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TEST BANK For Financial Accounting, 6th Edition By David Spiceland, Wayne Thomas, Verified Chapters 1 - 12, Complete Newest Version €19,22
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TEST BANK For Financial Accounting, 6th Edition By David Spiceland, Wayne Thomas, Verified Chapters 1 - 12, Complete Newest Version
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TEST BANK For Financial Accounting, 6th Edition By David Spiceland, Wayne Thomas, Verified Chapters 1 - 12, Complete Newest Version

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Voorbeeld van de inhoud

Chapter 1 s



A Framework for Financial Accounting
s s s s




REVIEW QUESTIONS s




Question 1-1 (LO 1-1)
s s s

Accountingsisstheslanguagesofsbusiness.sWhereassasbasicsmathsclasssmightsinvolvesadding,ssubtracti
ng,sandssolvingsforsunknownsvariables,saccountingsinvolvesslearningstosmeasuresbusinessstransactionssa
ndscommunicatingsthosesmeasurementssinsasformatsthatsissgenerallysunderstoodsbysdecisionsmakers.

Question 1-2 (LO 1-1)
s s s

Thosesinterestedsinsmakingsdecisionssaboutsascompanysincludesinvestors,screditors,scustomers,ssupp
liers,smanagers,semployees,scompetitors,sregulators,staxsauthorities,sandslocalscommunities.

Question 1-3 (LO 1-1)
s s s

Financialsaccountingsseeksstosmeasuresbusinesssactivitiessofsascompanysandstoscommunicatesthosesme
asurementsstosexternalspartiessforsdecision-
makingspurposes.sThestwosprimarysexternal,sorsoutsidesthesfirm,suserssofsfinancialsaccountingsinformatio
nsaresinvestorssandscreditors.sManagerialsaccountingsdealsswithsthesmethodssaccountantssusestosprovidesi
nformationstosansorganization’ssinternalsusers,sthatsis,sitssownsmanagers.

Question 1-4 (LO 1-1)
s s s

Thestwosprimarysfunctionssofsfinancialsaccountingsarestosmeasuresbusinesssactivitiessofsascompanysan
dstoscommunicatesinformationsaboutsthosesactivitiesstosinvestorssandscreditorssforsdecision-
makingspurposes.

Question 1-5 (LO 1-2)
s s s

Thesthreesbasicsbusinesssactivitiessaresfinancing,sinvesting,sandsoperatingsactivities.sFinancingsactiv
itiessarestransactionssthatsraisescashsneededstosoperatesthesbusiness,ssuchsassissuingsstocksandsborrowings
moneysfromsasbank.sInvestingsactivitiesstypicallysincludesthespurchasesorsdisposalsofslong-
stermsresourcessthatsaresexpectedstosbenefitsthescompanysforsseverals years,ssuchsassland,sbuildings,sequip

ment,sandsmachinery.sOperatingsactivitiessincludesthesprimarysoperationssofsthescompany,sprovidingspr
oductssandsservicesstoscustomerssandsthesassociatedscostssofsdoingsso,slikesutilities,staxes,sadvertising,swa
ges,srent,sandsmaintenance.

Question 1-6 (LO 1-2)
s s s

TypicalsfinancingsactivitiessforsUPSswouldsincludessellingsstocksandspayingsdividendsstosinvestors,sass
wellsassborrowingsandsrepayingsdebtstoscreditors.

Question 1-7 (LO 1-2)
s s s

TypicalsinvestingsactivitiessforsCaesarssEntertainmentswouldsincludesthespurchasesorsdisposalsofslan
d,scasinosbuildings,shotels,sgamingstables,schairs,scleaningsequipment,sandsfoodspreparationsmachines.
©2022s McGrawsHills Education.s Alls rightss reserved.s Authorizeds onlys fors instructors usesins thesclassroom.s Nos reproductions ors furthers distributions
mittedswithoutsthespriorswrittensconsentsofsMcGrawsHillsEducation.



Solutionss Manual,s Chapters 1 1-1

,Answers to Review Questions (continued)
s s s s




Question 1-8 (LO 1-2)
s s s

TypicalsoperatingsactivitiessforsOracleswouldsincludesthessalesofssoftwaresandsconsultingsservices,sass
wellsasscostssrelatedstossalaries,sresearch,sutilities,sadvertising,srent,sandstaxes.

Question 1-9 (LO 1-2)
s s s

Thesthreesmajorslegalsformssofsbusinesssorganizationssincludessolesproprietorship,spartnership,sandsco
rporation?sAscorporationsisschosensbysmostsofstheslargestscompaniessinsthesUnitedsStates.

Question 1-10 (LO 1-
s s s

2)sAssets:sResourcessowned
.sLiabilities:sAmountssowed
.
Stockholders’sequity:sOwners’sclaimsstosresources.
Dividends:sDistributionsstosstockholders.
Revenues:sSalessofsproductssorsservicesstoscustomers.
Expenses:sCostssofssellingsproductssorsservices.

Question 1-11 (LO 1-2)
s s s

Thesmajorsadvantagesofsascorporationsisslimitedsliability.sStockholderssofsascorporationsaresnotshelds
personallysresponsiblesforsthesfinancialsobligationssofsthescorporation.sOwnerssofssolesproprietorshipsso
rspartnershipssremainspersonallysliablesforsactivitiessofsthesbusiness.sCorporationsshavesthesdisadvantage
ssofsdoublestaxationscomparedstossolesproprietorshipssandspartnerships.sSolesproprietorshipsandspartners
hipsformssofsbusinessshavesthesadvantagesthatsincomesisstaxedsonlysonce.sHowever,stherescouldsbesotherst
axsadvantagessforscertainstypessofscorporations,ssuchsassaslowersoverallstaxsratescomparedstospartnership
ssandssolesproprietorships.sSolesproprietorshipssandspartnershipssaresoftenslimitedsinsthesamountsofsfunds
stheyscansraisestosstartsasbusiness.




Question 1-12 (LO 1-3)
s s s

1. Incomesstatement:sReportssthescompany’ssrevenuessandsexpensessduringsansintervalsofstime.sIfsre
venuessexceedsexpenses,sthensthescompanysreportssnetsincome.sIfsexpensessexceedsrevenues,sthens
thescompanysreportssasnets loss.
2. Statementsofsstockholders’sequity:sSummarizesstheschangessinsstockholders’sequitysfromsnetsin
come,sdividends,sandsstocksissuancessduringsansintervalsofstime.
3. Balancessheet:sPresentssthesfinancialspositionsofsthescompanysonsasparticularsdate.sItsshowssthatsa
ssetssequalsliabilitiessplussstockholders’sequity.
4. Statementsofscashsflows:sReportsscashsinflowssandsoutflowssrelatedstosoperating,sinvesting,sandsf
inancingsactivitiessduringsansintervalsofstime.

Question 1-13 (LO 1-3)
s s s

Balancessofsaccountssreportedsinsthesincomesstatement,sstatementsofsstockholders’sequity,sandsstate
mentsofscashsflowssreflectsactivitysfromsthesbeginningsofsthesperiodsthroughsthesendsofsthesperiod.sBalance
ssofsaccountssreportedsinsthesbalancessheetsreflectsthesfinancialspositionsofsthescompanysassofsassingles date,
s thes ends ofs thes period.s Thes incomes statement,s statements ofs stockholders’s equitys and




©2022s McGrawsHills Education.s Alls rightss reserveds .Authorizeds onlys fors instructors usesins thesclassroom.s Nos reproductions ors furthersdis
tributionspermittedswithoutsthespriorswrittensconsentsofsMcGraws Hills Education
1-2 Financials Accounting,s 6e

, statements ofscashsflowss iss likes as videos (showsseventssovers time),s whereassthes balancessheets isslikesasphotogra
(showsseventssatsaspointsinstime).




©2022s McGrawsHills Education.s Alls rightss reserved.s Authorizeds onlys fors instructors usesins thesclassroom.s Nos reproductions ors furthers distributions
mittedswithoutsthespriorswrittensconsentsofsMcGrawsHillsEducation.
Solutionss Manual,s Chapters 1 1-3

, Answers to Review Questions (continued)
s s s s




Question 1-14 (LO 1-3)
s s s

Basicsrevenuesswouldsincludessalesofsproductss(suchsasstoys,sdolls,sandsgames)sandsservicess(suchsasst
hemesparkstickets).sExpensessincludescostsofsmerchandisessold,semployeessalaries,sutilities,sadvertising,s
taxes,sinterest,sandslegalsfees.

Question 1-15 (LO 1-3)
s s s

Thesaccountingsequationsis:sAssetss=sLiabilitiess+sStockholders’sEquity.sThesformatsofsthesbalancesshe
etsfollowssthesaccountingsequation.

Question 1-16 (LO 1-3)
s s s

Assetsswouldsincludesitemsssuchsassmerchandisesinventory,sofficessupplies,sbuildings,sland,strucks,san
dsequipment.sLiabilitiesswouldsincludesitemsssuchsassamountssowedstosemployees,ssuppliers,staxingsauth
orities,sandslenders.

Question 1-17 (LO 1-3)
s s s

Retainedsearningssrepresentsthescumulativesamountsofsnetsincomesearnedsoverstheslifesofsthescompan
ysthatshassnotsbeensdistributedstosstockholderssassdividends.sNetsincomesissshownsinsthesincomesstatemen
tsandsretainedsearningssaresreportedsinsthesbalancessheet.sThus,sretainedsearningssrepresentsasbalancesshe
etsaccountswhichsreflectssthescumulativesresultsofsincomesstatementssoverstheslifesofsthescompanys(lesssa
nysdividends).

Question 1-18 (LO 1-3)
s s s

Thes statements ofscashs flowssreportss operating,s investing,s ands financings activitiess involvings cashsre
ceiptssandscashspaymentssoversansintervalsofstime.sExamplessofseachsinclude:
Operatings–
ssellingsmerchandise,spayingsemployeessalaries,sandspayingsforsadvertisement.sInvestings–

spurchasingslandsandsbuildingsstosopensnewsfactoriessandssellingsequipmentsforscash.

Financings –
s Borrowings froms lenderss ors issuings stocks tos ownerss tos obtains fundss necessarys tosexpandsope

rations.

Question 1-19 (LO 1-3)
s s s

Twos others importants sourcess ofs informations ares thes (1)s managements discussions ands analysiss(
MD&A)sofsthescompany’ssactivitiessands(2)snotesdisclosuresstosthesfinancialsstatements.

Question 1-20 (LO 1-4)
s s s

Successfulscompaniessusestheirsresourcessefficientlystossellsproductssandsservicessforsasprofit.sUnsuc
cessfulscompaniesseithersofferslower-
qualitysproductssandsservicessorsdosnotsefficientlyskeepstheirscostsslow.sWhensascompanysissunprofitable,
sinvestorsswillsneithersinvestsinsnorslendstosthesfirm.sWithoutsthesessourcessofsfinancing,seventuallysthesc

ompanyswillsfail.sWhensascompanysissablestosmakesasprofit,sinvestorssandscreditorssareswillingstostransfers
theirsresourcesstosit,sandsthescompanyswillsexpandsitssprofitablesoperationssevensfurther.sInvestorssandscre
ditorssrelysheavilysonsfinancialsaccountingsinformationsinsmakingsinvestmentsandslendingsdecisions.

©2022s McGrawsHills Education.s Alls rightss reserveds .Authorizeds onlys fors instructors usesins thesclassroom.s Nos reproductions ors furthersdis
tributionspermittedswithoutsthespriorswrittensconsentsofsMcGraws Hills Education
1-4 Financials Accounting,s 6e

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