Test Bank for Accounting Theory 9th Edition by Harry Wolk, James Dodd, John Rozycki ISBN 1483375021 978-1483375021

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ISBN 10: 1483375021
ISBN 13: 978-1483375021
Author:  Harry Wolk, James Dodd, John Rozycki 

This updated Ninth Edition of Accounting Theory: Conceptual Issues in a Political and Economic Environment continues to be one of the most relevant and comprehensive texts on accounting theory. Authors Harry I. Wolk, James L. Dodd, John J. Rozycki provide a critical overview of accounting as a whole as well as touch on the financial issues in economic and political contexts, providing readers with an applied understanding of how current United States accounting standards were derived and where we might be headed in the future. Readers will find learning tools such as questions, cases, problems and writing assignments to solidify their understanding of accounting theory and gain new insights into this evolving field.

Accounting Theory 9th Table of contents:

1. An Introduction to Accounting Theory

Accounting Theory and Policy Making

The Role of Measurement in Accounting

Direct and Indirect Measurements

Assessment and Prediction Measures

The Measurement Process

Types of Measurements

Quality of Measurements

Plan of This Book

Summary

Appendix 1-A: Valuation Systems

The Simple Company

Valuation Approaches to Accounting for the Simple Company

Historical Cost

General Price-Level Adjustment

Current Value Systems

Discounted Cash Flows

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

2. Accounting Theory and Accounting Research

Accounting Research and Scientific Method

Research Approaches

Normative and Descriptive Theories

Global and Particularistic Theories

Complementary Nature of Deductive and Inductive Methods

Is Accounting an Art or a Science?

Econometrics

Climatology

Human Anthropology

Summary of Accounting as a Science

Directions in Accounting Research

The Decision-Model Approach

Capital Markets Research

Behavioral Research

Agency Theory

Information Economics

Critical Accounting

A Scientific Revolution in Accounting?

Summary

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

3. Development of the Institutional Structure of Financial Accounting

Accounting in the United States Prior to 1930

Formative Years, 1930 – 1946

NYSE/AICPA Agreement

Formation of the SEC

Committee on Accounting Procedure, 1936 – 1946

Postwar Period, 1946 – 1959

ARB 32 and the SEC

The Price-Level Problem

Closing Years of the CAP

A New Approach

Modern Period, 1959 to the Present

Early Years of the APB

The FASB: An Overview

Sarbanes-Oxley Act (SOX)

Comparability Across International Borders

The Liability Crisis in Public Accounting

Current Role of the AICPA

Current Role of the SEC

Other Groups

Summary

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

4. The Economics of Financial Reporting Regulation

The Case for Unregulated Markets for Accounting Information

Agency Theory

Competitive Capital Markets and Signaling Incentives

Arguments in Favor of Private Contracting Opportunities

The Case for Regulated Markets for Accounting Information

Market Failures

Social Goals

The Codificational Justification of Standard Setting

Comparing Regulated and Unregulated Markets

Imperfections of Accounting Regulation

The Regulatory Process

The Political Nature of Regulation

Regulatory Behavior

Economic Consequences of Accounting Policy

Summary

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

5. Postulates, Principles, and Concepts

Postulates and Principles

The Special Committee on Research Program

Accounting Research Study No. 1 (ARS 1)

Accounting Research Study No. 3 (ARS 3)

A Perspective on ARS 1 and ARS 3

Basic Concepts Underlying Historical Costing

Postulates

Principles

Input-Oriented Principles

Output-Oriented Principles

Equity Theories

Proprietary Theory

Entity Theory

Residual Equity Theory

Fund Theory

Commander Theory

Outlook on the Equity Theories

Summary

Appendix 5-A: The Basic Postulates of Accounting (ARS 1)

Postulates Stemming from the Economic and Political Environment

Postulates Stemming from the Field of Accounting Itself

The Imperatives

Appendix 5-B: A Tentative Set of Broad Accounting Principles for Business Enterprises (ARS 3)

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

6. The Search for Objectives

ASOBAT

Development of the User Approach

Orientation to Theory

Objectives of Accounting

Standards for Accounting Information

Guidelines for Communicating Accounting Information

Concluding Remarks on ASOBAT

APB Statement 4

Orientation to Definitions

Other Aspects of APB Statement 4

Concluding Remarks on APB Statement 4

The Trueblood Committee Report

Objectives of Financial Statements

Concluding Remarks on the Trueblood Committee Report

SATTA

Theory Approaches in Accounting

Concluding Remarks on SATTA

User Objectives and User Diversity

User Objectives

User Diversity

Summary

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

7. The FASB ‘ s Conceptual Framework

The FASB ‘ s Conceptual Framework

Discussion Memorandum

Statements of Financial Accounting Concepts

Statement No. 1 (subsequently replaced by SFAC No. 8)

Statement No. 2 (subsequently replaced by SFAC No. 8)

Statement No. 3 (subsequently replaced by SFAC No. 6)

Statement No. 4

Statement No. 5

Statement No. 6

Statement No. 7

Statement No. 8

The Conceptual Framework as a Codificational Document

The Jurisprudential View

Empirical Research on the Conceptual Framework

Assessing the Conceptual Framework

Summary

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

8. Usefulness of Accounting Information to Investors and Creditors

Earnings, Dividends, and Stock Prices

Earnings and Dividends

Predicting Dividends From Current Earnings

Connecting the Dots: From Earnings to Stock Prices

Residual Income Models

Economic Profit

Residual Income and the Dividend Discount Model

Residual Income and Performance Measurement: The Good and Bad

Background on Risk and Return

Efficient-Markets Hypothesis (EMH)

Portfolio Diversification

Capital Asset Pricing Model (CAPM)

Introduction to Capital Markets Research in Accounting

The Market Model

Event Studies

Overview of Capital Markets Research in Accounting

The Value of Accounting Information: Evidence From Return Data

Information Contents of Earnings Announcements

Market Reaction to Alternative Accounting Policies

Alternatives With No Known Cash Flow Consequences

An Alternative With Cash Flow Consequences: The LIFO Choice

Alternatives With Indirect Cash Consequences

Anomalies

The Incomplete Revelation Hypothesis

Accounting Information and Risk Assessment

Summary of Capital Market Research

Evidence From Survey Data

The Value of Accounting Information: Evidence From Direct Valuation

Evidence From Pensions

Evidence From Research and Development

Evidence From Financial Services

Accounting Data and Creditors

Evidence From Bankruptcies

Evidence From Credit Ratings

Importance of Earnings Forecasting

Empirical Research and Standard Setting

Summary

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

9. Uniformity and Disclosure: Some Policy-Making Directions

What Underlies the Choice Among Accounting Methods?

Uniformity

The Nature and Complexity of Events

Finite and Rigid Uniformity

The Present Status of Uniformity

The Usefulness of Accounting Allocations

Disclosure

The Disclosure Function of the SEC

The Shift Toward Informative Disclosure

Imperfections of the Disclosure Process

Forms and Methods of Disclosure

Improving Accounting Standards

Summary

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

10. International Accounting

National Accounting Differences

The Anglo-American Model

The Continental Model

Overview of National Profiles

Problems Stemming From National Accounting Differences

International Harmonization of Accounting Standards

The EU

The International Accounting Standards Board

International Federation of Accountants (IFAC)

United Nations (UN)

Organisation for Economic Co-operation and Development (OECD)

Summary

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

11. The Balance Sheet

The Relationship Between the Balance Sheet and the Income Statement

Articulation

The Nonarticulated Approach

Assets

Definition of Assets

Executory Contracts

Recognition and Measurement of Assets

Summary of Asset Measurement

Liabilities

Definition of Accounting Liabilities

Recognition and Measurement of Liabilities

Summary of Liability Measurement

Owners ‘ Equity

Definition of Owners ‘ Equity

Recognition and Measurement of Owners ‘ Equity

Financial Instruments

Derivatives

Classification in the Balance Sheet

Summary

Appendix 11-A: A Simple Example of a Weather Derivative

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

12. The Income Statement

Income Definitions

Revenues and Gains

Revenue Recognition

Expenses and Losses

Future Events and Accounting Recognition

Some Aspects of Future Events

Summary of Future Events

Current Operating Versus All-Inclusive Income

Comprehensive Income

Nonoperating Sections

Extraordinary Items

Accounting Changes

Prior Period Adjustments

Earnings per Share

SFAS No. 128

Specialized Subjects Concerning Income Measurement

Development Stage Enterprises

Troubled Debt Restructuring

Early Extinguishment of Debt

Stock Options

Earnings Management

Management Compensation

Income Smoothing

Income Statement Developments

Cash Earnings

Pro Forma Earnings and Offshoots

Matrix Approaches

Retrospective Reports

Quality of Earnings

Financial Statement Restatements

Summary

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

13. Statement of Cash Flows

The Statement of Changes in Financial Position

The Motivation for a Cash Flow Statement

Objectives of Financial Reporting

Objectives of the Statement of Cash Flows

Requirements of the Cash Flow Statement

Structure of the SCF

The Nonarticulation Problem

Classification Problems of SFAS No. 95

International Accounting Standards (IAS)

Premium and Discount on Bonds and Notes

Increased Flexibility of Presentation

Analytical Usefulness of the Cash Flow Statement

Issues Relating to Rules for Classifying Cash Flows

The SCF Is More Than Cash Flow From Operating Activities

Cash Flow Needs of Different Users

Cash and Funds Flow Research

Improving the SCF

Summary

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

14. Income Taxes and Financial Accounting

Income Tax Allocation

The Rationale of Income Tax Allocation

Tax Allocation and Accelerated Depreciation

Interpreting Deferred Tax Credits

Orientations to Income Tax Allocation

Discounting Deferred Tax Liabilities

Summary of Orientations to Income Tax Allocation

Modified Accelerated Cost Recovery System

The Asset – Liability Orientation of SFAS No. 109

An Illustration

Net Operating Losses and Income Tax Allocation

Empirical Research on Income Tax Allocation

International Accounting Standards (IAS)

Improving Accounting Standards

Summary

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

15. Pensions and Other Postretirement Benefits

Overview of Pension Plans

Defined Contribution and Defined Benefit Plans

Vesting

Single- and Multiemployer Plans

Actuarial Funding of Defined Benefit Plans

Funding Complexities

Actuarial Funding Methods

Employee Retirement Income Security Act of 1974 (ERISA)

Cash Balance Plans

Legal Relationships in Defined Benefit Plans

Accounting Issues Relating to Defined Benefit Pension Plans

Development of Pension Accounting Standards

ARB 36 (Codified as Chapter 13, Section A of ARB 43)

ARB 47

APB Opinion No. 8

FASB Interpretation 3

SFAS No. 35

SFAS No. 36

SFAS No. 87 and SFAS No. 88: Shifting to a Liability Orientation

SFAS No. 132

SFAS No. 158

Empirical Research on Pensions

Postretirement Benefits Other Than Pensions

Explicit Health Care Trending

The Mechanics of OPEB

Major Features of SFAS No. 106

SFAS No. 112

Theoretical Aspects of OPEB Accounting

Economic Consequences of OPEB Recognition

Empirical Research on OPEBs

International Accounting Standards (IAS)

Improving Accounting Standards

Summary

Appendix 16-A: Illustration of Pension Expense Determination and Actuarial Funding Methods

Accounting for Defined Benefit Plans

Funding for Defined Benefit Plans

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

16. Leases

The Lease Contract

The Executory Nature of Lease Contracts

Leases Compared With Purchase Arrangements

Lease Capitalization

Capitalization for Lessees

Legal Approach

Material Equity

Transfer of the Benefits and Risks of Ownership

Capitalization for Lessors

The Evolution of Lease Accounting Standards

Lessee Accounting

Lessor Accounting

Sale and Leaseback

Leveraged Leases

Assessing SFAS No. 13

Economic Consequences of Lease Capitalization

The G4+1 Report on Leases

FASB and IASB Joint Exposure Drafts on Accounting for Leases

Exposure Draft 2010/9

Exposure Draft 2013

Post-Exposure Draft Deliberations

Improving Accounting Standards

Summary

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

17. Intercorporate Equity Investments

Relevant Circumstances

Consolidation

Pooling of Interests

The Purchase Method

The New Entity Approach

Proportionate Consolidation

Research on Pooling and Purchase Accounting

The Equity Method

The Fair Value Method

Defining the Reporting Entity

Translation of Foreign Operations

SFAS No. 8

SFAS No. 52

IASB Standards

Improving Accounting Standards

Summary

Appendix 17-A: Special Purpose Entities, Variable Interest Entities, and the Downfall of Enron

Special Purpose Entities (SPEs)

Variable Interest Entities (VIEs)

A Final Accounting of Enron ‘ s Accounting

Questions

Cases, Problems, and Writing Assignments

Critical Thinking and Analysis

Notes

References

Name Index

Subject Index

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Tags: Harry Wolk, James Dodd, John Rozycki, Accounting Theory