TAILIEUCHUNG - Fundamental Financial Accounting Concepts

Performance measures other than earnings are also used in contracts, particularly in compensation contracts. For example, approximately 20% of bonus determination is based on individual and nonfinancial measures such as product quality (see Holthausen, Larcker and Sloan, 1995, p. 36). And stock-price-based compensation (. stock option plans) is also used to incent managers. To that extent, one wouldn't expect earnings to necessarily have all the characteristics of an ideal performance measure for compensation purposes. For example, earnings may not reflect future cash flow effects of managers' actions because the stock price will impound those expected effects. But, the calculation of. | Eighth Edition Fundamental Financial Accounting Concepts Frances M. McNair Mississippi State University Edward E. Milam Mississippi State University Contributing Author Philip R. Olds Virginia Commonwealth University Thomas P. Edmonds University of Alabama-Birmingham McGraw-Hill mw Irwin Grew The McGraw-Hill Companies 3KT 11 FUNDAMENTAL FINANCIAL ACCOUNTING CONCEPTS Published by McGraw-Hill Irwin a business unit of The McGraw-Hill Companies Inc. 1221 Avenue of the Americas New York NY 10020. Copyright 2013 2011 2008 2006 2003 2000 1998 1996 by The McGraw-Hill Companies Inc. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced or distributed in any form or by any means or stored in a database or retrieval system without the prior written consent of The McGraw-Hill Companies Inc. including but not limited to in any network or other electronic storage or transmission or broadcast for distance learning. Some ancillaries including electronic and print components may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW DOW 1 0 9 8 7 6 5 4 3 2 ISBN 978-0-07-802536-5 MHID 0-07-802536-2 Vice president and editor-in-chief Brent Gordon Publisher Tim Vertovec Senior sponsoring editor Dana L. Woo Executive director of development Ann Torbert Development editor II Katie Jones Vice president and director of marketing Robin J. Zwettler Marketing director Brad Parkins Senior marketing manager Kathleen Klehr Vice president of editing design and production Sesha Bolisetty Senior project manager Diane L. Nowaczyk Senior buyer Carol A. Bielski Interior designer Pam Verros Senior photo research coordinator Jeremy Cheshareck Photo researcher Ira C. Roberts Lead media project manager Allison Souter Media project manager Ron Nelms Cover and interior design Pam Verros Typeface 12 Times New Roman MT Regular Compositor Aptara Inc. Printer R. R. Donnelley Library of

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