GEN COMBO LL FINANCIAL ACCOUNTING:INFORMATION FOR DECISIONS; CONNECT ACCESS CARD
8th Edition
ISBN: 9781259912351
Author: John J Wild
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 1, Problem 2E
Identifying accounting users and uses C2
Part A. Identify the following questions as most likely to be asked by an internal (I) or an external (E) user of accounting information.
______ 1. What are reasonable payroll benefits and wages?
______ 2. Should we make a five-year loan to that business?
______ 3. What are the costs of our products ingredients?
______ 4. Do income levels justify the current stock price?
______ 5. Should we spend additional money for redesign of our product?
______ 6. Which firm reports the highest sales and income?
______ 7. What are the costs of our service to customers?
Part B. Identify the following users of accounting information as either an internal (I) or an external (E) user.
______ 1. Research and development director
______ 2. Human resources director
______ 3. Nonexecutive employee
______ 4. Shareholders
______ 5. Distribution managers
______ 6. Creditors
______ 7. Production manager
______ 8. Purchasing manager
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E1-2 (a) The following are users of fi nancial statements.
________Customers ________Securities and Exchange Commission
________Internal Revenue Service ________Store manager
________Labor unions ________Suppliers
________Marketing manager ________Vice president of fi nance
________Production supervisor
Instructions
Identify the users as being either external users or internal users.
(b) The following questions could be asked by an internal user or an external user.
________Can we afford to give our employees a pay raise?
________Did the company earn a satisfactory income?
________Do we need to borrow in the near future?
________How does the company’s profi tability compare to other companies?
________What does it cost us to manufacture each unit produced?
________Which product should we emphasize?
________Will the company be able to pay its short-term debts?
Instructions
Identify each of the questions as being more likely asked by an internal user or an external…
Final Exam Review for ACC100
1) know the difference between a service business and a manufacturing business.
2) What does journalizing mean?
3) Know what Accounts Payable is
4) What is a T account
5) How many accounts are affected by each transaction
6) What is posting
7) Do adjusting entries have to be posted?
8) What is in the Income Statement column on the 10-column worksheet
9) How do you close an expense account
10) What is a sole proprietorship, a partnership, and a corporation
11)What is net income
12) What entry is made when a sale on account is made
13) What is a trial balance
14) What does it mean when a transaction is in balance
15) What are source documents
16)What is the journal used for?
17) How many accounts will a journal entry have an effect on?
18) Adjusting entries never affect which account
19) What is the basic equation
20) What does summarizing mean?
21) What does net loss mean?
22) Understand WIRE
23) Which financial statement will you find liabilities?
24) If…
The accounting equation is often described as being very important in accounting. Explain the purpose of the accounting equation and state two different forms or ways in which it can be written.
Distinguish between assets and liabilities and provide three (3) examples of each to support your arguments.
Distinguish between income and expenses and provide three (3) examples of each to support your arguments.
Suppose a business receives a bill for services rendered from one of its suppliers. The business will pay the supplier next month. When the business receives the bill from its supplier, explain how this affect the accounting equation in terms of increasing or decreasing assets, liabilities, or owner’s equity?
Suppose equipment is sold for cash in an amount equal to the cost of the equipment recorded on the books. How does this sale affect the accounting equation in term of increasing or decreasing assets, liabilities or owner’s equity?
Chapter 1 Solutions
GEN COMBO LL FINANCIAL ACCOUNTING:INFORMATION FOR DECISIONS; CONNECT ACCESS CARD
Ch. 1 - Prob. 1DQCh. 1 - Technology is increasingly used to process...Ch. 1 - Identify four kinds of external users and describe...Ch. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQCh. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three types of services typically offered...Ch. 1 - Prob. 8DQCh. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?
Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - What does the concept of objectivity imply for...Ch. 1 - Prob. 14DQCh. 1 - Prob. 15DQCh. 1 - Prob. 16DQCh. 1 - Define (a) assets, (b) liabilities, (c) equity,...Ch. 1 - Prob. 18DQCh. 1 - Prob. 19DQCh. 1 - What do accountants mean by the term revenue?Ch. 1 - Prob. 21DQCh. 1 - Prob. 22DQCh. 1 - Prob. 23DQCh. 1 - Prob. 24DQCh. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Define and explain return on assets.Ch. 1 - Define return and risk. Discuss the trade-off...Ch. 1 - Prob. 30DQCh. 1 - Prob. 31DQCh. 1 - Prob. 32DQCh. 1 - Prob. 33DQCh. 1 - Prob. 34DQCh. 1 - Choose from the following term or phrase a through...Ch. 1 - Prob. 2QSCh. 1 - Prob. 4QSCh. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - Prob. 7QSCh. 1 - Applying the accounting equation A1 Use the...Ch. 1 - Prob. 9QSCh. 1 - Prob. 10QSCh. 1 - Prob. 11QSCh. 1 - Prob. 12QSCh. 1 - Prob. 13QSCh. 1 - Prob. 14QSCh. 1 - Prob. 15QSCh. 1 - Prob. 16QSCh. 1 - Prob. 1ECh. 1 - Identifying accounting users and uses C2 Part A....Ch. 1 - Prob. 3ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Determine the missing amount from each of the...Ch. 1 - Prob. 9ECh. 1 - Prob. 10ECh. 1 - Prob. 11ECh. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Prob. 14ECh. 1 - Prob. 15ECh. 1 - Use the information in Exercise 1-15 to prepare an...Ch. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Prob. 1PSACh. 1 - Prob. 2PSACh. 1 - Prob. 3PSACh. 1 - Prob. 4PSACh. 1 - Prob. 5PSACh. 1 - Prob. 6PSACh. 1 - Prob. 8PSACh. 1 - Prob. 9PSACh. 1 - Prob. 10PSACh. 1 - Prob. 11PSACh. 1 - Prob. 12PSACh. 1 - Prob. 13PSACh. 1 - Prob. 14PSACh. 1 - Prob. 1PSBCh. 1 - Prob. 3PSBCh. 1 - Prob. 4PSBCh. 1 - Prob. 5PSBCh. 1 - Prob. 6PSBCh. 1 - Prob. 7PSBCh. 1 - Prob. 8PSBCh. 1 - Prob. 9PSBCh. 1 - Prob. 10PSBCh. 1 - Prob. 11PSBCh. 1 - Prob. 12PSBCh. 1 - Prob. 13PSBCh. 1 - Prob. 14PSBCh. 1 - Prob. 1SPCh. 1 - Prob. 2BTNCh. 1 - Prob. 7BTNCh. 1 - Prob. 9BTN
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