Financial Statements

1. Front Matter

   Pages i-xxiii

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2. Overview of Financial Statements and the Statement of Financial Position

   1. Front Matter

      Pages 1-2

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   2. Overview of Financial Statements

      • Felix I. Lessambo

      Pages 3-22

   3. Cash and Cash Equivalents

      • Felix I. Lessambo

      Pages 23-39

   4. Short-Term Assets: Inventories

      • Felix I. Lessambo

      Pages 41-51

   5. Account Receivables

      • Felix I. Lessambo

      Pages 53-67

   6. Prepaid Expenses, Unearned Income, and Other Current Assets

      • Felix I. Lessambo

      Pages 69-73

   7. Short-Term Liabilities and Working Capital

      • Felix I. Lessambo

      Pages 75-79

   8. Long-Term Assets: Plant, Property, and Equipment

      • Felix I. Lessambo

      Pages 81-93

   9. Long-Term Assets: Intangibles

      • Felix I. Lessambo

      Pages 95-104

   10. Long-Term Liabilities: Leases

       • Felix I. Lessambo

       Pages 105-115

   11. Long-Term Liabilities: Pension and Postretirement Liabilities

       • Felix I. Lessambo

       Pages 117-126

   12. Shareholders’ Equity

       • Felix I. Lessambo

       Pages 127-143

3. The Statement of Income

   1. Front Matter

      Pages 145-147

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   2. Analysis of the Statement of Income

      • Felix I. Lessambo

      Pages 149-157

   3. Other Comprehensive Income

      • Felix I. Lessambo

      Pages 159-174

   4. The Sub-Statement of Retained Earnings

      • Felix I. Lessambo

      Pages 175-180

   5. The Computation of the Taxable Income

      • Felix I. Lessambo

      Pages 181-192

4. The Statements of Cash Flows and Financial Ratios

   1. Front Matter

      Pages 193-193

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   2. Analysis of the Statements of Cash Flows

      • Felix I. Lessambo

      Pages 195-206

Through a mixture of concepts and examples, this book demystifies the variety of elements of financial accounting and uncovers the need-to-know information for certification in this field. This book covers the two aspects of financial statement analysis, namely quantitative and non-quantitative analysis. Concluding with helpful case studies, the book will appeal to students and academics of financial accounting.

• Financial Statements
• Cash Flows
• Shareholders’ equity
• IFRS
• GAAP
• Foreign Currency Accounting
• Account Receivables

“This book is a noteworthy addition to the field of accounting and finance. It is geared towards and suitable for those looking for and in need of a comprehensive and working knowledge of financial reporting. The subject matter is quite broad, incorporating much of the materials typically covered in the first 3-4 courses in the financial accounting curriculum, the analytic framework for financial statement analysis, and a detailed discussion of the global regulatory environment for financial reporting. An obvious benefit of the book is the comprehensiveness of the subject matter. Less obvious, but perhaps even more important benefits of the book, are i) the integration of the preparer and user perspectives for financial reporting; ii) the well-thought out organization of the vast amounts of materials, which will help students and readers understand how each detail fits into the whole;  and iii) the consistent perspective/voice with which all the voluminous information is presented.” (Haim Mozes, Professor of Accounting and Taxation, Fordham University, Gabelli School of Business, USA)

“This is an outstanding roadmap to financial literacy for financial professionals, managers, and MBA students worldwide. It showcases the essential aspects of financial statements with clarity and precision. Well-written and highly illustrative, especially within the case study.” (Victor Petenkemani, MS, MBA, Interim Dean, Mercy College, School of Business, New York, USA)

 

 

• Central Connecticut State University, New Britain, USA

  Felix I. Lessambo

Felix I. Lessambo is an Associate Professor at Central Connecticut State University’s School of Business where he teaches Financial Statements Analysis and Global Financial Reporting. He has practiced international tax, transfer pricing, and alternative investment management groups where he structured and advised on hedge funds and private equity cross-border transactions. He is the author of several books in finance, including The International Banking System, The International Corporate Governance System, International Financial Institutions and Their Challenges, International Aspects of the US Taxation System, Audit-Assurance Services & Forensics, and Financial Statements: Analysis and Reporting.