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xxv Contents 1 The Role of Accounting as an Information System 1 C H A P T E R Environment and Theoretical Structure of Financial Accounting 2 Part A: Financial Accounting Environment 3 The Economic Environment and Financial Reporting 5 The Investment-Credit Decision—A Cash Flow Perspective 5 Cash versus Accrual Accounting 6 The Development of Financial Accounting and Reporting Standards 8 Historical Perspective and Standards 8 The Standard-Setting Process 13 Encouraging High-Quality Financial Reporting 16 The Role of the Auditor 16 Financial Reporting Reform 17 A Move Away from Rules-Based Standards? 18 Ethics in Accounting 18 Part B: The Conceptual Framework 20 Objective of Financial Reporting 21 Qualitative Characteristics of Financial Reporting Information 22 Fundamental Qualitative Characteristics 22 Enhancing Qualitative Characteristics 24 Key Constraint: Cost Effectiveness 24 Elements of Financial Statements 25 Underlying Assumptions 26 Economic Entity Assumption 26 Going Concern Assumption 26 Periodicity Assumption 26 Monetary Unit Assumption 27 Recognition, Measurement, and Disclosure Concepts 27 Recognition 27 Measurement 29 Disclosure 32 Evolving GAAP 33 2 C H A P T E R Review of the Accounting Process 50 The Basic Model 52 The Accounting Equation 52 Account Relationships 53 The Accounting Processing Cycle 55 Concept Review Exercise: Journal Entries for External Transactions 64 Adjusting Entries 66 Prepayments 67 Accruals 70 Estimates 72 Concept Review Exercise: Adjusting Entries 74 Preparing the Financial Statements 75 The Income Statement 75 The Statement of Comprehensive Income 76 The Balance Sheet 76 The Statement of Cash Flows 78 The Statement of Shareholders’ Equity 79 The Closing Process 79 Concept Review Exercise: Financial Statement Preparation and Closing 81 Conversion from Cash Basis to Accrual Basis 83 Appendix 2A: Use of a Worksheet 87 Appendix 2B: Reversing Entries 88 Appendix 2C: Subsidiary Ledgers and Special Journals 90


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