chapter 1 INTRODUCTION TO FINANCIAL STATEMENTS ● the navigator ● ● ● ● ✓ Scan Study Objectives Read Feature Story Scan Preview Read Text and Answer Do it! p. 5 p. 11 p. 18 p. 20 Work Using the Decision Toolkit Review Summary of Study Objectives Work Comprehensive Do it! p. 23 Answer Self-Test Questions Complete Assignments Go to WileyPLUS for practice and tutorials Read A Look at IFRS p. 42 study objectives After studying this chapter‚ you should be able to: 1 Describe the primary
Premium Balance sheet Generally Accepted Accounting Principles Income statement
QUESTION 1 1. Annie’s Attic has the following account balances for the dates given: Cash‚ Sept 1 $40‚000 Cash‚ Sept 30 60‚000 Accounts receivable‚ Sept 1 10‚000 Accounts receivable‚ Sept 30 14‚000 Owner’s equity‚ Sept 1 ? Owner’s equity‚ Sept 30 ? Supplies‚ Sept 1 30‚000 Supplies Sept 30 24‚000 Accounts payable‚ Sept 1 6‚000 Accounts payable‚ Sept 30 ? Net income for September 20‚000 What would owner’s equity be on September 1? 5 points QUESTION 2 1. Annie’s Attic has the following account
Premium Generally Accepted Accounting Principles Accounts receivable Balance sheet
general-purpose financial statements for making business decisions (American InterContinential University [AIU]‚ 2015). It allows accounting data to be converted into efficient information. It reduces confusion in decision making and presents an effective and systematic basis for making internal and external business decisions (Chiappetta‚ Larson &Wild‚ 2002‚ p.22). Internal users of accounting include managers‚ officers‚ internal auditors‚ consultants‚ budget officers‚ and market researchers. Internal users
Premium Balance sheet Generally Accepted Accounting Principles Asset
CHAPTER 1 Financial Accounting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE Topics 1. 2. 3. 4. 5. Subject matter of accounting. Environment of accounting. Role of principles‚ objectives‚ standards‚ and accounting theory. Historical development of GAAP. Authoritative pronouncements and rulemaking bodies. Role of pressure groups. Ethical issues. Questions 1 2‚ 3‚ 29 4‚ 5‚ 6‚ 7 8‚ 9‚ 10‚ 11 12‚ 13‚ 14‚ 15‚ 16‚ 17‚ 18‚ 19‚ 20‚ 21‚ 22‚ 23 23‚ 24‚ 25‚ 26‚ 27‚ 28 30 Cases 4 6‚ 7 1‚ 2‚ 3‚ 5 8
Premium Financial Accounting Standards Board
ACC201 … STUDY GUIDE for TEST ONE (Chapters 1‚ 2‚ 3) Test #1 will consist of 50-60 of the questions below. (Finding the “answers” to these questions is part of the review) True or False 1. Owner’s equity represents the amount of assets that can be claimed by creditors. 2. The right-hand side of an account is always the increase side. 3. A ledger is a chronological record of a business’s transactions. 4. The chart of accounts proves that all
Premium Generally Accepted Accounting Principles Balance sheet
What are the advantages and disadvantages of principles-based accounting? Perhaps the primary benefit of principles-based accounting rests in its broad guidelines that can be applied to numerous situations. Broad principles avoid the pitfalls associated with precise requirements that allow contracts to be written specifically to manipulate their intent. A 1981 study sponsored by FASB found evidence that managers purposefully try to structure leases as operating leases to avoid incurring additional
Premium Asset Accountancy Balance sheet
Assignment 1—Due Wednesday 28rd September‚ 2012 Please Note: There are three (3) questions in this assignment. Question 1: Plagiarism and referencing Although this question is not awarded marks‚ students MUST complete this entire question to get any marks for assignment 1. An understanding of plagiarism and “in text” referencing is essential to success in tertiary studies. Background information for Question 1 In an academic setting it is important to acknowledge the ideas of others that you
Premium Accounts receivable Balance sheet 2007
Technical Study of Power Energy Saving Device CESSWORLD Corporation CONTENTS 1. The Principle of Solar Energy 2. The Principle of Power Energy Saving by CESS 3. The Inside Circuit Diagram and Function of CESS 4. The Power Out-put formula by CESS 5. The Difference of Energy Saving Rate at a site by CESS 1. The Principle of Solar Energy 1) Light and the wavelength The world is filled with light. Because there are full of light in the world‚ you may well wonder at the beautiful colors of
Free Electromagnetic radiation Light
There are nine various forms of non-verbal communication such as: eye contact‚ facial expression‚ posture‚ gesture‚ paralanguage‚ personal appearance‚ tactile behavior‚ pauses and the use of time and space. Non- verbal communications helps us to give a certain meaning to the receiver. 1. Eyes expression: Our eyes indicate the attention‚ interest‚ which help us to interact with one another. For example when someone conversation with us we tend to pay more details to the message and we also look
Premium Nonverbal communication Communication Paralanguage
● the motion for debate today is principles based accounting provide/not provide greater opportunity for manager to manage earnings defining the motion: ● Now we as today’s proposition strongly believe that this is true that principle based accounting provide greater opportunity for manager to manage earnings‚ but before we come to our actual argumentation‚ let us first define some important terms in this debate. ● We believe that what is meant by principle based accouting is that Almost
Premium Financial Accounting Standards Board Management Accountancy