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Financial and Managerial Accounting for MBAs 6th Edition Easton Solutions Manual / Test bank A+
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Financial and Managerial Accounting for MBAs 6th Edition Easton Solutions Manual / Test bank A+

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Voorbeeld van de inhoud

FINANCIAL AND MANAGERIAL ACCOUNTING – 8th Edition


1. What is accounting?
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. Briefly describe the two major fields of accounting.


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. Describe the various types of individuals who use accounting information and how they
use that information to make important decisions.


Individuals use accounting information to help them manage their money, evaluate a
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.




Chapter 1: Accounting and the Business Page 1 of 84
Environment

,FINANCIAL AND MANAGERIAL ACCOUNTING – 8th Edition




4. What are two certifications available for accountants? Briefly explain each
certification.


Certified Public Accountants (CPAs) are licensed professional accountants who
serve the general public. They work for public accounting firms, businesses,
government, or educational institutions. To be certified they must meet educational
and/or experience requirements and pass an exam. Certified Management
Accountants (CMAs) specialize in accounting and financial management
knowledge. They work for a single company.




Chapter 1: Accounting and the Business Page 2 of 84
Environment

,FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Solutions Manual

5. What is the role of the Financial Accounting Standards Board (FASB)?

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




6. Explain the purpose of Generally Accepted Accounting Principles (GAAP), including
the organization currently responsible for the creation and governance of these
standards.


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 the GAAP provides the framework for this financial
reporting.




7. Describe the similarities and differences among the four different types of business entities
discussed in the chapter.


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.


Chapter 1: Accouting and the Business Environment Page 3 of 84

, FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Solutions Manual

5. What is the role of the Financial Accounting Standards Board (FASB)?




8. A business purchases an acre of land for $5,000. The current market value is $5,550 and the
land was assessed for property tax purposes at $5,250. What value should the land be
recorded at, and which accounting principle supports your answer?


The land should be recorded at $5,000. The cost principle states that assets should
be recorded at their historical cost.




Chapter 1: Accouting and the Business Environment Page 4 of 84

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