Accounting Textbook Answers

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

9781337272094

Users of accounting information: People who rely on accounting information to make best decisions…

Recording Process: The recording process of any accounting transaction starts with analyzing the...

Explanation: Cash basis of accounting: As per the cash basis of accounting, the revenues is…

Explanation: First, a worksheet records the account balances transferred from the adjusted trial...

Explanation: The separate accounts receivable ledger accounts keep the record of each customer...

Accounting Information Systems

9781337619202

Author:Hall, James A.

Business: Business can be defined as a work that includes exchange or production of goods and...

Transaction Process: Transaction process system helps a business to process all the transactions…

Ethics: Ethics can be defined as a conduct adopted by an individual in making the selection…

Sales Process: Sales process is defined as a repeatable process that starts from accepting the...

Purchase Requisition: Purchase requisition is pre requisite of purchase order; which is prepared…

Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)

16th edition

Author:Srikant M. Datar, Madhav V. Rajan

9780134475585

Intermediate Accounting

9th edition

Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas

9781259722660

Explanation: The function of financial accounting is the creation of financial statements, for…

Explanation: External events are the events which involves an exchange transaction between the…

Explanation: Following are the purposes of the balance sheet Summarized information of assets and...

Explanation: Income statement: The financial statement which reports revenues and expenses from...

Explanation: The five key steps to applying the revenue recognition principle are as follows: 1....

Financial and Managerial Accounting

Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

9781259726705

Option c: As per GAAP guidelines the new asset purchased by a company will always recorded at its...

Option b. Since, increase in expense reduces equity of a company, it should be debited. Option a....

Option b, overstate net income by $350,000, is correct. b. The rectifying adjustment entry to be...

Option c, $357,000 is correct. Given, The net sales are $550,000. The gross profit is $193,000.…

Option a, $2,940 is correct. Given, The company uses perpetual FIFO inventory system. Calculation…

Fundamentals Of Financial Accounting

Author:PHILLIPS, Fred, Libby, Robert, Patricia A.

9781259864230

Accounting: Accounting is the process of recording, summarizing, and reporting all the financial...

(a) Asset: Assets refer to the resources owned by the business, which are utilized in the course…

Income statement: An income statement is one of the financial statements which shows the…

Explanation: Adjusting entries: Adjusting entries are the journal entries which are recorded at…

Explanation: Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful...

Principles of Cost Accounting

17th edition

Author:Edward J. Vanderbeck, Maria R. Mitchell

9781305087408

The main function of the cost accounting is to provide cost accounting information related to...

Material control is a control procedure adopted by company to manage their material inventory. It...

Direct LaborIndirect LaborDirect labor is the labor that is involved in the production of goods…

Factory Overhead Cost: Factory overhead cost is the cost other than the direct material cost, and...

The two basic systems of cost accounting are listed below, Job order cost system Process cost…

Horngren's Accounting (12th Edition)

Author:Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

9780134486444

Solution: The answer to the question is: d. All of the above. Explanations: Given: Choices for…

1. The detailed record of the changes in a particular asset, liability, or owner’s equity is…

Explanations: • Accrual accounting records revenue only when it is earned: The principle of…

1. Assets are listed on the balance sheet in the order of their Learning Objective 1 purchase…

1.Which account does a merchandiser use that a service company does not use? Learning Objective…

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College Accounting, Chapters 1-27

23rd edition

9781337794756

Author:HEINTZ, James A.

Accounting: Accounting is a system, or a process of collecting and organizing economic…

Asset: Assets refer to the resources owned by the business, which are utilized in the course of…

T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this...

Source documents: A document that provides information about the company’s business transaction…

Matching principle: According to this principle, the expense should be recognized when it is...

Financial And Managerial Accounting

9781337902663

Author:WARREN, Carl S.

Users of accounting information: People who rely on accounting information to make best decisions…

The Recording Process: The recording process of any accounting transaction starts with analyzing…

Income statement: Income statement is a financial statement that shows the net income or net loss…

Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is…

Retail Business and Service Business: A retail business generates income by selling goods to its...

Fundamentals Of Cost Accounting (6th Edition)

Author:WILLIAM LANEN, Shannon Anderson, Michael Maher

9781259969478

Value: The value of the organization gets affected by its objectives and policies. The goals and...

McGraw Hill Education

Cost: Cost is the money that is spent to buy or produce any item. Cost refers to the sacrifice of...

Profit equation: Profit equation states the company’s profitability by comparing the total sales…

Fixed cost: Fixed cost does not vary with the change in the production of the goods. It stays the...

Cost estimation: Cost estimation refers to the process of forecasting the cost of the production…

Introduction To Managerial Accounting

Author:BREWER, Peter C., Garrison, Ray H., Noreen, Eric W.

9781259917066

Managerial Accounting: Managerial accounting is accounting for managers and is concerned with the...

The product cost is the sum total of all the costs incurred to get the finished product into...

For instance, a customer gives an order to the printing company to print 500 T-shirts. The…

Cost of Goods Manufactured: It implies the value of inventory that has been produced in a given...

The three common approaches to assign the overhead costs are as follows: 1. Predetermined…

Financial & Managerial Accounting

18th edition

Author:Jan Williams, Susan Haka, Mark S Bettner, Joseph V Carcello

9781259692406

Accounting: Accounting is a system, or a process of collecting and organizing economic…

Financial statements: Financial statements are condensed summary of transactions communicated in…

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....

Option (a) Adjust the retained earnings account for the revenue, expense, and dividends recorded...

Publicly owned companies: Publicly owned companies are those companies whose shares are listed on…

Cornerstones of Cost Management (Cornerstones Series)

Author:Don R. Hansen, Maryanne M. Mowen

9781305970663

Cost management: Cost management is concerned with allocating costs and using the information for...

An accounting information system is a system which is related to manual and computer parts, using...

Cost behavior: Cost behavior is the relationship between cost and activity and it is relevant to…

Predetermined overhead rate: It is an application of estimated manufacturing overhead cost over…

Cost measurement: Cost measurement the process that ascertains the dollar amounts of “direct...

Financial Accounting: Tools for Business Decision Making, 8th Edition

Author:Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

9781118953808

Business organization consists of three basic forms. They are sole proprietorship, partnership,…

Explanation: The operating cycle refers to a time period, within which a business firm completes…

Explanation: Accounting Information System (AIS): The Accounting Information System is a system…

Explanation: The periodicity assumption refers to the recognition of all accounting transactions...

Explanation: The steps in the accounting cycle that is same for both Merchandise Company, and...

Financial accounting: Financial accounting is the process of measuring the business activities of…

External Transaction: A company conducts its business transaction with another company or with…

Revenue recognition principle: Revenue recognition principle states that every business…

Sarbanes Oxley Act (SOX): Sarbanes Oxley Act (SOX) is the act passed by the government to address...

Option (a): Liabilities of the company that represents the amount owed to suppliers describes the...

Fundamental Accounting Principles

24th edition

Author:Wild, John J., Shaw, Ken W.

9781259916960

Accounting is important for every type of organization, whether it is in manufacturing or service...

Asset accounts Cash in hand & at bank − The cash available in the cash box and in the bank...

There are two ways of recording transactions under accounting. One is cash basis and another is...

Purpose of closing out process is to extend balances of each Income /Expense/Withdrawal/Income...

Solution: The businesses can be different so as to their components of financial statements. The...

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Author:Carl Warren, James M. Reeve, Jonathan Duchac

Users of accounting information: People who rely on accounting information to make best decisions…

The Recording Process: The recording process of any accounting transaction starts with analyzing…

Income statement: Income statement is a financial statement that shows the net income or net loss…

Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is…

Accounts Receivable Ledger: Accounts receivable ledger is a sub-ledger that records all credit…

Author:BLOCHER, Edward

Cost management information: Cost management information contains financial information regarding...

“Cost leadership” and “differentiation” are the two types of competitive strategy. Cost…

Difference between cost allocation and cost assignment is as follows: Cost assignment is the…

The strategic role of costing to provides exact cost figures that are essential for Product…

Under-costing a product increase the profit earned from the product. Cost of product not charged…

MCGRAW-HILL HIGHER EDUCATION

Managerial Accounting: Managerial accounting is accounting for managers and is concerned with the...

The Product cost is the sum total of all the costs incurred to get the finished product into...

For instance, a customer gives an order to the printing company to print 500 T-shirts. The…

Cost of Goods Manufactured: It implies the value of inventory that has been produced in a given...

Process costing: It is a cost allocation and cost calculation system, where costs are allocated…

Author:Carl Warren, Ph.d. Cma William B. Tayler

9781337912020

South-Western College Pub

Financial accounting: Financial accounting is the process of recording, summarizing, and…

Cost accounting systems It is a system which measures, record and report the product costs. In...

Cost Accounting Systems Cost accounting systems are used to measure, record, and report product...

Product costs Product costs means to deciding the cost of the product. It consists of direct...

Cost Driver: The cost driver refers to the all the activities on which the money is spent to…

Advanced Financial Accounting

Author:Christensen, Theodore E., COTTRELL, David M., Budd, Cassy

9781259916977

A complex organizational structure has higher number of divisions and it is bigger in size. Many...

The method which is used to account the investments in common stocks is dependent upon the level…

As per the new Companies Act 2013, all listed or unlisted companies having one or more subsidiary...

The equity method is applied by the investing company to record the investment made in the…

A consolidated balance sheet shows the combined balances of the parent company and its…

Managerial Accounting: The Cornerstone of Business Decision-Making

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

9781337115773

Managerial Accounting: Managerial accounting refers to the internal accounting system that gives...

Cost and Expense: Cost can be defined as the cash and cash equivalent which is incurred against…

Cost Behavior: Cost behavior determines the effect of changes in organizational activities on the...

Job-order Costing and Process Costing: The approach which accumulates the cost on the basis of…

Plantwide Overhead Rates: A plantwide overhead rate helps in measuring the production of the…

Intermediate Accounting, Binder Ready Version

16th edition

Author:Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

9781118742976

Financial Accounting: Financial accounting is a procedure of recording, reporting and…

Reasons for conceptual framework in financial accounting: (a) The conceptual framework helps IFRS…

Accounts payable: This is shortly called AP, where the company purchase goods on credit and need…

Justification: The statement provides scope for the investor and creditor to understand the…

Balance sheet provides information on the following: Nature of investment The amount of…

Principles of Accounting Volume 1

Accounting is sometimes called the language of _____. A. Wall Street B. business C. Main Street D.…

Which of these statements is not one of the financial statements? A. income statement B. balance…

That a business may only report activities on financial statements that are specifically related to…

Which of the following is any reporting period shorter than a full year (fiscal or calendar) and…

Which of the following accounts is considered a temporary or nominal account? A. Fees Earned…

Principles of Accounting

Author:Belverd E. Needles, Marian Powers, Susan V. Crosson

9781133626985

Accounting: Accounting is a system, or a process of collecting and organizing economic…

Explain whether the repair cost is an asset or an expense. In general, all equipment requires…

Net income: Net income is the excess amount of revenue after deducting all the expenses of a...

The reason for describing the accounting cycle as “cycle” is that the accounting steps are…

Explain the manner in which the four basic financial statements meet the stewardship objective of...

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Auditing And Assurance Services

17th edition

9780134897431

Author:ARENS, Alvin A.

Information should be available in verifiable form and maintain the standards that are required…

The following are three important characteristics: Organizational form: To avoid the...

Explain the reason why the auditor’s reports are important to users of financial statements and…

Ethics: A set of moral values or principles. The six core ethical values described by the…

The most imperative positive effects are the increased quality control by CPA firms that is…

Accounting Information Systems (14th Edition)

Author:Marshall B. Romney, Paul J. Steinbart

9780134474021

Option a: The data is the facts and the figures that become information once it is organised.…

Data Processing Cycle: The data processing cycle refers to the systematic operation of data…

Data Flow Diagram (DFD): The DFD refers to the graphical description of the data flow within the...

Database Management System (DBMS): A database management system is a software package that…

Identify the correct answer with respect to fraud. Justification for correct answer: a. Lapping is…

MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020

What is Tax: A tax is a payment levied by the order of Federal, state or local government…

Tax Return Audit: As the federal tax system is based on self-assessment that requires the…

Tax Planning: It is the examining of a financial position or plan from the tax viewpoint. Tax...

Realized income is largely defined than gross income. Gross income is largely defined than…

Gross income: The gross income is defined as all income generated from whatever source, unless...

Financial Accounting: The Impact on Decision Makers

Author:Gary A. Porter, Curtis L. Norton

9781305654174

1. A future economic benefit: Asset. 2. A business owned by two or more individuals, the...

Understandability: The accounting information in the financial statements should be clear and...

1. A numerical list of all the accounts used by the company.It is termed as the ledger.2. A list…

Recognition: Accounting all the expenses, revenues, an asset or liability in the books of…

Intermediate Accounting: Reporting And Analysis

3rd edition

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

9781337788281

Financial accounting: It is the process of recording, summarizing, and reporting all the…

Financial Accounting Standards Board (FASB): The Financial Accounting standards Board (FASB) is…

Accounting: Accounting is a system, or a process of collecting and organizing economic…

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation,…

Income statement: The financial statement which reports revenues and expenses from business...

International Accounting

Author:Doupnik, Timothy S., Finn, Mark T., Gotti, Giorgio

9781259747984

International Trade: Economics is all about efficient allocation and utilization of scarce...

Assets: Asset refers to the valuable held by a corporation that is utilized for production. Every...

Harmonization aims at reducing options while maintaining flexibility in accounting procedures.…

IFRS: IFRS stands for International Financial Reporting Standards. These are the set of standards...

Provision: Provision is an amount which is kept to meet the future liabilities. Provisions are...

Survey of Accounting (Accounting I)

Explanation for correct answer: A Corporation has a separate legal entity and its owners own…

Explanation for correct answer: The given transaction shall result in balanced accounting…

Under the accrual basis, the revenue and expenses are recorded accreting to their accrual for the...

Explanation for correct answer: The document issued by buyer to seller to inform the return of…

Explanation for correct answer: The Committee of Sponsoring Organizations of Treadway Commission...

Corporate Financial Accounting

Author:Carl Warren, Jeff Jones

9781337398169

Explanation: Users of accounting information are as classified as below: Internal users of...

Explanation: An account refers to a financial record in the general ledger, where the increase or...

Explanation: Cash basis of accounting: As per the cash basis of accounting, the revenues is…

Explanation: First, a worksheet records the account balances transferred from the adjusted trial...

Explanation: The following table shows the differences between a merchandising businesses from a...

Author:Albrecht, W. Steve, Chad O., Conan C., Zimbelman, Mark F.

There is no organized way to report fraud in most cases. Instead of seeking justice and punishing...

Cengage,

Intense research on fraud proved that anyone can commit fraud. It is not possible to distinguish...

Fraud is an intentional act done to deceive a person. It is an intentional and misleading...

Organizations hire ethical employees with good code of conduct by thorough background…

Accounting anomaliesresult from unusual processes and procedures in an accounting system which...

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Author:Edmonds, Thomas P.

Stakeholders: Stakeholders (A person, group or an organisation) are the parties (outsiders) who…

Accrual basis of accounting: Accrual basis of accounting refers to recognizing the financial...

Definition of Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or…

Sarbanes–Oxley Act (SOX) of 2002: SOX are the act passed by the government to address the…

Receivables: Receivables refer to an amount to be received in future. General classifications of...

Income Tax Fundamentals 2020

Explanation for correct answer: After the introduction of ‘The Tax Cuts and Jobs Act’ or TCJA act…

Explanation for correct answer: Gross income includes all the items specified as income under the...

Explanation for Correct answer: The expectation of profit test is not one of the tests for the...

Explanation for correct answer: A used car inventory held by a car dealer is a stock in trade is…

Under the health savings account, the contribution to HSAs is the deduction for AGI or limited to…

Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition)

Author:Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

9780134486840

Explanation: Explanation for correct answer: Accounting system includes the following activities:...

Explanation for correct answer: Account is a document which registers the changes in assets,...

Explanation: Justification for incorrect answers: Option b – is incorrect, because only accrual...

Explanation: Explanation for correct answer: The assets and liabilities of the balance sheet are...

Explanation for correct answer: Merchandise Company uses cost of goods sold account, sales…

Cambridge Business Publishers

Disclosure: Disclosure is the act of providing financial information to external users.…

Assets: These are the resources owned and controlled by business and used to produce benefits for...

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…

Vertical analysis: The comparison of an item of a financial statement against the total amount of...

College Accounting (Book Only): A Career Approach

9781337280570

Author:Scott, Cathy J.

South-Western College Pub

Assets: These are the resources owned and controlled by business and used to produce benefits for...

T-account: Trial balance is the summary of accounts, and their debit and credit balances at a…

Journal: Journal is a book in which economic events that can be measured in monetary terms are...

Accounting cycle: The whole process of identifying, sorting, analyzing, and recording the...

Cambridge Business Publishers

An acquisition of assets is the purchase of a corporation by purchasing its assets rather than…

An acquisition is when one company acquires most or all of the shares of another company to gain...

Consolidated financial statements are a group of entities financial statements that are presented…

An acquisition is when one company acquires most or all of the shares of another company to gain...

Non-controlling interest is a type of ownership in which the shareholder holds less than 50% of…

Principles of Accounting Volume 2

The managers of an organization are responsible for performing several broad functions. They are…

Which of the following is the primary source of revenue for a service business? A. the production…

The amount of a units sales price that helps to cover fixed expenses is its ____________________.…

Which of the following product situations is better suited to job order costing than to process…

Which of the following production characteristics is better suited for process costing and not job…

Construction Accounting And Financial Management (4th Edition)

Author:Steven J. Peterson MBA PE

9780135232873

Corporation: A business concern where there is a separate legal entity and are owned by…

What are the purposes of the accounting system?

How do the relationships between the balance sheet, income statement, job cost ledger, and…

Define committed costs and provide two examples of committed costs?

What is a depreciation schedule?

Intermediate Accounting (2nd Edition)

2nd edition

Author:Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

9780134730370

Solution: Financial statements: Financial statement is a complete record of the financial...

Explanation: Financial reporting: Financial reporting refers to the process of disclosure of the...

Judgment: Judgment can be defined as a process in which an accountant makes a particular decision...

Explanation: Accounting cycle: The accounting cycle refers to the process of recording and...

Explanation: Income Statement: It is one of the financial statements that lists the incomes and...

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Author:Weygandt, Jerry J.; Kieso, Donald E.; Kimmel, Paul D.

The system of accounting is undoubtedly deep-rooted in our society and is vital to our economic...

The T-account is a two-column account that resembles the capital letter T. It is commonly used to...

(a) Time period assumption affects accountant’s business analysis in following ways: Recording of...

A worksheet is generally used to do the adjustments while preparing a financial statement. It is…

The steps in accounting cycle of a merchandising company is same as the accounting cycle of a...

Fundamental Financial Accounting Concepts

Author:Thomas P Edmonds, Christopher Edmonds, Frances M McNair, Philip R Olds

9781259918186

Stakeholders: Stakeholders (A person, group or an organisation) are the parties (outsiders) who…

Accrual basis of accounting: Accrual basis of accounting refers to recognizing the financial...

Double-entry accounting system: Double-entry system refers to the double effect of each financial...

Definition of Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or…

Describe the four inventory costing methods as follows. 1. Specific identification method (SI):...

Author:JETER, Paul K. Chaney

Internal expansion is a process of normal increase in business in all aspects, as a result of...

At the time of acquisition date, fair value of contingent consideration should be recorded on the...

The advantages of acquiring majority of acquiring the major voting shares are: This shall avoid…

Generally, most of the subsidiaries are consolidated and reported in a parent company’s financial...

Book value is the price of the investment that is recorded in the books (financial statements) of...

Accounting For Governmental & Nonprofit Entities

18th edition

Author:RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.

9781259917059

The differences between business organizations and government/ not-for-profit organizations are…

Government Accounting Standards Board (GASB): Government accounting standards board (GASB) is an...

Distinguish between the fund based and government-wide operating statements: BasisFund based...

Governmental funds: This is the fund category which includes governmental activities in the...

General Capital Assets: The general capital assets are the long-lived assets procured using the...

Essentials Of Business Analytics

Categorical data: The data in which categories of items are based only on labels or names. For...

In order to improve readability, the following steps are carried out in the given table:…

WeekTime Series ValueForecastForecast ErrorAbsolute Value of Forecast Error118...

Calculation: The EXCEL formulas for calculating the profit is displayed below: The output for the...

Managerial Accounting (5th Edition)

Author:Karen W. Braun, Wendy M. Tietz

9780134128528

Explanation: Management responsibilities: The management of the organization is responsible for...

(Learning Objective 1) Which of the following types of companies would have work in process…

Explanation: Job costing: It is a process which is used by the companies to identify the costs...

Explanation: Cost distortion occurs when some products or jobs are overcosted while others are...

Explanation: a. It accumulates production cost by activities: This is the correct option because…

Principles Of Auditing & Other Assurance Services

21st edition

Author:WHITTINGTON, Ray, Pany, Kurt

9781259916984

Accounting professional: An accounting professional is a person who performs the accounting tasks...

American Institute of Certified Public Accountants (AICPA): It is an association of certified…

Ethical dilemma: An ethical dilemma is a conflict between two moral responsibilities of a person.…

The Certified Public Accountant’s liability: The accountants have both common law and statutory…

Risk: It is uncertainty about the future events of the company. The adverse chances of choosing…

COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<

Accounting: Accounting refers to the procedure of collecting information and summarizing the same…

The economic event which brings about any changes in the financial items of a business and can be...

Guidelines for debit and credit For all increase in assets, expenses and losses and all decrease…

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....

Adjustments: The entries which are recorded in journal for determining accounting balance based…

Data Analytics For Accounting

19th edition

Author:RICHARDSON, Vernon J., Teeter, Ryan, Terrell, Katie

9781260375190

Big data: The data analytics is also known as big data when the data has a large size. It is...

ETL process: ETL stands for extraction, transformation and loading of data. The process of ETL...

Justification for correct and incorrect answer: a. Training data: This is not the correct choice…

Justification for correct and incorrect answer: a. Nominal data: This is not the correct choice…

Under the guidance of the chief audit executive (CAE) or another manager, these individuals build...

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Auditing: A Risk Based-Approach (MindTap Course List)

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

9781337619455

An unqualified opinion is issued by an auditor, when there is no reservations about management’s...

The given case is an example of fraudulent financial reporting. Here, the organization has...

When there is effective control implemented in the organization, adherence to best internal...

An audit firm conducts audit engagements of their clients and it is usually not likely to face...

The Public Company Accounting Oversight Board has prepared auditing standards for the audit of...

Principles Of Taxation For Business And Investment Planning 2020 Edition

23rd edition

Author:Sally Jones, Shelley C. Rhoades-Catanach, Sandra R Callaghan

9781259969546

The Tax: As defined by IRS the tax is “an enforced contribution, exacted pursuant to legislative...

Historically, the federal income tax system does not generate the sufficient revenue to meet the...

Net present value (NPV): Net present value is used to compare the initial cash outflow of the...

Tax Avoidance Vs Tax Evasion: Tax avoidance refers to legalized means of reducing the tax...

Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a...

Financial Accounting (12th Edition) (What's New in Accounting)

Author:C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

9780134725987

Financial statements are condensed summary of transactions communicated in the form of reports…

All of the following events at a sandwich shop are transactions except a. A customer purchases a…

If Oxbow Corporation dees not record a sale mace on account in December until a month later when…

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the...

Revenue recognition principle: Revenue recognition principle states that every business…

Author:Jane L. Reimers

The purpose of a business is to raise the company’s value and generate profit for the owners of…

Pearson Higher Ed

GAAP stands for “Generally accepted accounting principles”. IFRS stands for “International…

The firm has earned six months interest revenue of $35($1,000×0.07×612) . The firm would record…

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records…

FOB Shipping point means that the buyer pays all costs incurred for the delivery of goods once…

Cornerstones of Financial Accounting

Author:Jay Rich, Jeff Jones

9781337690881

Accounting is an art of recording, classifying, analysing and summarising the financial statement…

The Conceptual framework of accounting focus on the preparation of financial statements with the...

Accounting is an art of recording, classifying, analyzing and summarizing the financial statement…

Internal control system includes 4 basic purposes : Assets Safeguarding: It provides confidence...

The revenue recognition is made at two different times which depends on the method of accounting,…

Core Concepts of Accounting Information Systems (NEW!!)

Author:Mark G. Simkin; James L. Worrell; Arline A. Savage

9781119373667

Justification for correct answer: Accounting Information System (AISs) is a group of data and...

Internet address: Similar to the post office system, computers use a forwarding system and an...

Accounting Information System (AIS): In order to accomplish data gathering, storage, processing,…

The four attributes of big data is colloquially known as “Four V’s”. The four V’s are volume,...

Integrated Accounting Software: The accounting software, where several separate accounting…

Ethical Obligations And Decision-making In Accounting Text And Cases 5th

Facts of the case: A runaway trolley threatens to kill five people standing beside a person. In...

Good people believe in ethical values and practice the ethical actions. This is the main reason…

The ethical lessons to be learnt from WF Bank scandal are: The cultural phenomena at the Bank…

The self-serving bias is a cognitive bias. It is the distorted perceptual process of an…

Risk assessment refers to the estimation of the possibility of the adverse conditions. It may be...

Management Accounting

Author:Robert S. Kaplan, Anthony A. Atk...

9780137024971

Management accounting: Management accounting is the process of identifying, measuring, analyzing,...

Pearson College Div

State the reason for which both financial and non-financial measures are necessary to manage a...

Describe some different managerial uses of cost information: Usually the cost information is used...

Cost flow from the raw materials to cost of goods sold. The cost of raw materials for production…

Product costs: The costs incurred to acquire the merchandise, ship the stock, prepare the...

Accounting Principles - Standalone book

Author:Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9781118875056

Explanation: There are various users (owner, employees, government, creditors and investors) of...

Explanation: The title of the account: The title of the account is basically the name of the...

Explanation: Time period assumption affects accountant’s business analysis in following ways:...

Explanation: A worksheet is prepared to summarize the information needed for the preparation of...

Explanation: The accounting cycle of a merchandising company is quite different from the…

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Managerial Accounting: Creating Value in a Dynamic Business Environment

Author:Ronald W Hilton Proffesor Prof, David Platt

9781259569562

Managerial accounting: Managerial accounting is a system, or a process of collecting and…

Product costs: The costs incurred to acquire the merchandise, ship the stock, prepare the...

Product costing: The process of assigning the production costs to all output of the organization…

Job order costing: Job order costing is one of the methods of cost accounting under which cost is...

Activity-based costing: It is a method that helps in finding the activities performed by a…

Loose Leaf for Financial Accounting: Information for Decisions

Accounting is an essential part of society because it provides financial reports for monetary...

Assets: Assets are physical as well as intangible resources of the business which are kept…

The difference between the cash basis and accrual basis of accounting is explained as follows:…

The merchandising companies deal with the physical products for example trading of grocery items,...

FIFO method of inventory management stands for ‘first in first out’, means that the earliest...

Accounting: What the Numbers Mean

Author:David Marshall, Wayne William McManus, Daniel Viele

9781259535314

Let's say we need to download the annual report of Apple Inc. for the year 2017. The process to...

The Total Stockholder's Equity at the end of the year is calculated as follows: Beginning Total...

The Margin, turnover, and Return on Investment for Firm J are calculated as follows: Firm JNet...

The effect of transactions on accounting equation is explained as follows: Transaction /…

The Bank Reconciliation statement is explained as follows: Happ Inc.Bank Reconciliation…

MANAGERIAL ACCOUNTING F/MGRS.

The difference between managerial accounting and financial accounting is explained as follows:...

Product costs include the costs incurred in the manufacturing of the product. The three major…

Products that have high rate of defects are low in quality and hence cannot meet the planned...

The formula to calculate contribution are: Contribution margin = Sales - Variable cost And,...

Occupancy dayElectrical costHigh Activity Level24065148Low Activity Level1241588Change22823560...

Fundamental Managerial Accounting Concepts

Author:Thomas P Edmonds, Christopher Edmonds, Bor-Yi Tsay, Philip R Olds

9781259569197

Financial accounting: The process of recording, summarizing, and reporting all the financial...

Fixed cost remains constant when volume of activity changes but per unit value will change…

Break-even point: The point where the total costs and the total revenue are equivalent is known…

A thing for which one is planning to identify the cost is termed as cost object. The main…

Activity-based costing: ABC (activity-based costing) is a method used for recognizing and…

Accounting, Binder Ready Version: Tools for Business Decision Making - Standalone book

Author:Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

9781119191674

Business organization consists of three basic forms. They are sole proprietorship, partnership,…

Current Assets: Current assets are those assets that can be converted to cash, or used in the...

Accounting Information System (AIS): The Accounting Information System is a system that a…

Periodicity assumption: The activities of the business which can be divided into different…

Accounting cycle refers to the process of recording, posting, and preparing financial statements…

Excel Applications for Accounting Principles

9781111581565

Author:Gaylord N. Smith

On June 1 of the current year, Wilson Wood opened Woodys Web Services. This sole proprietorship had…

(Figure 1) (Figure 2)

The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as…

The following information is for Bonnies Buds, a nursery and floral shop, for the month ended May…

Skye Boats deposits all receipts in a night depository after banking hours. The data needed to…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

Match the terms with the appropriate definition. S.NoTermsDefinition1Employee’s earnings recordB....

Fair Labor Standard Act (FLSA): Fair Labor Standard Act covers the standards and provisions for...

FICA tax refers to the Federal Insurance Contribution Act tax, which is Country U.S law that…

Income tax withholding: Under federal law, the employer is required to withhold a certain amount...

Federal unemployment tax act (FUTA): This is the act that enables the federal government to…

3rd edition

Author:Stacey M Whitecotton Associate Professor, Robert Libby, Fred Phillips Associate Professor

9780077826482

Financial accounting is an art of recording, summarizing and presenting the financial information…

Job order costing is applied to the businesses which manufactured the product or provide services...

Job order costing is applied to the businesses which manufactured the product or provide the...

ABC costing method is generally used to allocate the overhead costs to the product using activity...

There are three types of costs according to the unit of production; Variable, Fixed and Mixed....

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Cost Accounting (15th Edition)

Author:Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan

9780133428704

Auditing & Assurance Services (Auditing and Assurance Services)

Author:Timothy J Louwers, Allen Blay, David Sinason Associate Professor, Jerry R Strawser, Jay C. Thibodeau Associate Professor

9781259573286

Business risk: Business risk refers to the chances or probability of occurrence of such events…

Generally Accepted Auditing Standards (GAAS): Generally Accepted Auditing Standards (GAAS) states...

Auditing: Auditing is the process by which assertions made by management about financial...

Audit Risk: It is the probability that in the materially misrepresented financial statements, the...

Committee of Sponsoring Organizations (COSO): Committee of Sponsoring Organizations (COSO) is…

Fundamentals of Advanced Accounting

Author:Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

9781259722639

The criteria for determining whether the investor should apply the equity method of accounting to...

Business combination: Business combination refers to the combining of one or more business...

Equity method: The equity method is used when the investor is having the significant influence…

Non-controlling interest: The interest which is other than that of parent company in any entity…

Occurrence of intra-entity transactions: Intra-entity transactions occur so frequently between...

Soft Bound Version for Advanced Accounting 13th Edition

McGraw Hill Education

The criteria for determining whether the investor should apply the equity method of accounting to...

Business combination: Business combination refers to the combining of one or more business...

Equity method: The equity method is used when the investor is having the significant influence…

Non-controlling interest: The interest which is other than that of parent company in any entity…

Occurrence of intra-entity transactions: Intra-entity transactions occur so frequently between...

Managerial Accounting: Tools for Business Decision Making

Author:Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9781118334331

Explanation: In the field of accounting, the managerial accounting provides both economic and...

(a) Mary Barett is not sure about the difference between cost accounting and a cost accounting…

Identify which costing systemjob order or process costthe following companies would primarily use:…

Explanation: The valid basis for allocating direct labor as overhead is as follows: If direct…

Explanation: Cost tends to change with change in the business condition, therefore this change in...

Author:Paul M. Fischer, William J. Tayler, Rita H. Cheng

The U.S federal trade commission defines six types of mergers They are as follows: Backward…

Jacobson has a passive type of ownership. In forthcoming periods, Jacobson will record dividend...

As the Parent company purchased 100% common stock of Subsidiary company for $5,35,000 , $5,28,000…

Errors that would be there in the consolidated income statement and balance sheet in the absence…

Parent company acquired 80% interest in subsidiary company. Subsidiary company has availed loan…

Essentials of Business Analytics (MindTap Course List)

2nd edition

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

9781305627734

Categorical data: The data in which categories of items are based only on labels or names. For...

In order to improve readability, the following steps are carried out in the given table:…

Calculation: From the given table, the percentage of D flight has an on-time arrival is 86.5%.…

The ascending order of random number is given below: TeamRandom...

Ethics in Accounting: A Decision-Making Approach

Ethics: Ethics are a set of moral principles that governs the general behaviour of an individual.…

Deontology: It is an ethical theory suggesting that morality of an action must be based on…

Distributive justice: Distributive justice is a concept that is used to address the ownership of...

Rational Model: Under a rational model, a potential wrongdoer will rationally choose to engage in...

Auditing: A Risk Based-Approach to Conducting a Quality Audit

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

9781305080577

South-Western College Pub

An unqualified opinion is issued by an auditor, when there is no reservations about management’s...

The given case is an example of fraudulent financial reporting. Here, the organization has...

When there is effective control implemented in the organization, adherence to best internal...

An audit firm conducts audit engagements of their clients and it is usually not likely to face...

The Public Company Accounting Oversight Board has prepared auditing standards for the audit of...

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Solution: To compute trend percents, base amount is required firstly. Base amount is an amount…

Option c, $45,000 is correct. Given, Overhead rate is 150 %. Total direct labor cost is $30,000....

‘Option d: The number of units that could have been started and completed given the cost…

b. Usually activity based costing system shifts costs from high volume to low volume products due…

Option a, $50 is correct. Given, Selling price of the product is $150 per unit. Variable cost is...

Financial Accounting for Undergraduates

a. Sole proprietorship: It is one form of simple business that is owned and maintained by a…

Balance sheet: Balance is the financial statement that reports a company’s resources (assets) and...

Debit: The condensed form of a ledger is referred to as T-account. The left-hand side of this...

Accounting Cycle: Accounting cycle refers to the process of recording a business transaction in…

T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this...

Financial Accounting (11th Edition)

Author:Walter T. Harrison Jr., Charles T. Horngren, C. William Thomas, Wendy M. Tietz

9780134127620

Corporation: Corporation is the form of organization that has legal existence that is owned and...

Following rules are followed for debiting and crediting different accounts while they occur in...

Adjusting entries: Adjusting entries are the journal entries which are recorded at the end of the...

Internal control: Internal control is a process which ensures continuous reliability of...

Trading securities: These are short-term investments in debt and equity securities with an…

Financial Accounting, Student Value Edition (5th Edition)

Author:Robert Kemp, Jeffrey Waybright

9780134728520

Accounting: Accounting is a system, or a process of collecting and organizing economic…

Asset: Assets refer to the resources owned by the business, which are utilized in the course of…

Accrual basis of accounting: Accrual basis of accounting refers to recognizing the financial...

Financial statements: Financial statements refer to those statements, which are prepared by the...

Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that…

Principles of Financial Accounting.

Historical cost principle: This is an accounting principle which states that the actual cost paid…

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....

Option (a): If the Company forgot to record the accrued and unpaid wages of $350,000 will…

Person G is the owner of Company V, who has withdrawn $25,000 from the business during the…

Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to...

Author:W. Steve Albrecht, Chad O. Albrecht, Conan C. Albrecht, Mark F. Zimbelman

There is no organized way to report fraud in most cases. Instead of seeking justice and punishing...

Intense research on fraud proved that anyone can commit fraud. It is not possible to distinguish...

Fraud is an intentional act done to deceive a person. It is an intentional and misleading...

Organizations hire ethical employees with good code of conduct by thorough background…

Accounting anomaliesresult from unusual processes and procedures in an accounting system which...

Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)

Author:Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

9780134486857

Financial accounting: Financial accounting is the process of measuring the business activities of…

Would the following companies most likely use a job order costing system or a process costing…

Process Costing: Process costing is method of cost accounting in which all the costs that are...

Predetermined Overhead Rate: Predetermined overhead rate is a measure used to allocate the…

Variable cost: A variable cost is the cost that proportionately changes with the changes in the...

FINANCIAL ACCT.FUND.(LOOSELEAF)

Option c: As per GAAP guidelines the new asset purchased by a company will always recorded at its...

Option b. Since, increase in expense reduces equity of a company, it should be debited. Option a....

Option b, overstate net income by $350,000, is correct. b. The rectifying adjustment entry to be...

Option c, $357,000 is correct. Given, The net sales are $550,000. The gross profit is $193,000.…

Option a, $2,940 is correct. Given, The company uses perpetual FIFO inventory system. Calculation…

Using Financial Accounting Information

9781337276337

Author:Porter, Gary A.

The type of the activity for each of the given transactions is explained as follows: # of…

Following is qualitative characteristics explanation: 1. Relevance Accounting information which…

1. A vendor for a company’s supplies is paid an amount owed on account. (E) It is an external…

Company record revenue of $ 4700000 (3000000+1700000) and refund of $ 300000 (2000000-1700000)…

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Author:Ray H Garrison, Eric Noreen, Peter C. Brewer Professor

9780078025631

Managerial Accounting: Managerial accounting is accounting for managers and is concerned with the...

The Product cost is the sum total of all the costs incurred to get the finished product into...

Explanation:− Direct material and direct labour costs are generally incurred for a particular job...

Process costing: It is a cost allocation and cost calculation system, where costs are allocated…

: In simple words, a contribution margin is the difference between the sales revenue and variable...

Financial & Managerial Accounting

Author:Carl Warren, James M. Reeve, Jonathan Duchac

9781337119207

Explanation: Users of accounting information are as classified as below: Internal users of...

Recording Process: The recording process of any accounting transaction starts with analyzing the...

Explanation: Cash basis of accounting: As per the cash basis of accounting, the revenues is…

Explanation: First, a worksheet records the account balances transferred from the adjusted trial...

Explanation: The following table shows the differences between a merchandising businesses from a...

Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)

Author:Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

9780134078939

Explanation: Explanation for correct answer: Accounting system includes the following activities:...

Explanation for correct answer: Account is a document which registers the changes in assets,...

Explanation: Justification for incorrect answers: Option b – is incorrect, because only accrual...

Explanation: Explanation for correct answer: The assets and liabilities of the balance sheet are...

Explanation for correct answer: Merchandise Company uses cost of goods sold account, sales…

Individual Income Taxes

CENGAGE LEARNING - CONSIGNMENT

What is Tax: A tax is a payment levied by the order of Federal, state or local government…

Tax research: It is a process of solving the problems which are related to the tax by applying a...

Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct...

As per the Supreme Court in Thor Power Tool Co. vs. Comm.,” the key goal of the financial…

Gross Income Exclusions: Congress has enacted sections 101 through 140 for the authority to…

Financial Accounting Fundamentals

Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

9781259726910

Historical cost principle: This is an accounting principle which states that the actual cost paid…

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....

Option (a): If the Company forgot to record the accrued and unpaid wages of $350,000 will…

Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to...

First-in-First-Out (FIFO): In this method, items purchased initially are sold first. Therefore,…

Concepts in Federal Taxation 2019 (with Intuit ProConnect Tax Online 2017 and RIA Checkpoint 1 term…

26th edition

Author:Kevin E. Murphy, Mark Higgins

9781337702621

The Tax: As defined by IRS the tax is “an enforced contribution, exacted pursuant to legislative...

The main point is that to find out a system, a concept that is basic to the system with a related...

Differences between income for income tax purposes and economic income: As per Internal Revenue...

For excluding items from income, encouraging taxpayers to engage in transactions for which relief…

Even though both types of deductions decrease taxable income, deductions for adjusted gross…

Fundamental Accounting Principles

23rd edition

Author:John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles

9781259536359

Accounting is important for every type of organization, whether it is in manufacturing or service...

Asset accounts: Cash in hand & at bank – The cash available in the cash box and in the bank...

Explanation: There are two ways of recording transactions under accounting. One is cash basis and...

Purpose of closing out process is to extend balances of each Income /Expense/Withdrawal/Income...

Explanation: The businesses can be different so as to their components of financial statements.…

South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 &…

42nd edition

Author:James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen

9781337702546

What is Tax: A tax is a payment levied by the order of Federal, state or local government…

Tax research: It is a process of solving the problems which are related to the tax by applying a...

Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct...

As per the Supreme Court in Thor Power Tool Co. vs. Comm.,” the key goal of the financial…

Gross Income Exclusions: Congress has enacted sections 101 through 140 for the authority to…

FINANCIAL ACCT.F/UNDERGRADS-W/ACCESS

1st edition

Author:Wallace, Nelson, Christensen, Ferris

9781618531612

a. Sole proprietorship: It is one form of simple business that is owned and maintained by a…

Cambridge

Balance sheet: Balance is the financial statement that reports a company’s resources (assets) and...

Debit: The condensed form of a ledger is referred to as T-account. The left-hand side of this...

Accounting Cycle: Accounting cycle refers to the process of recording a business transaction in…

T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this...

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Accounting for Governmental & Nonprofit Entities

17th edition

Author:Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Earl R Wilson

9780078025822

The differences between business organizations and government/ not-for-profit organizations are…

General-purpose government: General-purpose governments serve in wide range. They do not have any...

Distinguish between the fund based and government-wide operating statements: BasisFund based...

General Fund: The chief operating fund of state and local government used to record the…

General Capital Assets: The general capital assets are the long-lived assets procured using the...

Accounting (Text Only)

26th edition

Author:Carl Warren, James M. Reeve, Jonathan Duchac

9781285743615

Users of accounting information: People who rely on accounting information to make best decisions…

Recording Process: The recording process of any accounting transaction starts with analyzing the...

Explanation: Cash basis of accounting: As per the cash basis of accounting, the revenues is…

Explanation: First, a worksheet records the account balances transferred from the adjusted trial...

Explanation: The separate accounts receivable ledger accounts keep the record of each customer...

Horngren's Accounting (11th Edition)

Author:Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

9780133856781

Solution: The answer to the question is: d. All of the above. Explanations: Given: Choices for…

1. The detailed record of the changes in a particular asset, liability, or owner’s equity is…

Explanations: • Accrual accounting records revenue only when it is earned: The principle of…

1. Assets are listed on the balance sheet in the order of their Learning Objective 1 purchase…

1.Which account does a merchandiser use that a service company does not use? Learning Objective…

1st edition

Author:Datar, Srikant M./

9780137024872

Managerial accounting: Managerial accounting is a system, or a process of collecting and…

Pearson College Div

Cost object: The corporation uses the cost object for estimating and measuring the cost of the…

Cost-Volume-Profit Analysis (CVP Analysis): CVP Analysis is a tool of cost accounting that…

Job order costing: Job order costing is one of the methods of cost accounting under which cost is...

Process Costing: Process costing is method of cost accounting in which all the costs that are...

Corporate Financial Accounting

Author:Carl Warren, James M. Reeve, Jonathan Duchac

9781305653535

Explanation: Users of accounting information are as classified as below: Internal users of...

Explanation: An account refers to a financial record in the general ledger, where the increase or...

Explanation: Cash basis of accounting: As per the cash basis of accounting, the revenues is…

Explanation: First, a worksheet records the account balances transferred from the adjusted trial...

The following table shows the differences between a merchandising businesses from a service...

Managerial Accounting (4th Edition)

Author:Karen W. Braun, Wendy M. Tietz

9780133428377

Explanation: Management responsibilities: The management of the organization is responsible for...

Explanation: There are basically three types of companies: a. Service companies are an incorrect...

Explanation: Job costing: It is a process which is used by the companies to identify the costs...

Explanation: Cost distortion occurs when some products or jobs are overcosted while others are...

Explanation: a. It is well suited for the company whose products are indistinguishable from each...

Accounting Information Systems (13th Edition)

Author:Marshall B. Romney, Paul J. Steinbart

9780133428537

Option a: The data is the facts and the figures that become information once it is organised.…

Data Processing Cycle: The data processing cycle refers to the systematic operation of data…

Data Flow Diagram (DFD): The DFD refers to the graphical description of the data flow within the...

Database Management System (DBMS): A database management system is a software package that…

Identify the correct answer with respect to fraud. Justification for correct answer: a. Lapping is…

Governmental and Nonprofit Accounting (11th Edition)

Author:Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott

9780133799569

The following are the similarities in accounting for G&NP (Governmental and Non-profit)...

Explain the reason for which government accounting systems are different from business accounting...

Explain the reason why the governmental budgeting and budgetary control are deemed so important…

The differences between the General Fund and Special Revenue Funds are as below: All levels of...

The term “available” in governmental fund revenue reorganization refers to both of the following:...

Cornerstones of Cost Management (Cornerstones Series)

3rd edition

Author:Don R. Hansen, Maryanne M. Mowen

9781285751788

Cost management: Cost management is concerned with allocating costs and using the information for...

An accounting information system is a system which is related to manual and computer parts, using...

Cost behavior: Cost behavior is the relationship between cost and activity and it is relevant to…

Predetermined overhead rate: It is an application of estimated manufacturing overhead cost over…

Cost measurement: Cost measurement the process that ascertains the dollar amounts of “direct...

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College Accounting (Book Only): A Career Approach

9781305084087

Author:Cathy J. Scott

Assets: These are the resources owned and controlled by business and used to produce benefits for...

T-account: Trial balance is the summary of accounts, and their debit and credit balances at a…

Journal: Journal is a book in which economic events that can be measured in monetary terms are...

Accounting cycle: The whole process of identifying, sorting, analyzing, and recording the...

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Users of accounting information: People who rely on accounting information to make best decisions…

The Recording Process: The recording process of any accounting transaction starts with analyzing…

Income statement: Income statement is a financial statement that shows the net income or net loss…

Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is…

Accounts Receivable Ledger: Accounts receivable ledger is a sub-ledger that records all credit…

Fundamentals of Advanced Accounting

Author:Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

9780077862237

The criteria for determining whether the investor should apply the equity method of accounting to...

Business combination: Business combination refers to the combining of one or more business...

Equity method: The equity method is used when the investor is having the significant influence…

Non-controlling interest: The interest which is other than that of parent company in any entity…

Occurrence of intra-entity transactions: Intra-entity transactions occur so frequently between...

Author:J. David Spiceland, Wayne M Thomas, Don Herrmann

Explanation: Accounting class is very much different from the math class. In math operations,…

Explanation: External events are the events which involves an exchange transaction between the…

Revenue refers to the income received from the business activity or sale of product or services...

Explanation: Occupational fraud: Occupational fraud, refers to the fraud carried out…

Explanation: Accounts receivable refers to the amounts to be received within a short period from...

Auditing and Assurance Services (16th Edition)

16th edition

Author:Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan

9780134065823

Information should be available in verifiable form and maintain the standards that are required…

The following are three important characteristics: Organizational form: To avoid the...

Explain the reason why the auditor’s reports are important to users of financial statements and…

Ethics: A set of moral values or principles. The six core ethical values described by the…

The most imperative positive effects are the increased quality control by CPA firms that is…

Financial Accounting, Student Value Edition (4th Edition)

Author:Robert Kemp, Jeffrey Waybright

9780134114811

Accounting: Accounting is a system, or a process of collecting and organizing economic…

Asset: Assets refer to the resources owned by the business, which are utilized in the course of…

Accrual basis of accounting: Accrual basis of accounting refers to recognizing the financial...

Financial statements: Financial statements refer to those statements, which are prepared by the...

Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

The Tax: As defined by IRS the tax is “an enforced contribution, exacted pursuant to legislative...

The main point is that to find out a system, a concept that is basic to the system with a related...

Differences between income for income tax purposes and economic income: As per Internal Revenue...

For excluding items from income, encouraging taxpayers to engage in transactions for which relief…

Even though both types of deductions decrease taxable income, deductions for adjusted gross…

Intermediate Accounting: Reporting and Analysis

2nd edition

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

9781285453828

Financial accounting: It is the process of recording, summarizing, and reporting all the…

Financial Accounting Standards Board (FASB): The Financial Accounting standards Board (FASB) is…

Accounting: Accounting is a system, or a process of collecting and organizing economic…

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation,…

Income statement: The financial statement which reports revenues and expenses from business...

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd edition

Author:James A. Heintz, Robert W. Parry

9781305666160

Accounting: Accounting is a system, or a process of collecting and organizing economic…

Asset: Assets refer to the resources owned by the business, which are utilized in the course of…

T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this...

Source documents: A document that provides information about the company’s business transaction…

Matching principle: According to this principle, the expense should be recognized when it is...

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Principles of Financial Accounting.

Historical cost principle: This is an accounting principle which states that the actual cost paid…

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....

Option (a): If the Company forgot to record the accrued and unpaid wages of $350,000 will…

Person G is the owner of Company V, who has withdrawn $25,000 from the business during the…

Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to...

Principles of Auditing & Other Assurance Services (Irwin Accounting)

20th edition

Author:Ray Whittington, Kurt Pany

9780077729141

Accounting professional: An accounting professional is a person who performs the accounting tasks...

American Institute of Certified Public Accountants (AICPA): It is an association of certified…

Ethical dilemma: An ethical dilemma is a conflict between two moral responsibilities of a person.…

The Certified Public Accountant’s liability: The accountants have both common law and statutory…

Risk: It is uncertainty about the future events of the company. The adverse chances of choosing…

INTERMEDIATE ACCOUNTING

Author:J. David Spiceland

9780078025839

Explanation: The function of financial accounting is the creation of financial statements, for…

Explanation: External events are the events which involves an exchange transaction between the…

Explanation: Following are the purposes of the balance sheet Summarized information of assets and...

Explanation: Income statement: The financial statement which reports revenues and expenses from...

Explanation: The five key steps to applying the revenue recognition principle are as follows: 1....

Fundamental Financial Accounting Concepts, 9th Edition

9th edition

Author:Thomas P Edmonds, Christopher Edmonds, Frances M McNair, Philip R Olds

9780078025907

Stakeholders: Stakeholders (A person, group or an organisation) are the parties (outsiders) who…

Accrual basis of accounting: Accrual basis of accounting refers to recognizing the financial...

Double-entry accounting system: Double-entry system refers to the double effect of each financial...

Definition of Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or…

Describe the four inventory costing methods as follows. 1. Specific identification method (SI):...

Fundamentals of Financial Accounting

Author:Fred Phillips Associate Professor, Robert Libby, Patricia Libby

9780078025914

Accounting: Accounting is the process of recording, summarizing, and reporting all the financial...

(a) Asset: Assets refer to the resources owned by the business, which are utilized in the course…

Income statement: An income statement is one of the financial statements which shows the…

Explanation: Adjusting entries: Adjusting entries are the journal entries which are recorded at…

Explanation: Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful...

Author:Kimmel, Paul D.

Business organization consists of three basic forms. They are sole proprietorship, partnership,…

John Wiley & Sons Inc

Explanation: The operating cycle refers to a time period, within which a business firm completes…

Explanation: Accounting Information System (AIS): The Accounting Information System is a system…

Explanation: The periodicity assumption refers to the recognition of all accounting transactions...

Explanation: The steps in the accounting cycle that is same for both Merchandise Company, and...

Core Concepts of Accounting Information Systems

Author:Mark G. Simkin, Carolyn S. Norman, Jacob M. Rose

9781118742938

Justification for correct answer: Accounting Information System (AISs) is a group of data and...

Internet address: Similar to the post office system, computers use a forwarding system and an...

Justification for correct answer: Option (b): A computer fraud is a fraudulent activity where a...

Accounting Information System (AIS): In order to accomplish data gathering, storage, processing,…

Document flow chart is the paper documents that show the physical flow through the system.…

EBK FINANCIAL ACCOUNTING THEORY AND ANA

JOHN WILEY+SONS,INC.-CONSIGNMENT

Following are the major goals of FASC ASC: To facilitate user access by codifying all the...

Some of the benefits that can be derived from conceptual framework are as follows: Conceptual...

The advantages of harmonization in accounting standard is as follows: Comparability: With the...

According to the CAPM model, there lies a relationship between risk and expected return from the...

Managers prefer stable earnings trend because of the following reasons: Stable earnings make the...

Accounting Information Systems

Business: Business can be defined as a work that includes exchange or production of goods and...

Transaction Process: Transaction process system helps a business to process all the transactions…

Ethics: Ethics can be defined as a conduct adopted by an individual in making the selection…

Sales Process: Sales process is defined as a repeatable process that starts from accepting the...

Purchase Requisition: Purchase requisition is pre requisite of purchase order; which is prepared…

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Ask our experts your Accounting Question!

Author:Robert Libby, Patricia Libby, Frank Hodge Ch

Accounting: Accounting is the process of recording, summarizing, and reporting all the financial...

Financial reporting: Financial reporting is the procedure to communicate the financial…

Current ratio: Current ratio is one type of liquidity ratios, it link between current assets and...

Match the given definition with appropriate definition as follows: Serial...

T-account: T-account refers to an individual account, where the increases or decreases in the…

Author:J. David Spiceland, Wayne M Thomas, Don Herrmann

Explanation: Accounting class is very much different from the math class. In math operations,…

Explanation: External events are the events which involves an exchange transaction between the…

Revenue refers to the income received from the business activity or sale of product or services...

Explanation: Occupational fraud: Occupational fraud, refers to the fraud carried out…

Explanation: Accounts receivable refers to the amounts to be received within a short period from...

Author:Jan Williams, Susan Haka, Mark S Bettner, Joseph V Carcello

Accounting: Accounting is a system, or a process of collecting and organizing economic…

Financial statements: Financial statements are condensed summary of transactions communicated in…

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....

Option (a) Adjust the retained earnings account for the revenue, expense, and dividends recorded...

Publicly owned companies: Publicly owned companies are those companies whose shares are listed on…

PRINCIPLES OF TAXATION F/BUS.+INVEST.

The Tax: As defined by IRS the tax is “an enforced contribution, exacted pursuant to legislative...

Historically, the federal income tax system does not generate the sufficient revenue to meet the...

Net present value (NPV): Net present value is used to compare the initial cash outflow of the...

Tax Avoidance Vs Tax Evasion: Tax avoidance refers to legalized means of reducing the tax...

Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a...

McGraw-Hill's Taxation of Individuals and Business Entities 2019 Edition

1st edition

Author:Professor, Brian C. Spilker

9781259918391

What is Tax: A tax is a payment levied by the order of Federal, state or local government…

Tax Return Audit: As the federal tax system is based on self-assessment that requires the…

Tax Planning: It is the examining of a financial position or plan from the tax viewpoint. Tax...

Realized income is largely defined than gross income. Gross income is largely defined than…

Gross income: The gross income is defined as all income generated from whatever source, unless...

Financial & Managerial Accounting

Author:Carl Warren, James M. Reeve, Jonathan Duchac

9781285866307