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Solutions for Introductory Financial Accounting for Business, 2nd Edition Edmonds (All Chapters included)
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Complete Solutions Manual for Introductory Financial Accounting for Business, 2nd Edition by Thomas Edmonds, Christopher Edmonds, Mark Edmonds, Jennifer Edmonds, Philip Olds ; ISBN13: 9780357717417. (Full Chapters included Chapter 1 to 14).... Chapter 1: An Introduction to Accounting. Chapter 2: ...

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  • December 11, 2023
  • 2124
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • Advanced Accounting
  • Advanced Accounting

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Introductory Financial Accounting
for Business
2nd Edition
by Thomas Edmonds

Complete Chapter Solutions Manual
are included (Ch 1 to 14)


** Immediate Download
** Swift Response
** All Chapters included
** Excel solutions included

, IFAB 2e – Chapter 1 – Solutions Manual

ANSWERS TO QUESTIONS – CHAPTER 1

1. Stakeholders are the parties that use accounting information.

Stakeholders with a direct interest include owners, managers,
creditors, suppliers, and employees. These individuals are directly
affected by what happens to the business.

Stakeholders with an indirect interest include financial analysts,
brokers, attorneys, government regulators, and news reporters.
These individuals use information in the financial reports to advise
and influence their clients.

Students may give many different answers under the above
categories depending on their level of experience in business.

All students are direct users of accounting information related to
tuition and fees, financial aid, and account balances.

2. Accounting provides information that is useful in making decisions
by all participants in the market for resource goods and services,
both profit-oriented and nonprofit oriented. Because accounting’s
role is so important, it is often called the language of business.

3. The primary mechanism used to allocate resources in the U.S. is
competition for resources in the open market.

4. A market is a group of people or organizations that come together
for the purpose of exchanging items of value.

5. The market for business resources involves three distinct
participants: consumers, businesses, and resource owners. See
Exhibit 1.1 that illustrates how market trilogy is involved in resource
allocation.




1-1

, IFAB 2e – Chapter 1 – Solutions Manual

6. Financial Resource: money

Physical Resource: natural resources (i.e. land, forests, mine ore,
petroleum, etc.), buildings, machinery and equipment, furniture and
fixtures.
Labor Resource: includes both intellectual and physical labor; i.e.
employees.

7. Investors expect a distribution of the business’s profits as a return
on their financial investment (capital allocation).

Creditors lend financial resources to businesses and receive interest
as a return or profit on the loan.

8. Financial accounting provides information that is useful to external
resource providers.

Managerial accounting provides information that is useful to
managers in operating an organization (i.e., internal users).

9. Not-for-profit or nonprofit entities provide goods or services to
consumers for humanitarian or special reasons rather than to earn a
profit for owners. For example, certain not-for-profit entities allocate
resources to provide for research of diseases or
social/environmental welfare; others allocate resources to promote
the arts and provide education.

10. The U.S. rules of accounting information measurement are called
generally accepted accounting principles (GAAP).




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