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
Complete Solution Manual Financial Accounting Tools for Business Decision Making 10th Edition Kimmel Weygandt Mitchell $17.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Financial Accounting Tool
  4.  
  5. Financial Accounting Tool

Exam (elaborations)

Complete Solution Manual Financial Accounting Tools for Business Decision Making 10th Edition Kimmel Weygandt Mitchell

1 review
 0 view  0 purchase
  • Course
  • Financial Accounting Tool
  • Institution
  • Financial Accounting Tool

Complete Solution Manual Financial Accounting Tools for Business Decision Making 10th Edition Kimmel Weygandt Mitchell

Preview 2 out of 14  pages

Document information

  • September 11, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • complete solution manual financial accounting tool

Written for

  • Financial Accounting Tool
  • Financial Accounting Tool

1  review

review-writer-avatar

By: TESTBANKSWIZZARD • 21 hours ago

Seller

avatar-seller
leonardmuriithi061

Reviews received

Content preview

Complete Solution Manual Financial Accounting Tools
for Business Decision Making 10th Edition Kimmel
Weygandt Mitchell


Accounting - ANSWER System that collects and processes (analyzes, measures,
and records) financial information about an organization and reports that information
to decision makers.

Accounting entity - ANSWER Is the organization for with financial data are to be
collected.

The four basic statements: - ANSWER 1. Balance Sheet
2. Income Statement
3. Statement of Retained Earnings
4. Statement of Cash flows

Balance Sheet - ANSWER Reports the amount of assets, liabilities and
stockholders' equity of an accounting entry at a point in time.

Income Statement - ANSWER Reports the revenues less the expenses of the
accounting period.

Statement of Retained Earnings - ANSWER Reports the way that net income and
the distribution of dividends affected the financial position of the company during the
accounting period.

Statement of Cash Flows - ANSWER Reports inflows and outflows of cash during
the accounting period in the categories of operating, investing, and financing.

Basic Accounting Equation - ANSWER Assets = Liabilities + Stockholders' Equity

Assets - ANSWER Are the economic resources owned by the company. Each of
these economic resources is expected to provide future benefits to the firm.

Liabilities - ANSWER Are the company's debts or obligations. Which will be paid
with assets or services.

Stockholders' Equity (Owners' Equity) - ANSWER Indicates the amount of financing
provided by owners of the business and earnings. Is the sum of the contribute capital
+ the retained earnings.

Accounting Period - ANSWER Is the time period cover by the financial statements.

Elements of the Income Statement - ANSWER Revenues, Expenses and Net
Income.

, Revenues - ANSWER Earnings from the sale of goods or services to costumers.
Revenues are reported whether or not have yet been paid for.

Expenses - ANSWER Represent the dollar amount of resources the entity used to
earn revenue during the period.

Net Income ("the bottom line") - ANSWER Is the excess of total revenues over total
expenses.

Net Loss - ANSWER If total expenses exceed total revenues.

Retained Earning Equation - ANSWER Ending Retained Earnings = (Beginning of
Retained Earnings + Net Income) - Dividends

The Cash Flow Statement Equation - ANSWER +/- Cash flow from Operating
Activities (CFO)
+/- Cash flow from Investing Activities (CFI)
+/- Cash flow from Financing Activities (CFF)
----------------------------------------
Change in Cash

Cash Flow from Operating Activities, and examples - ANSWER CFO- Are cash flow
that are directly related to earning income. Example, collecting cash from costumers,
pay salaries, pay bills, pay to suppliers.

Cash Flow from Investing Activities, and examples - ANSWER CFI- Are cash flow
related to the acquisition or sale of the company's productive assets. Example, the
purchase of additional equipment.

Cash Flow from Financing Activities, and examples - ANSWER CFF- Are cash flow
directly related to the financing of the enterprise itself. Example, the payment of
money to investors and creditors.

Notes - ANSWER "Footnotes" provide supplemental information about the financial
condition of a company.

GAAP - ANSWER Generally Accepted Accounting Principles, are the measurement
rules used to develop the information in financial statements.

SEC - ANSWER Security and Exchange Commission, is the U.S government
agency that determines the financial statements that public companies must provide
to stockholders, and the rules that they must use in producing those statements.

FASB - ANSWER Financial Accounting Standards Board, is the private sector body
given the primary responsibility to work out the detailed rules that become GAAP.

Audit - ANSWER Is an examination of the financial reports to ensure that they
represent claim and comfort with GAAP.

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 leonardmuriithi061. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $17.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

53920 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
$17.99
  • (1)
Add to cart
Added