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Preface x About the authors xiii Chapter 1 Introduction to accounting and business decision making 1 Chapter preview 2 1.1 The accounting process 2 1.2 Accounting information and its role in decision making 3 1.3 Financial accounting and management accounting 5 1.4 Role of accounting information in business planning 8 1.5 Globalisation of accounting 9 1.6 Digital disruption and the impact on accounting 9 1.7 Business sustainability, drivers, principles and theories 10 1.8 Reporting and disclosure 13 1.5 Globalisation of accounting 9 1.6 Digital disruption and the impact on accounting 9 1.7 Business sustainability, drivers, principles and theories 10 1.8 Reporting and disclosure 13 1.9 Careers in accounting 17 Summary of learning objectives 19 Key terms 20 Apply your knowledge 21 Comprehension questions 22 Problems 22 Decision-making activities 23 References 24 Acknowledgements 25 Appendix 1 26 Acknowledgements 44 Chapter 2 Accounting in society 45 Chapter preview 46 2.1 Sources of company regulation 46 2.2 Australian and international accounting standards 49 2.3 Role of the Conceptual Framework 52 2.4 Corporate governance 55 2.5 Corporate governance principles, guidelines and practices 56 2.6 Ethics in business 58 2.7 Professional codes of ethics and ethical decision-making methods 61 2.8 Limitations of accounting information 64 Summary of learning objectives 67 Key terms 68 Apply your knowledge 69 Self-evaluation activities 69 Comprehension questions 72 Exercises 73 Problems 75 Decision-making activities 76 References 77 Acknowledgements 78 Chapter 3 Business structures 79 Chapter preview 80 3.1 Forms of business entities 80 3.2 Definition and features of a sole trader 80 3.3 Advantages and disadvantages of a sole trader 81 3.4 Definition and features of a partnership 82 3.5 Advantages and disadvantages of a partnership 83 3.6 Definition and features of a company 84 3.7 Types of companies 85 3.8 Advantages and disadvantages of a company 88 3.9 Definition and features of a trust 89 3.10 Advantages and disadvantages of a trust 89 3.11 Comparison of business reports 89 3.12 Differential reporting 94 Summary of learning objectives 96 Key terms 97 Apply your knowledge 98 Self-evaluation activities 99 Comprehension questions 101 Exercises 102 Problems 105 Decision-making activities 107 References 107 Acknowledgements 108 Chapter 4 Business transactions 109 Chapter preview 110 4.1 Recognising business transactions 110 4.2 Business and personal transactions and business events 111 4.3 The accounting equation 111 4.4 Analysis of business transactions 112 4.5 The accounting worksheet 114 4.6 Capturing accounting information: journals and ledger accounts 117 4.7 Rules of debit and credit 119 4.8 The trial balance 120 4.9 Accounting errors 121 Summary of learning objectives 123 Key terms 124 Apply your knowledge 124 Self-evaluation activities 125 Comprehension questions 130 Exercises 130 Problems 132 Decision-making activities 136 References 137 Acknowledgements 137 Chapter 5 Statement of financial position 138 Chapter preview 139 5.1 Financial reporting obligations 139 5.2 Nature and purpose of the statement of financial position 141 5.3 Accounting policy choices, estimates and judgements 144 5.4 The definition of assets 145 5.5 The definition of liabilities 146 5.6 The definition and nature of equity 148 5.7 Assets, liabilities and equity 148 5.8 Format and presentation of the statement of financial position 150 5.9 Presentation and disclosure of elements in the statement of financial position 152 5.10 Measurement of various assets and liabilities 162 5.11 Potential limitations of the statement of financial position 169 Summary of learning objectives 171 Key terms 172 Apply your knowledge 174 Self-evaluation activities 175 Comprehension questions 178 Exercises 179 Problems 184 Decision-making activities 187 References 189 Acknowledgements 189 Chapter 6 Statement of profit or loss and statement of changes in equity 190 Chapter preview 191 6.1 Purpose and importance of measuring financial performance 191 6.2 Accounting concepts for financial reporting 193 6.3 Effects of accounting policy choices, estimates and judgements on financial statements 196 6.4 Measuring financial performance 199 6.5 Income 200 6.6 Expenses 201 6.7 Applying recognition criteria to income and expenses 202 6.8 Presenting the statement of profit or loss 205 6.9 Financial performance measures 209 6.10 The statement of comprehensive income 211 6.11 The link between the financial statements 213 Summary of learning objectives 215 Key terms 216 Apply your knowledge 217 Self-evaluation activities 218 Comprehension questions 220 Exercises 221 Problems 225 Decision-making activities 229 References 232 Acknowledgements 232 Chapter 7 Statement of cash flows 233 Chapter preview 234 7.1 The purpose and usefulness of a statement of cash flows 234 7.2 Format of the statement of cash flows 246 7.3 Preparing the statement of cash flows 250 7.4 Analysing the statement of cash flows 259 Summary of learning objectives 266 Key terms 266 Apply your knowledge 267 Self-evaluation activities 268 Comprehension questions 272 Exercises 273 Problems 277 Decision-making activities 281 References 282 Acknowledgements 282 Chapter 8 Analysis and interpretation of financial statements 283 Chapter preview 284 8.1 Users and decision making 284 8.2 Nature and purpose of financial analysis 285 8.3 Analytical methods 286 8.4 Profitability analysis 294 8.5 Asset efficiency analysis 298 8.6 Liquidity analysis 301 8.7 Capital structure analysis 302 8.8 Market performance analysis 305 8.9 Ratio interrelationships 308 8.10 Limitations of ratio analysis 309 Summary of learning objectives 311 Summary of ratios 312 Key terms 314 Apply your knowledge 316 Self-evaluation activities 316 Comprehension questions 321 Exercises 322 Problems 327 Decision-making activities 333 References 335 Acknowledgements 335 Chapter 9 Budgeting 336 Chapter preview 337 9.1 Strategic planning and budgeting 337 9.2 Budgets 338 9.3 Types of budgets 340 9.4 Master budget 341 9.5 The cash budget 347 9.6 Budgets: planning and control 350 9.7 Behavioural aspects of budgeting 352 Summary of learning objectives 354 Key terms 354 Apply your knowledge 355 Self-evaluation activities 355 Comprehension questions 356 Exercises 357 Problems 362 Decision-making activities 367 References 369 Acknowledgements 369 Chapter 10 Cost-volume-profit analysis 370 Chapter preview 371 10.1 Cost behaviour 37 10.2 Break-even analysis 373 10.3 Contribution margin ratio 379 10.4 CVP assumptions 380 10.5 Using break-even data 380 10.6 Operating leverage 381 10.7 Contribution margin per limiting factor 383 10.8 Relevant information for decision making 384 10.9 Outsourcing decisions 384 10.10 Special order decisions 387 Summary of learning objectives 390 Key terms 391 Apply your knowledge 391 Self-evaluation activities 392 Comprehension questions 393 Exercises 394 Problems 400 Decision-making activities 406 Acknowledgements 407 Chapter 11 Costing and pricing in an entity 408 Chapter preview 409 11.1 Use of cost information 409 11.2 Direct costs 410 11.3 Cost allocation 412 11.4 Allocation process 414 11.5 Inventoriable product cost 421 11.6 Pricing of products and services 426 Summary of learning objectives 428 Key terms 428 Apply your knowledge 429 Self-evaluation activities 430 Comprehension questions 430 Exercises 431 Problems 434 Decision-making activities 439 Acknowledgements 439 Chapter 12 Capital investment 440 Chapter preview 441 12.1 The nature and scope of investment decisions 441 12.2 Accounting rate of return 444 12.3 Payback period 445 12.4 Net present value 446 12.5 Practical issues in making decisions 450 Summary of learning objectives 454 Key terms 454 Apply your knowledge 455 Self-evaluation activities 455 Comprehension questions 456 Exercises 456 Problems 457 References 460 Decision-making activities 460 Acknowledgements 460 Appendix 12A 461 Appendix 12B 461 Chapter 13 Financing the business 462 Chapter preview 463 13.1 Managing net working capital 463 13.2 Managing cash 465 13.3 Managing accounts receivable 467 13.4 Managing inventories 469 13.5 Sources of short-term finance 472 13.6 Sources of long-term debt finance 476 13.7 Equity finance 478 13.8 Hybrid finance 480 13.9 International sources of funding 480 13.10 New funding opportunities for business 481 Summary of learning objectives 482 Key terms 483 Apply your knowledge 484 Self-evaluation activities 484 Comprehension questions 486 Exercises 486 Problems 487 Decision-making activities 489 References 490 Acknowledgements 490 Chapter 14 Performance measurement 491 Chapter preview 492 14.1 Organisational performance measurement 492 14.2 Divisional performance measurement 497 14.3 Investment centre performance evaluation 501 14.4 Environmental and social performance 507 14.5 Individual performance measurement 509 14.6 Non-financial performance evaluation 511 Appendix 529 Index 571

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