Financial Accounting, 8th Edition - 8th Edition - by Robert Libby, Patricia Libby, Daniel Short - ISBN 9780078025556

Financial Accounting, 8th Edition
8th Edition
Robert Libby, Patricia Libby, Daniel Short
Publisher: McGraw-Hill Education
ISBN: 9780078025556

Solutions for Financial Accounting, 8th Edition

Problem 1Q:
Define accounting.

Book Details

Libby/Libby/Short wrote this text based on their belief that the subject of financial accounting is inherently interesting, but financial accounting textbooks are often not. They believe most financial accounting textbooks fail to demonstrate that accounting is an exciting field of study and one that is important to future careers in business. When writing this text, they considered career relevance as their guide when selecting material, and the need to engage the student as their guide to style, pedagogy, and design.

Libby/Libby/Short successfully implements a real-world, single focus company approach in every chapter. Students and instructors have responded very favorably to the use of focus companies and the real-world financial statements. The companies chosen are engaging and the decision-making focus shows the relevance of financial accounting regardless of whether or not the student has chosen to major in accounting.

Libby/Libby/Short believes in the building-block approach to teaching transaction analysis. Most faculty agree that mastery of the accounting cycle is critical to success in financial accounting. And yet all other financial books introduce and develop transaction analysis in one chapter, bombarding a student early in the course with an overload of new concepts and terms. The authors believe that most faculty take more time with the accounting cycle, but other financial accounting textbooks don't. By slowing down the introduction of transactions and giving students time to practice and gain mastery, this building-block approach leads to greater student success in their study of later topics in financial accounting such as adjusting entries.

Sample Solutions for this Textbook

We offer sample solutions for Financial Accounting, 8th Edition homework problems. See examples below:

T-account: T-account is the form of the ledger account, where the journal entries are posted to this...Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by...T-account: T-account is the form of the ledger account, where the journal entries are posted to this...T-account: T-account is the form of the ledger account, where the journal entries are posted to this...Income statement: The financial statement which reports revenues and expenses from business...Cash basis of accounting: Cash basis of accounting refers to the recognition of financial...Chapter 4, Problem 1QAdjusting entries: Adjusting entries are those entries which are made at the end of the accounting...Adjusting entries: Adjusting entries are the journal entries which are recorded at the end of the...Adjusting entries: Adjusting entries are the journal entries which are recorded at the end of the...T-account: T-account refers to an individual account, where the increases or decreases in the value...T-account: T-account refers to an individual account, where the increases or decreases in the value...The amount of advertising expense for each Company A for the most recent year is $73.1million. The...Financial statement: Financial statements are condensed summary of transactions communicated in the...Adjusting entries: Adjusting entries are the journal entries which are recorded at the end of the...Financial reporting: Financial reporting is the procedure to communicate the information obtained...Financial statement: Financial statements are condensed summary of transactions communicated in the...Financial statement: Financial statements are condensed summary of transactions communicated in the...Operating income: Operating income refers to the income generated from the operation of business, or...Non-current assets: It refers to the long-term assets having a useful life of more than a year which...Return on assets: Return on assets is the financial ratio which determines the amount of net income...Chapter 5, Problem 1CCFinancial statement: Financial statements are condensed summary of transactions communicated in the...Sales revenue is an activity of selling the merchandise inventory of a business. Sales discount is...Sales are an activity of selling the merchandise inventory of a business. Prepare the journal entry....Deposits-in-transit: The checks that are deposited and recorded by the company, but not yet recorded...Chapter 7, Problem 1QAccounts receivable is an asset and increased by $1,500. Therefore, debit accounts receivable...Cost of goods sold: Cost of goods sold is the accumulate total of all direct cost incurred in...Periodic Inventory System: Periodic inventory system is a system, in which the inventory is updated...Chapter 7, Problem 5PCost of goods sold: Cost of goods sold is the accumulate total of all direct cost incurred in...Periodic Inventory System: Periodic inventory system is a system, in which the inventory is updated...Chapter 7, Problem 3APChapter 8, Problem 1QStraight-line method: The depreciation method which assumes that the consumption of economic...Chapter 8, Problem 8EChapter 8, Problem 11ELong-lived assets: Long-lived assetsrefer to the fixed assets, having a useful life of more than a...Chapter 8, Problem 5PLong-lived assets: Long-lived assetsrefer to the fixed assets, having a useful life of more than a...First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased items are...Double-declining-balance method: The depreciation method which assumes that the consumption of...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Liability: Liability is referred to as the obligation of the business towards the creditors for...Future value: The future value is value of present amount compounded at an interest rate until a...Journal: Journal is the method of recording monetary business transactions in chronological order....Journal: Journal is the method of recording monetary business transactions in chronological order....Journal: Journal is the method of recording monetary business transactions in chronological order....Present value: Present value is the current value of an amount that is to be paid or received in...Journal: Journal is the method of recording monetary business transactions in chronological order....Present value: Present value is the current value of an amount that is to be paid or received in...Journal: Journal is the method of recording monetary business transactions in chronological order....Chapter 10, Problem 1QBonds Payable: Bonds payable are referred to long-term debts of the business, issued to various...Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various...Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various...Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various...Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various...Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various...Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various...Corporation: A business concern where there is a separate legal entity and are owned by stockholders...Shares: The common stock is divided into smaller units of equal value called as Shares and issued to...Common stock: These are the ordinary shares that a corporation issues to the investors in order to...Preferred stock: The stock that provides a fixed amount of return (dividend) to its stockholder...Closing entries for sole proprietorship and partnership form of business: Closing entries are those...Common stock: These are the ordinary shares that a corporation issues to the investors in order to...Preferred stock: The stock that provides a fixed amount of return (dividend) to its stockholder...Present value: Present value is the current value of an amount that is to be paid or received in...Bonds: Bonds are a kind of interest bearing notes payable, usually issued by companies, universities...Financial statement: Financial statements are condensed summary of transactions communicated in the...Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and...Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and...T-account: T-account is the form of the ledger account, where the journal entries are posted to this...Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and...T-account: T-account is the form of the ledger account, where the journal entries are posted to this...Financial statements: Financial statements refer to those statements, which are prepared by the...Profitability ratios: Profitability ratios focus on net income. Profitability ratios explain that...1. Return on equity ratio: Rate of return on equity ratio is used to determine the relationship...Receivables turnover ratio: Receivables turnover ratio is mainly used to evaluate the collection...1. Return on equity ratio: Rate of return on equity ratio is used to determine the relationship...Profit margin: Profit margin ratio is used to determine the percentage of net income that is being...Return on equity ratio: Rate of return on equity ratio is used to determine the relationship between...Investment: The act of allocating money to buy a monetary asset, in order to generate wealth in the...Trading securities (TS): The category of passive investments which are bought with a purpose to sell...Available-for-sale (AFS) securities: The category of passive investments which are held as idle...Trading securities (TS): The category of passive investments which are bought with a purpose to sell...Available-for-sale (AFS) securities: The category of passive investments which are held as idle...Trading securities (TS): The category of passive investments which are bought with a purpose to sell...Trading securities (TS): The category of passive investments which are bought with a purpose to sell...

More Editions of This Book

Corresponding editions of this textbook are also available below:

FINANCIAL ACCOUNTING (LL+CONNECT)
11th Edition
ISBN: 9781266824036
FINANCIAL ACCOUNTING (LL)-W/ACCESS
11th Edition
ISBN: 9781265372903
FINANCIAL ACCOUNTING CONNECT ACCESS
11th Edition
ISBN: 9781266609916
Connect Access Card for Financial Accounting 11th Edition
11th Edition
ISBN: 9781265716332
ND LL FINCL ACCT W/ CONNECT
11th Edition
ISBN: 9781265707323
FINANCIAL ACCOUNTING
11th Edition
ISBN: 9781264229734
FINANCIAL ACCOUNTING (LL) W CONNECT
11th Edition
ISBN: 9781265946838
FINANCIAL ACCOUNTING - CONNECT PLUS
11th Edition
ISBN: 9781265709723
FINANCIAL ACCOUNTING CONNECT ACCESS CARD
11th Edition
ISBN: 9781264952984
Loose Leaf for Financial Accounting
11th Edition
ISBN: 9781265718848
Financial Accounting
7th Edition
ISBN: 9780078111020
INTRO TO FIN ACCT (LL W/ ACCESS-1 SMSTR
10th Edition
ISBN: 9781264038947
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
FINANCIAL ACCOUNTING (LL)-W/CONNECT
10th Edition
ISBN: 9781260696295
FINANCIAL ACCOUNTING (LL)
10th Edition
ISBN: 9781266449512
FINANCIAL ACCOUNTING ETEXT CARD
10th Edition
ISBN: 9781260918373
FINANCIAL ACCOUNTING W/CONNECT PKG
10th Edition
ISBN: 9781264094639
Financial Accounting
10th Edition
ISBN: 9781260481563
FINANCIAL ACCOUNTING (LOOSELEAF)
10th Edition
ISBN: 9781260481358
Connect Access Card For Financial Accounting
10th Edition
ISBN: 9781260481297
GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
17th Edition
ISBN: 9781260218831
Financial Accounting
9th Edition
ISBN: 9781259222139
Financial Accounting
9th Edition
ISBN: 9781259738692
FINANCIAL ACCOUNTING 9TH
16th Edition
ISBN: 9781308821672
Connect Access Card for Financial Accounting
9th Edition
ISBN: 9781259738678
Financial Accounting Homework Manager
5th Edition
ISBN: 9780073226149

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