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Accounting for Business

Accounting for Business 3rd Edition

By: Peter Scott
ISBN-10: 0198807791
/ ISBN-13: 9780192542588
Edition: 3rd Edition
Language: English
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Part 1  Financial Accounting

    • 1 Introduction to accounting
    • Introduction
    • What skills do I need?
    • What is accounting?
    • Control, accounting and accountability
    • The role of accounting information in business decision making
    • What qualities should accounting information possess?
    • The users of accounting information
    • The structure and regulation of the accounting profession
    • The limitations of accounting information
    • Why is accounting relevant to me?
    • Chapter summary
    • End-of-chapter questions
    • 2 The statement of financial position
    • Introduction
    • Assets
    • Assets in the statement of financial position
    • Liabilities
    • Liabilities in the statement of financial position
    • The accounting equation
    • Equity
    • Drawing up the statement of financial position
    • How are assets and liabilities valued?
    • What does the statement of financial position show?
    • What the statement of financial position does not show
    • The dual aspect concept
    • Chapter summary
    • End-of-chapter questions
    • 3 The statement of profit or loss
    • Introduction
    • Definitions
    • Income in the statement of profit or loss
    • Expenditure in the statement of profit or loss
    • Different categories of profit
    • Statement of profit or loss by nature
    • Determining the amount of income or expense
    • The accruals basis of accounting
    • Prepayments and accruals
    • Depreciation
    • Further adjustments to the statement of profit or loss
    • Preparing the statement of profit or loss
    • Chapter summary
    • End-of-chapter questions
    • 4 The statement of cash flows
    • Introduction
    • Statement of cash flows: format
    • Constructing the statement of cash flows
    • Profit ≠ cash
    • Is the statement of cash flows enough on its own?
    • Preparing the statement of cash flows
    • The indirect method: cash flows from operating activities
    • Accounting principles and conventions
    • Chapter summary
    • End-of-chapter questions
    • 5 Business organizations and the financing of business
    • Introduction
    • Types of business organization
    • Financing business
    • Share capital: limited companies
    • Dividends
    • Chapter summary
    • End-of-chapter questions
    • 6 Ratio analysis 1: profitability, efficiency and performance
    • Introduction
    • Evaluating financial statements: ratio analysis
    • Profitability ratios
    • Efficiency ratios
    • Performance ratios
    • Return on capital employed
    • The importance of calculating and presenting ratios consistently
    • How well are we doing? Comparisons with other companies
    • Appendix: ratios considered in this chapter
    • Chapter summary
    • End-of-chapter questions
    • 7 Ratio analysis 2: liquidity, working capital and long-term financial stability
    • Introduction
    • Liquidity and the cash flow cycle
    • Liquidity ratios
    • Working capital
    • Current liabilities: the timing of payments
    • Capital structure ratios: long-term solvency and financial stability assessment
    • Appendix 1: more wide ranging assessments of company performance: the balanced scorecard
    • Appendix 2: ratios considered in this chapter
    • Chapter summary
    • End-of-chapter questions

Part 2 Cost and Management Accounting

    • 8 Product costing: absorption costing
    • Introduction: cost and management accounting v. financial accounting
    • Costs and costing
    • Direct costs, variable costs and marginal costs
    • Fixed costs
    • Variable costs, fixed costs and total costs
    • Allocating fixed overhead costs to products: absorption costing
    • Absorption costing: overhead allocation
    • Allocating service department overheads
    • Administration overheads, marketing overheads and finance overheads: period costs
    • Problems with absorption costing
    • Overhead allocation: activity-based costing
    • The limitations and assumptions of costing
    • Chapter summary
    • End-of-chapter questions
    • 9 Relevant costs, marginal costing and short-term decision making
    • Introduction
    • Decision making: not just selling price
    • Contribution
    • Marginal v. absorption costing
    • Relevant costs and sunk costs
    • Relevant costs: opportunity cost
    • Contribution analysis and decision making
    • Contribution analysis, relevant costs and decision making
    • Relevant costs, marginal costing and decision making: assumptions
    • Chapter summary
    • End-of-chapter questions
    • 10 Standard costing and variance analysis
    • Introduction
    • What is standard costing?
    • Variance analysis
    • Different standards
    • Setting the standard
    • Direct material price and usage variances
    • Direct labour rate and efficiency variances
    • Variable overhead variances
    • Fixed overhead expenditure variance
    • Sales variances
    • Variances: summary
    • Standard costing: limitations
    • Appendix: variable overhead variances
    • Chapter summary
    • End-of-chapter questions
    • 11 Budgeting
    • Introduction
    • What is budgeting?
    • Budget objectives and the budgeting process
    • Budgeting: a comprehensive example
    • Budgetary control: statement of profit or loss
    • Budgetary control: cash budget
    • Sensitivity analysis
    • Chapter summary
    • End-of-chapter questions
    • 12 Capital investment appraisal
    • Introduction
    • What is capital investment?
    • Why is capital investment appraisal important?
    • What financial information will I need to undertake capital investment appraisal?
    • Capital investment appraisal techniques: a comprehensive example
    • Capital investment appraisal techniques
    • Post investment audit
    • Sensitivity analysis
    • Chapter summary
    • End-of-chapter questions

Solutions to end-of-chapter questions


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