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

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

1. A) Securities and Exchange Commission
2. B) U.S. Congress
3. C) International Accounting Standards Board
4. D) Financial Accounting Standards Board

1. A) Conversion agent
2. B) Regulatory agency
3. C) Consumer
4. D) Resource owner

1. A) Consumers
2. B) Creditors
3. C) Investors
4. D) Owners

1. A) Cost accounting
2. B) Managerial accounting
3. C) Tax accounting
4. D) Financial accounting

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.

1. A) Generally Accepted Accounting Principles
2. B) Generally Applied Accounting Procedures
3. C) Governmentally Approved Accounting Practices
4. D) Generally Authorized Auditing Principles

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

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

1. A) Net income
2. B) Revenue
3. C) Assets
4. D) Cash

1. A) $7,000.
2. B) $57,000.
3. C) $13,000.
4. D) $87,000.

1. A) $17,000
2. B) $19,000
3. C) $13,000
4. D) $21,000

Solution Manual for Accounting Information Systems 10th Edition by Hall

Solution Manual for Fundamentals of Financial Accounting 6th Edition by Phillips

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.

3. $10,000 x 2.59374 = $25,937 (rounded to the nearest dollar).
4. $8,000 x .38554 = $3,084 (rounded to the nearest dollar).
5. 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.

7. $1,000 x 14.48656 = $14,487. (rounded to the nearest dollar)

Solution Manual for Managerial Accounting 7th Edition by Wild

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• FINANCIAL AND MANAGERIAL ACCOUNTING SOLUTIONS MANUAL PDF.

Solution Manual for Ethical Obligations and Decision-Making in Accounting 5th Edition By Mintz

1. A common ethical dilemma used to distinguish between philosophical reasoning methods is the following. Imagine that you are standing on a footbridge spanning some trolley tracks. You see that a runaway trolley is threatening to kill five people. Standing next to you, in between the oncoming trolley and the five people, is a railway worker wearing a large backpack. You quickly realize that the only way to save the people is to push the man off the bridge and onto the tracks below. The man will die, but the bulk of his body and the pack will stop the trolley from reaching the others. (You quickly understand that you can’t jump yourself because you aren’t large enough to stop the trolley, and there’s no time to put on the man’s backpack.) Legal concerns aside, would it be ethical for you to save the five people by pushing this stranger to his death? Use the deontological and teleological methods to reason out what you would do and why.

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

Chapter 1

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.