Our Shop

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

£13.00

By: Edmonds

Edition: 1st Edition

Format: Downloadable ZIP Fille

Resource Type: Test bank

Duration: Unlimited downloads

Delivery: Instant Download

Share:

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

Introductory Financial Accounting for Business, 1e (Edmonds)

Chapter 1   An Introduction to Accounting

ISBN10: 1260299449.
ISBN13: 9781260299441.

 

1) Which of the following groups has the primary responsibility for establishing generally accepted accounting principles for business entities in the United States?

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

 

2) The Heritage Company is a manufacturer of office furniture. Which term best describes Heritage’s role in society?

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

 

3) Which resource providers lend financial resources to a business with the expectation of repayment with interest?

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

 

4) Which type of accounting information is intended to satisfy the needs of external users of accounting information?

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

 

5) Which of the following statements is false regarding managerial accounting information?

  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.

 

6) Financial accounting standards are known collectively as GAAP. What does that acronym stand for?

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

 

 

7) International accounting standards are formulated by the IASB. What does that acronym stand for?

  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

 

8) Which of the following is an example of revenue?

  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

 

9) Which of the following is not an element of the financial statements?

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

 

10) Algonquin Company reported assets of $50,000, liabilities of $22,000 and common stock of $15,000. Based on this information only, what is the amount of the company’s retained earnings?

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

 

11) Stosch Company’s balance sheet reported assets of $40,000, liabilities of $15,000 and common stock of $12,000 as of December 31, Year 1. Retained earnings on the December 31, Year 2 balance sheet is $18,000 and Stosch paid a $14,000 dividend during Year 2. What is the amount of net income for Year 2?

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

Quick Comparison

SettingsTest Bank for Introductory Financial Accounting for Business 1st Edition By Edmonds removeSolution Manual for Fundamentals of Financial Accounting 6th Edition by Phillips removeSolution Manual for College Accounting 15th Edition by Price removeSolution Manual for Accounting Information Systems 10th Edition by Hall removeSolution Manual for Financial Accounting 5th Edition By Spiceland removeSolution Manual for Payroll Accounting 2019 5th Edition By Landin remove
Image
SKU
Rating
Price

£13.00

£13.00

£16.00

£19.00

£17.00

£17.00

Stock
Availability
Add to cart

DescriptionBy: Edmonds Edition: 1st 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 DownloadEdition: 15th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadEdition: 10th 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 Download
Content

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

Introductory Financial Accounting for Business, 1e (Edmonds) Chapter 1   An Introduction to Accounting ISBN10: 1260299449. ISBN13: 9781260299441.   1) Which of the following groups has the primary responsibility for establishing generally accepted accounting principles for business entities in the United States?
  1. A) Securities and Exchange Commission
  2. B) U.S. Congress
  3. C) International Accounting Standards Board
  4. D) Financial Accounting Standards Board
  2) The Heritage Company is a manufacturer of office furniture. Which term best describes Heritage's role in society?
  1. A) Conversion agent
  2. B) Regulatory agency
  3. C) Consumer
  4. D) Resource owner
  3) Which resource providers lend financial resources to a business with the expectation of repayment with interest?
  1. A) Consumers
  2. B) Creditors
  3. C) Investors
  4. D) Owners
  4) Which type of accounting information is intended to satisfy the needs of external users of accounting information?
  1. A) Cost accounting
  2. B) Managerial accounting
  3. C) Tax accounting
  4. D) Financial accounting
  5) Which of the following statements is false regarding managerial accounting information?
  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.
  6) Financial accounting standards are known collectively as GAAP. What does that acronym stand for?
  1. A) Generally Accepted Accounting Principles
  2. B) Generally Applied Accounting Procedures
  3. C) Governmentally Approved Accounting Practices
  4. D) Generally Authorized Auditing Principles
    7) International accounting standards are formulated by the IASB. What does that acronym stand for?
  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
  8) Which of the following is an example of revenue?
  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
  9) Which of the following is not an element of the financial statements?
  1. A) Net income
  2. B) Revenue
  3. C) Assets
  4. D) Cash
  10) Algonquin Company reported assets of $50,000, liabilities of $22,000 and common stock of $15,000. Based on this information only, what is the amount of the company's retained earnings?
  1. A) $7,000.
  2. B) $57,000.
  3. C) $13,000.
  4. D) $87,000.
  11) Stosch Company's balance sheet reported assets of $40,000, liabilities of $15,000 and common stock of $12,000 as of December 31, Year 1. Retained earnings on the December 31, Year 2 balance sheet is $18,000 and Stosch paid a $14,000 dividend during Year 2. What is the amount of net income for Year 2?
  1. A) $17,000
  2. B) $19,000
  3. C) $13,000
  4. D) $21,000

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
Concepti = 5% n =4i = 10%; n =7i = 14%; n = 10
FV of $11.215511.94872 3.70722
PV of $10.822700.51316  0.26974
FV of annuity of $14.310139.4871719.33730
PV of annuity of $13.545954.86842  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.TimeNo.TimeNo.Time
12110CP120
22215CP220
36315CP320
46415CP415
5 6 7 8 9 10 11 12  3 3 3 3 3 3 3 35 6 7  5 10 8PA1 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 College Accounting 15th Edition by Price

Chapter 16 • Notes Payable and Notes Receivable  TEACHING OBJECTIVES
  • Determine whether an instrument meets all the requirements of negotiability.
  • Calculate the interest on a note.
  • Determine the maturity date of a note.
  • Record routine notes payable transactions.
  • Record discounted notes payable transactions.
  • Record routine notes receivable transactions.
  • Compute the proceeds from a discounted note receivable, and record transactions related to discounting of notes receivable.
  • Understand how to use bank drafts and trade acceptances and how to record transactions related to those instruments.
  • Define the accounting terms new to the chapter.
   

SECTIONS

 
  1. Accounting for Notes Payable
  2. Accounting for Notes Receivable
______________________________________________________________________     CHAPTER OVERVIEW/ LEARNING OBJECTIVES   Learning Link:  Chapter 15 discussed accounts receivable and the accounting adjustments needed for bad debts.  In Chapter 16, students will learn how to account for notes receivable and notes payable, emphasizing the treatment of interest.  
  • This chapter describes how to determine whether an instrument meets all the requirements of negotiability. A negotiable instrument is a financial document that contains an order or promise to pay and meets all the requirements of the Uniform Commercial Code to be transferable to another party.
 
  • The chapter explains how to calculate interest on a note using the formula: Interest = Principal x Interest Rate x Time.
 
  • The chapter explains that the maturity date of a note is determined at the time the note is issued, excluding the issue date itself.
 
  • The chapter explains the routing journal entries required regarding the issuance of a note payable to purchase an asset. The chapter also explains the journal entry required to record interest and pay off the note at maturity.
 
  • The chapter describes the journal entries required when borrowing money from a bank using a note payable which has been discounted by the bank. The borrower discounting a note payable receives the difference between the discount (interest paid up front) and the principal.
 
  • The second part of the chapter discusses journal entries required in notes receivable It explains how to record a note received for a sale of goods, how to record interest income on the note and how to deal with a defaulted note.
 
  • The chapter explains the discounting of notes receivable. A firm with an immediate need for cash can discount a note receivable. Notes Receivable-Discounted represents a contingent liability.  If the note’s maker defaults on the note, the business must pay the bank.
 
  • The chapter explains how to use bank drafts and trade acceptances and how to record transactions related to those instruments. Bank drafts, commercial drafts, and trade acceptances are negotiable instruments used in business.
      At the beginning of the chapter, there are a few short paragraphs about Bank of America . . . Let’s read these together. . .   Ask students -“If a small business needs to borrow money, what considerations does it need to think about before it borrows the money?”   Answer: One of the most important tasks in starting a business is pulling together enough money to launch and grow. A lack of adequate funding can lead to business failure as expenses outpace profits. Funds to start a business can come from several resources, including banks and investors who will lend money on a variety of terms. Before obtaining a business loan several things should be considered:
  • Can you afford the monthly payment?
  • If an emergency occurred, and you had less money per month than you thought, would you still be able to pay your loan every month?
  • How long will your loan last?
  • Will the business be making payments for 3 months or 10 years, etc.?
  • The interest being charged on the loan is an important factor as well. Business owners should try to keep the interest rate as low as possible. Will the loan be discounted by the issuer?
  If so, then this will actually mean that the business is paying a higher interest rate. Keep in mind that businesses may deduct the interest paid on loans from their federal income tax return and this is advantageous for start-ups that need to reinvest all profits back into the business.  And lastly, a solid business credit profile is advantageous to start-ups because it builds credibility and the business's ability to attract new creditors in the future. Borrowing money establishes business credit because the lender reports timely payments to credit bureaus that maintain a credit profile of the new business

Solution Manual for Accounting Information Systems 10th Edition by Hall

Table of Contents Part I: OVERVIEW OF ACCOUNTING INFORMATION SYSTEMS. 1. The Information System: An Accountant’s Perspective. 2. Introduction to Transaction Processing. 3. Ethics, Fraud, and Internal Control. Part II: TRANSACTION CYCLES AND BUSINESS PROCESSES. 4. The Revenue Cycle. 5. The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures. 6. The Expenditure Cycle Part II: Payroll Processing and Fixed Asset Procedures. 7. The Conversion Cycle. 8. Financial Reporting and Management Reporting Systems. Part III: ADVANCED TECHNOLOGIES IN ACCOUNTING INFORMATION. 9. Database Management Systems. 10. The REA Approach to Business Process Modeling. 11. Enterprise Resource Planning Systems. 12. Electronic Commerce Systems. Part IV: SYSTEMS DEVELOPMENT ACTIVITIES. 13. Systems Development and Program Change Activities. Part V: COMPUTER CONTROLS AND AUDITING. 14. IT Controls Part I: Sarbanes-Oxley and IT Governance. 15. IT Controls Part II: Security and Access. 16. IT Controls Part III: Systems Development, Program Changes, Application Controls. Glossary. Subject Index.  

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.
Weight
DimensionsN/AN/AN/AN/AN/AN/A
Additional information
Select the fields to be shown. Others will be hidden. Drag and drop to rearrange the order.
  • Image
  • SKU
  • Rating
  • Price
  • Stock
  • Availability
  • Add to cart
  • Description
  • Content
  • Weight
  • Dimensions
  • Additional information
  • Attributes
  • Custom attributes
  • Custom fields
Click outside to hide the comparison bar
Compare
Compare ×
Let's Compare! Continue shopping