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Understanding Financial Statements, 11th edition

Published by Pearson (December 24, 2014) © 2016

  • Lyn M. Fraser
  • Aileen Ormiston

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A supplementary text for a variety of Business courses, including Financial Statement Analysis, Investments, Personal Finance, and Financial Planning and Analysis.

An Analytical Approach to Understanding and Interpreting Business Financial StatementsUnderstanding Financial Statements improves the student's ability to translate a financial statement into a meaningful map for business decisions. The material covered in each chapter helps students approach financial statements with enhanced confidence and understanding of a firm's historical, current, and prospective financial condition and performance. The Eleventh Edition includes new case studies based on existing companies and enhanced learning tools to help students quickly grasp and apply the materials. Fraser and Ormiston presents material in an engaging fashion that helps readers make sense of complex financial information, leading to intelligent (and profitable!) decision-making.

Valuable Resources Enhance Student’s Understanding of Key Topics

  • NEW! Learning objectives have been added to all chapters.
  • NEW! The test bank has been completely revised, and problems with solutions have been added to the website.
  • Problems in writing skills, Internet, research, and Intel offer students the opportunity to analyze a real, high-tech company throughout the text.
  • Comprehensive analysis problems at the end of each chapter based on the Eastman Kodak 2007 Form 10-K and Annual Report illustrate how to complete a financial statement analysis using the template available online www.prenhall.com/fraser.
  • Footnotes throughout the text provide resources that may be used by instructors to form the basis of a reading list for students.
  • A glossary of key terms is available in the index.
  • Examples, study questions, and problems illustrate accounting concepts and the current accounting environment.
  • Self-tests with solutions are provided at the end of chapters for students to monitor their progress.

Updated Information Help Students Stay Current with Today’s Accounting Principals

  • NEW! Chapter 1 now includes a section on the characteristics, assumptions, principles, and basis of accounting.
  • NEW! Chapter 2 has an expanded section on types of long-term debt.
  • NEW! Up-to-date cases based on real-world companies have been added to each chapter. Spoiler alert: look for Facebook in Chapter 5!

NEW! International accounting rules (IFRS) are discussed in relation to relevant topics in each chapter, and Chapters 2–5 include a comprehensive case of an international firm (Hydrogenics, a Canadian company).

  • Learning objectives have been added to all chapters.
  • The test bank has been completely revised, and problems with solutions have been added to the website.
  • Chapter 1 now includes a section on the characteristics, assumptions, principles and basis of accounting.
  • Chapter 2 has an expanded section on types of long-term debt.
  • Up-to-date cases based on real-world companies have been added to each chapter. Spoiler alert: look for Facebook in Chapter 5!
  • International accounting rules (IFRS) are discussed in relation to relevant topics in each chapter, and Chapters 2–5 include a comprehensive case of an international firm (Hydrogenics, a Canadian company).

Brief Contents

  • Preface to the Eleventh Edition
  • Organization of the Eleventh Edition
  • Uses for the Eleventh Edition
  • Acknowledgments
  • About the Authors
  1. Financial Statements: An Overview
  2. The Balance Sheet
  3. Income Statement and Statement of Stockholders’ Equity
  4. Statement of Cash Flows
  5. The Analysis of Financial Statements

Appendixes

  1. Summary of Financial Ratios
  2. Solutions to Self-Tests
  3. Glossary

Index

Lyn M. Fraser has taught undergraduate and graduate classes in financial statement analysis at Texas A&M University and has conducted numerous seminars on the subject for executive development and continuing education courses. A Certified Public Accountant, she is the co-author with Aileen Ormiston of Understanding the Corporate Annual Report: Nuts, Bolts, and a Few Loose Screws (Prentice Hall, 2003) and has published articles in the Journal of Accountancy, the Journal of Commercial Bank Lending, the Magazine of Bank Administration, and the Journal of Business Strategies. She has been recognized for Distinguished Achievement in Teaching by the Former Students Association at Texas A&M University and is a member of Phi Beta Kappa. Lyn’s most recent publication is a new mystery novel, “Debits and Credits”, published by Mainly Murder Press in 2014.

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Aileen Ormiston teaches in the Accounting Department in the W.P. Carey School of Business at Arizona State University and has taught in the MBA, honors, and online programs. She received her bachelor’s degree in accounting from Michigan State University and a master’s degree in finance from Texas A&M University. Prior to embarking on her teaching career, Aileen worked in cost accounting and also as an auditor in public accounting. She taught accounting and general business courses for 30 years at Mesa Community College, one of 13 universities and colleges that received a grant from the Accounting Education Change Commission. As a result of her pioneering work in changing accounting education, she was the recipient of the “Innovator of the Year” award from the League for Innovation in the Community College. For her service to honors students, Aileen has been named a Phi Theta Kappa mentor.

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