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Solution Manual for Financial and Managerial Accounting 8th Edition By Wild

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Solution Manual for Financial and Managerial Accounting 8th Edition By Wild

Chapter 1

Accounting in Business

QUESTION

  1. The purpose of accounting is to provide decision makers with relevant and reliable information to help them make better decisions. Examples include information for people making investments, loans, and business plans.
  2. Technology reduces the time, effort, and cost of recordkeeping. There is still a demand for people who can design accounting systems, supervise their operation, analyze complex transactions, and interpret reports. Demand also exists for people who can effectively use computers to prepare and analyze accounting reports. Technology will never substitute for qualified people with abilities to prepare, use, analyze, and interpret accounting information.
  3. External users and their uses of accounting information include: (a) lenders, to measure the risk and return of loans; (b) shareholders, to assess whether to buy, sell, or hold their shares; (c) directors, to oversee the organization; (d) employees and labor unions, to judge the fairness of wages and assess future employment opportunities; and (e) regulators, to determine whether the organization is complying with regulations. Other users are voters, legislators, governmentofficials, contributors to nonprofits, suppliers, and customers.
  4. Business owners and managers use accounting information to help answer questions such as: What resources does an organization own? What debts are owed? How much income is earned? Are expenses reasonable for the level of sales? Are customers’ accounts being promptly collected?
  5. Service businesses include: Standard and Poor’s, Dun & Bradstreet, Merrill Lynch, Southwest Airlines, CitiCorp, Humana, Charles Schwab, and Prudential.  Businesses offering products include Nike, Reebok, Gap, Apple, Ford Motor Co., Philip Morris, Coca-Cola, Best Buy, and WalMart.
  6. The internal role of accounting is to serve the organization’s internal operating functions. It does this by providing useful information for internal users in completing their tasks more effectively and efficiently. By providing this information, accounting helps the organization reach its overall goals.
  7. Accounting professionals offer many services including auditing, management advice, tax planning, business valuation, and money management.
  8. Marketing managers are likely interested in information such as sales volume, advertising costs, promotion costs, salaries of sales personnel, and sales commissions.
  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.

QUICK STUDIES

Quick Study 1-1 (10 minutes)

1. f    Technology
2. c    Recording
3. h    Recordkeeping (bookkeeping)

 

Quick Study 1-2 (10 minutes)

a. E   External user g. E    External user
b. E   External user h. E    External user
c. E   External user i. I     Internal user
d. E   External user j. E    External user
e. I     Internal user k. E    External user
f. E   External user l. E    External user

 

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DescriptionBy: Wild Edition: 8th 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 DownloadEdition: 5th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadBy: Landin Edition: 5th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Test bank Duration: Unlimited downloads Delivery: Instant DownloadEdition: 24th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadEdition: 6th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant Download
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Solution Manual for Financial and Managerial Accounting 8th Edition By Wild

Chapter 1

Accounting in Business QUESTION
  1. The purpose of accounting is to provide decision makers with relevant and reliable information to help them make better decisions. Examples include information for people making investments, loans, and business plans.
  2. Technology reduces the time, effort, and cost of recordkeeping. There is still a demand for people who can design accounting systems, supervise their operation, analyze complex transactions, and interpret reports. Demand also exists for people who can effectively use computers to prepare and analyze accounting reports. Technology will never substitute for qualified people with abilities to prepare, use, analyze, and interpret accounting information.
  3. External users and their uses of accounting information include: (a) lenders, to measure the risk and return of loans; (b) shareholders, to assess whether to buy, sell, or hold their shares; (c) directors, to oversee the organization; (d) employees and labor unions, to judge the fairness of wages and assess future employment opportunities; and (e) regulators, to determine whether the organization is complying with regulations. Other users are voters, legislators, governmentofficials, contributors to nonprofits, suppliers, and customers.
  4. Business owners and managers use accounting information to help answer questions such as: What resources does an organization own? What debts are owed? How much income is earned? Are expenses reasonable for the level of sales? Are customers’ accounts being promptly collected?
  5. Service businesses include: Standard and Poor’s, Dun & Bradstreet, Merrill Lynch, Southwest Airlines, CitiCorp, Humana, Charles Schwab, and Prudential.  Businesses offering products include Nike, Reebok, Gap, Apple, Ford Motor Co., Philip Morris, Coca-Cola, Best Buy, and WalMart.
  6. The internal role of accounting is to serve the organization’s internal operating functions. It does this by providing useful information for internal users in completing their tasks more effectively and efficiently. By providing this information, accounting helps the organization reach its overall goals.
  7. Accounting professionals offer many services including auditing, management advice, tax planning, business valuation, and money management.
  8. Marketing managers are likely interested in information such as sales volume, advertising costs, promotion costs, salaries of sales personnel, and sales commissions.
  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.
QUICK STUDIES Quick Study 1-1 (10 minutes)
1. f    Technology
2. c    Recording
3. h    Recordkeeping (bookkeeping)
  Quick Study 1-2 (10 minutes)
a. E   External user g. E    External user
b. E   External user h. E    External user
c. E   External user i. I     Internal user
d. E   External user j. E    External user
e. I     Internal user k. E    External user
f. E   External user l. E    External user
 

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  
Problem Topic LO1: Functions of managers LO2: Financial vs. managerial accounting   LO3: Lean production and enterprise risk   management   LO4: Nature and importance of ethics for   accountants LO5: Intrinsic motivation, extrinsic incentives, and cognitive biases Service industry Writing component CPA adapted
E1-1 Functions Performed by Managers ü ?
E1-2 Financial and Managerial Accounting ü ?
E1-3 Enterprise Risk Management ü ?
P1-4 Cognitive Biases ü ?
P1-5 Planning and Control Activities ü J ?
P1-6 Ethics in Business ü ?
P1-7 Corporate Social Responsibility ü ?
P1-8 Intrinsic Motivation and Extrinsic Incentives ü ?
P1-9 Value Chain Analysis ü
 

Solution Manual for Managerial Accounting for Managers 5th Edition by Noreen

Chapter 1 Managerial Accounting and Cost Concepts Questions   1-1       The three major types of product costs in a manufacturing company are direct materials, direct labor, and manufacturing overhead. 1-2
  1. Direct materials are an integral part of a finished product and their costs can be conveniently traced to it.
  2. Indirect materials are generally small items of material such as glue and nails. They may be an integral part of a finished product but their costs can be traced to the product only at great cost or inconvenience.
  3. Direct labor consists of labor costs that can be easily traced to particular products. Direct labor is also called “touch labor.”
  4. Indirect labor consists of the labor costs of janitors, supervisors, materials handlers, and other factory workers that cannot be conveniently traced to particular products. These labor costs are incurred to support production, but the workers involved do not directly work on the product.
  5. Manufacturing overhead includes all manufacturing costs except direct materials and direct labor. Consequently, manufacturing overhead includes indirect materials and indirect labor as well as other manufacturing costs.
1-3       A product cost is any cost involved in purchasing or manufacturing goods. In the case of manufactured goods, these costs consist of direct materials, direct labor, and manufacturing overhead. A period cost is a cost that is taken directly to the income statement as an expense in the period in which it is incurred.   1-4
  1. Variable cost: The variable cost per unit is constant, but total variable cost changes in direct proportion to changes in volume.
  2. Fixed cost: The total fixed cost is constant within the relevant range. The average fixed cost per unit varies inversely with changes in volume.
  3. Mixed cost: A mixed cost contains both variable and fixed cost elements.
1-5
  1. Unit fixed costs decrease as the activity level increases.
  2. Unit variable costs remain constant as the activity level increases.
  3. Total fixed costs remain constant as the activity level increases.
  4. Total variable costs increase as the activity level increases.
1-6
  1. Cost behavior: Cost behavior refers to the way in which costs change in response to changes in a measure of activity such as sales volume, production volume, or orders processed.
  2. Relevant range: The relevant range is the range of activity within which assumptions about variable and fixed cost behavior are valid.
1-7       An activity base is a measure of whatever causes the incurrence of a variable cost. Examples of activity bases include units produced, units sold, letters typed, beds in a hospital, meals served in a cafe, service calls made, etc. 1-8       The linear assumption is reasonably valid providing that the cost formula is used only within the relevant range. 1-9       A discretionary fixed cost has a fairly short planning horizon—usually a year. Such costs arise from annual decisions by management to spend on certain fixed cost items, such as advertising, research, and management development. A committed fixed cost has a long planning horizon—generally many years. Such costs relate to a company’s investment in facilities, equipment, and basic organization. Once such costs have been incurred, they are “locked in” for many years. 1-10     Yes. As the anticipated level of activity changes, the level of fixed costs needed to support operations may also change. Most fixed costs are adjusted upward and downward in large steps, rather than being absolutely fixed at one level for all ranges of activity. 1-11     The traditional approach organizes costs by function, such as production, selling, and administration. Within a functional area, fixed and variable costs are intermingled. The contribution approach income statement organizes costs by behavior, first deducting variable expenses to obtain contribution margin, and then deducting fixed expenses to obtain net operating income. 1-12     The contribution margin is total sales revenue less total variable expenses. 1-13     A differential cost is a cost that differs between alternatives in a decision. An opportunity cost is the potential benefit that is given up when one alternative is selected over another. A sunk cost is a cost that has already been incurred and cannot be altered by any decision taken now or in the future. 1-14     No, differential costs can be either variable or fixed. For example, the alternatives might consist of purchasing one machine rather than another to make a product. The difference between the fixed costs of purchasing the two machines is a differential cost.

Solution Manual for Payroll Accounting 2019 5th Edition By Landin

SOLUTIONS MANUAL: CHAPTER 1 END OF CHAPTER ANSWERS ANSWERS TO STOP AND CHECK EXERCISES   Which Law?  
  1. K
  2. H
  3. B
  4. F
  5. I
  6. J
  7. A
  8. D
  9. G
  10. C
  11. E
  Which Payroll Law?  
  1. D
  2. A
  3. F
  4. C
  5. G
  6. J
  7. B
  8. I
  9. H
  10. E
  What’s Ethical?  
  1. Answers will vary. Some concerns include data privacy and integrity in the software switchover, tax and employee pay integrity on the new software, and employee pay methods.
 
  1. Answers will vary. Liza could choose to ignore her sorority sister’s request, claiming professional responsibility. She could also discontinue active participation in the sorority. In any case, Liza must not consent to her sorority sister’s request for confidential information.
  Confidential Records As a payroll clerk, your task is to protect the privacy and confidentiality of the information you maintain for the company. If a student group—or any personnel aside from the company’s payroll employees and officers—wishes to review confidential records, you should deny their request. If needed, you should refer the group to your department’s manager to discuss the matter in more depth. The laws that apply to this situation are the Privacy Act of 1974, the Freedom of Information Act, and potentially HIPAA.   Large vs.Small
  1. Large companies face issues with multiple departments, employee access to online personnel portals, employee data security, and timekeeping accuracy.
  2. For small companies, the cost of outsourcing the payroll function needs to be considered. On one hand, a small company may not have personnel who are proficient with payroll regulations and tax reporting requirements, which leaves a company vulnerable to legal actions and stringent fines. However, engaging a payroll service company may be cost prohibitive. The decision to outsource the payroll for a small company should take into accountthe number of personnel, locations, and types of operations in which the company engages.

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 Fundamentals of Financial Accounting 6th Edition by Phillips

Appendix C Present and Future Value Concepts ANSWERS TO QUESTIONS
  1. The time value of money is the idea that a dollar received today is worth more than a dollar to be received at any later date because it can be invested today to earn interest over time.
  2. Future value—The future value of a number of dollars is the amount that it will increase to in the future at i interest rate for n periods. The future value is the principal plus accumulated interest compounded each period.
Present value—The present value of a number of dollars, to be received at some specified date in the future, is that amount discounted to the present at i interest rate for n periods. It is the inverse of future value. In compound discounting, the interest is subtracted rather than added as in compounding.
  1. $10,000 x 2.59374 = $25,937 (rounded to the nearest dollar).
  2. $8,000 x .38554 = $3,084 (rounded to the nearest dollar).
  3. An annuity is a term that refers to equal periodic cash payments or receipts of an equal amount each period for two or more periods. In contrast to a future value of $1, or a present value of $1 (which involves a single contribution or amount), an annuity involves a series of equal contributions for a series of equal periods. An annuity may refer to a future value or a present value.
 
  6.   Table Values
Concept i = 5% n =4 i = 10%; n =7 i = 14%; n = 10
FV of $1 1.21551 1.94872  3.70722
PV of $1 0.82270 0.51316   0.26974
FV of annuity of $1 4.31013 9.48717 19.33730
PV of annuity of $1 3.54595 4.86842   5.21612
  1. $1,000 x 14.48656 = $14,487. (rounded to the nearest dollar)
  Authors' Recommended Solution Time (Time in minutes)    
  Mini-exercises   Exercises   Problems
No. Time No. Time No. Time
1 2 1 10 CP1 20
2 2 2 15 CP2 20
3 6 3 15 CP3 20
4 6 4 15 CP4 15
5 6 7 8 9 10 11 12   3 3 3 3 3 3 3 3 5 6 7   5 10 8 PA1 PA2 PA3 PA4 PB1 PB2 PB3 PB4   20 20 20 15 20 20 20 15
          ANSWERS TO MINI-EXERCISES MC–1            
$500,000 ´ 0.46319 (Table C.2, n=10, i=8%) = $231,595
MC–2            
 $15,000 ´   6.14457 (Table C.4, n=10, i=10%) = $92,169
MC–3
     $100,000 (no PV) = $100,000
   $100,000 ´ 0.92593 (Table C.2, n=1, i=8%) = 92,593
   $ 30,000 ´ 9.81815 (Table C.4, n=20, i=8%) =   294,545
Total = $487,138
MC–4
$25,000 ´ 15.93742 (Table C.3, n=10, i=10%) = $398,436
$15,000 ´ 57.27500 (Table C.3, n=20, i=10%) = $859,125
It is much better to save $15,000 for 20 years.
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