Solution Manual For Financial Accounting, Canadian Edition, 7th Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version

Solution Manual For Financial Accounting,
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bnj 7th Canadian Edition by Libby, Hodge,
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bnj Kanaan, Sterling Chapters 1 - 13, Complete
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1-1

,TABLE OF CONTENTS bnj bnj bnj




CHAPTER ONE bnj



Financial Statements and Business Decisions
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CHAPTER TWO bnj



Investing and Financing Decisions and the Accounting System
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CHAPTER THREE bnj



Operating Decisions and the Accounting System
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CHAPTER FOUR bnj



Adjustments, Financial Statements, and the Closing Process
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CHAPTER FIVE bnj



Reporting and Interpreting Sales Revenue, Receivables, and Cash
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CHAPTER SIX bnj



Reporting and Interpreting Cost of Sales and Inventory
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CHAPTER SEVEN bnj



Reporting and Interpreting Long-Lived Assets
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CHAPTER EIGHT bnj



Reporting and Interpreting Current Liabilities
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CHAPTER NINE bnj



Reporting and Interpreting Non-current Liabilities
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CHAPTER TEN bnj



Reporting and Interpreting Shareholders' Equity
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CHAPTER ELEVEN bnj



Statement of Cash Flows
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CHAPTER TWELVE bnj



Communicating Accounting Information and Analyzing Financial Statements
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CHAPTER THIRTEEN bnj



Reporting and Interpreting Investments in Other Corporations
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1-2

,CHAPTER ONE bnj




Financial Statements and Business Decisions bnj bnj bnj bnj




ANSWERS TO QUESTIONS bnj bnj




1. Accounting is a system that collects and processes (analyzes, measures, and
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records) financial information about an organization and reports that
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information todecision makers.
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2. Financial accounting involves preparation of the four basic financial statements
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andrelated disclosures for external decision makers. Managerial accounting
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involves the preparation of detailed plans, budgets, forecasts, and performance
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reports for internal decision makers.
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3. Financial reports are used by both internal and external groups and individuals.
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Theinternal groups are comprised of the various managers of the entity. The
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external groups include the owners, investors, creditors, governmental
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agencies, other interested parties, and the public at large.
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4. Investors purchase all or part of a business and hope to gain by receiving part
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of what the company earns and/or selling the company in the future at a
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higher price than they paid. Creditors lend money to a company for a specific
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length of time andhope to gain by charging interest on the loan.
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5. In a society each organization can be defined as a separate accounting entity.
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An accounting entity is the organization for which financial data are to be
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collected. Typical accounting entities are a business, a church, a governmental
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unit, a university and other nonprofit organizations such as a hospital and a
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welfare organization. A business typically is defined and treated as a separate
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entity because the owners, creditors, investors, and other interested parties
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need to evaluate its performance and its potential separately from other entities
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and from itsowners.
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1-3

, 6. Name of Statement
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(a) Income Statement
bnj (a) Statement of Earnings; Statement of
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Income; Statement of Operations
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(b) Balance Sheet bnj (b) Statement of Financial Position
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(c) Audit Report
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