Finance & Accounting Custom Term Papers, Research Papers, Case Studies & Essays
Accounting Custom Term Papers,
Research Papers, Case Studies & Essays
Accounting Basics 3
Double Entry Accounting 4
Cash versus Accrual Accounting 5
Creative Accounting 7
GAAP 9
Tax versus Book Accounting 11
Introduction to Financial Statements 12
Balance Sheet 18
Assets 19
Liabilities 24
Owners? Equity 25
Sample Balance Sheet 27
Balance Sheet Games 30
Income Statement 35
Income Statement Components EBITDA, EBIT, EBT 41
Revenue Recognition 43
Inventory and Cost of Goods Sold Depreciation 49
Earnings Release 50
46
Cash Flow Statement 52
Cash Flow 54
Sample Cash Flow Statement Why Cash Flows? 62
Managing Cash Flows 65
56
Fraud and Manipulation Types of Fraud 69
Enron 72
Profit Smoothing 75
Detecting Fraud 77
Pro Forma Financials 78
68
Financial Analysis 85
Financial Statement Analysis Trend Analysis 87
Ratio Analysis 88
EVA 104
Finance Custom Term Papers,
Research Papers, Case Studies & Essays
Cost of Capital 109
Cost of Equity 112
Weighted-Average Cost of Capital 119
Valuation 125
Valuation Basics 126
Methods of Valuation 129
Net Present Value 141
Wall Street Basics: Stocks and Bonds Bonds 148
Stocks 154
Wall Street Part Deux: Arbitrage,
Derivatives, and Hedge Funds 157
145
Arbitrage 158
Derivatives 162
Forwards 168
Futures 169
Orange County 171
Hedge Funds 172
Mergers and Acquisitions History of M& A 175
Types of Mergers 176
Why Merge? 177
Valuation 181
Defenses 182
Merger Obstacles 185
Mergers Gone Wild 186
Leveraged Buyouts 187
Suggested Readings
Borghese, Robert J., and Paul Borghese, M& A from Planning to
Integration: Executing Acquisitions and Increasing Shareholder
Value, McGraw-Hill, New York, 2002.
Brealey, Richard A., and Stewart C. Myers, Principles of Corporate
Finance, 6th ed., McGraw-Hill, New York, 2000.
Copeland, Tom, Tim Koller, and Jack Murrin, Valuation: Measuring
and Managing the Value of Companies, Wiley, New York,
2000.
Ramesh, Ram, Financial Analyst?s Indispensable Pocket Guide,
McGraw-Hill, New York, 2001.
Rickertsen, Rick, Buyout: The Insider?s Guide to Buying Your Own
Company, New York, AMACOM, 2001.
Schilit, Howard, Financial Shenanigans, 2nd ed., McGraw-Hill,
New York, 2002.
Accounts payable: on balance sheet, 25 on cash flow statement, 59 Accounts
payable turnover days, 93? 94, 215 Accounts receivable: on balance sheet, 20
on cash flow statement, 57? 58 Accounts receivable turnover days, 93, 215
Accrual basis accounting, 6? 7 Acquisitions (see Mergers and acquisitions
[M& A]) Activity analysis, 90, 91? 95, 215 Adelphia, 16? 17 Adjusted
earnings on pro forma financials, 79? 80 AICPA (American Institute of
Certified Public Accountants), 9
Allied Corporation, 184 Amazon, 78 American Express, 191 American Institute
of Certified Public Accountants (AICPA), 9 Amount of bond, 148 Annual
reports, 14 Antitrust issues, mergers and, 185? 186 AOL-Time Warner, 186?
187 Arbitrage, 158? 162
Barings Bank and, 161? 162
convertible-debt, 160? 161
currency, 159
index, 160
merger, 159? 160
option, 166
Assets:
on balance sheet, 19? 24
current, 19? 21
depreciation of (see Depreciation)
fixed, tangible and intangible, 21? 22
noncurrent, 21? 22
return on, 100
valuation of, 218
Auditor?s report in financial statements,
15? 16
Averages for ratio analysis, 94? 95
Balance sheet, 18? 34
assets on, 19? 24
liabilities on, 24? 25
manipulation of, 30? 34
owners? equity on, 25? 27
sample, 27? 30
Barings Bank, 161? 162
Bendix Corporation, 184
Beta, 116? 119
Binomial lattice model, 166
Black, Fisher, 165 Black-Scholes model, 165? 166 Boesky, Ivan, 160 Bond
rating agencies, 149 Bonds, 148? 154 corporate, 149 distinguishing features
of, 148 fixed- and floating-rate, 151 government, 149? 150 junk (high
yield), 149, 152? 154 pricing and valuation of, 151? 152 zero coupon, 150?
151 Book accounting, 11, 12 Bribes, 71 Call options, 163? 164 Call price of
bonds, 148 Call provision of bonds, 148 Capital: cost of (see Cost of
capital) paid-in, 26 total, return on, 100, 217 Capital asset pricing model
(CAPM), 112, 114? 119, 218 Capital expenditures, mergers to reduce, 180
Capitalization of earnings method of valuation, 132? 133 CAPM (capital asset
pricing model), 112, 114? 119, 218 Car-E-Oki, Inc., case study, 195? 207
Carry, cost of, 170 Case, Steve, 186 Cash: amount required, 66? 67 on
balance sheet, 20 ending, on cash flow statement, 61? 62 Cash basis
accounting, 5? 6 Cash conversion cycle, 94 Cash flow management, 65? 67 Cash
flow statement, 52? 67
cash flow management and, 65? 67 cash flows from financing activities on,
55? 56, 60? 61 Cash flow statement (Cont.):
cash flows from investing activities
on, 55, 60
cash flows from operating activities
on, 54? 55, 57? 60
reasons for, 62? 64
sample, 56? 62
Cash ratio, 96, 216
Chewco Investments, 73
Cities Petroleum, 184
Citron, Robert, 171? 172
Comparable multiple valuation,
138? 141
Conglomerate mergers, 177
Convertible-debt arbitrage, 160? 161
Corporate bonds, 149
Cost of capital, 109? 124, 218? 219
cost of equity and, 112? 119
opportunity, 110? 111
weighted-average, 119? 124, 219
Cost of carry, 170
Cost of equity, 112? 119
capital asset pricing model for
calculating, 114? 119, 218
dividend growth model for
calculating, 112? 114
Cost of goods sold, on income
statement, 39, 46? 49
Costs, 38
mergers to decrease, 179
selling, general, and administrative, 39
(See also Expenses)
Coupon of bond, 148
Coupon payment dates of bonds, 148
Cox, Ross, Rubenstein model, 166
Creative accounting, 7? 9
Credit lines on balance sheet, 24? 25
Currency arbitrage, 159
Current liabilities on balance sheet,
24? 25
Current ratio, 95? 96, 216
Date of issue of bonds, 148
DCF (discounted cash flow) method
of valuation, 133? 138
Debt: advantages of, 146 on cash flow statement, 61 Debt-to-capital ratio,
97, 216 Debt-to-equity ratio, 97, 216 Debt-to-total capital (debt-to-total
cap) ratio, 97 Defenses against mergers, 182? 184 Dell Computer, 92? 93
Depreciation: on balance sheet, 22? 24 on cash flow statement, 59 on income
statement, 39, 49? 50 Derivatives, 162? 168 option arbitrage and, 166
options, 163? 166 swaps, 167? 168 warrants, 166? 167 Direct owners? equity,
26 Discounted cash flow (DCF) method of valuation, 133? 138 Discount rate,
110, 112 Dividend growth model, 112? 114, 218 Dividend payout ratio, 103,
217
Dividends on cash flow statement, 61 Dividend yield, 102? 103, 217 Donkey
Kong, 184 Double entry accounting, 4? 5 Drexel Burnham Lambert, 152? 154
Earnings: adjusted, on pro forma financials, 79? 80 capitalization of, as
valuation method, 132? 133 excess, as valuation method, 133 reporting of,
50? 51 (See also Income) Earnings before interest, taxes, depreciation,
and amortization (EBITDA), 41? 43 Earnings before interest and taxes (EBIT),
41? 42, 43 Earnings before taxes (EBT), 43 Earnings yield, 102, 217
Economic value added (EVA), 104? 105
Edison General Electric, 175
Enron, 33, 72? 75, 76
Equity:
advantages of, 146? 147
on cash flow statement, 61
cost of (see Cost of equity)
forms of, 147
problems related to, 147? 148
return on, 100
(See also Bonds; Stocks)
EVA (economic value added), 104? 105
Excess earning method of valuation,
133
Expenses, 38
Enron?s shifting of, 73
mergers to decrease, 179
overstating, 70
prepaid, on cash flow statement, 59
shifting between businesses and
operating subsidiaries, 71
Explanatory notes in financial
statements, 16? 17
Face value of bonds, 148
FIFO (first-in, first-out) inventory
accounting, 46? 47, 48? 49
Financial Accounting Standards Board
(FASB), 9, 10
on reporting of earnings, 51
Financial analysis, 85? 105
ratio analysis for (see Ratio analysis)
trend analysis for, 87? 88
Financial models, 81? 84
Financial statement analysis, 86? 87
Financial statements, 12? 17
problem set, 211? 212
pro forma (see Pro forma financials)
(See also Balance sheet; Cash flow
statement; Income statement)
Financing activities, cash flows from,
55? 56, 60? 61
Financing costs, mergers to reduce, 181
First-in, first-out (FIFO) inventory
accounting, 46? 47, 48? 49
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