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
Solutions for College Accounting, 15th Edition by Jeffrey Slater CA$42.76   Add to cart
Quickly navigate to
Preview
  2.  
  3. College Accounting
  4.  
  5. College Accounting

Exam (elaborations)

Solutions for College Accounting, 15th Edition by Jeffrey Slater
 41 views  1 purchase
  • Course
  • College Accounting
  • Institution
  • College Accounting

Complete Solutions Manual for College Accounting: A Practical Approach, 15th edition 15e by Jeffrey Slater, Mike Deschamps. ISBN-13: 5801 Full Chapters Solutions Manual Accounting Concepts and Procedures Debits and Credits: Analyzing and Recording Business Transactions Beginning the Accoun...

[Show more]

Preview 2 out of 766  pages

Document information

  • July 13, 2023
  • 766
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • college
  • accounting
  • practical
  • approach
  • 15th
  • edition
  • jeffrey
  • slater
  • solution guide
  • answers
  • solutions manual

Written for

  • College Accounting
  • College Accounting

Seller

avatar-seller
StepsSol

Reviews received

Content preview

1
Accounting Concepts
and Procedures
ANSWERS TO DISCUSSION QUESTIONS AND
CRITICAL THINKING/ETHICAL CASE

1. The functions of accounting are to analyze, record, classify, summarize, report,
interpret, and communicate financial information.
2. Sole proprietorship—1 owner; unlimited liability; easy to form; limited life
Partnership—2 or more owners; unlimited liability; easy to form; limited life
Corporation—Stockholders; limited liability; difficult to form; unlimited life
3. Businesses are classified as service, merchandise, or manufacturing.
4. Computer technology has greatly reduced the time required for performing the
bookkeeping function.
5. The three elements of the basic accounting equation are assets, liabilities, and
owner's equity.
6. Capital is the owner's current investment or equity in the assets of a business. It is
one subdivision of owner's equity.
7. True. The sum of the left side of the equation (assets) must equal the sum of the
right side of the equation (liabilities and owner's equity).
8. False. That is the income statement.
9. False. Revenue is a subdivision of owner's equity.
10. Owner's equity is subdivided into Capital, Withdrawals, Revenue, and Expenses.
11. False. It is a subdivision of owner's equity and records payments of the owner’s
personal (non-business) expenses or distributions direct to the owner. It is not a
business expense.
12. Reject. As expenses increase, owner's equity decreases.
13. Revenue less Expenses; an income statement shows performance over time.
14. False. It calculates ending capital.
15. The question in this case is whether Paul should be allowed to "pad" his expense
account with an additional $100 of expenses. This would be unethical. Paul should
only expense those items that are business related. Paul's argument that he is
entitled to an additional $100 is not a valid assumption. However, he should be
reimbursed for any business expenses during the weekend.
16. The pandemic has forced many small businesses to add numerous safety
precautions to keep both their employees and their customers safe. Some safety
measures include shields that create a barrier between a cashier and the customer,
requiring masks be worn by employees and customers, and social distancing


1-1

, markers on floors. These expenses are borne by companies in the short term but
are often passed onto customers via higher prices on products and services sold in
the long run. Other changes due to Covid-19 are: (1) offering more delivery and
pickup options to customers, (2) changing the business model to focus on online
sales, (3) offering remote working options to employees, and (4) reducing retail
hours for customers due to deep cleaning.




1-2

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 StepsSol. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$42.76. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75632 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$42.76  1x  sold
  • (0)
  Add to cart