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Advanced Accounting, 4th Edition

by: Debra C. Jeter (Vanderbilt University ); Paul Chaney (Vanderbilt University )

Advanced Accounting, 4th Edition

by: Debra C. Jeter (Vanderbilt University ); Paul Chaney (Vanderbilt University )

ISBN 13:
9780470506981
ISBN 10:
0470506989
Edition: 4th
Format: Hardcover
Copyright: 12/01/2009
Publisher: Wiley

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Summary

Designed for a senior level course in advanced accounting, this text delivers a balanced and detailed approach to the conceptual and technical aspects of advanced accounting. Reflective of the current state of the international accounting landscape, this new edition discusses the upcoming globalization of accounting standards with frequent references to the FASB's new Codification system and with a "compare and contrast" method for explaining the differences between U.S. GAAP and IFRS.In addition, Advanced Accounting includes comprehensive coverage of all three methods of consolidated financial reporting (cost, partial equity, complete equity). Authored with both the student and teacher in mind, margin icons and labels distinguish all three methods and other pedagogical features.

Introduction To Business Combinations And The Conceptual Framework	p. 1
Learning Objectives	p. 1
Nature of the Combination	p. 5
Business Combinations: Why? Why not?	p. 7
Business Combinations: Historical Perspective	p. 10
Terminology and Types of Combinations	p. 14
Takeover Premiums	p. 17
Avoiding the Pitfalls before the Deal	p. 18
Determining Price and Method of Payment in Business Combinations	p. 20
Alternative Concepts of Consolidated Financial Statements	p. 24
Authors' View	p. 29
FASB's Conceptual Framework	p. 29
Summary	p. 35
Questions	p. 37
Exercises	p. 37
Accounting For Business Combinations	p. 40
Learning Objectives	p. 40
Historical Perspective on Business Combinations	p. 40
Pro Forma Statements and Disclosure Requirement	p. 49
Explanation and Illustration of Acquisition Accounting	p. 51
Contingent Consideration in an Acquisition	p. 56
Leveraged Buyouts	p. 59
Summary	p. 62
Deferred Taxes in Business Combinations	p. 64
Did Firms Prefer Pooling	p. and Why?
Questions	p. 68
Exercises	p. 69
Problems	p. 77
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Consolidated Financial Statements- Date Of Acquisition	p. 82
Learning Objectives	p. 82
Definitions of Subsidiary and Control	p. 84
Requirements for the Inclusion of Subsidiaries in the Consolidated Financial Statements	p. 87
Reasons for Subsidiary Companies	p. 88
Consolidated Financial Statements	p. 88
Investments at the Date of Acquisition	p. 90
Consolidated Balance Sheets: The Use of Workpapers	p. 91
A Comprehensive Illustration-More Than One Subsidiary Company	p. 107
Limitations of Consolidated Statements	p. 109
Summary	p. 110
Deferred Taxes on the Date of Acquisition	p. 111
Consolidation of Variable Interest Entities	p. 113
Questions	p. 115
Exercises	p. 116
Problems	p. 120
Consolidated Financial Statements AFTER ACQUISITION	p. 128
Learning Objectives	p. 128
Accounting for Investments by the Cost	Partial Equity
Complete Equity Methods	p. 129
Consolidated Statements after Acquisition-Cost Method	p. 138
Recording Investments in Subsidiaries-Equity Method
(Partial or Complete)	p. 150
Elimination of Intercompany Revenue and Expense Items	p. 160
Interim Acquisitions of Subsidiary Stock	p. 162
Consolidated Statement of Cash Flows	p. 174
Illustration of Preparation of a Consolidated Statement of Cash Flows:
Year of Acquisition	p. 177
Summary	p. 181
Alternative Workpaper Format	p. 182
Deferred Tax Consequences When Affiliates File Separate
Income Tax Returns-Undistributed Income	p. 184
Questions	p. 190
Exercises	p. 192
Problems	p. 199
Allocation And Depreciation Of Differences Between Implied And Book Values	p. 213
Learning Objectives	p. 213
xii Contents
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Allocation of the Difference between Implied and Book Values
to Assets and Liabilities of Subsidiary: Acquisition Date	p. 216
Effect of Allocation and Depreciation of Differences between Implied and
Book Values on Consolidated Net Income: Year Subsequent to Acquisition	p. 222
Consolidated Statements Workpaper-Investment Recorded
Using the Cost Method	p. 227
Cost Method Analysis of Controlling and Noncontrolling Interests
in Consolidated Net Income and Retained Earnings	p. 236
Consolidated Statements Workpaper-Investment Recorded
Using Partial Equity Method	p. 238

Interests in consolidated Net Income and Retained Earnings	p. 246
Consolidated Statements Workpaper-Investment Recorded
Using Complete Equity Method	p. 248
Complete Equity Method Analysis of Controlling Interest in
Consolidated Net Income and Retained Earnings	p. 256
Additional Considerations Relating to Treatment of
Difference between Implied and Book Values	p. 257
Push Down Accounting	p. 266
Summary	p. 272
Questions	p. 273
Exercises	p. 274
Problems	p. 280
Elimination Of Unrealized Profit On Intercompany Sales Of Inventory	p. 297
Learning Objectives	p. 297
Effects of Intercompany Sales of Merchandise on the Determination of Consolidated Balances	p. 298
Cost Method: Consolidated Statements Workpaper-Upstream Sales	p. 308
Cost Method-Analysis of Consolidated Net Income and Consolidated Retained Earnings	p. 314
Consolidated Statements Workpaper-Partial Equity Method	p. 317
	p. 321
Consolidated Statements Workpaper-Complete Equity Method	p. 322
Complete Equity Method-Analysis of Consolidated Net Income and Consolidated Retained Earnings	p. 327
Summary of Workpaper Entries Relating to Intercompany Sales of Inventory	p. 327
Intercompany Profit Prior to Parent-Subsidiary Affiliation	p. 328
Summary	p. 329
Questions	p. 330
Exercises	p. 330
Problems	p. 333
Contents xiii
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Elimination Of Unrealized Gains Or Losses On Intercompany Sales Of Property And Equipment	p. 345
Learning objectives	p. 345
Intercompany Sales of Land	p. 346
Intercompany Sales of Depreciable Property
(Machinery	p. Equipment
Consolidated Statements Workpaper-Cost and Partial Equity Methods	p. 357
Calculation of Consolidated Net Income and Consolidated
Retained Earnings	p. 366
Consolidated Statements Workpaper-Complete Equity Method	p. 369
Calculation and Allocation of Consolidated Net Income;
Consolidated Retained Earnings: Complete Equity Method	p. 376
Summary of Workpaper Entries Relating to Intercompany
Sales of Equipment	p. 376
Intercompany Interest	p. Rents
Summary	p. 380
Questions	p. 381
Exercises	p. 381
Problems	p. 385
Changes In Ownership Interest	p. 396
Learning Objectives	p. 396
Parent Acquires Subsidiary Stock Through Several
Open-Market Purchases-Cost Method	p. 398
Parent Sells Subsidiary Stock Investment on the Open Market	p. 402
Intercompany Bond Holdings And Miscellaneous Topics-Consolidated Financial Statements	p. 404
Learning Objectives	p. 404
Intercompany Bond Holdings	p. 405
Accounting for Bonds-A Review	p. 406
Constructive Gain or Loss on Intercompany Bond Holdings	p. 407
Accounting for Intercompany Bonds Illustrated	p. 410
Book Entry Related to Bond Investment	p. 411
Interim Purchase of Intercompany Bonds	p. 427
Notes Receivable Discounted	p. 428
Stock Dividends issued by a Subsidiary Company	p. 430
Dividends From Preacquisition Earnings	p. 434
Subsidiary with Both Preferred and Common Stock Outstanding	p. 435
Consolidating a Subsidiary with Preferred Stock Outstanding	p. 438
Summary	p. 449
xiv Contents
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Questions	p. 450
Exercises	p. 451
Problems	p. 455
Insolvency-Liquidation And Reorganization	p. 465
Learning Objectives	p. 465
Contractual Agreements	p. 466
Bankruptcy	p. 467
Liquidation (Chapter 7)	p. 470
Reorganization under the Reform Act (Chapter 11)	p. 471
Trustee Accounting and Reporting	p. 482
Realization and Liquidation Account	p. 485
Summary	p. 488
Questions	p. 489
Exercises	p. 490
Problems	p. 494
II Accounting In The International Marketplace International Accounting And The Global Economy	p. 501
Learning Objectives	p. 501
The Increasing Importance of International Accounting Standards	p. 501
Harmonization of Worldwide Accounting Standards	p. 505
Comparative Accounting Models	p. 508
Classification of International Accounting Models	p. 514
International Reporting Issues	p. 516
American Depository Receipts (ADRs): An Overview	p. 523
Summary	p. 526
Appendix: Reconciliation to U.S. GAAP-GlaxoSmithKline 2005	p. 527
Questions	p. 534
Exercises	p. 535
Problems	p. 535
Accounting For Foreign Currency Transactions And Hedging Foreign Exchange Risk	p. 541
Learning Objectives	p. 541
Contents xv
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Exchange Rates-Means of Translation	p. 543
Measured versus Denominated	p. 546
Foreign Currency Transactions	p. 546
Using Forward Contracts as a Hedge	p. 557
Summary	p. 574
Questions	p. 575
Exercises	p. 576
Problems	p. 584
Translation Of Financial Statements Of Foreign Affiliates	p. 591
Learning Objectives	p. 591
Accounting for Operations in Foreign Countries	p. 592
Translating Financial Statements of Foreign Affiliates	p. 593
Objectives of Translation-SFAS No. 52	p. 594
Translation Methods	p. 595
Identifying the Functional Currency	p. 597
Translation of Foreign Currency Financial Statements	p. 598
Translation of Foreign Financial Statements Illustrated	p. 602
Financial Statement Disclosure	p. 611
Historical Developments of Accounting Standards	p. 613
Summary	p. 614
Appendix: Accounting for a Foreign Affiliate and
Preparation of Consolidated Statements Workpaper Illustrated	p. 615
Questions	p. 622
Exercises	p. 623
Problems	p. 629
Reporting For Segments And For Interim Financial Periods	p. 639
Learning Objectives	p. 639
Need for Disaggregated Financial Data	p. 640
Standards of Financial Accounting and Reporting	p. 640
International Accounting Standards Board (IASB) Position on Segment
Reporting	p. 651
Interim Financial Reporting	p. 653
Summary	p. 660
Questions	p. 665
Exercises	p. 666
Problems	p. 670
xvi Contents
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III Partnership Accounting Partnerships: Formation, Operation, And Ownership Changes	p. 675
Learning Objectives	p. 675
	p. 677
Reasons for Forming a Partnership	p. 678
Characteristics of a Partnership	p. 679
	p. 681
Accounting for a Partnership	p. 683
Special Problems in Allocation of Income and Loss	p. 691
Financial Statement Presentation	p. 693
Changes in the Ownership of the Partnership	p. 694
Section A: Admission of a New Partner	p. 696
Section B: Withdrawal of a Partner	p. 703
Summary	p. 707
Questions	p. 708
Exercises	p. 709
Problems	p. 715
IV Fund And Nonprofit Accounting Partnership Liquidation	p. 723
Learning Objectives	p. 723
Steps in the Liquidation Process	p. 724
Priorities of Partnership and Personal Creditors	p. 726
Simple Liquidation Illustrated	p. 728
Installment Liquidation	p. 730
Incorporation of a Partnership	p. 739
Summary	p. 741
Questions	p. 742
Exercises	p. 742
Problems	p. 748
Introduction To Fund Accounting	p. 754
Learning objectives	p. 754
Classifications of Nonbusiness Organizations	p. 755
Distinctions between Nonbusiness Organizations and
Profit-Oriented Enterprises	p. 755
Contents xvii
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Financial Accounting and Reporting Standards for
Nonbusiness Organizations	p. 757
Fund Accounting	p. 759
Reporting Inventory and Prepayments
in the Financial Statements	p. 784
Summary	p. 786
Appendix: City of Atlanta Partial Financial Statements	p. 788
Questions	p. 789
Exercises	p. 791
Problems	p. 795
Introduction To Accounting For State And Local Governmental Units	p. 803
Learning Objectives	p. 803
The History of Generally Accepted Governmental
Accounting Standards	p. 805
The Structure of Governmental Accounting	p. 807
Governmental Fund Entities	p. 809
Proprietary Funds	p. 827
Fiduciary Funds	p. 830
Capital Assets and Long-Term Debt	p. 831
External Reporting Requirements (GASB STATEMENT No. 34)	p. 836
Government Fund-Based Reporting	p. 837
Government-Wide Reporting	p. 840
Management's Discussion and Analysis (MD&A)	p. 845
Special Assessments	p. 846
Interfund Activity	p. 849
Summary	p. 852
Government-Wide Financial Statements City of Atlanta	p. 854
Questions	p. 858
Analyzing Financial Statements (AFS)	p. 859
Exercises	p. 860
Problems	p. 867
Accounting For Nongovernment Nonbusiness Organizations: Colleges And Universities, Hospitals And Other Health Care Organizations	p. 880
Learning Objectives	p. 880
Sources of Generally Accepted Accounting Standards for Nongovernment
Nonbusiness Organizations	p. 881
Fund Accounting	p. 885
Accrual Basis of Accounting	p. 886
xviii Contents
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Classification of Revenue and Expense	p. 887
Accounting for Current Funds	p. 888
Contributions	p. 892
Accounting for Plant Funds	p. 895
Accounting for Endowment Funds	p. 900
Accounting for Investments	p. 902
Accounting for Loan Funds	p. 903
Accounting for Agency (Custodial) Funds	p. 904
Accounting for Annuity and Life Income Funds	p. 904
Issues Relating to Colleges and Universities	p. 905
Issues Relating to Hospitals	p. 905
Summary	p. 906
Appendix: Sample Financial Statements for Private Educational Institutions	p. 908
Questions	p. 912
Exercises	p. 912
Problems	p. 920
Glossary	p. 929
Appendix	p. 937
Index	p. 941
Table of Contents provided by Publisher. All Rights Reserved.

Amazon no longer offers textbook rentals. We do!

Advanced Accounting, 4th Edition

Advanced Accounting, 4th Edition

9780470506981

0470506989

Summary

Author Biography

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

Advanced Accounting, 4th Edition

Advanced Accounting, 4th Edition

9780470506981

0470506989

Summary

Author Biography

Table of Contents

Supplemental Materials

Write a Review

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