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

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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,
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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

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