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Test Bank for Financial and Managerial Accounting 8th Edition By Wild

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By: Wild

Edition: 8th Edition

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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: Test bank Duration: Unlimited downloads Delivery: Instant DownloadEdition: 6th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadBy: Spiceland Edition: 5th Edition Format: Downloadable ZIP Fille Resource Type: Test bank 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: 6th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadEdition: 8th 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 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.

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:

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 Fundamentals of Cost Accounting 6th Edition by Lanen

Chapter 1 Cost Accounting: Information for DecisionMaking     Learning Objectives  
  1. Describe the way managers use accounting information to create value in organizations.
 
  1. Distinguish between the uses and users of cost accounting and financial accounting information.
 
  1. Explain how cost accounting information is used for decision making and performance evaluation in organizations.
 
  1. Identify current trends in cost accounting.
 
  1. Understand ethical issues faced by accountants and ways to deal with ethical problems that you face in your career.
    Chapter Overview  
  1. VALUE CREATION IN ORGANIZATIONS
  • Why Start with Value Creation?
  • Value Chain
  • Supply Chain and Distribution Chain
  • Using Cost Information to Increase Value
  • Accounting and the Value Chain
 
  1. ACCOUNTING SYSTEMS
  • Financial Accounting
  • Cost Accounting
  • Cost Accounting, GAAP, and IFRS
  • Customers of Cost Accounting
  III.       OUR FRAMEWORK FOR ASSESSING COST ACCOUNTING SYSTEMS
  • The Manager’s Job Is to Make Decisions
  • Decision Making Requires Information
  • Finding and Eliminating Activities That Don’t Add Value
  • Identifying Strategic Opportunities Using Cost Analysis
  • Owners Use Cost Information to Evaluate Managers
 
  1. COST DATA FOR MANAGERIAL DECISIONS
  • Costs for Decision Making
  • Costs for Control and Evaluation
    • Budgeting
  • Different Data for Different Decisions
 
  1. TRENDS IN COST ACCOUNTINGthroughout the value chain
  • Cost Accounting in Research and Development (R&D)
  • Cost Accounting in Design
  • Cost Accounting in Purchasing
  • Cost Accounting in Production
  • Cost Accounting in Marketing
  • Cost Accounting in Distribution
  • Cost Accounting in Customer Service
  • Enterprise Resource Planning
  • Creating Value in the Organization
 
  1. KEY FINANCIAL PLAYERS IN THE ORGANIZATION
      Chapter Overview, continued   VII.     CHOICES: ETHICAL ISSUES FOR ACCOUNTANTS
  • What Makes Ethics So Important?
  • Ethics
  • The Sarbanes-Oxley Act of 2002 and Ethics
  VIII.    COST ACCOUNTING AND OTHER BUSINESS DISCIPLINES  
  1. APPENDIX: INSTITUTE OF MANAGEMENT ACCOUNTANTS CODE OF ETHICS
  • Statements of Ethical Professional Practice
  • Principles
  • Standards
    • Resolving Ethical Issues
  Chapter Outline   LO 1-1   Describe the way managers use accounting information to create value in organizations.   VALUE CREATION IN ORGANIZATIONS  
  • Why Start with Value Creation?
 
  • Goal of cost accounting is to assist manages in achieving the maximum value for their organizations.
 
  • Value Chain
 
  • The value chain is the set of activities that transforms raw resources into the goods and services end users purchase and consume.
 
  • It includes the treatment or disposal of any waste generated by the end users.
 
  • Value-added activities are those that customers perceive as adding utility to the goods or services they purchase.
 
  • Exhibit 1.1 identifies the individual components of the value chain and providesexamples of the activities in each component, along with some of the costs associatedwith these activities.Although the list of value chain components suggests a sequential process, many of the components overlap.
 
  • Research and development (R&D): The creation and development of ideas related to new products, services, or processes.
 
  • Design: The detailed development and engineering of products, services, or processes.
 
  • Purchasing: The acquisition of goods and services needed to produce a good or service.
 
  • Production: The collection and assembly of resources to produce a product or deliver a service.
 
  • Marketing and Sales: The process of informing potential customers about the attributes of products or services that leads to their sale.
 
  • Distribution: The process for delivering products or services to customers.
 
  • Customer service: The support activities provided to customers for a product or service.
  • Before product ideas are formulated,no value exists. Once an idea is established, however, value is created.
 
  • Whenresearch and development of the product begins, value increases.
 
  • As the productreaches the design phase, value continues to increase.
 
  • Each component adds value tothe product or service.
 
  • Administrative functions, such as human resource management and accounting, are not included as part of the value chain; they are included instead in every business function of the value chain.
 
  • Supply Chain and Distribution Chain
 
  • The supply chainincludes the set of firms and individualsthat sells goods and servicesto the firm. (See Business Application box “Choosing Where to Produce in the Supply Chain.”)
 
  • The distribution chainincludes the set of firms and individualsthat buys and distributesgoods and services fromthe firm.
 
  • These suppliers and customers are on the firm’s boundaries. Thus, the supply chain and distribution chain are the parts of the value chain outside the firm.
 
  • Using Cost Information to Increase Value
 
  • The measurement and reporting of costs is avaluable activity.
 
  • Cost information that is received too late to help managersmakedecisionswould not add value.
 
  • Accounting and the Value Chain
 
  • Cost accounting focuses on how the individual stages contribute to the value and how to work with other managers to improve performance.

Solution Manual for Management Accounting 8th Edition by Langfield-Smith

CHAPTER 1

Management Accounting: Information for Creating Value and Managing Resources ANSWERS TO REVIEW QUESTIONS   1.1    There are many possible answers to the question. Qantas, the national airline of Australia, has faced a number of changes in its business environment over the last 20 years, including deregulation of the domestic aviation industry. This resulted in increased competition as new companies attempted to enter the industry. The most notable of these was Compass, which madetwo failed attempts to succeed in the market and gain market share by savagely cutting prices. Qantas’major competitor, Ansett Australia, collapsed in 2001, resulting in Qantas having almost a monopoly for a short period. A powerful UK airline, Virgin, has also entered the market, with a history of taking legal action against market leaders who attempt to intimidate them using predatory pricing. Further, Impulse Airlines, a local airline, started operations, only to be eventually taken over by Qantas. On top of all this, the international terrorism crisis of 11 September 2001 saw a substantial contraction of international air travel for a period of many months, leading to the collapse of several United States airlines many times the size of Qantas. Other changes to the business environment have included:
  • unrest and war in the Middle East and speculation in oil,resulting in volatility and serious increases in fuel prices
  • bombings in Bali in 2002 and 2005
  • the outbreak of severe acute respiratory syndrome (SARS) in 2003
  • natural disasters, such as the Asian tsunami in 2004
  • the heavy subsidisation of competing national carriers, especially by Middle Eastern countries
  • the entry of Tiger Airways into Australia
  • extra capacity gained by Virgin Blue
  • the shifting of significant parts of engineering maintenance operations offshore
  • publicity surrounding a series of safety and engineering concerns, and an audit by the Civil Aviation Safety Authority(CASA) in 2008, finding that maintenance by Qantas was not up to its own standards, and
  • financial uncertainty arising from the 2008 credit crisis and share market collapse.
In more recent times, two different volcanoes have caused the cancellation of flights forseveral days, and the explosion of an engine in a new range of aircraft, the A380, in November 2010 caused the grounding of that fleet until January 2011 while the reason was explored and overcome (see the ‘Real life’ in ‘Comparing two alternative investment projects’ in Chapter 21). 1.2    The explosion in e-commerce will affect management accounting in significant ways.One effect will be a drastic reduction in paperwork.Millions of transactions between businesses will be conducted electronically with no hard-copy documentation.Along with this method of communicating for business transactions comes the very significant issue of information security.Businesses need to find ways to protect confidential information in their own computers, while at the same time sharing the information necessary to complete transactions.Another effect of e-commerce is the dramatically increased speed with which business transactions can be conducted.In addition to these business-to-business transactional issues, there will be dramatic changes in the way management accounting procedures are carried out, one example being e-budgeting,the enterprise-wide electronic completion of a company’s budgeting process. 1.3    Management accounting information prepared on a regular basis includes product costs, profitability reports, and also individual resource costs such as materials purchased and used, labour costs and the costs incurred in providing and managing facilities. On an ad hoc basis, management accounting reports may be prepared to estimate future cash flows relating to the impact of purchasing and operating a new piece of equipment and the expected outcome from changing the product mix. 1.4    Management accounting is defined as ‘processes and techniques that are focused on the effective and efficient use of organisational resources to support managers in their task of enhancing both customer value and shareholder value’. Value creation is a central focus for contemporary managers. Customer value refers to the value that a customer places on particular features of a good or service (and which is what leads to them purchase the product). Shareholder value is the value that shareholders, or owners, place on a business,usually expressed in the form of increased profitability, increased share prices or increased dividends. 1.5    The important differences between management accounting and financial accounting are listed below. (a)   Management accounting information is provided to managers and employees within the organisation, whereas financial accounting information is provided to interested parties outside the organisation. (b)   Management accounting reports are unregulated, whereas financial accounting reports are legally required and must conform to Australian accounting standards and corporations law. (c)   The primary source of data for management accounting information is the organisation’s basic accounting system, plus data from many other sources. These sources will yield data such as rates of defective products manufactured, physical quantities of material and labour used in production, occupancy rates in hotels and hospitals and average take-off delays in airlines. The primary source of data for financial accounting information is almost exclusively the organisation’s basic accounting system, which accumulates financial information. (d)   Management accounting reports often focus on sub-units within the organisation, such as departments, divisions, geographical regions or product lines. These reports are based on a combination of historical data, estimates and projections of future costs. The data may be subjective and there is a strong emphasis on reporting information that is relevant and timely. Financial accounting reports tend to focus on the enterprise in its entirety. These reports are based almost exclusively on verifiable transaction data. The focus is often on reliability rather than relevance and the reports are not timely. 1.6    The cost accounting system is one part of an organisation’s overall accounting system, the purpose of which is to estimate the cost of goods and services, as well as the cost of organisational units such as departments. Cost information accumulated by the cost accounting system is used for both management accounting and financial accounting purposes. Management accounting uses include setting prices, controlling operations and making product-related decisions. Financial accounting uses include valuation of inventory and cost of goods sold for the manufacturer’s balance sheet and income statement respectively. Management accounting is broader than just the preparation and reporting of financial
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