EP FINANCIAL ACCOUNTING-MYACCOUNTINGLAB
5th Edition
ISBN: 9780134728858
Author: Kemp
Publisher: PEARSON CO
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 9SE
To determine
Identify the given financial item as asset, liability,
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
S1-8. (Learning Objective 4: Identify income statement components)1. Identify the two basic categories of items on an income statement.2. What do we call the bottom line of the income statement?
Please respond to the following questions based upon these course objectives:
Describe the three functions of accounting
• Apply the accounting vocabulary
• Record various business transactions in accordance with generally accepted accounting principles.
Complete the steps of the Accounting Cycle.
• Analyze the basic financial statements
Please answer the following questions with supporting examples and full explanations.
1. For each of the learning objectives, provide an analysis of how the course supported each objective.
2. Explain how the material learned in this course, based upon the objectives, will be applicable to the professional application.
For elementary accounting class
Chapter 1 Solutions
EP FINANCIAL ACCOUNTING-MYACCOUNTINGLAB
Ch. 1 - The text states that accounting is the "language...Ch. 1 - Would you describe accounting as primarily a...Ch. 1 - Prob. 3DQCh. 1 - What are some reasons why accounting has adopted...Ch. 1 - What are some of the uses of financial statements?Ch. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - How is the accounting equation affected by each of...Ch. 1 - In what order should the financial statements be...Ch. 1 - Which financial statement would be most useful to...
Ch. 1 - Prob. 1SCCh. 1 - Prob. 2SCCh. 1 - Which accounting principle specifically states...Ch. 1 - Wave Rider is famous for custom skateboards. At...Ch. 1 - Assume that Wave Rider sold skateboards to a...Ch. 1 - Assume that Wave Rider sold skateboards to another...Ch. 1 - Assume that Wave Rider paid expenses totaling...Ch. 1 - Consider the overall effects of the transactions...Ch. 1 - The balance sheet reports a. a businesss financial...Ch. 1 - The income statement reports a. a business's...Ch. 1 - Prob. 11SCCh. 1 - Prob. 12SCCh. 1 - Accounting principles (Learning Objective 4) 5-10...Ch. 1 - Accounting principles (Learning Objective 4) 5-10...Ch. 1 - Prob. 3SECh. 1 - Basic accounting equation (Learning Objective 5)...Ch. 1 - Prob. 5SECh. 1 - Prob. 6SECh. 1 - Prob. 7SECh. 1 - Entering transactions in the accounting equation...Ch. 1 - Prob. 9SECh. 1 - Prob. 10SECh. 1 - Entering transactions in the accounting equation...Ch. 1 - Transaction analysis (Learning Objective 5) 5-10...Ch. 1 - Transaction analysis (Learning Objective 5) 5-10...Ch. 1 - Prob. 14SECh. 1 - Basic accounting equation (Learning Objective 5)...Ch. 1 - Basic accounting equation (Learning Objective 5)...Ch. 1 - Prob. 17AECh. 1 - Using the accounting equation to determine net...Ch. 1 - Transaction analysis (Learning Objective 5) 15-20...Ch. 1 - Types of business organizations and balance sheet...Ch. 1 - Types of accounts and income statement preparation...Ch. 1 - Using the accounting equation to determine net...Ch. 1 - Basic accounting equation (Learning Objective 5)...Ch. 1 - Prob. 24BECh. 1 - Prob. 25BECh. 1 - Prob. 26BECh. 1 - Transaction analysis (Learning Objective 5) 15-20...Ch. 1 - Prob. 28BECh. 1 - Prob. 29BECh. 1 - Prob. 30BECh. 1 - Transaction analysis and the calculation of net...Ch. 1 - Prob. 32APCh. 1 - A Preparing the income statement, statement of...Ch. 1 - Preparing the income statement and balance sheet;...Ch. 1 - Prob. 35APCh. 1 - Transaction analysis and the calculation of net...Ch. 1 - Prob. 37BPCh. 1 - Prob. 38BPCh. 1 - Preparing the income statement and balance sheet;...Ch. 1 - Prob. 40BPCh. 1 - Prob. 1CECh. 1 - This problem is the first problem in a sequence...Ch. 1 - Prob. 1CFSAPCh. 1 - Prob. 1EIACh. 1 - Prob. 2EIACh. 1 - Prob. 1FACh. 1 - Industry Analysis Purpose: To help you understand...Ch. 1 - Prob. 1SBACh. 1 - Prob. 1WC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- For which type of learning outcomes would be the essay test be least useful?A. Understanding of accounting principlesB. Thinking skillsC. Organization of ideasD. Knowledge of factsE. Application of accounting principlesarrow_forwardWhat is the basic formula one must remember for a beginner student on accounting class 1arrow_forwardTypical accounting tasks include all of the following tasks except ________.A. auditingB. recording and tracking costsC. tax compliance and planningD. consultingE. purchasing direct materialsarrow_forward
- OBJECTIVES: K: Define Accounting: S: Discuss the usefulness of accounting; and A: Appreciate the usefulness of accounting in real situation. LEARNING COMPETENCY: Defining accounting. ABM FABM11-Illa-1 I. What Happened PRE-TEST: Read each item carefully and use your notebook to write your answers. True or False on ny 1. A business transaction is the occurrence of an event or of a condition that must be recorded. 2. Summarization reduces the effects of numerous transactions into useful groups or categories. 3. Recording is very important in accounting. 4. Accounting is and art and a discipline. 5. Accounting deals with information and transactions II. What You Need to Know Accounting is the art of recording, classifying and summarizing in a om significant manner and in terms of money, transaction and events which are, in part at least of a financial character, and interpreting the results thereof. ACCOUNTING o bnolonon As an Art As a Processarrow_forwardvi. Subject :- Accounting **PLEASE SHOW HOW TO COMPLETE IN EXCEL OR WITH A FINANCIAL CALCULATOR**arrow_forwardWhy is establishing accounting standards is characterized as a political process? This is a Learning Objective 4 in Intermediate Accounting, by Spiceland, Nelson, and Thomas. 10th Ed. McGraw Hill.arrow_forward
- Per given item (A to P), Identify if it is under Financial Perspective, Customer Perspective, Learning Perspective or Internal Perspectivearrow_forwardWhat are the best accounting and finance resources? Note: I want to know the best accounting and finance learning resources that I can study from and refer to in case I want to relearn something related to finance or accounting again.arrow_forwardThe expanded accounting equation consists of assets, liabilities, capital, withdrawals, revenues, and expenses. It can be used to reveal insights into changes in a company’s financial position. Required 1. Form learning teams of six (or more) members. Each team member must select one of the six components and each team must have at least one expert on each component: (a) assets, (b) liabilities, (c) capital, (d) withdrawals, (e) revenues, and ( f ) expenses. 2. Form expert teams of individuals who selected the same component in part 1. Expert teams are to draft a report that each expert will present to his or her learning team addressing the following: a. Identify for its component the (i) increase and decrease side of the account and (ii) normal balance side of the account. b. Describe a transaction, with amounts, that increases its component. c. Using the transaction and amounts in (b), verify the equality of the accounting equation and then explain any effects on the income…arrow_forward
- Typical accounting tasks include all of the following tasks except ________. A. auditing B. recording and tracking costs C. tax compliance and planning D. consulting E. purchasing direct materialsarrow_forwardwhat student learns about The Accounting Cycle Advanced Accounting for Assets Partnerships and Corporations Financial Analysis and Decision Makingarrow_forwardActivity: Think of at least four users of accounting information. Identify their connection to each other and how they benefited one another through the use of accounting information. NOTE: PLEASE REFER TO THE GIVEN LESSON and answer asap pleasearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeSurvey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
ACCOUNTING BASICS: Debits and Credits Explained; Author: Accounting Stuff;https://www.youtube.com/watch?v=VhwZ9t2b3Zk;License: Standard Youtube License