Exam (elaborations)

Solutions Manual, Solutions For College Accounting, A Practical Approach, 15th Canadian Edition Slater, Deschamps, Good

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Course
ACCT

Institution
University Of Victoria (UVic )

Solutions For College Accounting: A Practical Approach, Canadian Edition, 15th edition / College Accounting 15th Edition Solutions. Jeffrey Slater, Mike Deschamps, Debra Good, 9780137627646, Solutions Manual / Slater 15e Solutions for College Accounting.

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slater 15e solutions
jeffrey sla
solutions for college accounting 15e
solutions for college accounting 15ce
college accounting 15th canadian edition solutions
slater 15e solutions for college accounti

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Chapter No. 01: Accounting Concepts and
Procedures: An Introduction

DISCUSSION QUESTIONS ANSWERS AND CRITICAL THINKING/ETHICAL CASE

1. The functions of accounting are to analyze, record, classify, summarize, report, and inter

information.

2. Sole proprietorship—one owner, unlimited liability; easy to form Partnership—two or m

owners; unlimited liability, easy to form Corporation—one or more shareholders; limited liabili

more difficult to form.

3. Service, merchandising, or manufacturing.

4. The objective of accounting is to provide relevant, timely information for user decision

making. Accountants must behave ethically so that the information they provide will be trustwo

and, therefore, useful for all decisions. Ethics are moral principles that guide the conduct of

individuals. Sometimes business managers and accountants behave in an unethical manner.

5. The three elements of the basic accounting equation are assets, liabilities, 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 must equal the sum of the right side of the

equation.

8. False. It is the income statement that tells how well the company has performed.

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.

12. Reject. As expenses increase and revenue remains the same, owner’s equity decreases.

,13. Revenue less Expenses; an income statement shows performance—profit or loss for the

period.

14. False. It calculates ending capital.

15. The question, in this case, is whether Paul should be allowed to “pad” his expense accoun

with an additional $100 of expenses. Paul should be allowed to charge only those items that are

business related. Paul’s argument that he is entitled to an additional $100 is not a valid assump

However, he should be allocated money for any business expenses during the weekend. Paul sh

also ask his employer for additional compensation for working during his non-scheduled time.

important point is that accountants need to be seen as ethical and should not do unethical activ

,3|Page

SOLUTIONS TO CLASSROOM DEMONSTRATION EXERCISES
CDE1. a. A CDE4. $24,000 ($12,000 + $12,000) CDE8. a. IS
b. A b. BS
c. L CDE5. c. J. Takibi, Capital c. BS
d. A d. Advertising Expense d. BS
e. OE f. Service Fees Earned e. IS
f. A g. J. Takibi, Withdrawals f. IS
g. OE
h. BS
CDE2. a. Liabilities CDE6. c. Accounts Payable
b. Assets d. Delivery Fees Earned CDE9 a. OE
c. Accounts Payable b. BS
c. BS
d. IS

CDE3. a. I CDE7. a.
b. S b.
d.
CDE10.
1. balance sheet
2. Assets
3. liabilities
4. accounting equation
5. accounts aayable
6. service
7. owner’s equity
8. Accounts receivable
9. transaction
10. creditor
SOLUTIONS TO EXERCISES—SET A
E1-1A.
a. $15,000 ($19,000 − $4,000)
b. $15,000 ($ 6,000 + $9,000)
c. $ 6,000 ($10,000 − $4,000)
E1-2A.
1. Service 6. Service
2. Merchandise 7. Service
3. Service 8.
Manufacture
r
4. Merchandise 9.
Manufacture
r
5. Merchandise 10. Merchandise
E1-3A.
1. b
2. b
3. b
4. a

, 5. d
6. d
7. d
8. b
9. c
10. a

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Exam (elaborations)

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