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Solution Manual for Fundamentals of Financial Accounting 5th CANADIAN by Phillips

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Edition: 5th Edition

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Solution Manual for Fundamentals of Financial Accounting 5th CANADIAN by Phillips

Chapter 1:

Business Decisions and Financial Accounting

Summary

This chapter focuses on the key financial reports that business people rely on when evaluating a company’s performance. This chapter introduces the basic elements and uses of accounting, and introduces the focus company Pizza Palace Inc. as an example. Pizza Palace Inc. will be used as an example throughout the text. After outlining the origin of Pizza Palace, the chapter describes the purpose, set-up, and content of the four basic financial statements.  Then, the chapter begins to explore the fundamental role that accounting information plays in financial statement users’ decisions.  The chapter also has a discussion of the conceptual framework.

Where Are We?

Chapter 1 introduces the basic financial statements.  Chapters 2 and 3 will discuss the balance sheet and income statement, respectively, and introduce transaction analysis and the mechanics of debits and credits.  Chapter 4 explores more advanced accruals. Chapter 5 discusses internal controls and the accounting for Cash.  Later chapters discuss individual areas of the balance sheet and related income statement accounts.

What’s Unique?

This chapter introduces accounting by explaining the fundamental role that it plays in business.  At the beginning of this chapter the student learns about the various users of the financial reports.  This is discussed further later in the chapter with the discussion of the conceptual framework.  Students will be intrigued by the Pizza Palace example provided as some of the accounting decisions involved in starting a business are presented. The mechanics of debits and credits, and the role of organizations and securities legislation are saved for later. 

 

Learning Objectives

 

Understand the Business

LO1-1 Describe various organizational forms and business decision makers.

 

Study the Accounting Methods

LO1-2 Describe the purpose, structure, and content of the four basic financial statements.

 

Evaluate the Results

LO1-3 Explain how financial statements are used by decision makers.

LO1-4 Describe factors that contribute to useful financial information.

 

Review the chapter

Chapter Summary

 

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DescriptionEdition: 5th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadBy: Saunders Edition: 7th Edition Format: Downloadable ZIP Fille Resource Type: Test bank Duration: Unlimited downloads Delivery: Instant Download
Content

Solution Manual for Fundamentals of Financial Accounting 5th CANADIAN by Phillips

Chapter 1:

Business Decisions and Financial Accounting

Summary

This chapter focuses on the key financial reports that business people rely on when evaluating a company’s performance. This chapter introduces the basic elements and uses of accounting, and introduces the focus company Pizza Palace Inc. as an example. Pizza Palace Inc. will be used as an example throughout the text. After outlining the origin of Pizza Palace, the chapter describes the purpose, set-up, and content of the four basic financial statements.  Then, the chapter begins to explore the fundamental role that accounting information plays in financial statement users’ decisions.  The chapter also has a discussion of the conceptual framework.

Where Are We?

Chapter 1 introduces the basic financial statements.  Chapters 2 and 3 will discuss the balance sheet and income statement, respectively, and introduce transaction analysis and the mechanics of debits and credits.  Chapter 4 explores more advanced accruals. Chapter 5 discusses internal controls and the accounting for Cash.  Later chapters discuss individual areas of the balance sheet and related income statement accounts.

What’s Unique?

This chapter introduces accounting by explaining the fundamental role that it plays in business.  At the beginning of this chapter the student learns about the various users of the financial reports.  This is discussed further later in the chapter with the discussion of the conceptual framework.  Students will be intrigued by the Pizza Palace example provided as some of the accounting decisions involved in starting a business are presented. The mechanics of debits and credits, and the role of organizations and securities legislation are saved for later.   

Learning Objectives

 
Understand the Business LO1-1 Describe various organizational forms and business decision makers.  
Study the Accounting Methods LO1-2 Describe the purpose, structure, and content of the four basic financial statements.  
Evaluate the Results LO1-3 Explain how financial statements are used by decision makers. LO1-4 Describe factors that contribute to useful financial information.  
Review the chapter Chapter Summary
 

Test Bank for Financial Markets and Institutions 7th Edition By Saunders

Financial Markets and Institutions, 7e (Saunders) Chapter 1   Introduction 1) Primary markets are markets in which users of funds raise cash by selling securities to funds suppliers. 2) Secondary markets are markets used by corporations to raise cash by issuing securities for a short time period. 3) Corporate security issuers are always directly involved in funds transfers in the secondary market. 4) The NYSE is an example of a secondary market. 5) Central governments sometimes indirectly intervene in foreign exchange markets by affecting foreign exchange rates through raising or lowering interest rates. 6) Money markets are the markets for securities with an original maturity of one year or less. 7) Financial intermediaries rather than financial systems are the most common agents to channel funds from the suppliers to the users of funds. 8) There are three types of major financial markets today: primary, secondary, and derivatives markets. The NYSE and NASDAQ are both examples of derivatives markets. 9) Asset transformation by financial intermediaries involves increasing the risk attributes of securities such as mortgages, bonds, and stocks. 10) One of the factors responsible for globalization of financial markets and institutions is deregulation. 11) The average cost incurred by financial institutions to collect information is larger than that of individuals. 12) The Volcker Rule prohibits U.S. depository institutions from engaging in proprietary trading. 13) Financial intermediation provides direct transfer of funds to the users. 14) In the United States the SEC provides deposit insurance for $250,000 per person per bank. 15) Enterprise Risk Management (ERM) system is responsible for managing the totality of a firm's risk exposures. 16) What factors are encouraging financial institutions to offer overlapping financial services such as banking, investment banking, brokerage, etc.?
  1. Regulatory changes allowing institutions to offer more services
  2. Technological improvements reducing the cost of providing financial services
III. Increasing competition from full-service global financial institutions
  1. Reduction in the need to manage risk at financial institutions
  2. A) I only
  3. B) II and III only
  4. C) I, II, and III only
  5. D) I, II, and IV only
  6. E) I, II, III, and IV
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