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Financial Accounting

ISBN: 978-0-470-05898-5
500 pages
April 2008, ©2007
Financial Accounting (0470058986) cover image
About the Author.

About the Book: Background, The Market, Scope, Coverage, Special Features.

Acknowledgements.

Section A: Financial Accounting: The Techniques.

1 Introduction to Accounting.

Introduction.

Nature of Accounting.

Importance of Accounting.

Financial Accounting and Management Accounting.

Users of Accounts.

Accounting Context.

Types of Accountancy.

Types of Accountant.

Limitations of Accounting.

Conclusion.

Discussion Questions.

2 The Accounting Background.

Introduction.

Financial Accounting.

Language of Accounting.

Student Example.

Why is Financial Accounting Important?

Accounting Principles.

Conclusion.

Discussion Questions.

Numerical Questions.

Appendix 2.1: Illustration of a Summarised Company Profit and Loss Account: Marks & Spencer plc 2004.

Appendix 2.2: Illustration of a Limited Company’s Balance Sheet.

Appendix 2.3: Illustration of a Limited Company’s Income Statement (Profit and Loss Account).

Appendix 2.4: Illustration of a Limited Company’s Cash Flow Statement.

3 Recording: Double-Entry Bookkeeping.

Introduction.

The Accounting Equation.

Worked Example.

Computers.

Conclusion.

Discussion Questions.

Numerical Questions.

4 Main Financial Statements: The Profit and Loss Account (Income Statement).

Introduction.

Context.

Definitions.

Layout.

Main Components.

Profit.

Listed Companies.

Capital and Revenue Expenditure.

Limitations.

Interpretation.

Conclusion.

Discussion Questions.

Numerical Questions.

5 Main Financial Statements: The Balance Sheet.

Introduction.

Context.

Definitions.

Layout.

Main Components.

Limitations.

Interpretation.

Listed Companies.

Conclusion.

Discussion Questions.

Numerical Questions.

Appendix 5.1: Horizontal Format of Balance Sheet.

6 Preparing the Financial Statements.

Introduction.

Main Financial Statements.

Trial Balance to Profit and Loss Account and Balance Sheet.

Adjustments to Trial Balance.

Comprehensive Example.

Conclusion.

Discussion Questions.

Numerical Questions.

7 Partnerships and Limited Companies.

Introduction.

Context.

Partnerships.

Limited Companies.

Limited Company Example: Stevens, Turner Ltd.

Limited Companies: Published Accounts.

Conclusion.

Discussion Questions.

Numerical Questions.

8 Main Financial Statements: The Cash Flow Statement.

Introduction.

Importance of Cash.

Context.

Cash and the Bank Account.

Relationship between Cash and Profit.

Preparation of Cash Flow Statement.

Conclusion.

Discussion Questions.

Numerical Questions.

9 Interpretation of Accounts.

Introduction.

Context.

Overview.

Importance of Ratios.

Closer Look at Main Ratios.

Worked Example.

Report Format.

Holistic View of Ratios.

Performance Indicators.

Limitations.

Conclusion.

Discussion Questions.

Numerical Questions.

Appendix 9.1: John Brown Ltd.

10 The Management of Working Capital and Sources of Finance.

Introduction.

Nature of Sources of Finance.

Short-Term Financing.

Long-Term Financing.

Cost of Capital.

Conclusion.

Discussion Questions.

Numerical Questions.

Section B: Financial Accounting: The Context.

11 Regulatory and Conceptual Frameworks.

Introduction.

Traditional Corporate Model: Directors, Auditors and Shareholders.

Regulatory Framework.

Regulatory Framework in the UK.

Corporate Governance.

Conceptual Framework.

Conclusion.

Selected Reading.

Discussion Questions.

12 Measurement Systems.

Introduction.

Overview.

Measurement Systems.

Deficiencies of Historical Cost Accounting.

Illustrative Example of Different Measurement Systems.

Real Life.

Conclusion.

Selected Reading.

Discussion Questions.

13 The Annual Report.

Introduction.

Definition.

Context.

Multiple Roles.

Main Contents of the Annual Report.

Presentation.

Group Accounts.

Impression Management.

Conclusion.

Selected Reading.

Discussion Questions.

14 Creative Accounting.

Introduction.

Definition.

Managerial Motivation.

Methods of Creative Accounting.

Example.

Real Life.

Case Studies.

Creative Presentation.

Controlling Creative Accounting.

Conclusion.

Selected Reading.

Discussion Questions.

15 International Accounting.

Introduction.

Context.

Divergent Forces.

Classification.

Country Snapshots.

Convergent Forces.

Conclusion.

Selected Reading.

Discussion Questions.

Further Reading.

Glossary of Key Accounting Terms.

Appendix: Answers.

Index.

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Michael Jones has taught accounting for 26 years, first at Hereford Technical College, then at Portsmouth Polytechnic (now University) and currently at Cardiff Business School. He has taught financial accounting at all levels from GCSE level to final-year degree course. He has published over 120 articles in both professional and academic journals. These articles cover a wide range of topics such as financial accounting, the history of accounting and international accounting. The author’s main research interest is in financial communication. He is Professor of Financial Reporting at Cardiff Business School and Director of the Financial Reporting and Business Communication Unit. Michael has one daughter, Katherine.
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  • The book reflects new developments in accounting such as the creation of the new UK Accounting Standards Setting Regime, the creation of limited liability partnerships, the change of certain accounting standards, and the evolving nature of the annual report
  • The adoption of IFRS (International Financial Reporting Standards) by European listed companies from 1st July 2005 has also been covered in appropriate detail.  A distinction is made throughout the book between the requirements of listed and non-listed companies
  • The text includes a significant number of international examples from companies such as Heineken, Nokia and Volkswagen.  Examples provided from other companies include: AstraZeneca,  HBOS, Hyder, Laing, Manchester United, Marks and Spencer, Rentokil, J. Sainsbury, Tesco, Vodafone and J.D. Wetherspoon
  • 'Company Camera' boxes present financial data from a wide variety of international companies
  • ‘Real Life Nuggets’ provide examples from the business press that give the body of the text a contemporary and real life resonance
  • A large number of end of chapter questions of escalating difficulty, together with the accompanying answers, enables the reader to develop their understanding of the key concepts discussed in the text
  • WileyPLUS - an online suite of resources, designed to help lecturers teach, create and mark homework assignments, administer their class and track student progress - for further information please click on the link above.
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"Pertinent examples." Van Huynh, EDHEC Business School
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Instructors Resources
Wiley Instructor Companion Site
Lecturer Companion Website
Supporting website for lecturers containing PowerPoint Slides and additional questions and answers.  WileyPLUS will also be available to accompany this book.
WileyPLUS
WileyPLUS is a powerful online tool that provides instructors and students with an integrated suite of teaching and learning resources, including an online version of the text, in one easy-to-use website. To learn more about WileyPLUS, and view a demo, please click on the link for WileyPLUS on the right of this page.
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Students Resources
Wiley Student Companion Site
Student Companion Website
Supporting website for students containing questions and answers, and multiple choice questions.
WileyPLUS
WileyPLUS is a powerful online tool that provides instructors and students with an integrated suite of teaching and learning resources, including an online version of the text, in one easy-to-use website. To learn more about WileyPLUS, and view a demo, please click on the link for WileyPLUS on the right of this page.
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