Test bank of investing and financing decisions and the accounting system
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Test bank of investing and financing decisions and the accounting system
LLH9e_Ch02_SolutionsManual_FINAL.pdfLibby_9e_IM_CH02.pdfLLH9e_Chapter_02.pdfChapter 2Investing and Financing Decisions and the Accounting SystemANSWER Test bank of investing and financing decisions and the accounting systemRS TO QUESTIONS1The primary objective of financial reporting for external users is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity. These users are Test bank of investing and financing decisions and the accounting system expected to have a reasonable understanding of accounting concepts and procedures. Usually, they are interested in information to assist them in projTest bank of investing and financing decisions and the accounting system
ecting future cash inflows and outflows of a business.2(a) An asset is a probable future economic benefit owned or controlled by theentity as a resultLLH9e_Ch02_SolutionsManual_FINAL.pdfLibby_9e_IM_CH02.pdfLLH9e_Chapter_02.pdfChapter 2Investing and Financing Decisions and the Accounting SystemANSWER Test bank of investing and financing decisions and the accounting systemsset regardless of how long it takes to produce and sell the inventory.(c)A liability is a probable future sacrifice of economic benefits of the entity arising from preset obligations as a result of a past transaction.(d)A current liability is a liability that will be settled by providing cash, good Test bank of investing and financing decisions and the accounting systems, or other services within the coming year.(e)Additional paid-in capital is the owner-provided financing to the business that represents the excess oTest bank of investing and financing decisions and the accounting system
f the amount received when the common stock was issued over the par value of the common stock.(f)Retained earnings are the cumulative earnings of a coLLH9e_Ch02_SolutionsManual_FINAL.pdfLibby_9e_IM_CH02.pdfLLH9e_Chapter_02.pdfChapter 2Investing and Financing Decisions and the Accounting SystemANSWER Test bank of investing and financing decisions and the accounting system______________________________________________________■c Ĩ017 by McG'ow-tfiil ifaratW' AVNo reprrfurt'cinTest bank of investing and financing decisions and the accounting system
information to be reported in the national monetary unit without any adjustment for changes in purchasing power. That means that each business will acLLH9e_Ch02_SolutionsManual_FINAL.pdfLibby_9e_IM_CH02.pdfLLH9e_Chapter_02.pdfChapter 2Investing and Financing Decisions and the Accounting SystemANSWER Test bank of investing and financing decisions and the accounting system(c)Under the going-concern assumption, businesses are assumed to operate into the foreseeable future. That is. they are not expected to liquidate.(d)Historical cost is a measurement model that requires assets to be recorded at the cash-equivalent cost on the date of the transaction. Cashequivalent c Test bank of investing and financing decisions and the accounting systemost is the cash paid plus the dollar value of all noncash considerations.4Accounting assumptions are necessary because they reflect the scope of accouTest bank of investing and financing decisions and the accounting system
nting and the expectations that set certain limits on the way accounting information is reported.5An account is a standardized format used by organizaLLH9e_Ch02_SolutionsManual_FINAL.pdfLibby_9e_IM_CH02.pdfLLH9e_Chapter_02.pdfChapter 2Investing and Financing Decisions and the Accounting SystemANSWER Test bank of investing and financing decisions and the accounting systemreases in the fundamental accounting model.6The fundamental accounting model is provided by the equation:Assets = Liabilities + Stockholders' Equity7A business transaction is (a) an exchange of resources (assets) and obligations (debts) between a business and one or more outside parties, and (b) cer Test bank of investing and financing decisions and the accounting systemtain events that directly affect the entity such as the use over time of rent that was paid prior to occupying space and the wearing out of equipmentTest bank of investing and financing decisions and the accounting system
used to operate the business. An example of the first situation is (a) the sale of goods or services. An example of the second situation is (b) the usLLH9e_Ch02_SolutionsManual_FINAL.pdfLibby_9e_IM_CH02.pdfLLH9e_Chapter_02.pdfChapter 2Investing and Financing Decisions and the Accounting SystemANSWER Test bank of investing and financing decisions and the accounting systemsets and a decrease in liabilities and stockholders' equity. A credit is the opposite - a decrease in assets and an increase in liabilities and stockholders' equity.12__________________________________________________________________________________________________________________________Solutions M Test bank of investing and financing decisions and the accounting systemanual© ĩữi 7 by MC-.TA'WUAV right) nnf’vrd No 'rp'orfurf'O-' or dkir«iwi>'t>n wứAwí tbeprior wrtttrt coo-fnt ọỊ •AOow-mV1011121314LLH9e_Ch02_SolutionsManual_FINAL.pdfLibby_9e_IM_CH02.pdfLLH9e_Chapter_02.pdfChapter 2Investing and Financing Decisions and the Accounting SystemANSWERLLH9e_Ch02_SolutionsManual_FINAL.pdfLibby_9e_IM_CH02.pdfLLH9e_Chapter_02.pdfChapter 2Investing and Financing Decisions and the Accounting SystemANSWERGọi ngay
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