Preface xxi

PART 1: ACCOUNTING FOR DECISION MAKING 1

1. Decision making and the role of accounting 2
Learning objectives 3
Decisions in everyday life 5
Steps in decision making 5
Economic decisions 6
The nature of accounting 7
Accounting defined 7
Users of accounting information 9
Using information in economic decisions 11
Accounting information and decisions 12
Management and financial accounting 13
What is management accounting? 13
What is financial accounting? 13
Management accounting versus financial accounting 14
Accounting as a profession 15
Public accounting 15
Accountants in commerce and industry 17
Not-for-profit accounting 19
Ethics and accounting 19
Ethics in business 19
Ethics and professional accounting bodies 19
Ethics in practice 20
Glossary 22
Discussion questions 22
Exercises 23
Decision case 24
Critical thinking case 25
Communication/group activity 26
Ethical issues 26
Financial reporting case 26

2. Financial reports for decision making 28
Concepts for review 28
Learning objectives 29
Types of business entities 30
Management functions 31
Role of management 31
Basic financial reports 32
The statement of financial position (or balance sheet) 34
The statement of financial performance (or profit and loss statement) 36
The statement of owner's equity 37
The statement of cash flows 39
Some underlying assumptions of accounting reports 40
The accounting entity assumption 40
The cost assumption 40
The going concern assumption 41
The period assumption 41
Relevance 41
Reliability 42
Materiality 42
Economic substance 42
The effects of transactions on the accounting equation and financial reports 43
Glossary 49
Discussion questions 50
Exercises 50
Problems 53
Decision case 58
Critical thinking case 59
Communication/group activity 60
Ethical issues 60
Financial reporting case 61

PART 2: ACCOUNTING SYSTEMS AND PROCESSES 63

3. Recording transactions 64
Concepts for review 64
Learning objectives 65
Transactions 66
Types of transactions 66
Transactions of a business entity 67
Source documents 67
The accounting cycle 68
The ledger account 69
Account formats 70
Accounts commonly used 71
Accounts: statement of financial position 71
Accounts: statement of financial performance 74
General ledger 74
Chart of accounts 74
Double-entry accounting 77
Debit and credit rules 77
Normal account balances 79
Expanded accounting cycle 80
General journal 80
Recording transactions in a journal 81
Posting from journal to ledger 82
Illustration of transactions analysis 84
Trial balance 102
Limitations of the trial balance 102
Correcting errors 103
Use of dollar signs and decimal points 104
Glossary 104
Discussion questions 105
Exercises 105
Problems 109
Decision case 115
Critical thinking case 117
Communication/group activity 117
Ethical issues 118
Financial reporting case 118
Appendix: Introduction to the goods and services tax 119
The GST in practice 120
Accounting for the GST 120
Accounts for recording GST 121

4. Adjusting the accounts and preparing financial statements 122
Concepts for review 122
Learning objectives 123
Measurement of net profit 124
Cash basis 124
Accrual basis 124
The accounting cycle - further expansion 126
Adjusting entries 126
Classification of adjusting entries 127
Prepaid expenses 129
Precollected or unearned revenue 134
Accrued or unrecorded expenses 136
Unrecorded or accrued revenue 139
Adjusted trial balance 141
Preparation of financial statements 144
Statement of financial performance 144
Statement of financial position 144
Preparing financial statements from the worksheet 149
Preparation of the worksheet 150
Preparation of financial statements 155
Financial statements and decision making 156
Glossary 157
Discussion questions 158
Exercises 159
Problems 162
Decision case 171
Critical thinking case 172
Communication/group activity 173
Ethical issues 173
Financial reporting case 173

5. Completing the accounting cycle 174
Concepts for review 174
Learning objectives 175
The complete accounting cycle 176
Closing temporary accounts 177
Using the worksheet 177
Recording adjusting entries 178
The closing process 181
Closing the revenue accounts 183
Closing the expense accounts 184
Closing the Profit and Loss Summary account 187
Closing the Drawings account 188
Account balances after the closing process 188
The post-closing trial balance 199
Accrual entries in subsequent periods 199
Reversing entries 200
Reversal of accrual entries 200
Reversal of deferral entries 204
Accounting procedures applicable to a partnership or a company 205
Accounting for a partnership 205
Accounting for a company 206
Glossary 208
Discussion questions 208
Exercises 208
Problems 212
Decision case 219
Critical thinking case 220
Communication/group activity 221
Ethical issues 221
Financial reporting case 221

6. Accounting for retailing 222
Concepts for review 222
Learning objectives 223
Inventory 224
Retail business operations 224
Condensed statement of financial performance 225
Retailing and the goods and services tax 225
Tax invoices 226
Adjustment notes 227
Accounting for sales transactions 229
Sales returns and allowances 229
Cash (settlement) discounts 230
Trade discounts 232
Freight outwards 233
Accounting for purchases and cost of goods sold 233
Perpetual inventory system 233
Illustration of a perpetual inventory system 234
Periodic inventory system 240
Illustration of a periodic inventory system 240
Perpetual and periodic inventory systems contrasted 243
End of period processes 246
Illustration of worksheets in retail businesses 246
Perpetual inventory system 248
Periodic inventory system 248
Detailed statement of financial performance 249
Trading statement and performance statement 250
Profitability analysis for decision making 251
Gross profit ratio 251
Profit margin 251
Expenses to sales ratio 252
Inventory turnover 252
Ratios illustrated 253
Glossary 253
Discussion questions 254
Exercises 255
Problems 258
Decision case 265
Critical thinking case 266
Communication/group activity 266
Ethical issues 267
Financial reporting case 267

7. Accounting systems 268
Concepts for review 268
Learning objectives 269
Operation of an accounting system 270
Converting data to information 270
Manual accounting systems - subsidiary ledgers 271
Control accounts and subsidiary ledgers 271
Manual accounting systems - special journals 273
Sales journal 274
Advantages of a sales journal 274
Purchases journal 276
Cash receipts journal 279
Cash payments journal 283
Use of the general journal 286
Abnormal balances in subsidiary ledgers 287
Account set-offs 288
Demonstration problem 289
Computerised accounting systems 296
MYOB Accounting - an overview 297
Introduction to MYOB Accounting 297
Accounts receivable using MYOB Accounting 302
QuickBooks - an overview 308
An introduction to QuickBooks Pro 308
Comparison of MYOB and QuickBooks Pro 309
Computerised accounting - advantages and disadvantages 310
Advantages 310
Disadvantages 310
Accounting cycle - manual and computerised 310
Glossary 311
Discussion questions 312
Exercises 312
Problems 316
Decision case 327
Critical thinking case 327
Communication/group activity 328
Ethical issues 328
Financial reporting case 329

8. Accounting for manufacturing 330
Concepts for review 330
Learning objectives 331
Different cost classifications 332
Nature of manufacturing operations 332
Manufacturing entities and the GST 332
Production flows 333
Inventories - manufacturing and non-manufacturing 333
Product and period costs 335
Manufacturing cost elements 336
Direct materials cost 336
Direct labour cost 336
Factory overhead cost 337
Absorption costing and cost behaviour considerations 338
Variable costs 339
Fixed costs 339
Cost of goods sold - retailing and manufacturing 339
Financial statements - retailing and manufacturing 340
Statement of financial performance 340
Cost of goods manufactured statement 341
Statement of financial position 342
Accounting systems considerations 342
Periodic inventory system for a manufacturing entity 342
Worksheet for a manufacturing entity 344
Closing entries for a manufacturing entity 347
Valuation of inventories in manufacturing 349
Limitations of a periodic inventory system 350
Management analysis 351
Glossary 352
Discussion questions 353
Exercises 353
Problems 356
Decision case 362
Critical thinking case 362
Communication/group activity 362
Ethical issues 363
Financial reporting case 363

9. Cost accounting systems 364
Concepts for review 364
Learning objectives 365
Cost accounting 366
Job order costing and process costing 366
Cost accounting in non-manufacturing entities 366
Job order costing 367
Cost flows in a job order cost system 367
Job cost sheet 369
Job order costing procedures 370
Accounting for materials 370
Accounting for labour 371
Accounting for factory overhead 372
Overapplied and underapplied overhead 374
Limitation of direct labour as a cost driver 374
Accounting for the completion of a job 375
Accounting for the sale of a job 375
Process costing 376
Process costing - cost flows 377
Equivalent units 379
Cost of production report 380
Process costing procedures 381
Comparison of job order and process costing 384
Cost accounting in service entities 384
Illustrative example 385
Just-in-time processing 386
Activity-based costing (ABC) 387
Glossary 388
Discussion questions 388
Exercises 389
Problems 392
Decision case 398
Critical thinking case 399
Communication/group activity 399
Ethical issues 399
Financial reporting case 400

PART 3: FINANCIAL PLANNING, CONTROL AND DECISION MAKING 401

10. Cash management and control 402
Concepts for review 402
Learning objectives 403
Cash defined 404
Internal control 405
Internal control systems defined 405
Principles of internal control systems 405
Limitations of internal control systems 407
Control of cash 408
Control of cash receipts 408
Control of cash payments 410
Bank accounts and reconciliation 411
Cheque accounts 411
Use of electronic funds transfer 413
The bank statement 413
Bank reconciliation 415
The petty cash fund 420
Establishing the fund 421
Making payments from the fund 421
Reimbursing the fund 421
Cash budgeting 423
Need for cash budgeting 423
Preparation of a cash budget 424
Cash management 427
Principles of cash management 427
Analysing adequacy of cash flows 428
Glossary 428
Discussion questions 429
Exercises 429
Problems 433
Decision case 441
Critical thinking case 441
Communication/group activity 442
Ethical issues 443
Financial reporting case 443

11. Cost-volume-profit analysis for decision making 444
Concepts for review 444
Learning objectives 445
Cost behaviour 446
Variable cost behaviour 446
Fixed cost behaviour 447
Mixed cost behaviour 448
Cost behaviour and statement of financial performance 450
Contribution margin 451
Assumptions of cost-volume-profit analysis 452
Profit planning with CVP analysis 453
Break-even analysis 453
Break-even equation 454
Contribution margin approach 454
Graphic approach 454
Margin of safety and target sales 455
Determining a margin of safety 455
Determining target sales and profit 455
Analysing CVP relationships for profit planning 457
Change in selling price 457
Change in variable costs 458
Change in fixed and variable costs 458
Change in fixed costs and sales volume 458
Using CVP analysis with multiple products 459
Contribution margin variance analysis 460
Glossary 462
Discussion questions 462
Exercises 462
Problems 465
Decision case 470
Critical thinking case 471
Communication/group activity 472
Ethical issues 472
Financial reporting case 473

12. Budgeting for planning and control 474
Concepts for review 474
Learning objectives 475
The nature of budgetary planning and control 476
Organisational structure and budgeting 477
Goal congruence 477
Management participation and acceptance 478
Accounting and reporting 479
Benefits of budgeting 479
Financial planning with budgeting 480
The master budget 480
Revenues/sales forecast 483
Operating budgets for service entities 483
Revenues budget 484
Expenses budget 485
Budgeted statement of financial performance 485
Financial budgets for service entities 486
Capital expenditure budget 486
Cash budget 486
Budgeted statement of financial position 490
Operating budgets for retail and manufacturing entities 491
Sales budget for a retail or manufacturing entity 491
Purchases budget for a retail entity 492
Cost of goods sold budget for a retail entity 494
Production budget for a manufacturing entity 494
Direct materials budget for a manufacturing entity 494
Direct labour budget for a manufacturing entity 496
Factory overhead budget for a manufacturing entity 496
Cost of goods sold budget for a manufacturing entity 498
Selling expenses budget for a retail or manufacturing entity 498
Administrative expenses budget for a retail or manufacturing entity 499
Financial expenses budget for a retail or manufacturing entity 499
Budgeted statement of financial performance for a retail or manufacturing entity 499
Financial budgets for retail and manufacturing entities 501
Capital expenditure budget for a retail or manufacturing entity 501
Cash budget for a retail or manufacturing entity 501
Budgeted statement of financial position 503
Financial control with budgeting 506
Glossary 507
Discussion questions 507
Exercises 508
Problems 511
Decision case 516
Critical thinking case 517
Communication/group activity 518
Ethical issues 518
Financial reporting case 519

13. Performance evaluation for managers 520
Concepts for review 520
Learning objectives 521
Responsibility accounting 522
Responsibility centres 522
Tailoring the accounting system to organisational structure 523
Controllability of activities by individual managers 523
Participation of managers 523
Responsibility reporting 523
Management by exception 525
Departmental/segmental accounting 525
Departmental gross profit: retail business 526
Statement of financial performance- departmental gross profits 527
Departmental net profit 527
Departmental statement of financial performance 532
Departmental contribution 533
Flexible budgeting 534
Fixed (static) and flexible budgets 534
Limitations of a fixed budget for performance evaluation 535
Preparation of a flexible budget 536
Performance evaluation with a flexible budget 537
Standard costs 538
Establishing standard costs 539
Benefits of standard costs 540
Standard costs and performance evaluation 540
Management systems and performance evaluation 540
The balanced scorecard - the basics 541
The balanced scorecard and performance evaluation 543
Demonstration problem 543
Glossary 545
Discussion questions 545
Exercises 546
Problems 549
Decision case 557
Critical thinking case 558
Communication/group activity 558
Ethical issues 559
Financial reporting case 559

14. Differential analysis, profitability analysis and capital budgeting 560
Concepts for review 560
Learning objectives 561
Management decision making 562
Differential analysis 563
Evaluation of a special order 564
Evaluation of a make-or-buy decision 565
Treatment of joint product costs 566
Product mix decisions 567
Profitability analysis 568
Return on investment analysis 568
Residual profit analysis 570
Capital budgeting decisions 570
Nature and importance of capital budgeting decisions 570
Use of cash flows in capital budgeting 571
Time value of money: An overview 572
Evaluating investments - net present value method and net present value index 574
Cost of capital 575
Depreciation as a tax shield 576
Net present value index 576
Evaluating investments - internal rate of return method 577
Other capital budgeting methods 577
Payback period method 577
Return on average investment method 578
Demonstration problem 579
Glossary 580
Discussion questions 580
Exercises 581
Problems 584
Decision case 588
Critical thinking case 589
Communication/group activity 590
Ethical issues 590
Financial reporting case 591

PART 4: OWNERS' EQUITY IN BUSINESS 593

15. Partnerships: formation, operation and reporting 594
Concepts for review 594
Learning objectives 595
Partnership defined 596
Advantages and characteristics of a partnership 596
Characteristics of a partnership 597
Partnership agreement 598
Accounting for a partnership 599
Method 1: Capital accounts reflecting profits and losses 599
Method 2: Fixed capital balances 600
Accounting for the formation of a partnership 600
Allocation of partnership profits and losses 602
Fixed ratio 603
Ratio based on capital balances 604
Fixed ratio after allowing for interest and salaries 604
Drawings and loans made by partners 608
Drawings 608
Loans or advances by partners 610
Financial statements for a partnership 610
Glossary 612
Discussion questions 612
Exercises 613
Problems 616
Decision case 623
Critical thinking case 624
Communication/group activity 624
Ethical issues 625
Financial reporting case 625

16. Companies: formation and operations 626
Concepts for review 626
Learning objectives 627
Types of companies 628
Advantages and disadvantages of the corporate entity 630
Advantages 630
Disadvantages 631
Forming a company 632
Replaceable rules and constitution 632
The certificate of registration 633
The prospectus 633
Formation costs and share issue costs 634
Administering a company 634
Owners' equity in a company 635
Share capital 635
Reserves 636
Retained profits 636
Accounting for share issues 636
Share issue to private individuals 637
Share issue by a public company, payable in full on application 637
Share issue by a public company, payable in instalments 638
Undersubscription and oversubscription 642
Preference shares 643
Dividends 644
Cash dividends 645
Preference dividends 646
Share dividends 647
Share splits 649
Comparison of share dividends and share splits 649
Reserves 650
Creation of reserves 651
Disposal of reserves 651
Income tax 651
Preparing the financial statements 652
Illustrative example: Preparation of financial statements 652
Glossary 659
Discussion questions 660
Exercises 660
Problems 662
Decision case 668
Critical thinking case 669
Communication/group activity 670
Ethical issues 670
Financial reporting case 671

PART 5: ACCOUNTING REGULATION OF ASSETS AND LIABILITIES 673

17. Regulation and the conceptual framework 674
Concepts for review 674
Learning objectives 675
Regulation and development of accounting standards 676
Brief history of regulation 676
Financial Reporting Council 677
Australian Accounting Standards Board 678
Urgent Issues Group 679
Australian Securities and Investments Commission 680
Australian Accounting Research Foundation 680
Australian Stock Exchange 681
International influences 681
The conceptual framework 683
Development of the conceptual framework 684
The reporting entity 686
Objectives of general-purpose financial reporting 686
Qualitative characteristics of financial information 687
Relevance 688
Reliability 688
Test of materiality 688
Comparability 689
Understandability 690
Constraints on relevant and reliable financial information 690
Definitions of elements in financial statements 690
Assets 691
Liabilities 691
Equity 692
Revenues 692
Expenses 692
Recognition of the elements 693
Asset recognition 693
Liability recognition 693
Revenue recognition 694
Expense recognition 697
Assumptions underlying financial reports 698
The accounting entity assumption 698
The going concern or continuity assumption 698
The period assumption 699
The monetary assumption 699
Measurement 700
Glossary 701
Discussion questions 702
Exercises 703
Problems 705
Decision case 711
Critical thinking case 711
Communication/group activity 712
Ethical issues 712
Financial reporting case 713

18. Receivables 714
Concepts for review 714
Learning objectives 715
Types of receivables 716
Accounts receivable 716
Bills receivable 716
Other receivables 717
Accounts receivable (trade debtors) 717
Recognition of accounts receivable 717
Valuation of accounts receivable 718
Bad and doubtful debts 718
Allowance method of accounting for bad debts 718
Estimating doubtful debts 720
Writing off bad debts 722
Recovery of an account written off 724
Direct write-off method 724
Management and control of accounts receivable 725
Credit policies 726
Monitoring credit policies 726
Internal control of accounts receivable 728
Disposal of accounts receivable 729
Bills receivable 731
Trade bills 731
Promissory notes 732
Determining due date 733
Calculating interest on bills and notes 733
Accounting for receipt and collection of bills receivable 734
Discounting bills receivable 735
End-of-period adjustments for interest revenue 736
Demonstration problem 737
Glossary 739
Discussion questions 740
Exercises 740
Problems 743
Decision case 749
Critical thinking case 750
Communication/group activity 750
Ethical issues 751
Financial reporting case 751

19. Inventories 752
Concepts for review 752
Learning objectives 753
Determining inventory on hand 754
Transfer of ownership 755
Goods on consignment 756
Determining cost of inventory 756
Assignment of cost to ending inventory and cost of goods sold - periodic system 756
Specific identification method - periodic 758
First-in, first-out (FIFO) method - periodic 759
Last-in, first-out (LIFO) method - periodic 760
Weighted average method - periodic 760
Comparison of costing methods 761
Consistency in using a costing method 763
Costing methods in the perpetual inventory system 764
First-in, first-out method 766
Last-in, first-out method 766
Moving average method 766
Comparison of inventory systems 766
The lower of cost and market rule 768
Sales returns and purchases returns 770
Returns using the first-in, first-out method 771
Returns using the last-in, first-out method 772
Returns using the moving average method 772
Inventory errors 772
Estimating inventories 774
Retail inventory method 774
Gross profit method 776
Presentation in financial reports 777
Effect of costing methods on decision making 778
Glossary 779
Discussion questions 780
Exercises 780
Problems 784
Decision case 789
Critical thinking case 790
Communication/group activity 790
Ethical issues 791
Financial reporting case 791

20. Non-current assets: acquisition and depreciation 792
Concepts for review 792
Learning objectives 793
Determining the cost of property, plant and equipment 794
Apportioning the cost of a lump-sum acquisition 796
Assets acquired under a lease agreement 797
Depreciation 798
The nature of depreciation 798
Determining the amount of depreciation 799
Depreciation methods 799
Comparison of depreciation methods 804
Revision of depreciation rates and methods 806
Accumulated depreciation does not represent cash 806
Subsequent costs 807
Ordinary repairs and maintenance 808
Major overhauls and replacement of major components 808
Leasehold improvements 809
Spare parts 809
Property and plant records 810
Disclosure of property, plant and equipment 812
Analysis, interpretation and management decisions 812
Analysis and interpretation 812
Management decisions 813
Glossary 814
Discussion questions 815
Exercises 816
Problems 819
Decision case 824
Critical thinking case 825
Communication/group activity 825
Ethical issues 826
Financial reporting case 826

21. Non-current assets: revaluation, disposal and other assets 828
Concepts for review 828
Learning objectives 829
Revaluation of non-current assets 830
Revaluation increments 830
Revaluation decrements 832
Offsets and reversals of increments and decrements 833
The cost basis and the impairment test 834
Adopting the cost basis 834
The impairment test 834
Disposal of non-current assets 836
Scrapping non-current assets 836
Sale of non-current assets 837
Disposal of revalued assets 839
Exchanging non-current assets 839
Exchanging dissimilar assets 840
Composite-rate depreciation 841
Natural resources 842
Amortisation (depletion) 843
Depreciation of related non-current assets 843
Self-generating and regenerating assets 844
Intangible assets 845
Amortisation 846
Patents and research and development costs 846
Copyrights 848
Trademarks and brand names 848
Franchises 849
Goodwill 849
Discount on acquisition 850
Glossary 851
Discussion questions 852
Exercises 853
Problems 855
Decision case 861
Critical thinking case 862
Communication/group activity 862
Ethical issues 863
Financial reporting case 863

22. Liabilities 864
Concepts for review 864
Learning objectives 865
Liabilities defined 866
Recognition of liabilities 867
Provisions and contingent liabilities 868
Nature of provisions 868
Items excluded from provisions 869
Contingent liabilities 869
Classification of liabilities 871
Need for classification 871
Basis of classification 871
Categories 871
Current liabilities 871
Accounts payable (trade creditors) 872
Bills payable 872
Employee benefits 874
Warranties 879
GST collections 880
Non-current liabilities 881
The types of non-current liabilities 881
Debentures 882
Other non-current liabilities 885
Why finance through long-term debt? 887
Analysing liabilities for decision making 889
Liquidity ratios 889
Financial stability ratios 890
Illustration of ratios 891
Glossary 892
Discussion questions 893
Exercises 894
Problems 896
Decision case 901
Critical thinking case 901
Communication/group activity 902
Ethical issues 902
Financial reporting case 903

PART 6: EXTERNAL REPORTING AND PERFORMANCE EVALUATION 905

23. Statements of financial performance and position 906
Concepts for review 906
Learning objectives 907
External reporting requirements 908
Annual financial report 908
Concise report 909
Half-year financial report 910
General requirements 910
Statement of financial performance 911
Disclosure of revenues and expenses 913
Ordinary activities and extraordinary items 914
Statement of financial position 915
Demonstration problem 918
Revisions of accounting estimates 920
Errors 922
Glossary 924
Discussion questions 924
Exercises 925
Problems 927
Decision case 934
Critical thinking case 935
Communication/group activity 936
Ethical issues 936
Financial reporting case 937

24. Statement of cash flows 938
Concepts for review 938
Learning objectives 939
Purpose of the statement of cash flows 940
General format of statement of cash flows 940
Concept of cash 942
Classification of cash flow activities 943
Cash flows from operating activities 943
Cash flows from investing activities 944
Cash flows from financing activities 944
Preparing the statement of cash flows 946
Analysis of cash and other records 946
Analysis of financial statements 947
Illustrative example 947
Notes to the statement 956
Advanced issues 960
Impact of the GST 960
Bad and doubtful debts 962
Discount allowed 964
Discount received on accounts payable 964
Non-trade receivables and payables 965
Bills receivable and bills payable 965
Short-term investments 966
Dividends 966
Income tax payments 967
Extraordinary items 970
Demonstration problem (company) 971
Solution to demonstration problem 973
Analysing the statement of cash flows 978
Limitations of the statement of cash flows 979
Glossary 980
Discussion questions 981
Exercises 982
Problems 987
Decision case 998
Critical thinking case 999
Communication/group activity 999
Ethical issues 999
Financial reporting case 1000

25. Analysis and interpretation of financial statements 1002
Concepts for review 1002
Learning objectives 1003
Sources of financial information 1004
The need for analytical techniques 1004
Percentage analysis 1007
Horizontal analysis 1007
Trend analysis 1007
Vertical analysis 1008
Ratio analysis 1008
Profitability ratios 1009
Liquidity ratios 1013
Financial stability ratios 1016
Some important relationships 1018
Analysis using cash flows 1018
Cash sufficiency ratios 1020
Cash flow efficiency ratios 1022
Limitations of financial analysis 1024
Glossary 1028
Discussion questions 1028
Exercises 1029
Problems 1033
Decision case 1043
Critical thinking case 1044
Communication/group activity 1044
Ethical issues 1044
Financial reporting case 1045

Appendix 1047

Index 1057