Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780133851496
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Question
Chapter 1, Problem 1.2SE
To determine
Accounting: Accounting refers to the information system, where the economic activities of a business entity are measured, and converted into reports, that are communicated to its users, for taking informed decisions.
To Determine: The organizations that govern accounting.
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Question 1
In the table below are a number of business needs/activities. Determine the roles and responsibilities of the following members of the accounting and bookkeeping profession by placing an “x” in the box representing who would be responsible for carrying out each task. Note that for some roles there may be more than one correct response.
Business Needs/Activities
The business’ Accountant
The business’ Bookkeeper/Accounts clerk
Registered BAS Agent
Registered Tax Agent
Other
Perform petty cash and bank functions
Prepare depreciation schedule
Audit of the company annual financial reports
Accounts receivable and payable functions
Provide financial planning advice to the organisation
Prepare and lodge ASIC forms
Payroll functions
Advise on complex IT solutions for the organisation…
Interpretation of Account is the
Select one:
a.
To know the causes for the prevailing performance of business
b.
All of the correct answer
c.
To know financial strengths and weaknesses of a business
d.
Art and science of translating the figures
Government agency gives a CPA certificate to an accountant after he passes a series of rigorous examinations administered by the Board of Accountancy (BOA).
Select one:
a.
School Registrar
b.
Civil Service Commission
c.
BIR
d.
{
e.
PRC
Which of the following is a mechanical aspect of accounting?
Select one:
a.
Preparation of a financial budget
b.
Designing the accounting system
c.
Analyzing the transactions preparatory to the recording process.
d.
Reviewing the effectiveness of the internal control procedures
Which of the following statements is/are true?I. The listing of all of the accounts available for use in a company's accounting system is known as the General Ledger.II. The term associated with "left" or "left-side" is Credit.III. The basic accounting equation is Assets + Liabilities = Capital.IV. The accounting equation should remain in balance because every transaction affects only two accounts.V. The Accounting Cycle represents the steps or accounting procedures normally used by entities to record transactions and prepare financial statement. It implements the accounting process.VI. A corporation's net income and distributions to stakeholders are eventually recorded in the income summary.
a. I, V, VI
b. II, IV, V, VI
c. I, V
d. V
Chapter 1 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition (5th Edition)
Ch. 1 - Prob. 1QCCh. 1 - Prob. 2QCCh. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the a. financial...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - Prob. 13RQCh. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for return on assets...Ch. 1 - Identifying users of accounting information For...Ch. 1 - Prob. 1.2SECh. 1 - Prob. 1.3SECh. 1 - Prob. 1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Using the accounting equation Kenmore Handyman...Ch. 1 - Using the accounting equation Joshs Overhead Doors...Ch. 1 - Identifying accounts Consider the following...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 - Prob. 1.12SECh. 1 - Use the following injo17nation to answer Short...Ch. 1 - Prob. 1.14SECh. 1 - Prob. 1.15SECh. 1 - Calculating Return on Assets (ROA) Refined Water...Ch. 1 - Prob. 1.17ECh. 1 - Prob. 1.18ECh. 1 - Prob. 1.19ECh. 1 - Using the accounting equation Compute the missing...Ch. 1 - Using the accounting equation Green City Builders...Ch. 1 - Prob. 1.22ECh. 1 - Using the accounting equation During 2016,...Ch. 1 - Using the accounting equation The records of...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Prob. 1.28ECh. 1 - Using the accounting equation to analyze business...Ch. 1 - Preparing the financial statements Estella Osage...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Preparing the statement of cash flows For each...Ch. 1 - Preparing the statement of cash flows Bean Town...Ch. 1 - Calculating return on assets (ROA) Alec Appliance...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Preparing financial statements Presented here are...Ch. 1 - Preparing financial statements Click a Pix...Ch. 1 - Preparing financial statements The bookkeeper of...Ch. 1 - Prob. 1.45APCh. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. 1.47BPCh. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. 1.49BPCh. 1 - Prob. 1.50BPCh. 1 - Preparing financial statements The bookkeeper of...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Lets examine a case using Gregs Tunes and Sals...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1CTFCCh. 1 - This and similar cases in later chapters focus on...
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Similar questions
ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting system
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PURPOSE OF ACCOUNTING Match the following users with the information needed. 1. Ownersa. Whether the firm can pay its bills on time 2. Managersb. Detailed, up-to-date information to measure business performance (and plan for future operations) 3. Creditorsc. To determine taxes to be paid and whether other regulations are met 4. Government agenciesd. The firms current financial condition
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The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
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Discuss what information would be most useful for these users of accounting information: Management Employees Investors Creditors Customers Tax authorities
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Use the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following: A. the primary purpose of the entity B. the types of activities that accountants would record (hint: what is the source of the business funding, and what costs might the business have?) C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process
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The step-by-step process to record business activities and events to keep financial records up to date is ________. A. day-to-day cycle B. accounting cycle C. general ledger D. journal
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What is the accounting equation? List two examples of business transactions, and explain how the accounting equation would be impacted by these transactions.
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List the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.
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What accounting policies are disclosed in the notes accompanying a companys financial statements? Why is this disclosure important?
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Private accounting as a sub-discipline of accounting, includes:
Select one:
a.
Tax consultancy
b.
Management accounting
c.
Management advisory services
d.
External auditing
Person who manages all of a firm's accounting activities.
Select one:
a.
Controller
b.
Accounting staff
c.
Payroll manager
The basic function of financial accounting is to
Select one:
a.
Record all business transactions
b.
Interpret financial data
c.
Assist the management in performing functions effectively
d.
No correct answer
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Which of the following is a mechanical aspect of accounting?
Select one:
a.
Analyzing the transactions preparatory to the recording process
b.
Designing the accounting system
c.
Reviewing the effectiveness of the internal control procedures
d.
Preparation of the financial budget
Which of the following statement is not true?
Select one:
a.
A non-accounting graduate may work as a bookkeeper or accountant of a business enterprise.
b.
A non-CPA may be engaged in public accounting.
c.
To be a good accountant, one must have mastery of mathematics.
d.
A non-CPA may be the chief accountant of a business enterprise.
The area of accounting that relates to providing audit, tax, and consulting services to clients.
Select one:
a.
General managers
b.
Public accounting
c.
Incorporators
d.
Private accounting
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Hi. Can you please ask me with the below?
Discuss the two main branches of accounting and explain the differences between financial accounting and management accounting. Explain the main user groups of each branch of accounting and describe the interest of each of the user group in a company’s financial statements.
Thanks
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