Solution Manual
Financial Accounting Fundamentals,
By John Wild
8th Edition
,Chapter 1: Accounting In Business
Chapter 2: Accounting For Business Transactions
Chapter 3: Adjusting Accounts For Financial Statements
Chapter 4: Accounting For Merchandising Operations
Chapter 5: Inventories And Cost Of Sales
Chapter 6: Cash, Fraud, And Internal
Control Chapter 7: Accounting For
Receivables Chapter 8: Accounting For
Long-Term Assets Chapter 9: Accounting For
Current Liabilities
Chapter 10: Accounting For Long-Term
Liabilities Chapter 11: Corporate Reporting And
Analysis Chapter 12: Reporting Cash Flows
Chapter 13: Analysis Of Financial Statements
,Chapter 1 d
Accounting In Business
QUICK STUDIES
d
Quick Study 1-1 (10 Minutes)
1. F Artificial Intelligence
2. C Recording
3. H Recordkeeping (Bookkeeping)
Quick Study 1-2 (10 Minutes)
A. External User G. External User
B. External User H. External User
C. External User I. Internal User
D. External User J. External User
E. Internal User K. External User
F. External User L. External User
Quick Study 1-3 (10 Minutes)
1. Opportunity 4. Opportunity
2. Pressure 5. Pressure
3. Rationalization 6. Rationalization
Quick Study 1-4 (5 Minutes)
, 1. Principle 3. Assumption
2. Assumption 4. Principle
Quick Study 1-5 (10 Minutes)
Attributedpresent Proprietorship Partnership Corporation Llc
1. Business Taxed No No Yes No
2. Limited Liability No No Yes Yes
3. Legal Entity No No Yes Yes
Quick Study 1-6 (10 Minutes)
1. Revenue Recognition Principle
2. Measurement (Cost) Principle
3. Business Entity Assumption
Quick Study 1-7 (5 Minutes)
Assets = Liabilities + Equity
$700,000 (A) $280,000 $420,000
$500,000 (B) $250,000 (B) $250,000
Quick Study 1-8 (10 Minutes)
1.
Assets = Liabilities + Equity
$75,000 (A) $35,000 $40,000
(B) $95,000 $25,000 $70,000
$85,000 $20,000 (C) $65,000
2.
+D Common
Assets = Liabilities Stock -D Dividends +Drevenues -Dexpenses
$40,000 $16,000 $20,000 $ 0 (A) $12,000 $ 8,000
$80,000 $32,000 $44,000 (B) $2,000 $24,000 $18,000
Financial Accounting Fundamentals,
By John Wild
8th Edition
,Chapter 1: Accounting In Business
Chapter 2: Accounting For Business Transactions
Chapter 3: Adjusting Accounts For Financial Statements
Chapter 4: Accounting For Merchandising Operations
Chapter 5: Inventories And Cost Of Sales
Chapter 6: Cash, Fraud, And Internal
Control Chapter 7: Accounting For
Receivables Chapter 8: Accounting For
Long-Term Assets Chapter 9: Accounting For
Current Liabilities
Chapter 10: Accounting For Long-Term
Liabilities Chapter 11: Corporate Reporting And
Analysis Chapter 12: Reporting Cash Flows
Chapter 13: Analysis Of Financial Statements
,Chapter 1 d
Accounting In Business
QUICK STUDIES
d
Quick Study 1-1 (10 Minutes)
1. F Artificial Intelligence
2. C Recording
3. H Recordkeeping (Bookkeeping)
Quick Study 1-2 (10 Minutes)
A. External User G. External User
B. External User H. External User
C. External User I. Internal User
D. External User J. External User
E. Internal User K. External User
F. External User L. External User
Quick Study 1-3 (10 Minutes)
1. Opportunity 4. Opportunity
2. Pressure 5. Pressure
3. Rationalization 6. Rationalization
Quick Study 1-4 (5 Minutes)
, 1. Principle 3. Assumption
2. Assumption 4. Principle
Quick Study 1-5 (10 Minutes)
Attributedpresent Proprietorship Partnership Corporation Llc
1. Business Taxed No No Yes No
2. Limited Liability No No Yes Yes
3. Legal Entity No No Yes Yes
Quick Study 1-6 (10 Minutes)
1. Revenue Recognition Principle
2. Measurement (Cost) Principle
3. Business Entity Assumption
Quick Study 1-7 (5 Minutes)
Assets = Liabilities + Equity
$700,000 (A) $280,000 $420,000
$500,000 (B) $250,000 (B) $250,000
Quick Study 1-8 (10 Minutes)
1.
Assets = Liabilities + Equity
$75,000 (A) $35,000 $40,000
(B) $95,000 $25,000 $70,000
$85,000 $20,000 (C) $65,000
2.
+D Common
Assets = Liabilities Stock -D Dividends +Drevenues -Dexpenses
$40,000 $16,000 $20,000 $ 0 (A) $12,000 $ 8,000
$80,000 $32,000 $44,000 (B) $2,000 $24,000 $18,000
