Full SOLUTION MANUAL FOR Financial And Managerial Accounting 4th Edition by Jerry J Weygandt, Paul D Kimmel, Jill E Mitchel A+
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Solution Manual for Financial and managerial accounting 4th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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Written for
Vrije Universiteit Amsterdam (VU)
International Business Administration
Accounting (ACC)
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Accounting samenvatting
Lecture 1:
WHAT IS ‘ACCOUNTING’?
What is accounting?
Verification and assurance = auditing
Annual
accounts
Monthly
business unit
report
Capital Specification of
transactions/ Investment contents = accounting
events calculations
Tax filing
recording storing processing reporting
TWO ‘TYPES’ OF INFORMATION Organization = accounting information systems
Verschillende soorten verslaggeving:
9 Commit yourself, Connect to the community, Challenge the ordinary, Create your own path
Financial Accounting:
external financial reporting and bookkeeping (for stakeholders)
Management Accounting:
internal information for decision-making, performance
evaluation, and control
Bookkeeping Financial
system reporting
(external)
Other Analysis and
information reporting for
systems management
12 Commit yourself, Connect to the community, Challenge the ordinary, Create your own path
,Financial accounting: three statements:
FINANCIAL ACCOUNTING: THREE STATEMENTS
Balance sheet
• Three angles of a triangle need to
add up to 180°. If you change one,
at least one other has to change…
• Similarly: Any business decision or
activity will affect two or all of the
statements (never change one…)
Cash flow Profit and loss
statement (income) statement
Information is used to
To discuss:
- Make investment/lending decisions
1. Formal relations Why?
- Manage firm; see problems upfront..
2. Norms for contents
- Etc…
Balance sheet: moment opname:
Rest over langere tijd
EACH ANGLE SHOWS A DIFFERENT ELEMENT OF THE
BUSINESS
Balance sheet
Balance sheet: overview of the firm’s situation at a point
in time.
§ Assets: what the firm owns; what it has done with the funds it
received
Cash flow Profit and loss (income)
statement statement
§ Liabilities: what the firm owes; where the funds came from. Split
into equity (funds from owners) and other liabilities
Profit and loss statement: the results of a company over
a period of time
Cash flow statement: the flow of money into and out of
the company over a period of time
16
, BALANCE SHEET: THE CONCEPT
Basis balance sheet:
Balance sheet per dd/mm/yy
ASSETS LIABILITIES
(What the firms owns) (What the firms owes)
OTHER ASSETS 70 EQUITY 60
CASH 30 OTHER LIAB. (loan) 40
Total 100 Total 100
Assets = Liabilities
BALANCE
So EQUITY is the value for the OWNERS (Stockholders, shareholders)
So if you earn money as a firm, EQUITY increases
But this should be visible in higher assets [e.g. cash (you received money)] or lower
liabilities (you repaid a loan with the profit)
Welke statement heeft invloed op welke kant:
CASH FLOW; PROFIT; AND OTHER CHANGES IN RESOURCES AND SOURCES ARE
VISIBLE WHEN COMPARING BALANCE SHEET FROM BEGINNING TO END OF THE YEAR
Balance sheet
31/12 1/1 31/12 1/1
Other assets 90 70 Equity 80 60
Cash 40 30 Liabilities 50 40
130 100 130 100
The changes in Cash and Equity are visible in the separate statements:
Cash flow statement for the year Income statement for the year
Cash inflow 290 Revenues 250
Cash outflow 280 Expenses 230
Profit 20
Net increase in cash 10
23
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