SOLUTION MANUAL
Financial Accounting Fundamentals, 8th Edition
By John Wild, Chapter 1 - 13 with appendix B&C
,Chapter 1: Accounting in Business
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Chapter 2: Accounting for Business Transactions
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Chapter 3: Adjusting Accounts for Financial Statements
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Chapter 4: Accounting for Merchandising Operations
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Chapter 5: Inventories and Cost of Sales
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Chapter 6: Cash, Fraud, and Internal Control
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Chapter 7: Accounting for Receivables
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Chapter 8: Accounting for Long-Term Assets
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Chapter 9: Accounting for Current Liabilities
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Chapter 10: Accounting for Long-Term Liabilities
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Chapter 11: Corporate Reporting and Analysis
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Chapter 12: Reporting Cash Flows
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Chapter 13: Analysis of Financial Statements
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,Chapter 1 Q
B
Accounting in Business QB QB
QUICK STUDIES
QB
Quick Study 1-1 (10 minutes)
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1. f Artificial Intelligence QB
2. c Recording
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3. h Recordkeeping (bookkeeping)
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Quick Study 1-2 (10 minutes)
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a. External user QB g. External user
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b. External user QB h. External user
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c. External user QB i. Internal user
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d. External user QB j. External user
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e. Internal user QB k. External user
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f. External user QB l. External user
QB
Quick Study 1-3 (10 minutes)
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1. Opportunity 4. Opportunity
2. Pressure 5. Pressure
3. Rationalization 6. Rationalization
Quick Study 1-4 (5 minutes)
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, 1. Principle 3. Assumption
2. Assumption 4. Principle
Quick Study 1-5 (10 minutes)
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Attribute Present QB Proprietorship Partnership Corporation LLC
1. Business taxed QB no no yes no
2. Limited liability QB no no yes yes
3. Legal entity QB no no yes yes
Quick Study 1-6 (10 minutes)
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1. Revenue recognition principle
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2. Measurement (cost) principle QB QB
3. Business entity assumption
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Quick Study 1-7 (5 minutes)
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Assets = Liabilities + Equity
$700,000 (a) $280,000
Q B $420,000
$500,000 (b) $250,000
Q B (b) $250,000
Q B
Quick Study 1-8 (10 minutes)
QB QB QB QB
1.
Assets = Liabilities + Equity
$75,000 (a) $35,000 Q B $40,000
(b) $95,000
Q B $25,000 $70,000
$85,000 $20,000 (c) $65,000 Q B
2.
+ Common
Assets = Liabilities - Dividends + Revenues - Expenses
Q B
Stock
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$40,000 $16,000 $20,000 $ 0 (a) $12,000
QB $ 8,000
Q B
$80,000 $32,000 $44,000 (b) $2,000
QB $24,000 $18,000
