Intermediate Accounting For Dummies

Intermediate accounting courses are required for students seeking bachelor's degrees in accounting and often for degrees in finance, business administration, and management. Intermediate Accounting For Dummies provides you with a deeper and broader level of accounting theory, serving as an excellent course supplement and study guide to help you master the concepts of this challenging program.

With easy-to-understand explanations and realworld examples, Intermediate Accounting For Dummies covers all the topics you'll encounter in an intermediate accounting course: the conceptual framework of Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), financial ratio analysis, equity accounting, investment strategies, financial statement preparation, and more

• Tracks to a typical intermediate accounting curriculum
• Expert information and real-world examples
• Other titles from Loughran: Financial Accounting For Dummies and Auditing For Dummies

With the help of Intermediate Accounting For Dummies, you'll discover the fast and easy way to take the confusion out of the complex theories and methods associated with a typical intermediate accounting course.

Introduction 1

Part I: Introducing Financial Accounting and Standards 7

Chapter 1: Seeing the Big Picture of Financial Accounting 9

Chapter 2: Walking Through the Conceptual Framework of Financial Accounting 23

Chapter 3: Invaluable Valuation 43

Chapter 4: Reviewing the Accounting System 51

Part II: Preparing and Using Financial Statements 65

Chapter 5: Posting Income Statement Profit and Loss 67

Chapter 6: Reporting Assets and Claims: Keeping Your Balance (Sheet) 83

Chapter 7: Follow the Money! Studying Cash Flow 101

Chapter 8: Time Is Money: Looking at the Time Value of Money 115

Part III: Homing in on Current and Noncurrent Assets 127

Chapter 9: Assessing Cash and Receivables 129

Chapter 10: Inventory Cost Flow Assumptions 145

Chapter 11: Buying and Selling Property, Plant, and Equipment (PP&E) 167

Chapter 12: Recognizing Depreciation, Impairments, and Depletion 183

Chapter 13: Keeping Track of Other Noncurrent Assets 197

Part IV: Analyzing Debt and Equity 207

Chapter 14: Tracking Current Liabilities and Contingencies 209

Chapter 15: Planning for Long-Term Obligations 227

Chapter 16: Letting Owners Know Where They Stand: The Equity Section 241

Part V: Accounting for Advanced Intermediate Issues 257

Chapter 17: Accounting for Income Taxes 259

Chapter 18: Accounting for Leases 277

Chapter 19: Fessing Up: Correcting Errors

and Reporting Changes in Methods 295

Chapter 20: Is That You, Revenue? Revenue Recognition Concepts 313

Part VI: The Part of Tens 327

Chapter 21: Ten Common Notes to the Financial Statements 329

Chapter 22: Ten Ratios for Financial Statement Analysis 337

Index 343

Maire Loughran is a certified public accountant who has prepared compilation, review, and audit reports for fifteen years. A member of the American Institute of Certified Public Accountants, she is a full adjunct professor who teaches graduate and undergraduate auditing and accounting classes.

Learn to:

• Master the concepts of this challenging course
• Make sense of topics with real-life examples
• Score your highest in Intermediate Accounting

The painless way to master an Intermediate Accounting course

With easy-to-understand explanations and real-world examples, Intermediate Accounting For Dummies takes the confusion out of the topics you'll encounter in this challenging course: Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), financial ratio analysis, equity accounting, investment strategies, financial statement preparation, and more.

• Financial Accounting 101 — get acquainted with the role and responsibilities of financial accountants
• Make a statement — walk through the proper preparation of the income statement, balance sheet, and statement of cash flow
• Control your cash — discover everything you need to know about accounting for current and noncurrent assets
• I.O.U. — find the 4-1-1 on debt and equity, short-term claims payable by the company, and accounting for long-term obligations under various debt scenarios
• Mistakes happen — find out how to fix mistakes in financial statements, how to account for a change from one accounting method to another, and what to do when an accounting estimate is incorrect

Open the book and find:

• The conceptual framework of financial accounting
• The elements of financial statements
• All about the accounting system
• Lots of examples of worksheets and reports
• How a business prepares an income statement
• The ins and outs of cashflow
• The time value of money
• Ways to analyze debt and equity
• Ten common disclosure notes to the financial statements