TEST BANK FOR INTRODUCTION TO DATA MINING BY TAN PANG NING STEINBACH MICHAEL AND KUMAR VIPIN

SOLUTION MANUAL FOR
FINANCIAL ACCOUNTING
th
FUNDAMENTALS 8 EDITION BY
JOHN WILD ALL CHAPTERS
INCLUDED CHAPTER 1 UPTO 13
WITH APPENDIX 100% CORRECT
LATEST UPDATE.




1

,Chapter 1
Accounting in Business
QUICK STUDIES

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

,1. Principle 3. Assumption
2. Assumption 4. Principle
Quick Study 1-5 (10 minutes)
Attribute Present 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.
+ Common
Assets = Liabilities - Dividends + Revenues - Expenses
Stock
$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

1

, Quick Study 1-9 (5 minutes)
a. Increase
b. Decrease
c. Increase
d. Decrease



Quick Study 1-10 (15 minutes)

Assets = Liabilities + Equity
Accounts Accounts Common
Cash + = + - Dividends + Revenues - Expenses
Recble. Payable Stock

(a) $5,500 = $5,500
Consulting


(b) + $4,000 = + 4,000
Commission


Bal. 5,500 + 4,000 = + 9,500

(c) -1,400 = - $1,400
Wages


Bal. 4,100 + 4,000 = + 9,500 - 1,400

(d) +1,000 + - 1,000 = -

Bal. 5,100 + 3,000 = + 9,500 - 1,400

(e) -700 + = - 700
Cleaning


Bal. $4,400 + $3,000 = + $9,500 - $2,100

Quick Study 1-11 (15 minutes)

Assets = Liabilities + Equity
Accts. Common Divi-
Cash + Supplies + Equip. + Land = + - + Rev. - Exp.
Pay. Stock dends

(a) $15,000 = $15,000

(b) -500 + $500 =

Bal. 14,500 + 500 = + 15,000

(c) + $10,000 = 10,000

2
Copyright © 2022 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.