100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Test Bank For Fundamental Accounting Principles, 25th Edition, John Wild Chapter 1-26 Answers at the End of Each ChapterA"+ $14.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Accounting TB 2024
  4.  
  5. Accounting TB 2024

Exam (elaborations)

Test Bank For Fundamental Accounting Principles, 25th Edition, John Wild Chapter 1-26 Answers at the End of Each ChapterA"+
 0 purchase
  • Course
  • Accounting TB 2024
  • Institution
  • Accounting TB 2024
  • Book
  • Fundamental Accounting Principles

Test Bank For Fundamental Accounting Principles, 25th Edition, John Wild Chapter 1-26 Answers at the End of Each ChapterA"+

Preview 4 out of 1628  pages

Document information

  • March 6, 2024
  • 1628
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fundamental accounting
  • 25th edition john wil
  • fundamental accounting principles 25th edition j
  • fundamental accounting principles
  • test bank

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

  • Test Bank for Fundamental accounting principles 24th edition by John J wild and Shaw Chapters 1-26 Covered
  • Test Bank for Fundamental Accounting Principles, 24th edition by John Wild.
  • Test Bank for Fundamental Accounting Principles, 24th edition by John Wild.
All for this textbook (6)

Written for

  • Accounting TB 2024
All documents for this subject (9)

Seller

avatar-seller
ASolution

Reviews received

Content preview

Solution Manual For
Fundamental Accounting Principles, 25th Edition,
John Wild
Chapter 1-26

Chapter 1
Accounting in Business
QUICK STUDIES
Quick Study 1-1 (10 minutes)

1. f Artificial Intelligence
2. c Recording
3. h Recordkeeping (bookkeeping)


Quick Study 1-2 (10 minutes)
a. External user g. External user
b. External user h. External user
c. External user i. Internal user
d. External user j. External user
e. Internal user k. External user
f. External user l. External user


Quick Study 1-3 (10 minutes)
1. Opportunity 4. Opportunity
2. Pressure 5. Pressure
3. Rationalization 6. Rationalization


Quick Study 1-4 (5 minutes)
1. Principle 3. Assumption
2. Assumption 4. Principle
1
Copyright © 2021 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.

,Quick Study 1-5 (10 minutes)
Attribute Present Proprietorship Partnership Corporation LLC
1. Business taxed no no yes no
2. Limited liability no no yes yes
3. Legal entity no no yes yes



Quick Study 1-6 (10 minutes)
1. Revenue recognition principle
2. Measurement (cost) principle
3. Business entity assumption




Quick Study 1-7 (5 minutes)
Assets = Liabilities + Equity
$700,000 (a) $280,000 $420,000
$500,000 (b) $250,000 (b) $250,000



Quick Study 1-8 (10 minutes)
1.
Assets = Liabilities + Equity
$75,000 (a) $35,000 $40,000
(b) $95,000 $25,000 $70,000
$85,000 $20,000 (c) $65,000

2.
+ Owner, - Owner,
Assets = Liabilities + Revenues - Expenses
Capital Withdrawals
$40,000 $16,000 $20,000 $ 0 (a) $12,000 $ 8,000
$80,000 $32,000 $44,000 (b) $2,000 $24,000 $18,000




0
Copyright © 2021 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.

,Quick Study 1-9 (5 minutes)
a. Increase
b. Decrease
c. Increase
d. Decrease


Quick Study 1-10 (15 minutes)

Assets = Liabilities + Equity
Accounts Accounts Owner, Owner,
Cash + = + - + Revenues - Expenses
Recble. Payable Capital Withdrawals

(a) $5,500 = $5,500
Consulting


(b) + $4,000 = + 4,000
Commission


Bal. 5,500 + 4,000 = + 9,500

(c) -1,400 = - $1,400
Wages


Bal. 4,100 + 4,000 = + 9,500 - 1,400

(d) +1,000 + - 1,000 = -

Bal. 5,100 + 3,000 = + 9,500 - 1,400

(e) -700 + = - 700
Cleaning


Bal. $4,400 + $3,000 = + $9,500 - $2,100




1
Copyright © 2021 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.

, Quick Study 1-11 (15 minutes)

Assets = Liabilities + Equity
Owner,
Accts. Owner,
Cash + Supplies + Equip. + Land = + - With- + Rev. - Exp.
Pay. Capital
drawals

(a) $15,000 = $15,000

(b) -500 + $500 =

Bal. 14,500 + 500 = + 15,000

(c) + $10,000 = 10,000

Bal. 14,500 + 500 + 10,000 = + 25,000

(d) + 200 = +$200

Bal. 14,500 + 700 + 10,000 = 200 + 25,000

(e) -9,000 + $9,000 =

Bal. $5,500 + $700 + $10,000 + $9,000 = $200 + $25,000




Quick Study 1-12 (10 minutes)

a. Balance sheet e. Balance sheet
b. Statement of cash flows f. Statement of cash flows
c. Balance sheet g. Income statement
d. Income statement h. Balance sheet




2
Copyright © 2021 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ASolution. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$14.99
  • (0)
Add to cart
Added