45 test bank for financial accounting in an economic context 9th

Financial accounting in an economic context 8e chapter 01

... Chapter 1: Financial Accounting and Its Economic Context The Role of Financial Reporting in Investment Decisions Profit-seeking companies - managers prepare reports for owners of the companies ... affect the company and its managers  Financial Reporting and Investment Decisions Content of Financial Reports   The Management Letter The Financial Statements: – – – –  Balance Sheet Income Statement ... provide their own financials  Consolidated financials are prepared when subsidiaries are combined with the parent’s financials 11 Corporate Governance Financial Information Users  Financial statements...

Financial accounting in an economic context 8e chapter 02

... issuance of notes, debt, sale of equity, etc – Payments on notes, debt, dividends, etc 13 Classifying Financing, Investing, and Operating Transactions Financing and Investing Transactions Operating ... Chapter The Financial Statements Business Activities  Business activities are reflected in financial statements; business activities include: – Operating activities – selling goods and services ... Revenues and expenses 14 Classifying Operating Transactions Transitory Group C Gains and losses due to change in accounting principles Extraordinary items Persistent Group B Group A Revenues and Normal...

Financial accounting in an economic context 8e chapter 03

... in the issue of a liability to purchase the asset) 12 Principles of Financial Accounting Measurement   When transactions occur, we must decide when to recognize the transactions in the financial ... objectivity and timeliness  Alternative accounting periods include the calendar or fiscal year  Going Concern The life of an economic entity is assumed to be indefinite  Assets, defined as having ... Chapter 3: The Measurement Fundamentals of Financial Accounting Basic Assumptions Basic assumptions are foundations of financial accounting measurements  The basic assumptions are – Economic...

Financial accounting in an economic context 8e chapter 04

... Chapter 4: The Mechanics of Financial Accounting Chapter 4: The Mechanics of Financial Accounting   The first step in the accounting process is transaction analysis This process examines ... The financial statements for Kelly Supply (next slides), and other examples in text, can be used as guidelines to prepare financial statements The financials should be prepared in the following ... trial balance is a beginning balance; while the revenues, expenses and dividends are displayed in the trial balance, they have not yet been included in (closed to) retained earnings 41 Financial...

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Financial accounting in an economic context 8e chapter 05

... Chapter 5: Using Financial Statement Information Control and Prediction  Financial accounting numbers are useful in two fundamental ways: – They help investors and creditors influence and ... Within the Industry    Financial accounting numbers can also be made more meaningful if they are compared to those of similar companies Comparison of financial accounting numbers with industry ... (3) (3)management managementbias bias == True True Value Value Five Steps of Financial Statement Analysis Assessing the business environment  Reading and studying the financial statements and footnotes...

Financial accounting in an economic context 8e chapter 06

... to the Allowance account to achieve the “desired ending balance.” 27 Allowance for Doubtful Accts (T-account) Allowance for Doubtful Accts Beginning Balance The allowance established in the prior ... ending balance” in the allowance account is estimated using the percentage calculation or the aging schedule 30 Allowance for Doubtful Accts (T-account) Allowance for Doubtful Accts Beginning ... “desired ending balance” in the allowance account The focus is on the Allowance account 32 Class Problem Given the following information: At December 31, 2009, Company Z prepared an aging schedule...

Financial accounting in an economic context 8e chapter 07

... would then increase the Gross profit to $421 ($1,277 $856) 13 E7-6 b Error in Ending Inventory in 2008: = The 2 007 error in the Ending Inventory changes the Beginning Inventory in 2008 and the Goods ... 12 E7-6 a Error in Ending Inventory in 2 007: The $50 understated error in the Ending inventory means that the Ending Inventory should have been $268 + $50 = $318 This would change the Cost of ... costs are included in inventory? – General rule: all costs associated with purchase or manufacture, including shipping to facility – Freight -in (transportation -in) adds to the cost of inventory...

Financial accounting in an economic context 8e chapter 08

... Equity Investments 10 The Cost Method 11 E8-8 Mystic Lakes Food Company began investing in equity securities for the first time in 2011 During 2011, the company engaged in the following transactions ... controlling interest (more than 50 percent of the voting stock) in another company If the two companies continue as separate legal entities, the investor company is referred to as the parent company, ... forms  The key accounting question related to SPEs is whether the sponsoring company (e.g., Company A) should include (consolidate) the financial statements of the SPE with its own financial statements...

Financial accounting in an economic context 8e chapter 09

... Straight-line – (3) Double-declining balance – (4) 150 percent declining balance – (5) Sum-of-the-years digits – (6) MACRS (income tax depreciation) – Under IFRS, depreciation accounting is very ... Maintenance?  Betterments: – Increase asset’s useful life – Improve quality of asset’s output – Increase quantity of asset’s output – Reduce asset’s operating costs  Maintenance – maintain ... Freight & handling, Insurance while in transit, Installation Self Constructed Assets What to Capitalize? Direct Materials & Labor Variable Overhead Apply Fixed Overhead Interest During Construction,...

Financial accounting in an economic context 8e chapter 010

... regarding debt limits  Management – wants to minimize debt on the balance sheet – often looks for “off-balance sheet” financing – less debt now improves ability to borrow in the future Current ... bonuses 10 Incentive Compensation 11 Contingent Liabilities  Contingent on some future event or activity in order to know the exact amount Examples: warranties, coupons and lawsuits Changes in estimate ... Chapter 10 Introduction to Liabilities: Economic Consequences, Current Liabilities and Contingencies Liabilities  What is a liability? – “Probable future sacrifice of economic benefits arising...

Financial accounting in an economic context 8e chapter 011

... costs Management has strong incentive to manage the balance sheet by using “off-balance-sheet financing” Basic Definitions and Different Contractual Forms Some contracts, called interest-bearing ... the company was offering an interest rate greater than the market rate, and investors were willing to pay more for the higher interest rate 19 Problem - Amortization Schedule To recognize interest ... Notes Payable  Problem 1: On January 2, 2008, Pearson Company purchases a section of land for its new plant site Pearson issues a year non-interest bearing note, and promises to pay $50,000 at...

Financial accounting in an economic context 8e chapter 012

... necessary for any remaining balance (this is only necessary when we are decreasing equity) 15 Retained Earnings We will be expanding the basic retained earnings formula in this chapter Now the ... issued and outstanding at January 1, 2007 The stock had been issued at an average market price of $5 per share, and there have been no treasury stock transactions to this point Assume that, in February ... the Statement of Retained Earnings will include the following: RE, beginning (unadjusted) xx Add/Subtract: Prior period adjustment xx RE, beginning (restated) xx Add: net income xx Less dividends:...

Financial accounting in an economic context 8e chapter 013

... Net Income Fair Market Value approach: FMV Net Assets (end) - FMV Net Assets (beginning) = Net Income Financing, Investing, and Operating Transactions: A Framework 10 Classifying Operating Transactions ... company uses a multi-step income statement; more relevant for companies that are primarily retail or manufacturing (less relevant for service industries) – Income from operations indicates income ... segment is defined as an entire line of business or a separately identifiable segment For example, General Motors would need to discontinue Chevrolet (not just a manufacturing plant)  Financial statement...

Financial accounting in an economic context 8e chapter 014

... Financing Activities CF from financing activities explain the changes in cash from the issue or retirement of the company’s (primarily) long-term liabilities and equity  Examples of financing ... the gain from net income 20 Indirect Method Change in Related Assets and Liabilities   The third category examines the change in the assets and liabilities that relate to the remaining income ... To analyze this effect, we must analyze the A/R account, and how it is increased and decreased 22 Indirect Method Change in Related Assets and Liabilities Accounts Receivable Beginning Balance...

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Test bank advanced financial accounting ch 01 intercorporate acquisitions and investments in other entities

... SeaLine should report in its current financial statements Chapter 01 Intercorporate Acquisitions and Investments in Other Entities Answer Key Multiple Choice Questions 1-16 Chapter 01 - Intercorporate ... $227,000) Retained earnings balance = $105,000 1-34 Chapter 01 - Intercorporate Acquisitions and Investments in Other Entities AACSB: Analytic AICPA: Measurement 1-35 Chapter 01 - Intercorporate Acquisitions ... poolingof-interests method of accounting was used? A $0 B $19,000 C $53,000 D $72,000 1-10 Chapter 01 - Intercorporate Acquisitions and Investments in Other Entities 34 Which of the following...

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