Financial Accounting (pg. 1-17)
Review 1-3 (pg. 1-18)
Analysis of Financial Statements (pg. 1-18)
Return on Assets (pg. 1-18)
Components of Return on Assets (pg. 1-19)
Return on Equity (pg. 1-20)
Are Financial Statements Relevant? (pg. 1-20)
Review 1-4 (pg. 1-22)
Financial Statements and Business Analysis (pg. 1-22)
Analyzing the Competitive Environment (pg. 1-22)
SWOT Analysis of the Business Environment (pg. 1-23)
Analyzing Competitive Advantage (pg. 1-24)
Review 1-5 (pg. 1-26)
Book Road Map (pg. 1-27)
Global Accounting (pg. 1-27)
Appendix 1A: Financial Statement Data and Analytics (pg. 1-27)
SEC Filings (pg. 1-27)
Data Analytics (pg. 1-30)
Review 1-6 (pg. 1-31)
Appendix 1B: Accounting Principles and Governance (pg. 1-32)
Financial Accounting Environment (pg. 1-32)
Audit Report (pg. 1-33)
Guidance Answers (pg. 1-36)
Multiple Choice (pg. 1-37)
Questions (pg. 1-38)
Mini Exercises (pg. 1-39)
Exercises (pg. 1-41)
Problems (pg. 1-43)
Management Applications (pg. 1-47)
Data Analytics (pg. 1-47)
Ongoing Analysis Project (pg. 1-47)
Solutions to Review Problems (pg. 1-48)
Module 2: Introducing Financial Statements (pg. 2-1)
Balance Sheet (pg. 2-3)
Balance Sheet and the Flow of Costs (pg. 2-3)
Assets (pg. 2-4)
Liabilities and Equity (pg. 2-6)
Review 2-1 (pg. 2-13)
Income Statement (pg. 2-13)
Recognizing Revenues and Expenses (pg. 2-14)
Reporting Discontinued Operations (pg. 2-15)
Analyzing the Income Statement (pg. 2-16)
Review 2-2 (pg. 2-17)
Statement of Stockholders’ Equity (pg. 2-17)
Review 2-3 (pg. 2-18)
Statement of Cash Flows (pg. 2-18)
Statement Format and Data Sources (pg. 2-19)
Review 2-4 (pg. 2-20)
Articulation of Financial Statements (pg. 2-20)
Retained Earnings Reconciliation (pg. 2-20)
Financial Statement Linkages (pg. 2-20)
Review 2-5 (pg. 2-22)
Additional Information Sources (pg. 2-22)
Form 10-K (pg. 2-23)
Form 20-F and Form 40-F (pg. 2-24)
Form 8-K (pg. 2-25)
Analyst Reports (pg. 2-25)
Credit Services (pg. 2-25)
Data Services (pg. 2-26)
Review 2-6 (pg. 2-26)
Global Accounting (pg. 2-26)
Guidance Answers (pg. 2-27)
Multiple Choice (pg. 2-27)
Questions (pg. 2-28)
Exercises (pg. 2-29)
Problems (pg. 2-34)
Management Applications (pg. 2-37)
Data Analytics (pg. 2-37)
Ongoing Analysis Project (pg. 2-37)
Solutions to Review Problems (pg. 2-38)
Module 3: Transactions, Adjustments, and Financial Statements (pg. 3-1)
Basics of Accounting (pg. 3-3)
Four-Step Accounting Cycle (pg. 3-3)
Financial Statement Effects Template (pg. 3-3)
Review 3-1 (pg. 3-5)
Accounting Cycle Step 1-Analyze Transactions and Prepare Entries (pg. 3-6)
Apple’s Transactions (pg. 3-6)
Applying the Financial Statement Effects Template (pg. 3-6)
Applying the Journal Entry and T-Account (pg. 3-6)
Review 3-2 (pg. 3-9)
Accounting Cycle Step 2-Prepare Accounting Adjustments (pg. 3-9)
Prepaid (Deferred) Expenses (pg. 3-10)
Unearned (Deferred) Revenues (pg. 3-11)
Accrued Expenses (pg. 3-11)
Accrued Revenues (pg. 3-12)
Accounting Adjustments for Apple (pg. 3-12)
Review 3-3 (pg. 3-13)
Accounting Cycle Step 3-Prepare Financial Statements (pg. 3-13)
Income Statement (pg. 3-13)
Balance Sheet (pg. 3-14)
Statement of Stockholders’ Equity (pg. 3-15)
Review 3-4 (pg. 3-16)
Accounting Cycle Step 4-Close the Books (pg. 3-16)
Accounting Cycle Summarized (pg. 3-17)
Review 3-5 (pg. 3-18)
Global Accounting (pg. 3-18)
Guidance Answers (pg. 3-19)
Multiple Choice (pg. 3-19)
Questions (pg. 3-20)
Mini Exercises (pg. 3-21)
Exercises (pg. 3-22)
Problems (pg. 3-24)
Management Applications (pg. 3-27)
Data Analytics (pg. 3-28)
Ongoing Analysis Project (pg. 3-28)
Solutions to Review Problems (pg. 3-29)
Module 4: Analyzing and Interpreting Financial Statements (pg. 4-1)
Return on Equity (ROE) (pg. 4-3)
Review 4-1 (pg. 4-4)
ROE Disaggregation: DuPont Analysis (pg. 4-4)
Return on Assets (ROA) (pg. 4-5)
Financial Leverage (FL) (pg. 4-6)
Noncontrolling Interest Ratio (NCIR) (pg. 4-6)
Review 4-2 (pg. 4-7)
Return on Assets and Its Disaggregation (pg. 4-7)
Analysis of Profitability and Productivity (pg. 4-8)
Analysis of Profitability (pg. 4-9)
Analysis of Productivity (pg. 4-10)
Analysis of Financial Leverage (pg. 4-14)
Review 4-3 (pg. 4-16)
Balance Sheet Analysis with an Operating Focus (pg. 4-16)
Net Operating Assets (NOA) (pg. 4-17)
Net Nonoperating Obligations (NNO) (pg. 4-19)
Review 4-4 (pg. 4-21)
Income Statement Analysis with an Operating Focus (pg. 4-21)
Operating Line Items on the Income Statement (pg. 4-22)
Nonoperating Line Items on the Income Statement (pg. 4-22)
Review 4-5 (pg. 4-25)
Return on Net Operating Assets (RNOA) (pg. 4-25)
Review 4-6 (pg. 4-27)
RNOA Disaggregation into Margin and Turnover (pg. 4-28)
Net Operating Profit Margin (pg. 4-28)
Net Operating Asset Turnover (pg. 4-28)
Trade-Off between Margin and Turnover (pg. 4-29)
Review 4-7 (pg. 4-30)
Analyzing Global Reports (pg. 4-31)
Appendix 4A: Operating versus Nonoperating Classification (pg. 4-31)
Appendix 4B: Nonoperating Return Component of ROE (pg. 4-32)
Nonoperating Return (pg. 4-32)
Nonoperating Return-With Net Nonoperating Assets (pg. 4-34)
Review 4-8 (pg. 4-36)
Appendix 4C: Vertical and Horizontal Analysis (pg. 4-36)
Review 4-9 (pg. 4-39)
Guidance Answer (pg. 4-39)
Multiple Choice (pg. 4-40)
Questions (pg. 4-41)
Mini Exercises (pg. 4-42)
Exercises (pg. 4-45)
Problems (pg. 4-48)
Management Applications (pg. 4-55)
Data Analytics (pg. 4-56)
Ongoing Analysis Project (pg. 4-56)
Solutions to Review Problems (pg. 4-56)
Module 5: Revenues, Receivables, and Operating Expenses (pg. 5-1)
Revenue (pg. 5-3)
Revenue Recognition Rules (pg. 5-3)
Complications of Revenue Recognition (pg. 5-5)
Performance Obligations Satisfied Over Time (pg. 5-6)
Review 5-1 (pg. 5-8)
Sales Allowances (pg. 5-8)
Accounting for Sales Allowances (pg. 5-9)
Reporting Sales Allowances (pg. 5-9)
Analysis of Sales Allowances (pg. 5-10)
Review 5-2 (pg. 5-11)
Unearned (Deferred) Revenue (pg. 5-11)
Review 5-3 (pg. 5-13)
Foreign Currency Effects (pg. 5-13)
Foreign Currency and Cash Flows (pg. 5-14)
Foreign Currency and Income (pg. 5-15)
Foreign Currency and Future Results (pg. 5-15)
Review 5-4 (pg. 5-16)
Accounts Receivable (pg. 5-16)
Aging Analysis of Receivables (pg. 5-17)
Accounting for Accounts Receivable (pg. 5-17)
Analysis of Accounts Receivable-Magnitude (pg. 5-18)
Analysis of Accounts Receivable-Quality (pg. 5-20)
Review 5-5 (pg. 5-21)
Expenses and Losses (pg. 5-22)
Deductions from Income (pg. 5-22)
Research and Development Expense (pg. 5-23)
Provision (Benefit) for Taxes on Income (pg. 5-27)
Discontinued Operations (pg. 5-28)
Review 5-6 (pg. 5-30)
Pro Forma and Non-Gaap Disclosures (pg. 5-30)
Regulation G Reconciliation (pg. 5-31)
SEC Warnings about Pro Forma Numbers (pg. 5-31)
Disclosures and Market Assessments (pg. 5-32)
Review 5-7 (pg. 5-34)
Global Reporting (pg. 5-34)
Guidance Answer (pg. 5-35)
Multiple Choice (pg. 5-35)
Questions (pg. 5-36)
Mini Exercises (pg. 5-37)
Exercises (pg. 5-41)
Problems (pg. 5-48)
Management Applications (pg. 5-54)
Data Analytics (pg. 5-54)
Ongoing Analysis Project (pg. 5-54)
Solutions to Review Problems (pg. 5-54)
Module 6: Inventories, Accounts Payable, and Long-Term Assets (pg. 6-1)
Inventory-Costing Methods (pg. 6-3)
First-In, First-Out (FIFO) (pg. 6-4)
Last-In, First-Out (LIFO) (pg. 6-5)
Average Cost (AC) (pg. 6-5)
Financial Statement Effects of Inventory Costing (pg. 6-6)
Review 6-1 (pg. 6-8)
Inventory-Reporting (pg. 6-8)
Lower of Cost or Market (LCM) (pg. 6-8)
LIFO Reserve Adjustments to Financial Statements (pg. 6-9)
LIFO Liquidations (pg. 6-10)
Review 6-2 (pg. 6-11)
Inventory—Analysis Tools (pg. 6-11)
Gross Profit Analysis (pg. 6-11)
Days Inventory Outstanding (pg. 6-13)
Days Payable Outstanding (pg. 6-15)
Cash Conversion Cycle (pg. 6-16)
Review 6-3 (pg. 6-17)
PP&E Assets-Capitalization and Depreciation (pg. 6-17)
Plant and Equipment (pg. 6-18)
Research and Development Facilities and Equipment (pg. 6-19)
Review 6-4 (pg. 6-20)
PP&E Assets-Sales, Impairments, and Restructuring (pg. 6-20)
Asset Sales (pg. 6-20)
Asset Impairments (pg. 6-21)
Restructuring Costs (pg. 6-21)
PP&E Assets-Analysis Tools (pg. 6-25)
PP&E Turnover (pg. 6-25)
PP&E Useful Life (pg. 6-26)
PP&E Percent Used Up (pg. 6-26)
Intangible Assets (pg. 6-27)
Types and Valuation of Intangible Assets (pg. 6-29)
Valuation Models for Intangible Assets (pg. 6-30)
Accounting for Goodwill (pg. 6-31)
Analysis of Intangible Asset Impairment Charges (pg. 6-32)
Review 6-7 (pg. 6-33)
Global Reporting (pg. 6-34)
Guidance Answer (pg. 6-35)
Multiple Choice (pg. 6-36)
Questions (pg. 6-38)
Mini Exercises (pg. 6-39)
Exercises (pg. 6-41)
Problems (pg. 6-48)
Management Applications (pg. 6-50)
Data Analytics (pg. 6-51)
Ongoing Analysis Project (pg. 6-51)
Solutions to Review Problems (pg. 6-51)
Module 7: Current and Long-Term Liabilities (pg. 7-1)
Accrued Liabilities (pg. 7-3)
Accrued Liabilities Defined (pg. 7-3)
Accruals for Contingent Liabilities-Warranties Example (pg. 7-5)
Accruals for Contingent Liabilities Defined (pg. 7-5)
Review 7-1 (pg. 7-7)
Short-Term Debt (pg. 7-7)
Reporting for Short-Term Debt (pg. 7-7)
Current Maturities of Long-Term Debt (pg. 7-8)
Review 7-2 (pg. 7-8)
Long-Term Debt-Pricing (pg. 7-8)
Pricing of Bonds Issued at Par (pg. 7-9)
Pricing of Bonds Issued at a Discount (pg. 7-10)
Pricing of Bonds Issued at a Premium (pg. 7-10)
Effective Cost of Debt (pg. 7-11)
Review 7-3 (pg. 7-13)
Long-Term Debt-Reporting (pg. 7-13)
Balance Sheet Reporting (pg. 7-13)
Income Statement Reporting (pg. 7-14)
Financial Statement Effects of Bond Repurchase (pg. 7-14)
Fair Value Disclosures (pg. 7-15)
Review 7-4 (pg. 7-16)
Quality of Debt (pg. 7-16)
Credit Analysis (pg. 7-16)
What Are Credit Ratings? (pg. 7-17)
What Determines Credit Ratings? (pg. 7-18)
Verizon Credit Rating Example (pg. 7-23)
Why Credit Ratings Matter (pg. 7-24)
Review 7-5 (pg. 7-26)
Global Reporting (pg. 7-26)
Appendix 7A: Apply Time Value of Money Concepts (pg. 7-26)
Present Value Concepts (pg. 7-26)
Future Value Concepts (pg. 7-31)
Review 7-6 (pg. 7-31)
Appendix 7B: Amortization of Debt (pg. 7-31)
Amortization of Discount (pg. 7-32)
Amortization of Premium (pg. 7-32)
Appendix 7C: Verizon Financial Statements and Debt and Lease Notes (pg. 7-33)
Multiple Choice (pg. 7-35)
Questions (pg. 7-36)
Mini Exercises (pg. 7-36)
Exercises (pg. 7-40)
Problems (pg. 7-45)
Management Applications (pg. 7-50)
Data Analytics (pg. 7-50)
Ongoing Analysis Project (pg. 7-50)
Solutions to Review Problems (pg. 7-51)
Module 8: Stock Transactions, Dividends, and EPS (pg. 8-1)
Stockholders’ Equity and Classes of Stock (pg. 8-3)
Stockholders’ Equity Accounts (pg. 8-3)
Statement of Stockholders’ Equity (pg. 8-5)
Preferred Stock (pg. 8-6)
Common Stock (pg. 8-7)
Review 8-1 (pg. 8-8)
Stock Transactions (pg. 8-8)
Stock Issuance (pg. 8-8)
Stock Repurchase (pg. 8-10)
Review 8-2 (pg. 8-13)
Stock-Based Compensation (pg. 8-13)
Analysis of Stock-Based Compensation Plans (pg. 8-14)
Accounting for Stock-Based Compensation (pg. 8-15)
Note Disclosures for Stock-Based Compensation (pg. 8-15)
Review 8-3 (pg. 8-16)
Dividends and Stock Splits (pg. 8-17)
Cash Dividend Disclosures (pg. 8-17)
Dividend Payout and Yield (pg. 8-17)
Cash Dividends Financial Effects (pg. 8-18)
Stock Split (pg. 8-18)
Review 8-4 (pg. 8-19)
Accumulated Other Comprehensive Income (AOCI) (pg. 8-19)
AOCI Components (pg. 8-19)
AOCI Disclosures and Interpretation (pg. 8-20)
Review 8-5 (pg. 8-22)
Earnings per Share (EPS) (pg. 8-22)
Review 8-6 (pg. 8-24)
Global Reporting (pg. 8-24)
Appendix 8A: Stock-Based Compensation: Reporting and Analyzing (pg. 8-24)
Employee Stock Purchase Plans (ESPP) (pg. 8-25)
Stock Awards (pg. 8-25)
Stock Options (pg. 8-25)
Stock Appreciation Rights (SAR) (pg. 8-26)
Summary of Share-Based Compensation (pg. 8-26)
Guidance Answer (pg. 8-27)
Multiple Choice (pg. 8-28)
Questions (pg. 8-29)
Mini Exercises (pg. 8-29)
Exercises (pg. 8-33)
Problems (pg. 8-36)
Data Analytics (pg. 8-41)
Ongoing Analysis Project (pg. 8-41)
Solutions to Review Problems (pg. 8-41)
Module 9: Intercorporate Investments (pg. 9-1)
Intercorporate Investments (pg. 9-3)
Passive Investments in Equity Securities (pg. 9-4)
Investments in Debt Securities (pg. 9-7)
Review 9-1 (pg. 9-10)
Equity Investments with Significant Influence (pg. 9-11)
Investments with Significant Influence (pg. 9-11)
Equity Method Accounting and ROE Effects (pg. 9-13)
Review 9-2 (pg. 9-16)
Equity Investments with Control (pg. 9-16)
Investments with Control (pg. 9-16)
Review 9-3 (pg. 9-23)
Global Reporting (pg. 9-24)
Appendix 9A: Accounting for Derivatives (pg. 9-25)
Analysis of Derivatives (pg. 9-26)
Review 9-4 (pg. 9-27)
Appendix 9B: Equity Carve-Outs (pg. 9-28)
Analysis of Equity Carve-Outs (pg. 9-31)
Review 9-5 (pg. 9-31)
Guidance Answer (pg. 9-32)
Multiple (pg. 9-32)
Questions (pg. 9-33)
Mini Exercises (pg. 9-33)
Exercises (pg. 9-37)
Problems (pg. 9-42)
Management Applications (pg. 9-44)
Data Analytics (pg. 9-45)
Ongoing Analysis Project (pg. 9-45)
Module 10: Leases, Pensions, and Income Taxes (pg. 10-1)
Leases (pg. 10-3)
Lessee Reporting Example-Microsoft (pg. 10-3)
Lease Accounting (pg. 10-4)
Summary of Lease Accounting and Reporting (pg. 10-8)
Review 10-1 (pg. 10-8)
Pensions (pg. 10-9)
Defined Benefit Plans on the Balance Sheet (pg. 10-10)
Defined Benefit Plans on the Income Statement (pg. 10-12)
Fair Value Accounting for Pensions (pg. 10-17)
Note Disclosure-Key Assumptions (pg. 10-18)
Analysis Implications (pg. 10-19)
Other Post-Employment Benefits (OPEB) (pg. 10-20)
Review 10-2 (pg. 10-20)
Income Taxes (pg. 10-21)
Timing Differences Create Deferred Tax Assets and Deferred Tax Liabilities (pg. 10-21)
Disclosures for Income Taxes (pg. 10-27)
Analysis of Income Tax Disclosures (pg. 10-28)
Expanded Explanation of Deferred Taxes (pg. 10-28)
Review 10-3 (pg. 10-30)
Global Reporting (pg. 10-32)
Appendix 10A: Lease Accounting Example-Finance and Operating Leases (pg. 10-32)
Multiple Choice (pg. 10-33)
Questions (pg. 10-35)
Mini Exercises (pg. 10-35)
Exercises (pg. 10-40)
Problems (pg. 10-43)
Data Analytics (pg. 10-48)
Ongoing Analysis Project (pg. 10-48)
Solutions to Review Problems (pg. 10-48)
Module 11: Cash Flows (pg. 11-1)
Framework for Statement of Cash Flows (pg. 11-3)
Relation Among Financial Statements (pg. 11-3)
Statement of Cash Flows Format (pg. 11-4)
Cash Flows from Operating Activities (pg. 11-8)
Computing Net Cash Flows from Operating Activities (pg. 11-9)
Java House Case Illustration (pg. 11-10)
Review 11-2 (pg. 11-12)
Cash Flows from Investing Activities (pg. 11-13)
Analyze Remaining Noncash Assets (pg. 11-13)
Java House Case Illustration (pg. 11-13)
Review 11-3 (pg. 11-14)
Cash Flows from Financing Activities (pg. 11-14)
Analyze Remaining Liabilities and Equity (pg. 11-14)
Java House Case Illustration (pg. 11-15)
Review 11-4 (pg. 11-16)
When the indirect method is used in the statement of cash flows, separate disclosures (pg. 11-16)
Review 11-5 (pg. 11-17)
Interpreting and Analyzing CASH FLOWS (pg. 11-17)
Overarching Principles (pg. 11-17)
Cash Flows as a Percent of Revenues (pg. 11-20)
Quality of Earnings (pg. 11-20)
Cash Flow Patterns (pg. 11-23)
Review 11-6 (pg. 11-26)
Ratio Analyses of Cash Flows (pg. 11-26)
Free Cash Flow (pg. 11-27)
Review 11-7 (pg. 11-28)
Appendix 11A: Direct Method Reporting for Statement of Cash Flows (pg. 11-29)
Cash Flows from Operating Activities (pg. 11-29)
Cash Flows from Investing and Financing Activities (pg. 11-31)
Supplemental Disclosures (pg. 11-31)
Review 11-8 (pg. 11-31)
Guidance Answer (pg. 11-31)
Multiple Choice (pg. 11-32)
Questions (pg. 11-33)
Mini Exercises (pg. 11-34)
Exercises (pg. 11-36)
Problems (pg. 11-40)
Data Analytics (pg. 11-48)
Ongoing Analysis Project (pg. 11-48)
Solutions to Review Problems (pg. 11-48)
Module 12: Financial Statement Forecasting (pg. 12-1)
Forecasting Process (pg. 12-3)
Company Guidance (pg. 12-5)
Review 12-1 (pg. 12-6)
Forecasting the Income Statement (pg. 12-7)
Review 12-2 (pg. 12-12)
Forecasting the Balance Sheet (pg. 12-13)
Review 12-3 (pg. 12-17)
Building Forecasts from Segment Disclosures (pg. 12-18)
Segment Data (pg. 12-18)
Quarterly Data (pg. 12-22)
Review 12-4 (pg. 12-22)
Appendix 12A: Forecasting the Statement of Cash Flows (pg. 12-23)
Review 12-5 (pg. 12-26)
Appendix 12B: Multiyear Forecasting with Target Cash and Debt Financing (pg. 12-26)
Review 12-6 (pg. 12-30)
Appendix 12C: Parsimonious Method for Forecasting NOPAT and NOA (pg. 12-30)
Multiyear Forecasting with Parsimonious Method (pg. 12-30)
Review 12-7 (pg. 12-31)
Appendix 12D: Morgan Stanley’s Forecast Report on Procter & Gamble (pg. 12-31)
Multiple Choice (pg. 12-39)
Questions (pg. 12-40)
Mini Exercises (pg. 12-40)
Exercises (pg. 12-46)
Problems (pg. 12-53)
Data Analytics (pg. 12-61)
Ongoing Analysis Project (pg. 12-61)
Solutions to Review Problems (pg. 12-61)
Module 13: Using Financial Statements for Valuation (pg. 13-1)
Equity Valuation Models (pg. 13-3)
Dividend Discount Model (pg. 13-3)
Discounted Cash Flow Model (pg. 13-3)
Residual Operating Income Model (pg. 13-3)
Valuation Model Inputs (pg. 13-4)
Review 13-1 (pg. 13-5)
Discounted Cash Flow (DCF) Model (pg. 13-5)
DCF Model Structure (pg. 13-5)
Steps in Applying the DCF Model (pg. 13-6)
Illustrating the DCF Model (pg. 13-7)
Review 13-2 (pg. 13-9)
Residual Operating Income (ROPI) Model (pg. 13-9)
ROPI Model Structure (pg. 13-10)
Steps in Applying the ROPI Model (pg. 13-11)
Illustrating the ROPI Model (pg. 13-11)
Review 13-3 (pg. 13-12)
Additional Modeling Considerations (pg. 13-13)
Sensitivity Analysis (pg. 13-13)
Reverse Engineering of the Models (pg. 13-15)
Multi-Year Forecast Precision (pg. 13-16)
Achieving Steady State (pg. 13-16)
Review 13-4 (pg. 13-17)
Managerial Insights from the ROPI Model (pg. 13-17)
Management Focus on Improved Efficiency (pg. 13-18)
Management Focus on Improved Profitability (pg. 13-18)
Assessment of Valuation Models (pg. 13-19)
Global Reporting (pg. 13-20)
Appendix 13A: P&G Financial Statements (pg. 13-21)
Appendix 13B: Derivation of Free Cash Flow Formula (pg. 13-23)
Appendix 13C: Deutsche Bank Valuation of P&G (pg. 13-23)
Guidance Answer (pg. 13-35)
Multiple Choice (pg. 13-35)
Questions (pg. 13-37)
Mini Exercises (pg. 13-38)
Exercises (pg. 13-41)
Problems (pg. 13-45)
Management Applications (pg. 13-50)
Data Analytics (pg. 13-51)
Ongoing Analysis Project (pg. 13-51)
Solutions to Review Problems (pg. 13-52)
Appendix A: Compound Interest Tables (pg. A-1)
Appendix B: Chart of Accounts with Acronyms (pg. B-1)
Appendix C: Ongoing Analysis Project (pg. C-1)
Appendix D: Data Analytics and Visualizations (pg. D-1)
Data Analytics (pg. D-2)
Big Data (pg. D-2)
Data Analytics and Financial Statement Analysis (pg. D-3)
Analytics Mindset (pg. D-4)
Data Analytic Tools (pg. D-5)
Data Visualization (pg. D-6)
Blockchain Technology (pg. D-10)
Video Resources For Tableau (pg. D-12)
Mini Exercises (pg. D-12)
Exercises (pg. D-13)
Data Analytics (pg. D-13)
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.

John J. Wild

John J. Wild

John J. Wild is a distinguished professor of accounting and business at the University of Wisconsin at Madison. He previously held appointments at Michigan State University and the University of Manchester in England.

He received his BBA, MS, and PhD from the University of Wisconsin. Professor Wild teaches courses in accounting and analysis at both the undergraduate and graduate levels. He has received the Mabel W. Chipman Excellence-in-Teaching Award, the departmental Excellence-in-Teaching Award, and the MBA Teaching Excellence Award (twice) from the EMBA graduation classes at the University of Wisconsin. He also received the Beta Alpha Psi and Salmonson Excellence-in-Teaching Award from Michigan State University. Professor Wild is a past KPMG Peat Marwick National Fellow and is a prior recipient of fellowships from the American Accounting Association and the Ernst & Young Foundation.

Professor Wild is an active member of the American Accounting Association and its sections. He has served on several committees of these organizations, including the Outstanding Accounting Educator Award, Wildman Award, National Program Advisory, Publications, and Research Committees. Professor Wild is author of several best-selling books. His research articles on financial accounting and analysis appear in The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Contemporary Accounting Research, Journal of Accounting, Auditing & Finance, Journal of Accounting and Public Policy, Journal of Business Finance and Accounting, Auditing: A Journal of Theory and Practice, and other accounting and business journals. He is past associate editor of Contemporary Accounting Research and has served on editorial boards of several respected journals, including The Accounting Review and the Journal of Accounting and Public Policy.

Robert F. Halsey

Robert F. Halsey

Robert F. Halsey is Professor of Accounting and Associate Dean of the Undergraduate School at Babson College. He received his MBA and PhD from the University of Wisconsin.

Prior to obtaining his PhD he worked as the chief financial officer (CFO) of a privately held retailing and manufacturing company and as the vice president and manager of the commercial lending division of a large bank.

Professor Halsey teaches courses in financial and managerial accounting at both the graduate and undergraduate levels, including a popular course in financial statement analysis for second year MBA students. He has also taught numerous executive education courses for large multinational companies through Babson’s school of Executive Education as well as for a number of stock brokerage firms in the Boston area. He is regarded as an innovative teacher and has been recognized for outstanding teaching at both the University of Wisconsin and Babson College.

Professor Halsey co-authors Advanced Accounting published by Cambridge Business Publishers. Professor Halsey’s research interests are in the area of financial reporting, including firm valuation, financial statement analysis, and disclosure issues. He has publications in Advances in Quantitative Analysis of Finance and Accounting, The Journal of the American Taxation Association, Issues in Accounting Education, The Portable MBA in Finance and Accounting, the CPA Journal, AICPA Professor/Practitioner Case Development Program, and in other accounting and analysis journals.

Professor Halsey is an active member of the American Accounting Association and other accounting, analysis, and business organizations. He is widely recognized as an expert in the areas of financial reporting, financial analysis, and business valuation.

Mary Lea McAnally

Mary Lea McAnally

Mary Lea McAnally is the Philip Ljundahl Professor of Accounting at the Mays Business School at Texas A&M. She obtained her Ph.D. from Stanford University and B. Comm. from the University of Alberta.

She worked as a Chartered Accountant (in Canada) and is a Certified Internal Auditor. Prior to arriving at Texas A&M in 2002, Professor McAnally held positions at University of Texas at Austin, Canadian National Railways, and Dunwoody and Company.

Her research interests include accounting and disclosure in regulated environments, executive compensation, and accounting for risk. She has published articles in the leading academic journals including Journal of Accounting and Economics, Journal of Accounting Research, The Accounting Review, Review of Accounting Studies, and Contemporary Accounting Research. Professor McAnally received the Mays Business School Research Achievement Award in 2005. She was Associate Editor at Accounting Horizons, served on the editorial board of Contemporary Accounting Research, and was Guest Editor for the MBA-teaching volume of Issues in Accounting Education. She is active in the American Accounting Association and its FARS section.

At Texas A&M, Professor McAnally teaches financial reporting, analysis, and valuation in the full-time, Professional, and Executive MBA programs. Through the Mays Center for Executive Development, she works with corporate clients. She has also taught at University of Alberta, University of Calgary, IMADEC (in Austria) and at the Indian School of Business at the Hyderabad and Mohali campuses. She has received numerous faculty-determined and student-initiated teaching awards at the MBA and executive levels. Those awards include the Beazley Award, the Trammell Foundation Award, the MBA Teaching Award (multiple times), the MBA Association Distinguished Faculty Award (three times), the Award for Outstanding and Memorable Faculty Member, and the Distinguished Achievement Award.

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