Custom Finance and Accounting for Non-Financial Managers (USC Marshall)

by DeFond

ISBN: 0000000000 | Copyright 2023

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Financial Accounting for Decision Makers, 2e (pg. 1.2)
Chapter 1 Financial Accounting and Business Decisions (pg. 1.2)
Business Organization (pg. 1.4)
Review 1.1 (pg. 1.5)
Activities of a Business (pg. 1.5)
Financing Activities (pg. 1.5)
Investing Activities (pg. 1.5)
Operating Activities (pg. 1.5)
Review 1.2 (pg. 1.6)
Accounting Information and Its Use (pg. 1.6)
External Users of Accounting (pg. 1.6)
Internal Users of Accounting (pg. 1.7)
Review 1.3 (pg. 1.8)
Ethics and Accounting (pg. 1.8)
Review 1.4 (pg. 1.9)
The Accounting Process (pg. 1.9)
Generally Accepted Accounting Principles (pg. 1.10)
International Financial Reporting Standards (pg. 1.11)
Financial Statements (pg. 1.11)
Balance Sheet (pg. 1.11)
Income Statement (pg. 1.13)
Statement of Stockholders’ Equity (pg. 1.14)
Statement of Cash Flows (pg. 1.15)
Relations Among the Financial Statements (pg. 1.16)
Review 1.5 (pg. 1.17)
Additional Information (pg. 1.18)
Management Discussion and Analysis (pg. 1.18)
Notes to Financial Statements (pg. 1.18)
Auditor’s Report (pg. 1.19)
Review 1.6 (pg. 1.19)
Accounting and Technology (pg. 1.19)
Big Data (pg. 1.19)
Blockchain (pg. 1.20)
Summary of Learning Objectives (pg. 1.20)
Key Terms (pg. 1.22)
Self-Study Questions (pg. 1.23)
Questions (pg. 1.24)
Short Exercises (pg. 1.25)
Exercises-Set A (pg. 1.27)
Exercises-Set B (pg. 1.29)
Problems-Set A (pg. 1.32)
Problems-Set B (pg. 1.35)
Serial Problem: Angel City Greetings (pg. 1.38)
Beyond The Numbers (pg. 1.39)
Answers to Self-Study Questions: (pg. 1.42)
Review Solutions (pg. 1.42)
Chapter 2 Processing Accounting Information (pg. 1.46)
Accounting Cycle (pg. 1.48)
Analyzing Transactions (pg. 1.49)
Accounting Equation Expanded (pg. 1.49)
Review 2.1 (pg. 1.50)
Transactions and the Accounting Equation: An Illustration (pg. 1.50)
Transaction Summary (pg. 1.54)
Review 2.2 (pg. 1.56)
Transaction Analysis Template (pg. 1.56)
The “Account” System (pg. 1.57)
Recording Transactions (pg. 1.58)
Chart of Accounts (pg. 1.58)
The General Ledger (pg. 1.59)
Review 2.3 (pg. 1.59)
Summary of Learning Objectives (pg. 1.60)
Key Terms (pg. 1.61)
Self-Study Questions (pg. 1.61)
Questions (pg. 1.62)
Short Exercises (pg. 1.62)
Exercises-Set A (pg. 1.63)
Exercises-Set B (pg. 1.67)
Problems-Set A (pg. 1.70)
Problems-Set B (pg. 1.74)
Serial Problem: Angel City Greetings (pg. 1.78)
Beyond the Numbers (pg. 1.79)
Answers to Self-Study Questions: (pg. 1.81)
Review Solutions (pg. 1.82)
Chapter 3 Accrual Basis of Accounting (pg. 1.84)
Accrual Basis of Accounting (pg. 1.86)
Revenue Recognition Principle (pg. 1.86)
Expense Recognition (Matching) Principle (pg. 1.88)
Accounting Adjustments (pg. 1.89)
Types of Adjustments (pg. 1.90)
Allocating Previously Recorded Assets to Expenses (pg. 1.90)
Allocating Previously Recorded Unearned Revenue to Revenue (pg. 1.92)
Recording Previously Unrecorded Expenses (pg. 1.93)
Recording Previously Unrecorded Revenues (pg. 1.95)
Summary of Accounting Adjustments (pg. 1.96)
Review 3.1 (pg. 1.96)
Preparing The Financial Statements (pg. 1.97)
Income Statement (pg. 1.97)
Statement of Stockholders’ Equity (pg. 1.97)
Balance Sheet (pg. 1.97)
Statement of Cash Flows (pg. 1.97)
Review 3.2 (pg. 1.99)
Quality of Accounting Numbers (pg. 1.100)
Closing Process (pg. 1.100)
Summary of the Accounting Cycle (pg. 1.100)
Review 3.3 (pg. 1.101)
Summary of Learning Objectives (pg. 1.102)
Key Terms (pg. 1.103)
Self-Study Questions (pg. 1.103)
Questions (pg. 1.104)
Short Exercises (pg. 1.105)
Exercises-Set A (pg. 1.106)
Exercises-Set B (pg. 1.108)
Problems-Set A (pg. 1.111)
Problems-Set B (pg. 1.115)
Serial Problem: Angel City Greetings (pg. 1.120)
Beyond The Numbers (pg. 1.121)
Answers to Self-Study Questions: (pg. 1.124)
Review Solutions (pg. 1.124)
Chapter 6 Receivables (pg. 1.206)
Receivables (pg. 1.208)
Accounts Receivable (pg. 1.208)
Losses from Valuing Accounts Receivable (pg. 1.209)
Allowance Method (pg. 1.210)
Estimating Credit Losses (pg. 1.212)
Percentage of Net Sales Method (pg. 1.212)
Review 6.1 (pg. 1.213)
Accounts Receivable Aging Method (pg. 1.213)
Writing Off Specific Accounts Receivable under the Allowance Method (pg. 1.215)
Review 6.2 (pg. 1.216)
Recoveries of Accounts Written Off under the Allowance Method (pg. 1.216)
Credit Card Sales (pg. 1.217)
Review 6.3 (pg. 1.218)
Notes Receivable (pg. 1.218)
Interest on Notes Receivable (pg. 1.219)
Adjusting Entry for Interest (pg. 1.220)
Review 6.4 (pg. 1.221)
Reporting Notes Receivable on the Balance Sheet (pg. 1.222)
Review 6.5 (pg. 1.222)
Analyzing and Managing Receivables (pg. 1.223)
Review 6.6 (pg. 1.224)
Factoring and Discounting (pg. 1.224)
Summary of Learning Objectives (pg. 1.225)
Key Terms (pg. 1.226)
Self-Study Questions (pg. 1.226)
Questions (pg. 1.227)
Short Exercises (pg. 1.228)
Exercises-Set A (pg. 1.230)
Exercises-Set B (pg. 1.232)
Problems-Set A (pg. 1.235)
Problems-Set B (pg. 1.238)
Serial Problem: Angel City Greetings (pg. 1.241)
Beyond the Numbers (pg. 1.242)
Answers to Self-Study Questions: (pg. 1.244)
Review Solutions (pg. 1.244)
Chapter 7 Inventory (pg. 1.248)
The Nature of Inventory (pg. 1.250)
Categories of Inventory (pg. 1.250)
Costs Included in Inventory (pg. 1.251)
Inventory Management (pg. 1.251)
Cost of Goods Sold (pg. 1.252)
Physical Count of Inventory (pg. 1.252)
Inventory Costing Systems (pg. 1.253)
Inventory Costing Methods (pg. 1.255)
Goods Flow vs. Cost Flow (pg. 1.255)
Data for Illustration of Cost Flow Assumptions (pg. 1.255)
Specific Identification Method (pg. 1.256)
FirstIn, FirstOut (FIFO) Method (pg. 1.256)
LastIn, FirstOut (LIFO) Method (pg. 1.257)
Weighted-Average Cost Method (pg. 1.257)
Inventory Costing Under the Perpetual Versus the Periodic Method (pg. 1.258)
How Inventory Methods Affect the Financial Statements (pg. 1.259)
How Managers Choose an Inventory Method (pg. 1.259)
The Effects of Inventory Method Choice on Gross Profit Analysis (pg. 1.260)
Review 7.1 (pg. 1.262)
Lower of Cost or Net Realizable Value (pg. 1.264)
Net Realizable Value (pg. 1.264)
Inventory Analysis (pg. 1.265)
Gross Profit Analysis (pg. 1.265)
Review 7.2 (pg. 1.266)
Inventory Turnover and Days’ Sales in Inventory (pg. 1.266)
Review 7.3 (pg. 1.267)
Review 7.4 (pg. 1.268)
Appendix 7A: Inventory Costing using a Perpetual Inventory System (pg. 1.268)
Specific Identification Method (pg. 1.269)
FirstIn, FirstOut (FIFO) Method (pg. 1.269)
LastIn, FirstOut (LIFO) Method (pg. 1.270)
Weighted-Average Cost Method (pg. 1.271)
Appendix 7B: LIFO Reserve (pg. 1.272)
Summary of Learning Objectives (pg. 1.273)
Key Terms (pg. 1.275)
Self-Study Questions (pg. 1.276)
Questions (pg. 1.277)
Short Exercises (pg. 1.278)
Exercises-Set A (pg. 1.280)
Exercises-Set B (pg. 1.282)
Problems-Set A (pg. 1.284)
Problems-Set B (pg. 1.286)
Serial Problem: Angel City Greetings (pg. 1.288)
Beyond the Numbers (pg. 1.289)
Answers to Self-Study Questions: (pg. 1.291)
Review Solutions (pg. 1.291)
Chapter 8 Property, Plant and Equipment and Intangible Assets (pg. 1.294)
Overview of Long-Lived Assets (pg. 1.296)
Accounting for Long-lived Assets (pg. 1.296)
Acquisition Cost of Property, Plant and Equipment (pg. 1.297)
Review 8.1 (pg. 1.299)
Nature of Depreciation (pg. 1.299)
Allocation versus Valuation: Depreciation Accounting (pg. 1.299)
Calculating Depreciation Expense (pg. 1.300)
A Comparison of Alternative Depreciation Methods (pg. 1.303)
Depreciation Method Estimate Changes (pg. 1.304)
Review 8.2 (pg. 1.306)
Revenue Expenditures Versus Capital Expenditures (pg. 1.306)
Maintenance and Repairs (pg. 1.306)
LowCost Items (pg. 1.306)
Capital Expenditures (pg. 1.306)
Review 8.3 (pg. 1.307)
Disposals Of Property, Plant and Equipment (pg. 1.307)
Sale of Property, Plant and Equipment (pg. 1.308)
Review 8.4 (pg. 1.309)
Intangible Assets (pg. 1.309)
Measurement of Intangible Assets (pg. 1.310)
Amortization of Intangibles (pg. 1.310)
Examples of Intangible Assets (pg. 1.310)
Patents (pg. 1.310)
Copyright (pg. 1.311)
Franchises (pg. 1.311)
Trademarks (pg. 1.311)
Goodwill (pg. 1.312)
Balance Sheet Presentation (pg. 1.312)
Return on Assets and Asset Turnover (pg. 1.313)
Review 8.6 (pg. 1.314)
Summary of Learning Objectives (pg. 1.314)
Key Terms (pg. 1.315)
Self-Study Questions (pg. 1.316)
Questions (pg. 1.317)
Short Exercises (pg. 1.317)
Exercises-Set A (pg. 1.318)
Exercises-Set B (pg. 1.320)
Problems-Set A (pg. 1.321)
Problems-Set B (pg. 1.324)
Serial Problem: Angel City Greetings (pg. 1.327)
Beyond the Numbers (pg. 1.327)
Answers to Self-Study Questions: (pg. 1.330)
Review Solutions (pg. 1.330)
Chapter 12 Analysis and Interpretation of Financial Statements (pg. 1.464)
Persistent Earnings and the Income Statement (pg. 1.466)
Discontinued Operations (pg. 1.467)
Changes in Accounting Principles (pg. 1.468)
Comprehensive Income (pg. 1.468)
Review 12.1 (pg. 1.469)
Sources of Information (pg. 1.469)
Analytical Techniques (pg. 1.469)
Horizontal Analysis (pg. 1.470)
Trend Analysis (pg. 1.472)
Review 12.2 (pg. 1.474)
Vertical Analysis (pg. 1.474)
Review 12.3 (pg. 1.475)
Ratio Analysis (pg. 1.475)
Analyzing Firm Profitability (pg. 1.477)
Review 12.4 (pg. 1.479)
Analyzing ShortTerm Firm Liquidity (pg. 1.480)
Review 12.5 (pg. 1.484)
Analyzing LongTerm Firm Solvency (pg. 1.484)
Review 12.6 (pg. 1.486)
Financial Ratios for Common Stockholders (pg. 1.486)
Review 12.7 (pg. 1.488)
Limitations of Financial Statement Analysis (pg. 1.489)
Review 12.8 (pg. 1.490)
Appendix 12A: Financial Statement Disclosures (pg. 1.491)
Parenthetical Disclosures (pg. 1.491)
Notes to the Financial Statements (pg. 1.491)
Supplementary Information (pg. 1.493)
Summary of Learning Objectives (pg. 1.494)
Summary of Financial Statement Ratios (pg. 1.495)
Key Terms (pg. 1.497)
Self-Study Questions (pg. 1.497)
Questions (pg. 1.498)
Short Exercises (pg. 1.499)
Exercises-Set A (pg. 1.501)
Exercises-Set B (pg. 1.503)
Problems-Set A (pg. 1.506)
Problems-Set B (pg. 1.511)
Serial Problem: Angel City Greetings (pg. 1.517)
Beyond the Numbers (pg. 1.518)
Answers to Self-Study Questions: (pg. 1.523)
Review Solutions (pg. 1.523)

Mark DeFond

Leventhal School of Accounting Marshall School of Business University of Southern California

Mark DeFond is A. N. Mosich Chair in Accounting and Professor of Accounting in the Leventhal School of Accounting at University of Southern California Marshall School of Business. He has taught financial accounting to a variety of audiences, including undergraduates, MBAs, and Executive MBAs. Professor DeFond earned his Ph.D. from the University of Washington and his B.A. from San Franicsco State University. He is widely published and his research is highly cited. Professor DeFond has served on the editorial boards of several leading academic journals and is a recipient of several research awards, including the Notable Contribution to Auditing Literature Award and the Mellon Award for Excellence in Mentoring Faculty. He has held visiting professorships at universities in Hong Kong and Singapore. He is also a CPA (inactive), a four time winner of the MBA Golden Apple teaching award, and was ranked among the ten most outstanding USC MBA faculty by BusinessWeek.



Financial Accounting for Decision Makers, 2e (DeFond)
Errata (printed text)
Last Updated: Nov 6 2020

Corrections to identified errors in the first printing. 

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