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Summary International Financial Accounting
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Solution Manual For Financial Accounting Theory 7th Edition by William R. Scott, Patricia O'Brien Chapters 1 - 13, Complete
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Solution Manual For Financial Accounting Theory 7th Edition by William R. Scott, Patricia O'Brien Chapters 1 - 13, Complete
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Solution Manual For Financial Accounting Theory 7th Edition by William R. Scott, Patricia O'Brien Chapters 1 - 13, Complete
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AMSTERDAM INTERNATIONAL BUSINESS SCHOOLInternational Financial
Accounting
Financial Accounting: an International Introduction
JEP
19-12-2014
,Content
PART 1: THE CONTEXT OF ACCOUNTING ................................................................................................ 2
Chapter 2: Some fundamentals ........................................................................................................... 2
Chapter 6: The Contents of Financial Statements ............................................................................... 4
Chapter 7: Financial Statement Analysis ............................................................................................. 9
PART 2: FINANCIAL REPORTING ISSUES ................................................................................................ 12
Chapter 8: Recognition and Measurement ....................................................................................... 12
Chapter 9: Non-current assets .......................................................................................................... 15
Chapter 11: Financial Assets, Liabilities and Equity .......................................................................... 17
Chapter 12: Accounting and Taxation ............................................................................................... 23
Chapter 14: Group Accounting .......................................................................................................... 26
Chapter 15: Foreign Currency Translation ........................................................................................ 28
Chapter 16: Accounting for Price Changes ........................................................................................ 34
PART 3: ANALYSIS .................................................................................................................................. 38
Chapter 17: Financial Appraisal ......................................................................................................... 39
, PART 1: THE CONTEXT OF ACCOUNTING
Chapter 2: Some fundamentals
2.1 Introduction
Accounting Information System: measures, processes and Communicates information to provide
sufficient info for users to make informed decisions
Financial Accounting: External users and is Regulated
Management Accounting: Internal users and is not Regulated
GAAP: the conventions, rules and procedures that define acceptable accounting practice at a time.
FASB is responsible for developing GAAP
IASB sets international accounting standards (IFRS/IAS)
2.2 The Balance Sheet
Assets Liabilities
Resource owned or controlled by an entity that is Something that the business currently owes to
expected to provide benefits to the business in the another party, which is expected to result in an
future. outflow from the entity of resources
embodying economic benefits.
Resources: everything valuable that the business
controls. Sources: where everything came from.
- Cash - Account payable
- Account Receivable - Bank Loan
- Office Supplies
Equity
- Equipment
Represents the residual value of the assets of
- Inventory
the business that the owners can claim.
- Land
Assets – Liabilities
2.3 The Income Statement
Resources/Applications: Sources/Claims:
- Those used up in the period (expenses) - Those arising from operations in the period (revenues)
- Those remaining (assets) - Those contributed by the owners (capital)
- Those due to outsiders (liabilities).
Applications Sources
Assets Capital and Liabilities
Property 50,000 Capital 100,000
Inventory 55,000 Loan 50,000
Receivable 19,000 payable 25,000
Cash 67,000 175,000
191,000 PROFIT 16,000
Expenses Revenues
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