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Financial Accounting 12th Edition By Robert Libby, Patricia A. Libby

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Pages: 921
File size: 25.58 MB
Format: Digital PDF
Course: Accounting
Category: eBook[PDF]

About this ebook

The 12th Edition of Financial Accounting by Robert Libby, Patricia A. Libby, and Frank Hodge (published by McGraw-Hill Education) spans 13 chapters. The book organizes introductory and intermediate financial accounting principles around a signature "Focus Company Approach," teaching core elements of the accounting cycle alongside real-world corporate financial reporting. [1, 2, 3]

The comprehensive list of chapters and specific topics covered in this edition includes:

1. The Accounting Cycle & Financial Statements

Chapter 1: Financial Statements and Business Decisions – Introduction to the four primary financial statements (Balance Sheet, Income Statement, Statement of Retained Earnings, Statement of Cash Flows), the basic accounting equation (Assets = Liabilities + Stockholders' Equity), and the role of accounting information in managerial choices. [1, 2]
Chapter 2: Investing and Financing Decisions and the Accounting System – Transaction analysis focusing strictly on balance sheet accounts, implementing a building-block approach to debits, credits, journal entries, and ledger postings. [1, 2, 3]
Chapter 3: Operating Decisions and the Accounting System – How business operations generate revenues and expenses, exploring income statement transaction tracking. [1, 2, 3]
Chapter 4: Adjustments, Financial Statements, and the Closing Process – Completing the accounting cycle, including accrual adjustments, deferrals, preparing finalized corporate reports, and closing temporary accounts. [1, 2]

2. Financial Disclosure & Reporting Context

Chapter 5: Communicating and Analyzing Accounting Information – The regulatory framework of financial reporting, corporate governance, earnings press releases, and understanding corporate transparency. [1, 2]

3. Detailed Assets Management

Chapter 6: Sales Revenue, Receivables, and Cash – Revenue recognition rules, internal controls for cash safeguarding, accounts receivable, and bad debt estimations.
Chapter 7: Cost of Goods Sold and Inventory – Inventory valuation methods (FIFO, LIFO, Weighted Average Cost), cost of goods sold calculations, and lower of cost or market adjustments.
Chapter 8: Property, Plant, and Equipment; Intangibles; and Natural Resources – Acquisition and operational tracking of long-lived assets, depreciation strategies, asset impairment, and amortization of intangibles. [1, 2, 3]

4. Liabilities & Stockholders' Equity

Chapter 9: Liabilities – Accounting for current obligations, payroll-related liabilities, contingencies, and introducing the foundational principles of the Time Value of Money (TVM).
Chapter 10: Bond Securities – Long-term liabilities, coupon vs. market interest rates, bond issuances at premiums or discounts, and amortization tracking.
Chapter 11: Stockholders' Equity – Issuing common and preferred stock, treasury stock purchases, cash and stock dividends, and statement calculations. [1, 2]

5. Advanced Analysis

Chapter 12: Statement of Cash Flows – Methods (indirect and direct) used to detail cash inflows and outflows across operating, investing, and financing business practices. [1, 2]
Chapter 13: Analyzing Financial Statements – Utilizing vertical, horizontal, and comprehensive ratio analyses to dissect liquidity, solvency, and profitability trends. [1, 2]