Accounting for Managers, 1st Canadian Edition 1e Paul Collier
Sandy Kizan Eckhard Schumann (Answer Key For Self-Test
Questions, All Chapters, 100% Original Verified, A+ Grade)
Chapter 1
Answer Key for Self-Test Questions
S1.1 d
S1.2 c
S1.3 e
S1.4 b
S1.5 e
S1.6 c
S1.7 c
S1.8 c
S1.9 b
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Collier, Accounting for Managers, 1ce
Chapter 2
Answer Key for Self-Test Questions
S2.1 a
S2.2 b
S2.3 b
S2.4 d
S2.5 d
S2.6 a
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Collier, Accounting for Managers, 1ce
Chapter 3
Answer Key for Self-Test Questions
S3.1 c
S3.2 d
S3.3 d
S3.4 c
S3.5 a • cash = $15,000 + $25,000 = $40,000
• profit = $50,000 – $35,000 = $15,000
S3.6 b • profit = $150,000 – $80,000 – $30,000 – $12,000 – $8,000 = $20,000
• cash = $100,000 – $90,000 + $150,000 – $30,000 – $12,000 – $8,000 =
$100,000.
• equity = $100,000
S3.7 c assets = liabilities + equity
$600,000 = $500,000 + equity
Thus, equity = $100,000
S3.8 c
S3.9 d
S3.10 b • profit = $100,000 – $35,000 – $15,000 – $4,000 – $8,000 = $38,000
• cash = $100,000 – $35,000 – $15,000 – $4,000 – $8,000 + $25,000 –
$30,000 = $33,000
• shareholders’ equity = share capital + retained earnings (which equals profit
in first year of business) = $25,000 + $38,000 = $63,000
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Collier, Accounting for Managers, 1ce
S3.11 b Recall that shareholders’ equity = share capital + retained earnings Using
the basic accounting equation:
assets = liabilities + shareholders’ equity
assets = liabilities + (share capital + retained earnings)
$240,000 = $125,000 + (share capital + ($80,000 – $35,000)) share
capital = $70,000
Thus, total capital (equity) = $70,000 + $45,000 = $115,000
S3.12 c
https://www.stuvia.com/user/nursecare
Sandy Kizan Eckhard Schumann (Answer Key For Self-Test
Questions, All Chapters, 100% Original Verified, A+ Grade)
Chapter 1
Answer Key for Self-Test Questions
S1.1 d
S1.2 c
S1.3 e
S1.4 b
S1.5 e
S1.6 c
S1.7 c
S1.8 c
S1.9 b
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Collier, Accounting for Managers, 1ce
Chapter 2
Answer Key for Self-Test Questions
S2.1 a
S2.2 b
S2.3 b
S2.4 d
S2.5 d
S2.6 a
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Collier, Accounting for Managers, 1ce
Chapter 3
Answer Key for Self-Test Questions
S3.1 c
S3.2 d
S3.3 d
S3.4 c
S3.5 a • cash = $15,000 + $25,000 = $40,000
• profit = $50,000 – $35,000 = $15,000
S3.6 b • profit = $150,000 – $80,000 – $30,000 – $12,000 – $8,000 = $20,000
• cash = $100,000 – $90,000 + $150,000 – $30,000 – $12,000 – $8,000 =
$100,000.
• equity = $100,000
S3.7 c assets = liabilities + equity
$600,000 = $500,000 + equity
Thus, equity = $100,000
S3.8 c
S3.9 d
S3.10 b • profit = $100,000 – $35,000 – $15,000 – $4,000 – $8,000 = $38,000
• cash = $100,000 – $35,000 – $15,000 – $4,000 – $8,000 + $25,000 –
$30,000 = $33,000
• shareholders’ equity = share capital + retained earnings (which equals profit
in first year of business) = $25,000 + $38,000 = $63,000
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Collier, Accounting for Managers, 1ce
S3.11 b Recall that shareholders’ equity = share capital + retained earnings Using
the basic accounting equation:
assets = liabilities + shareholders’ equity
assets = liabilities + (share capital + retained earnings)
$240,000 = $125,000 + (share capital + ($80,000 – $35,000)) share
capital = $70,000
Thus, total capital (equity) = $70,000 + $45,000 = $115,000
S3.12 c
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