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- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/15%3A_In_Financial_Statements_What_Information_Is_Conveyed_about_Other_Noncurrent_Liabilities/15.02%3A_Operating_Leases_versus_Capital_LeasesThis page explains the differences between operating and capital leases. Operating leases report current liabilities and prepaid rent, while capital leases account for both the asset and liability at ...This page explains the differences between operating and capital leases. Operating leases report current liabilities and prepaid rent, while capital leases account for both the asset and liability at present value, alongside depreciation and interest. The classification criteria for leases differ under IFRS and U.S. GAAP, with the latter potentially identifying more contracts as capital leases due to updated standards aimed at alignment between the two frameworks.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/08%3A_How_Does_a_Company_Gather_Information_about_Its_InventoryThis page covers essential topics in inventory management, focusing on inventory cost determination and reporting, differences between perpetual and periodic systems, and cost of goods sold calculatio...This page covers essential topics in inventory management, focusing on inventory cost determination and reporting, differences between perpetual and periodic systems, and cost of goods sold calculation. It also addresses reporting inventory at the lower-of-cost-or-market and methods for inventory assessment, along with exercises to reinforce understanding of these concepts.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/07%3A_In_a_Set_of_Financial_Statements_What_Information_Is_Conveyed_about_ReceivablesThis page covers accounts receivable, emphasizing net realizable value, uncollectible accounts, estimation challenges, and methods for estimating uncollectible amounts. It also discusses remeasuring f...This page covers accounts receivable, emphasizing net realizable value, uncollectible accounts, estimation challenges, and methods for estimating uncollectible amounts. It also discusses remeasuring foreign currency balances and evaluating a company's financial health through accounts receivable. Practical applications are provided through end-of-chapter exercises.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/06%3A_Why_Should_Decision_Makers_Trust_Financial_Statements/6.06%3A_End-of-Chapter_ExercisesThis page covers questions about trust in financial reporting, the SEC, CPA responsibilities, and the auditing process, including true/false and multiple-choice questions on auditing standards and the...This page covers questions about trust in financial reporting, the SEC, CPA responsibilities, and the auditing process, including true/false and multiple-choice questions on auditing standards and the FASB. It features a matching exercise for organizations and their functions, research on PricewaterhouseCoopers' services, and an examination of state-specific CPA requirements via the NASBA website.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/13%3A_In_a_Set_of_Financial_Statements_What_Information_Is_Conveyed_about_Current_and_Contingent_Liabilities/13.03%3A_Accounting_for_ContingenciesThis page discusses the conservative nature of financial reporting, emphasizing that while U.S. GAAP only recognizes loss contingencies when probable and estimable, IFRS allows for broader recognition...This page discusses the conservative nature of financial reporting, emphasizing that while U.S. GAAP only recognizes loss contingencies when probable and estimable, IFRS allows for broader recognition due to a looser definition of "probable." It highlights that under IAS 37, companies must record the best estimate for obligations, differing from U.S. GAAP's approach.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/10%3A_In_a_Set_of_Financial_Statements_What_Information_Is_Conveyed_about_Property_and_Equipment/10.01%3A_The_Reporting_of_Property_and_EquipmentThis page discusses the accounting treatment of tangible assets, emphasizing that they are recorded at historical cost and depreciated over time. Wal-Mart's $93 billion in property and equipment exemp...This page discusses the accounting treatment of tangible assets, emphasizing that they are recorded at historical cost and depreciated over time. Wal-Mart's $93 billion in property and equipment exemplifies significant financial investment. Fair value reporting remains contentious due to concerns over subjectivity and reliability, with historical cost favored for objectivity.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/11%3A_In_a_Set_of_Financial_Statements_What_Information_Is_Conveyed_about_Intangible_Assets/11.02%3A_The_Balance_Sheet_Reporting_of_Intangible_AssetsThis page highlights the importance of historical cost in accounting for intangible assets like trademarks and patents, noting the potential misrepresentation of financial health when costs are lower ...This page highlights the importance of historical cost in accounting for intangible assets like trademarks and patents, noting the potential misrepresentation of financial health when costs are lower than market value. It contrasts this with the push for fair value reporting, despite its risks.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/03%3A_In_What_Form_Is_Financial_Information_Actually_Delivered_to_Decision_Makers_Such_as_Investors_and_Creditors/3.02%3A_Reported_Profitability_and_the_Principle_of_ConservatismThis page stresses the necessity of thorough financial evaluations that go beyond net income to provide a complete assessment of a company's health. Relying solely on net income risks misunderstanding...This page stresses the necessity of thorough financial evaluations that go beyond net income to provide a complete assessment of a company's health. Relying solely on net income risks misunderstanding financial statements and can lead to potential losses for stakeholders. It argues for a realistic portrayal of performance while distinguishing between expenses and assets, underscoring that no single metric should dominate financial decision-making.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/zz%3A_Back_Matter
- https://biz.libretexts.org/Bookshelves/Finance/Introduction_to_Investments_(Paiano)/02%3A_Chapter_2/05%3A_Fundamental_Analysis-_Financial_Statements_and_Ratio_Analysis/5.01%3A_New_PageEvery publicly-traded corporation must publish their financial statements every three months. The three financial statements are the Balance Sheet, the Income Statement, and the Cash Flow Statement. L...Every publicly-traded corporation must publish their financial statements every three months. The three financial statements are the Balance Sheet, the Income Statement, and the Cash Flow Statement. Luckily, the accountants are tasked with creating the financial statements. We investors just need to learn how to read them and pick out the important elements. We use the financial statements to create financial ratios that help us "round out" our research into our potential stock investments.
