Study Guide t/a Financial Accounting in an Economic Context, 7e
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A valuable resource for any business professional, this book shows how performance metrics available from the financial statements, shareholder value creation, and the firm's market value are all tied together. It also explores earnings management, including the use of discretion by management in the preparation of the financial statements to cast a favorable picture of the financial performance and condition of the firm. Readers will then delve more deeply into the methods used to account for operating, investing, and financing transactions.


Jamie Pratt, PhD, is a KPMG Professor of Accounting at Indiana University. He has authored several articles as well as two other texts. Dr. Pratt currently serves as the secretary of the board for the Pratt Corporation and is on the Educational Advisory Committee of the American Accounting Association (AAA). He previously served in the capacity of program chair of the AAA, associate editor for TheAccounting Review, and various editorial boards.


1. Financial Accounting and Its Economic Content.

2. The Financial Statements.

3. The Measurement Fundamentals of Financial Accounting.

4. The Mechanics of Financial Accounting.

5. Using Financial Statement Information.

6. The Current Asset Classification, Cash, and Accounts Receivable.

7. Merchandise Inventory.

8. Investments in Equity Securities.

9. Long-Lived Assets.

10. Introduction to Liabilities: Economic Consequences, Current Liabilities, and Contingencies.

11. Long-Term Liabilities: Notes, Bonds, and Leases.

12. Shareholders' Equity.

13. The Complete Income Statement.

14. The Statement of Cash Flows.

Appendix A. The Time Value of Money.