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Solution Manual for Financial Accounting 5th Edition By Spiceland

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Solution Manual for Financial Accounting 5th Edition By David Spiceland

Chapter 1

A Framework for Financial Accounting

INSTRUCTOR’S MANUAL

 Authors’ Perspectives

Part A: Accounting as a Measurement/Communication Process

LO1-1    Describe the two primary functions of financial accounting.

LO1-2    Understand the business activities that financial accounting measures.

LO1-3    Determine how financial accounting information is communicated through financial statements.

LO1-4    Describe the role that financial accounting plays in the decision-making process.

Eliminate the Misconception – It’s important on Day 1 to change any misconception students have about financial accounting. Most students think this is going to be another math class. Chapter 1 begins by explaining that this is not the case. Financial accounting is described as “the language companies use to tell their financial story.” The concept of storytelling has broad appeal across all business students. Companies tell their financial stories using financial statements and related disclosures.

  • Illustration 1-2 (with video) presents a simple framework students can use to visualize financial accounting. This illustration looks more like a business class than a math class. We can simplify the course by explaining to students that they will need to learn two functions of accounting over the semester: (1) how to measure business activities and (2) how to communicate those measurements. To better understand why accountants measure and communicate the way they do, students will also see how financial accounting helps investors, creditors, and others in making decisions.

Start Simple – The financial accounting course can be intimidating to many students, most of whom have never had an accounting course. We can simplify the measurement-communication-decision making nature of financial accounting with the following illustrations:

  • Illustration 1-4 provides a complete list of the measurement categories students will need to know. Students will see many account titles throughout the semester, and this may seem overwhelming to them at first. However, we can explain that all of these accounts fall into six easy-to-learn categories (Note: hold off on introducing gains and losses until later chapters). Seeing only these six measurement categories makes the measurement function seem more attainable.
  • Illustration 1-9 (with video) provides the full set of financial statements students will need to know. More detailed financial statements are shown previously in Illustration 1-5 through 1-8. Seeing the full set of financial statements in a single illustration helps students realize that learning the communication role of financial accounting is manageable.
  • Illustration 1-10 was created by the Pathways Commission of the American Accounting Association. Accounting serves an impor­tant role in a prosperous society by measuring economic activity and communicating useful information to help investors and creditors make good decisions. We can confidently tell our students that financial accounting matters and has relevance to the well-being of our society.

PART B: Financial Accounting Information

LO1-5    Explain the term generally accepted accounting principles (GAAP) and describe the role of GAAP in financial accounting.

Accounting is a Dynamic Social Science – Many students are surprised to learn that the formal rules of financial accounting are established by a private-sector body, the Financial Accounting Standards Board. Some are also surprised to find out that separate rules have been established outside of the United States by the International Accounting Standards Board. The differences in standards between the two boards reflect the fact that accounting is a social science, unlike the formal sciences (mathematics, physics, chemistry, etc.). The rules of the formal sciences do not differ across countries (for example, in all countries, 2 2 = 4, and water is made up of two atoms of hydrogen and one atom of oxygen). However, the rules of financial accounting do not exist on their own; they are developed by the society for which they exist. Differences in beliefs and economic conditions across countries can lead to differences in accounting standards and practices, as well as changes over time in the same country. Many students will find the dynamic nature of a social science like accounting far more exciting than mathematics.

Intriguing Role of the Auditor – The description of financial accounting as “the language companies use to tell their financial story” was introduced in Part A. In Part B, students are introduced briefly to the role of an independent auditor in providing verification that companies are telling their story accurately. Students are highly interested in cases of financial statement fraud, and instructors can explain that topics covered throughout the book will demonstrate how fraud occurs. There are two types of auto-gradable assignments at the end of each chapter that can be assigned related to financial statement fraud:

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DescriptionBy: Spiceland Edition: 5th Edition Format: Downloadable ZIP Fille Resource Type: Test bank Duration: Unlimited downloads Delivery: Instant DownloadBy: Edmonds Edition: 1st Edition Format: Downloadable ZIP Fille Resource Type: Test bank Duration: Unlimited downloads Delivery: Instant DownloadEdition: 24th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadEdition: 7th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadEdition: 3rd Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadEdition: 11th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant Download
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Solution Manual for Financial Accounting 5th Edition By David Spiceland

Chapter 1 A Framework for Financial Accounting INSTRUCTOR’S MANUAL  Authors’ Perspectives Part A: Accounting as a Measurement/Communication Process LO1-1    Describe the two primary functions of financial accounting. LO1-2    Understand the business activities that financial accounting measures. LO1-3    Determine how financial accounting information is communicated through financial statements. LO1-4    Describe the role that financial accounting plays in the decision-making process. Eliminate the Misconception – It’s important on Day 1 to change any misconception students have about financial accounting. Most students think this is going to be another math class. Chapter 1 begins by explaining that this is not the case. Financial accounting is described as “the language companies use to tell their financial story.” The concept of storytelling has broad appeal across all business students. Companies tell their financial stories using financial statements and related disclosures.
  • Illustration 1-2 (with video) presents a simple framework students can use to visualize financial accounting. This illustration looks more like a business class than a math class. We can simplify the course by explaining to students that they will need to learn two functions of accounting over the semester: (1) how to measure business activities and (2) how to communicate those measurements. To better understand why accountants measure and communicate the way they do, students will also see how financial accounting helps investors, creditors, and others in making decisions.
Start Simple – The financial accounting course can be intimidating to many students, most of whom have never had an accounting course. We can simplify the measurement-communication-decision making nature of financial accounting with the following illustrations:
  • Illustration 1-4 provides a complete list of the measurement categories students will need to know. Students will see many account titles throughout the semester, and this may seem overwhelming to them at first. However, we can explain that all of these accounts fall into six easy-to-learn categories (Note: hold off on introducing gains and losses until later chapters). Seeing only these six measurement categories makes the measurement function seem more attainable.
  • Illustration 1-9 (with video) provides the full set of financial statements students will need to know. More detailed financial statements are shown previously in Illustration 1-5 through 1-8. Seeing the full set of financial statements in a single illustration helps students realize that learning the communication role of financial accounting is manageable.
  • Illustration 1-10 was created by the Pathways Commission of the American Accounting Association. Accounting serves an impor­tant role in a prosperous society by measuring economic activity and communicating useful information to help investors and creditors make good decisions. We can confidently tell our students that financial accounting matters and has relevance to the well-being of our society.
PART B: Financial Accounting Information LO1-5    Explain the term generally accepted accounting principles (GAAP) and describe the role of GAAP in financial accounting. Accounting is a Dynamic Social Science – Many students are surprised to learn that the formal rules of financial accounting are established by a private-sector body, the Financial Accounting Standards Board. Some are also surprised to find out that separate rules have been established outside of the United States by the International Accounting Standards Board. The differences in standards between the two boards reflect the fact that accounting is a social science, unlike the formal sciences (mathematics, physics, chemistry, etc.). The rules of the formal sciences do not differ across countries (for example, in all countries, 2 2 = 4, and water is made up of two atoms of hydrogen and one atom of oxygen). However, the rules of financial accounting do not exist on their own; they are developed by the society for which they exist. Differences in beliefs and economic conditions across countries can lead to differences in accounting standards and practices, as well as changes over time in the same country. Many students will find the dynamic nature of a social science like accounting far more exciting than mathematics. Intriguing Role of the Auditor – The description of financial accounting as “the language companies use to tell their financial story” was introduced in Part A. In Part B, students are introduced briefly to the role of an independent auditor in providing verification that companies are telling their story accurately. Students are highly interested in cases of financial statement fraud, and instructors can explain that topics covered throughout the book will demonstrate how fraud occurs. There are two types of auto-gradable assignments at the end of each chapter that can be assigned related to financial statement fraud:

Test Bank for Introductory Financial Accounting for Business 1st Edition By Edmonds

Introductory Financial Accounting for Business, 1e (Edmonds) Chapter 1   An Introduction to Accounting ISBN10: 1260299449. ISBN13: 9781260299441.   1) Which of the following groups has the primary responsibility for establishing generally accepted accounting principles for business entities in the United States?
  1. A) Securities and Exchange Commission
  2. B) U.S. Congress
  3. C) International Accounting Standards Board
  4. D) Financial Accounting Standards Board
  2) The Heritage Company is a manufacturer of office furniture. Which term best describes Heritage's role in society?
  1. A) Conversion agent
  2. B) Regulatory agency
  3. C) Consumer
  4. D) Resource owner
  3) Which resource providers lend financial resources to a business with the expectation of repayment with interest?
  1. A) Consumers
  2. B) Creditors
  3. C) Investors
  4. D) Owners
  4) Which type of accounting information is intended to satisfy the needs of external users of accounting information?
  1. A) Cost accounting
  2. B) Managerial accounting
  3. C) Tax accounting
  4. D) Financial accounting
  5) Which of the following statements is false regarding managerial accounting information?
  1. A) It is often used by investors.
  2. B) It is more detailed than financial accounting information.
  3. C) It can include nonfinancial information.
  4. D) It focuses on divisional rather than overall profitability.
  6) Financial accounting standards are known collectively as GAAP. What does that acronym stand for?
  1. A) Generally Accepted Accounting Principles
  2. B) Generally Applied Accounting Procedures
  3. C) Governmentally Approved Accounting Practices
  4. D) Generally Authorized Auditing Principles
    7) International accounting standards are formulated by the IASB. What does that acronym stand for?
  1. A) Internationally Accepted Standards Board
  2. B) International Accounting Standards Board
  3. C) International Accountability Standards Bureau
  4. D) International Accounting and Sustainability Board
  8) Which of the following is an example of revenue?
  1. A) Cash received as a result of a bank loan
  2. B) Cash received from investors from the sale of common stock
  3. C) Cash received from customers at the time services were provided
  4. D) Cash received from the sale of land for its original selling price
  9) Which of the following is not an element of the financial statements?
  1. A) Net income
  2. B) Revenue
  3. C) Assets
  4. D) Cash
  10) Algonquin Company reported assets of $50,000, liabilities of $22,000 and common stock of $15,000. Based on this information only, what is the amount of the company's retained earnings?
  1. A) $7,000.
  2. B) $57,000.
  3. C) $13,000.
  4. D) $87,000.
  11) Stosch Company's balance sheet reported assets of $40,000, liabilities of $15,000 and common stock of $12,000 as of December 31, Year 1. Retained earnings on the December 31, Year 2 balance sheet is $18,000 and Stosch paid a $14,000 dividend during Year 2. What is the amount of net income for Year 2?
  1. A) $17,000
  2. B) $19,000
  3. C) $13,000
  4. D) $21,000

Solution Manual for Fundamental Accounting Principles 24th Edition by Wild

Chapter 1
Wild and Shaw, FAP 24e Solutions Manual: Chapter 1
9. Accounting is described as a service activity because it serves decision-makers by
providing information to help them make better business decisions.
10. Some accounting-related professions include consultant, financial analyst,
underwriter, financial planner, appraiser, FBI investigator, market researcher, and
system designer.
11. Ethics rules require that auditors avoid auditing clients in which they have a direct
investment, or if the auditor’s fee is dependent on the figures in the client’s reports.
This will help prevent others from doubting the quality of the auditor’s report.
12. In addition to preparing tax returns, tax accountants help companies and individuals
plan future transactions to minimize the amount of tax to be paid. They are also
actively involved in estate planning and in helping set up organizations. Some tax
accountants work for regulatory agencies such as the IRS or the various state
departments of revenue. These tax accountants help to enforce tax laws.
13. The objectivity concept means that financial statement information is supported by
independent, unbiased evidence other than someone’s opinion or imagination.
14. This treatment is justified by both the cost principle and the going-concern
assumption.
15. The revenue recognition principle provides guidance for managers and auditors so
they know when to recognize revenue. If revenue is recognized too early, the
business looks more profitable than it is. On the other hand, if revenue is
recognized too late the business looks less profitable than it is. This principle
demands that revenue be recognized when it is both earned (when service or
product is provided) and can be measured reliably. The amount of revenue should
equal the value of the assets received or expected to be received from the
business’s operating activities covering a specific time period.
16. Business organizations can be organized as a sole proprietorship, partnership,
corporation, or LLC. These forms have implications for legal entity and liability,
business life, taxation, and number of owners as follows.
Proprietorship Partnership Corporation LLC
Business entity yes yes yes yes
Legal entity no no yes yes
Limited liability no no yes yes
Unlimited life no no yes yes
Business Taxed no no yes no
One owner allowed yes no yes yes
17. (a) Assets are resources owned or controlled by a company that are expected to
yield future benefits. (b) Liabilities are creditors’ claims on assets that reflect
obligations to provide assets, products, or services to others. (c) Equity is the
owner’s claim on assets and is equal to assets minus liabilities. (d) Net assets refer
to equity.
18. Equity is increased by investments from the owner and by net income (which is the
excess of revenues over expenses). It is decreased by withdrawals by the owner
and by a net loss (which is the excess of expenses over revenues

Solution Manual for Managerial Accounting 7th Edition by Wild

The solutions manual holds the correct answers to all questions within your textbook, therefore, It could save you time and effort. Also, they will improve your performance and grades. Most noteworthy, we do not restrict access to educators and teachers, as a result, students are allowed to get those manuals.
  • Noteworthy, both students and instructors can obtain this Solutions Manual.
  • FREE sample available for download.
  • Complete Solutions Manual guranteed. All Chapters included.
  • This is a digital downloadable product, therefore, no shipping address required.
  • Instant delivery. Also, file format comversion available upon request.
  • This is not the textbook, likewise, it is a supplementary manual for the textbook.
 
Title
Financial and Managerial Accounting
Edition
7th Edition
Authors
Wild, Shaw, Chiappetta
Resource
Solutions Manual
Publisher
McGraw Hill Education
ISBN
ISBN1259726703
SKU
C1259726703SM

Other Expressions for Solutions Manual

Solutions manual could be also called answer book, key answers, answer keys, textbook solutions and also textbook answers manual.
  • WILD FINANCIAL AND MANAGERIAL ACCOUNTING 7/E SOLUTIONS MANUAL.
  • FINANCIAL AND MANAGERIAL ACCOUNTING SOLUTIONS MANUAL PDF.

Solution Manual for Intermediate Accounting 3rd Edition by Wahlen

Description Solution Manual for Intermediate Accounting As a student, completing homework assignments can be challenging. Sometimes you forget the material that you previously learned in class. Other times, the subject matter is very complex and leaves you feeling confused. On the other hand, maybe you have a very busy schedule and frequently miss the deadline to hand in your homework.nnDo any (or all) of these scenarios sound familiar?nnYou are not alone. We understand life as a student is difficult. We believe homework should be a tool that helps you achieve excellent results in the classroom, so you can graduate with the highest GPA and go on to get the job of your dreams. It is for this very reason that we place at your disposal the Solution Manual for Intermediate Accounting 3rd Edition by Wahlen.nAre you ready to say goodbye to homework-induced frustration? nnSolution Manual Benefits:n • Instantly download the solution manual after purchasenn • View the free sample first, so you know exactly what you are gettingnn • Digital format provides access anywhere you have a computer or smartphonenn • Turn in your homework on time, every time (even if it’s due in a few hours!)nn • Figure out problems on your own and spend less time in extra help sessionsnn • Review your answers immediately after completing your homeworknn • Check your reasoning and understanding of each problem as you gonnThe solution manual contain solutions and answers to the exercises, review questions, problems and case studies directly from your textbook. Whenever you dont know how to solve a problem, it can be helpful to look up the answer in the solutions manual, and then work backwards to figure it out.n nIt gets even BETTER:nnThe solutions manual is in digital downloadable format and can be accessed instantly after purchase! All it takes is the click of a button and you will be on your way to understanding your homework and completing it faster than ever before. Buy the solutions manual and become a homework master today! You will soon wonder how you ever survived without it.

Solution Manual for Managerial Accounting 11th CANADIAN Edition by Garrison

Chapter 1 Managerial Accounting and the Business Environment Learning Objectives  
  • Describe the functions performed by managers.
  • Identify the major differences and similarities between financial and managerial accounting.
  • Explain the basic concepts of lean production and enterprise risk management.
  • Explain the nature and importance of ethics for accountants and the role of corporate social responsibility.
  • Explain how intrinsic motivation, extrinsic incentives, and cognitive biases affect employee behaviour.
  Chapter Overview   This chapter serves four main purposes:  
  • It explains the nature of managerial accounting in providing internal accounting information to support the work of management—planning, directing and motivating, and controlling.
  • It describes the nature of organizations and the role of management accountants in an organization.
  • It explains how companies are responding to a changing business environment by improving business process with the following four approaches:
    • Lean Production
    • Enterprise Risk Management
  • It discusses the importance of upholding ethical standards.
    Service-Related Examples   Company                                                                                                       Type of Business                           Text Reference Certified Professional Accountants     Accounting                                    Introduction Canadian Pacific                               Railway                                   In Business CIBC                                                 Bank                                             Ethics/Discussion Case     Assignment Topic Grid Chapter 1  
ProblemTopicLO1: Functions of managersLO2: Financial vs. managerial accounting  LO3: Lean production and enterprise risk   management  LO4: Nature and importance of ethics for   accountantsLO5: Intrinsic motivation, extrinsic incentives, and cognitive biasesService industryWriting componentCPA adapted
E1-1Functions Performed by Managersü?
E1-2Financial and Managerial Accountingü?
E1-3Enterprise Risk Managementü?
P1-4Cognitive Biasesü?
P1-5Planning and Control ActivitiesüJ?
P1-6Ethics in Businessü?
P1-7Corporate Social Responsibilityü?
P1-8Intrinsic Motivation and Extrinsic Incentivesü?
P1-9Value Chain Analysisü
 
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