Exam (elaborations)

Solutions for Horngren's Accounting, 14th edition by Tracie Miller-Nobles

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Horngren\\\'s Accounting

Institution
Horngren\\\'s Accounting

Complete Solutions Manual for Horngren's Accounting 14e 14th edition by Tracie Miller-Nobles, Brenda Mattison. Full Chapters Solutions are included THE FINANCIAL CHAPTERS Accounting and the Business Environment Recording Business Transactions The Adjusting Process Completing the Accounting C...

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Uploaded on September 3, 2023
Number of pages 2431
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

horngrens
accounting
14e
14th
edition
tracie
miller nobles
solution guide
answer guide
9780137961245
financial chapters
managerial chapters
solutions manual

Institution Horngren's Accounting
Course Horngren's Accounting

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Complete Solutions Manual included 14e
Financial + Managerial Chapters (BOTH included)
Chapter F:1
Accounting and the Business Environment

Review Questions
1. Accounting is the information system that measures business activities, processes the information
into reports, and communicates the results to decision makers. Accounting is the language of
business.

2. Financial accounting provides information for external decision makers, such as outside investors,
lenders, customers, and the federal government. Managerial accounting focuses on information for
internal decision makers, such as the company’s managers and employees.

3. Individuals use accounting information to help them manage their money, evaluate a new job, and
better decide whether they can afford to make a new purchase. Business owners use accounting
information to set goals, measure progress toward those goals, and make adjustments when needed.
Investors use accounting information to help them decide whether or not a company is a good
investment and once they have invested, they use a company’s financial statements to analyze how
their investment is performing. Creditors use accounting information to decide whether to lend
money to a business and to evaluate a company’s ability to make the loan payments. Taxing
authorities use accounting information to calculate the amount of income tax that a company has to
pay.

4. Certified Public Accountants (CPAs) are licensed professional accountants who serve the general
public. They work for public accounting firms, businesses, government, or educational institutions.
A Chartered Global Management Accountant (CGMA) is an accountant who has advanced
knowledge in finance, operations, strategy, and management. Certified Management Accountants
(CMAs) specialize in accounting and financial management knowledge. They work for a single
company. Certified Financial Planners (CFPs) work with individuals to help them budget, plan for
retirement, save for education, and manage their finances.

5. The FASB oversees the creation and governance of accounting standards. They work with
governmental regulatory agencies, congressionally created groups, and private groups.

6. The guidelines for accounting information are called GAAP. It is the main U.S. accounting rule
book and is currently created and governed by the FASB. Investors and lenders must have
information that is relevant and has faithful representation in order to make decisions and GAAP
provides the framework for this financial reporting.

7. A sole proprietorship has a single owner, terminates upon the owner’s death or choice, the owner has
personal liability for the business’s debts, and it is not a separate tax entity. A partnership has two or
more owners, terminates at partner’s choice or death, the partners have personal liability, and it is
not a separate tax entity. A corporation is a separate legal entity, has one or more owners, has
indefinite life, the stockholders are not personally liable for the business’s debts, and it is a separate
tax entity. A limited-liability company has one or more members and each is only liable for his or
her own actions, has an indefinite life, and is not a separate tax entity.

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