Accounting 29th Edition By Carl
Warren, Jefferson Jones, William
Tayler (Solution Manual)
, Assets - CORRECT ANSWERS-Things company owns & uses to generate revenue
Liabilities - CORRECT ANSWERS-Amount that company owes
Equity - CORRECT ANSWERS-Amount invested in company by owners; owners claim
no assets
Accounting equation - CORRECT ANSWERS-Assets = liabilities + equity
Truism in business - CORRECT ANSWERS-Company never receives greater than it
gives & never gives greater than it receives
4 Rules of debits & credits - CORRECT ANSWERS-1. Debit amount received; credit
amount given up
2. Debuts on left; credits on the right
3. In each transactions; list debits first (good) & credits last (bad)
4. Total debits = total credits
Making an ethical decision - CORRECT ANSWERS-1. Identify ethical concerns- use
personal ethics to recognize concern
2. Analyze options- consider all good & bad consequences
3. Make ethical decision- choose best option given circumstances
Warren, Jefferson Jones, William
Tayler (Solution Manual)
, Assets - CORRECT ANSWERS-Things company owns & uses to generate revenue
Liabilities - CORRECT ANSWERS-Amount that company owes
Equity - CORRECT ANSWERS-Amount invested in company by owners; owners claim
no assets
Accounting equation - CORRECT ANSWERS-Assets = liabilities + equity
Truism in business - CORRECT ANSWERS-Company never receives greater than it
gives & never gives greater than it receives
4 Rules of debits & credits - CORRECT ANSWERS-1. Debit amount received; credit
amount given up
2. Debuts on left; credits on the right
3. In each transactions; list debits first (good) & credits last (bad)
4. Total debits = total credits
Making an ethical decision - CORRECT ANSWERS-1. Identify ethical concerns- use
personal ethics to recognize concern
2. Analyze options- consider all good & bad consequences
3. Make ethical decision- choose best option given circumstances