Test bank and solution manual for CH02 the balance sheet (2)
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Test bank and solution manual for CH02 the balance sheet (2)
Chapter 2The Balance SheetANSWERS TO QUESTIONS(a)An asset is a resource owned by a company that has measurable value and is expected to provide future Test bank and solution manual for CH02 the balance sheet (2)e benefits.(b)A current asset is an asset that will be used up or turned into cash within the next 12 months.(c)A liability is a debt or obligation arising from past transactions or events, which the company is likely to pay, settle, or fulfill by sacrificing resources in the future.(d)A current lia Test bank and solution manual for CH02 the balance sheet (2)bility is a debt or obligation that will be paid, settled, or fulfilled within one year.(e)Common stock includes the amount of financing (cash and somTest bank and solution manual for CH02 the balance sheet (2)
etimes other assets) provided to the company by stockholders in exchange for shares of common stock.(f)Retained earnings are the cumulative earnings oChapter 2The Balance SheetANSWERS TO QUESTIONS(a)An asset is a resource owned by a company that has measurable value and is expected to provide future Test bank and solution manual for CH02 the balance sheet (2) and measurable financial effect on the assets, liabilities, or stockholders' equity of a business. Transactions include two different types of events: (1) external exchanges and (2) internal events. The first situation (1) is exemplified by the sale of goods or services to customers. The second sit Test bank and solution manual for CH02 the balance sheet (2)uation (2) is exemplified by employees using up the benefits of equipment owned by the company.3Accounts are used to accumulate and report the effectsTest bank and solution manual for CH02 the balance sheet (2)
of different business activities. Accounts are necessary to keep track of all increases and decreases in the basic accounting equation.4The basic accChapter 2The Balance SheetANSWERS TO QUESTIONS(a)An asset is a resource owned by a company that has measurable value and is expected to provide future Test bank and solution manual for CH02 the balance sheet (2) debit is an increase in assets or a decrease in liabilities or stockholders' equity. A credit is the opposite - a decrease in assets or an increase in liabilities or stockholders' equity.Fundamentals of FinaiiCia! Accounting, 5/e___________________________________________________________24c 2016 by Test bank and solution manual for CH02 the balance sheet (2) McTest bank and solution manual for CH02 the balance sheet (2)
on analysis is the process of studying a transaction to determine its financial effect on the business in terms of the basic accounting equation:AssetChapter 2The Balance SheetANSWERS TO QUESTIONS(a)An asset is a resource owned by a company that has measurable value and is expected to provide future Test bank and solution manual for CH02 the balance sheet (2)nts.’ A=L+SE; the accounting equation must remain in balance after each transaction.The accounting equalities in transaction analysis are:(a)Assets = Liabilities + Stockholders' Equity(b)Debits = CreditsA journal entry is a method for expressing the effects of a transaction on accounts in a debits e Test bank and solution manual for CH02 the balance sheet (2)qual credits format. The title of the account(s) to be debited is (are) listed first. The title of the account(s) to be credited is (are) listed underTest bank and solution manual for CH02 the balance sheet (2)
neath the debited accounts and both account title(s) and amount(s) are indented to the right. (An optional explanation can be included on the lines foChapter 2The Balance SheetANSWERS TO QUESTIONS(a)An asset is a resource owned by a company that has measurable value and is expected to provide future Test bank and solution manual for CH02 the balance sheet (2)he textbook already provides the explanation.)T-accounts are a simplified version of the ledger, which summarizes transaction effects for each account. T-accounts show- increases on the left (debit) side for assets, which are on the left side of the accounting equation. T-accounts show increases on Test bank and solution manual for CH02 the balance sheet (2)the right (credit) side for liabilities and stockholders' equity, which are on the right side of the accounting equation. The T-account is a tool forTest bank and solution manual for CH02 the balance sheet (2)
summarizing transaction effects for each account and determining balances.The cost principle requires that assets and liabilities be recorded at theirChapter 2The Balance SheetANSWERS TO QUESTIONS(a)An asset is a resource owned by a company that has measurable value and is expected to provide future Test bank and solution manual for CH02 the balance sheet (2)the balance sheet. Knowing this, she should be sure to advise her banker that the salon has established a loyal group of customers that holds considerable value for generating future revenues (but is excluded from the balance sheet for accounting reasons).Fundamentals of Financial Accounting. 5/e___ Test bank and solution manual for CH02 the balance sheet (2)____________________________________________________________________________1^2c 2016 by McGraw-Hill Education. All lights reserved. No reproduction oTest bank and solution manual for CH02 the balance sheet (2)
r distribution without tile pnor written consent of McGraw-HillEducationChapter 2The Balance SheetANSWERS TO QUESTIONS(a)An asset is a resource owned by a company that has measurable value and is expected to provide futureChapter 2The Balance SheetANSWERS TO QUESTIONS(a)An asset is a resource owned by a company that has measurable value and is expected to provide futureGọi ngay
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