Understanding Financial Information

Author(s)
Janice L. Cobb
Edition
1
Copyright
2026
Pages
298
Book Type
Academic
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Understanding Financial Information is designed to be a companion to or to replace all Intermediate Accounting I textbooks. Each chapter is a summary of the key things one must know to understand financial information as well as how accountants prepare financial statements. This book makes it easy to understand the four financial statements, absorb key concepts, and learn to perform basic procedures.

Accounting is the language of business. Therefore, to understand financial information one must first learn to speak the language accountants use to provide information. After using this book, you will fully understand the language of business and how accountants speak that language to tell the story of a business.

Questions and problems with fully explained answers related to each chapter are provided free on www.accountingtestprep.com

Dr. Janice Cobb has been teaching financial accounting at Texas Christian University for approximately 30 years.

 

1. Accounting and Reporting Guidance
2. The Balance Sheet
3. Changes to the Balance Sheet
4. The Income Statement
5. Discontinued Operations and Other
6. The Income Statement Part 2
7. Balance Sheet & Income Statement Relationship
8. Reporting Long-term Assets
9. Using Long-term Assets
10. The Cash Flow Statement
11. Recording Business Transactions
12. Adjusting Entries
13. The Accounting Cycle
14. Revenue Recognition
15. Revenue: Other Issues
16. Sales and Accounts Receivable
17. Accounting for Accounts Receivable
18. Factoring Accountings Receivable
19. Accounts Receivable: Sales Discounts and Sales Returns
20. Inventory Overview
21. Inventory Valuation Methods
22. Inventory Accounting: Perpetual and Periodic Methods
23. Inventory Value: Perpetual Method
24. Lower of Net Realizable Value & Lower of Cost or Market
25. Accounting for Long-term Assets
26. Other Long-term Assets Issues
Appendix A: In Class Exercises

Janice L. Cobb

Dr. Janice Cobb has been teaching at Texas Christian University (TCU) since 1997. She teaches a broad range of financial accounting courses to sophomores through MBA students. Prior to coming to TCU, Janice managed cost reimbursable contracts at General Dynamics, worked as an auditor for a Big-4 public accounting firm, was the compliance officer and controller for a fast growing hedge fund and served in the positions of corporate controller of a public company and chief financial officer of a privately held distribution company. She earned an undergraduate degree in management (1984), a master's in business administration (1986), and a doctorate in higher education leadership (2017), all from TCU. Janice was awarded the Texas Society of Certified Public Accountants' Outstanding Educator Award in 2007 and has received several teaching awards while at TCU, including the Innovative Teaching Award in 2016, the Effective Teaching Award in 2019, and the Neeley Dean's Teaching Award in 2010 and 2020.

Understanding Financial Information is designed to be a companion to or to replace all Intermediate Accounting I textbooks. Each chapter is a summary of the key things one must know to understand financial information as well as how accountants prepare financial statements. This book makes it easy to understand the four financial statements, absorb key concepts, and learn to perform basic procedures.

Accounting is the language of business. Therefore, to understand financial information one must first learn to speak the language accountants use to provide information. After using this book, you will fully understand the language of business and how accountants speak that language to tell the story of a business.

Questions and problems with fully explained answers related to each chapter are provided free on www.accountingtestprep.com

Dr. Janice Cobb has been teaching financial accounting at Texas Christian University for approximately 30 years.

 

1. Accounting and Reporting Guidance
2. The Balance Sheet
3. Changes to the Balance Sheet
4. The Income Statement
5. Discontinued Operations and Other
6. The Income Statement Part 2
7. Balance Sheet & Income Statement Relationship
8. Reporting Long-term Assets
9. Using Long-term Assets
10. The Cash Flow Statement
11. Recording Business Transactions
12. Adjusting Entries
13. The Accounting Cycle
14. Revenue Recognition
15. Revenue: Other Issues
16. Sales and Accounts Receivable
17. Accounting for Accounts Receivable
18. Factoring Accountings Receivable
19. Accounts Receivable: Sales Discounts and Sales Returns
20. Inventory Overview
21. Inventory Valuation Methods
22. Inventory Accounting: Perpetual and Periodic Methods
23. Inventory Value: Perpetual Method
24. Lower of Net Realizable Value & Lower of Cost or Market
25. Accounting for Long-term Assets
26. Other Long-term Assets Issues
Appendix A: In Class Exercises

Janice L. Cobb

Dr. Janice Cobb has been teaching at Texas Christian University (TCU) since 1997. She teaches a broad range of financial accounting courses to sophomores through MBA students. Prior to coming to TCU, Janice managed cost reimbursable contracts at General Dynamics, worked as an auditor for a Big-4 public accounting firm, was the compliance officer and controller for a fast growing hedge fund and served in the positions of corporate controller of a public company and chief financial officer of a privately held distribution company. She earned an undergraduate degree in management (1984), a master's in business administration (1986), and a doctorate in higher education leadership (2017), all from TCU. Janice was awarded the Texas Society of Certified Public Accountants' Outstanding Educator Award in 2007 and has received several teaching awards while at TCU, including the Innovative Teaching Award in 2016, the Effective Teaching Award in 2019, and the Neeley Dean's Teaching Award in 2010 and 2020.

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