100% tevredenheidsgarantie Direct beschikbaar na je betaling Lees online óf als PDF Geen vaste maandelijkse kosten
logo-home
Eerder door jou gezocht
Eerder door jou gezocht
logo
Solution Manual For Horngren's Financial & Managerial Accounting, The Financial Chapters, 7th Global Edition by Tracie Miller-Nobles, Brenda Mattison ||Complete A+ Guide $17.99
In winkelwagen
Snel navigeren naar
Voorbeeld
  2.  
  3. Horngren\\\'s Financial & Managerial Accounting
  4.  
  5. Horngren\\\'s Financial & Managerial Accounting

Tentamen (uitwerkingen)

Solution Manual For Horngren's Financial & Managerial Accounting, The Financial Chapters, 7th Global Edition by Tracie Miller-Nobles, Brenda Mattison ||Complete A+ Guide
 0 keer verkocht
  • Vak
  • Horngren\\\'s Financial & Managerial Accounting
  • Instelling
  • Horngren\\\'s Financial & Managerial Accounting

Solution Manual For Horngren's Financial & Managerial Accounting, The Financial Chapters, 7th Global Edition by Tracie Miller-Nobles, Brenda Mattison ||Complete A+ Guide

Voorbeeld 4 van de 2470  pagina's

Document informatie

  • 7 november 2024
  • 2470
  • 2024/2025
  • Tentamen (uitwerkingen)
  • Vragen en antwoorden

Onderwerpen

  • 978 1292412320
  • brenda mattiso
  • horngrens financial and managerial accounting
  • solution manual for horngrens financial
  • the financial chapters 7th global edition
  • 7th global edition by tracie miller nobles

Gekoppeld boek

book image

Titel boek:

Auteur(s):

  • Uitgave:
  • ISBN:
  • Druk:

Meer samenvattingen voor studieboek

Alles voor dit studieboek (18)

Geschreven voor

  • Horngren's Financial & Managerial Accounting
  • Horngren's Financial & Managerial Accounting

Verkoper

avatar-seller
Ascorers

Ontvangen beoordelingen

Voorbeeld van de inhoud

FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Solutions Manual

1. What is accounting?

Accounting is the information system that measures business activities, processes f f f f f f f f f


the information into reports, and communicates the results to decision makers.
f f f f f f f f f f


Accounting is the language of business. f f f f f




2. Briefly describe the two major fields of accounting.
f f f f f f f




Financial accounting provides information for external decision makers, such as
f f f f f f f f f


outside investors, lenders, customers, and the federal government. Managerial
f f f f f f f f


accounting focuses on information for internal decision makers, such as the f f f f f f f f f f


company’s managers and employees. f f f




3. Describe the various types of individuals who use accounting information and how
f f f f f f f f f f f


they use that information to make important decisions.
f f f f f f f f




Individuals use accounting information to help them manage their money, evaluate a
f f f f f f f f f f f


a new job, and better decide whether they can afford to make a new purchase.
f f f f f f f f f f f f f f


Business owners use accounting information to set goals, measure progress toward
f f f f f f f f f f


those goals, and make adjustments when needed. Investors use accounting
f f f f f f f f f


information to help them decide whether or not a company is a good investment and f f f f f f f f f f f f f f


once they have invested, they use a company’s financial statements to analyze how
f f f f f f f f f f f f


their investment is performing. Creditors use accounting information to decide
f f f f f f f f f


whether to lend money to a business and to evaluate a company’s ability to make
f f f f f f f f f f f f f f


the loan payments. Taxing authorities use accounting information to calculate the
f f f f f f f f f f


amount of income tax that a company has to pay.
f f f f f f f f f




4. What are two certifications available for accountants? Briefly explain each
f f f f f f f f f


certification.
f




Certified Public Accountants (CPAs) are licensed professional accountants who
f f f f f f f f


serve the general public. They work for public accounting firms, businesses,
f f f f f f f f f f


government, or educational institutions. To be certified they must meet educational f f f f f f f f f f


and/or experience requirements and pass an exam. Certified Management
f f f f f f f f


Accountants (CMAs) specialize in accounting and financial management f f f f f f f


knowledge. They work for a single company. f f f f f f




Chapter 1: Accouting and the Business Environment Page 1 of 84

,FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Solutions Manual

5. What is the role of the Financial Accounting Standards Board (FASB)?

The FASB oversees the creation and governance of accounting standards. They
f f f f f f f f f f


work with governmental regulatory agencies, congressionally created groups, and
f f f f f f f f


private groups. f




6. Explain the purpose of Generally Accepted Accounting Principles (GAAP),
f f f f f f f f


including the organization currently responsible for the creation and governance
f f f f f f f f f f


of these standards.
f f f




The guidelines for accounting information are called GAAP. It is the main U.S.
f f f f f f f f f f f f


accounting rule book and is currently created and governed by the FASB. Investors
f f f f f f f f f f f f


and lenders must have information that is relevant and has faithful representation in
f f f f f f f f f f f f


order to make decisions and the GAAP provides the framework for this financial
f f f f f f f f f f f f


reporting.



7. Describe the similarities and differences among the four different types of business
f f f f f f f f f f f


entities discussed in the chapter.
f f f f f




A sole proprietorship has a single owner, terminates upon the owner’s death or
f f f f f f f f f f f f


choice, the owner has personal liability for the business’s debts, and it is not a
f f f f f f f f f f f f f f


separate tax entity. A partnership has two or more owners, terminates at partner’s
f f f f f f f f f f f f


choice or death, the partners have personal liability, and it is not a separate tax
f f f f f f f f f f f f f f


entity. A corporation is a separate legal entity, has one or more owners, has
f f f f f f f f f f f f f


indefinite life, the stockholders are not personally liable for the business’s debts,
f f f f f f f f f f f


and it is a separate tax entity. A limited-liability company has one or more members
f f f f f f f f f f f f f f


and each is only liable for his or her own actions, has an indefinite life, and is not a
f f f f f f f f f f f f f f f f f f


separate tax entity. f f




8. A business purchases an acre of land for $5,000. The current market value is $5,550
f f f f f f f f f f f f f f


and the land was assessed for property tax purposes at $5,250. What value should the
f f f f f f f f f f f f f f f


land be recorded at, and which accounting principle supports your answer?
f f f f f f f f f f f




The land should be recorded at $5,000. The cost principle states that assets should
f f f f f f f f f f f f f


be recorded at their historical cost.
f f f f f




Chapter 1: Accouting and the Business Environment Page 2 of 84

,FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Solutions Manual

9. What does the going concern assumption mean for a business?
f f f f f f f f f




The going concern assumption assumes that the entity will remain in business for
f f f f f f f f f f f f


the foreseeable future and long enough to use existing resources for their intended
f f f f f f f f f f f f


purpose.

10. Which concept states that accounting information should be complete, neutral, and
f f f f f f f f f f


free from material error?
f f f f




The faithful representation concept states that accounting information should be
f f f f f f f f f


complete, neutral, and free from material error. f f f f f f




11. Financial statements in the United States are reported in U.S. dollars. What
f f f f f f f f f f f


assumption supports this statement?
f f f f




The monetary unit assumption states that items on the financial statements should
f f f f f f f f f f f


be measured in terms of a monetary unit.
f f f f f f f




12. Explain the role of the International Accounting Standards Board (IASB) in relationto
f f f f f f f f f f f f


International Financial Reporting Standards (IFRS).
f f f f f




The IASB is the organization that develops and creates IFRS which are a set of
f f f f f f f f f f f f f f


global accounting standards that would be used around the world.
f f f f f f f f f




13. What is the accounting equation? Briefly explain each of the three parts.
f f f f f f f f f f f




Assets = Liabilities + Equity. Assets are economic resources that are expected to
f f f f f f f f f f f f


benefit the business in the future. They are things of value that a business owns or
f f f f f f f f f f f f f f f


has control of. Liabilities are debts that are owed to creditors. They are one source
f f f f f f f f f f ff f f f


of claims against assets. Equity is the other source of claims against assets.
f f f f f f f f f f f f


Equity is the stockholders’ claims against assets and is the amount of assets that is
f f f f f f f f f f f f f f


left over after the company has paid its liabilities. It represents the net worth of the
f f f f f f f f f f f f f f f


corporation.




Chapter 1: Accouting and the Business Environment Page 3 of 84

, FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Solutions Manual

14. How do retained earnings increase? What are the two ways that retained earnings
f f f f f f f f f f f f


decreases?
f




Retained earnings increases with revenues. Retained earnings decreases with
f f f f f f f f


expenses and dividends. f f




15. How is net income calculated? Define revenues and expenses.
f f f f f f f f




Revenues – Expenses = Net Income. Revenues are earnings resulting from
f f f f f f f f f f


delivering goods or services to customers. Expenses are the cost of selling goods
f f f f f f f f f f f f


or service.
f




16. What are the steps used when analyzing a business transaction?
f f f f f f f f f




Step 1: Identify the accounts and the account type. Step 2: Decide if each account
f f f f f f f f f f f f f f


increases or decreases. Step 3: Determine if the accounting equation is in balance.
f f f f f f f f f f f f




17. List the four financial statements. Briefly describe each statement.
f f f f f f f f




Income Statement – Shows the difference between an entity’s revenues and
f f f f f f f f f f


expenses and reports the net income or net loss for a specific period.
f f f f f f f f f f f f


Statement of Retained Earnings – Shows the changes in retained earnings for a
f f f f f f f f f f f f


specific period including net income (loss) and dividends.
f f f f f f f


Balance Sheet – Shows the assets, liabilities, and stockholders’ equity of the
f f f f f f f f f f f


business as of a specific date. f f f f f


Statement of Cash Flows – Shows a business’s cash receipts and cash payments
f f f f f f f f f f f f


for a specific period.
f f f




18. What is the calculation for return on assets (ROA)? Explain what ROA measures.
f f f f f f f f f f f f




Return on Assets = Net income / Average total assets. ROA measures how
f f f f f f f f f f f f


profitably a company uses its assets. f f f f f




Chapter 1: Accouting and the Business Environment Page 4 of 84

Dit zijn jouw voordelen als je samenvattingen koopt bij Stuvia:

Bewezen kwaliteit door reviews

Bewezen kwaliteit door reviews

Studenten hebben al meer dan 850.000 samenvattingen beoordeeld. Zo weet jij zeker dat je de beste keuze maakt!

In een paar klikken geregeld

In een paar klikken geregeld

Geen gedoe — betaal gewoon eenmalig met iDeal, creditcard of je Stuvia-tegoed en je bent klaar. Geen abonnement nodig.

Direct to-the-point

Direct to-the-point

Studenten maken samenvattingen voor studenten. Dat betekent: actuele inhoud waar jij écht wat aan hebt. Geen overbodige details!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper Ascorers. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor $17.99. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 64302 samenvattingen verkocht

Opgericht in 2010, al 15 jaar dé plek om samenvattingen te kopen

Begin nu gratis

Laatst bekeken door jou

Tentamen (uitwerkingen) ·

(2)

CWEA COLLECTONS SYSTEM MAINTAINCE EXAMS |CURRENTLY TESTING EXAMS |WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED RATIONALES ANSWERS 2024 (NEWEST) ALREADY GRADED A+

Tentamen (uitwerkingen) ·

(0)

HEALTH AND WELLNESS COACHING EXAM 2024 ACTUAL EXAM COMPLETE QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+| GET IT 100% ACCURATE!!

Tentamen (uitwerkingen) ·

(0)

HESI RN COMMUNITY HEALTH EXAM 250 QUESTIONS AND WELL ELABORATED ANSWERS TOP RATED VERSION FOR 2024-2025 ALREADY A GRADED WITH EXPERT FEEDBACK | NEA AND REVISED

Tentamen (uitwerkingen) ·

(1)

FLORIDA LIFE AND HEALTH INSURANCEAND PRACTICE EXAMS LATEST 2024 ACTUAL EXAMS WITH CORRECT QUESTIONS AND VERIFIED ANSWERS ALREADY GRADED A+ 100% GUARANTEED PASS

Tentamen (uitwerkingen) ·

(0)

Comprehensive Exam: NR293/ NR 293 (2023/ 2024 New Update) Pharmacology for Nursing Practice Comprehensive Exam Review| Rated A Questions and Verified Answers -Chamberlain

Tentamen (uitwerkingen) ·

(6)

Answer Key For Contemporary Linguistic Analysis An Introduction 9th Edition By William O'Grady Manoa, John Archibald (All Chapters, 100% Original Verified, A+ Grade)

Tentamen (uitwerkingen) ·

(0)

Test Bank for Nutrition Essentials for Nursing Practice 9th Edition by Dudek Test Bank ALL Chapters Included ( 1 - 24) ISBN-13: 9781975161125 |COMPLETE TEST BANK |Guide A+.

Tentamen (uitwerkingen) ·

(0)

Test Bank for Davis Advantage for Pediatric Nursing The Critical Components of Nursing Care 2nd Edition by Kathryn Rudd 9780803666535 Chapter 1-22 | Complete Guide A+

Voordeelbundel ·

(0)

Package deal For>> Wall Street Prep Financial Modeling Exams,Wall Street Prep Investment Banking [400 Questions And Answers] Latest Version Graded A+
$17.99
  • (0)
In winkelwagen
Toegevoegd