Solution Manual for Financial and Managerial Accounting 8th Edition By Wild
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By: Wild
Edition: 8th Edition
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Resource Type: Solution Manual
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Solution Manual for Financial and Managerial Accounting 8th Edition By Wild
Chapter 1
Accounting in Business
QUESTION
- 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.
- 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.
- 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.
- 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?
- 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.
- 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.
- Accounting professionals offer many services including auditing, management advice, tax planning, business valuation, and money management.
- Marketing managers are likely interested in information such as sales volume, advertising costs, promotion costs, salaries of sales personnel, and sales commissions.
- Accounting is described as a service activity because it serves decision makers by providing information to help them make better business decisions.
- 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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Description | By: Wild Edition: 8th Edition Format: Downloadable ZIP Fille Resource Type: Solution Manual Duration: Unlimited downloads Delivery: Instant Download | Edition: 11th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant Download | Edition: 5th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant Download | By: Landin Edition: 5th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Test bank Duration: Unlimited downloads Delivery: Instant Download | Edition: 24th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant Download | Edition: 6th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant Download | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Content | Solution Manual for Financial and Managerial Accounting 8th Edition By WildChapter 1Accounting in Business QUESTION
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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 PhillipsAppendix C Present and Future Value Concepts ANSWERS TO QUESTIONS
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