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Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Kanaan, Sterling Chapters 1 - 13, Complete

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TABLE OF CONTENTS CHAPTER ONE Financial Statements and Business Decisions CHAPTER TWO Investing and Financing Decisions and the Accounting System CHAPTER THREE Operating Decisions and the Accounting System CHAPTER FOUR Adjustments, Financial Statements, and the Closing Process CHAPTER FIVE Reporting and Interpreting Sales Revenue, Receivables, and Cash CHAPTER SIX Reporting and Interpreting Cost of Sales and Inventory CHAPTER SEVEN Reporting and Interpreting Long-Lived Assets CHAPTER EIGHT Reporting and Interpreting Current Liabilities CHAPTER NINE Reporting and Interpreting Non-current Liabilities CHAPTER TEN Reporting and Interpreting Shareholders' Equity CHAPTER ELEVEN Statement of Cash Flows CHAPTER TWELVE Communicating Accounting Information and Analyzing Financial Statements CHAPTER THIRTEEN Reporting and Interpreting Investments in Other Corporations 1-3 CHAPTER ONE Financial Statements and Business Decisions ANSWERS TO QUESTIONS 1. Accounting is a system that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. 2. Financial accounting involves preparation of the four basic financial statements and related disclosures for external decision makers. Managerial accounting involves the preparation of detailed plans, budgets, forecasts, and performance reports for internal decision makers. 3. Financial reports are used by both internal and external groups and individuals. The internal groups are comprised of the various managers of the entity. The external groups include the owners, investors, creditors, governmental agencies, other interested parties, and the public at large. 4. Investors purchase all or part of a business and hope to gain by receiving part of what the company earns and/or selling the company in the future at a higher price than they paid. Creditors lend money to a company for a specific length of time and hope to gain by charging interest on the loan. 5. In a society each organization can be defined as a separate accounting entity. An accounting entity is the organization for which financial data are to be collected. Typical accounting entities are a business, a church, a governmental unit, a university and other nonprofit organizations such as a hospital and a welfare organization. A business typically is defined and treated as a separate entity because the owners, creditors, investors, and other interested parties need to evaluate its performance and its potential separately from other entities and from its owners. 1-4 6. Name of Statement Alternative Title (a) Income Statement (a) Statement of Earnings; Statement of Income; Statement of Operations (b) Balance Sheet (b) Statement of Financial Position (c) Audit Report (c) Report of Independent Accountants 1-5 7. The heading of each of the four required financial statements should include the following: (a) Name of the entity (b) Name of the statement (c) Date of the statement, or the period of time (d) Unit of measure 8. (a) The purpose of the income statement is to present information about the revenues, expenses, and the net income of the entity for a specified period of time. (b) The purpose of the balance sheet is to report the financial position of an entity at a given date, that is, to report information about the assets, obligations and stockholders’ equity of the entity as of a specific date. (c) The purpose of the statement of cash flows is to present information about the flow of cash into the entity (sources), the flow of cash out of the entity (uses), and the net increase or decrease in cash during the period. (d) The statement of retained earnings reports the way that net income and distribution of dividends affected the retained earnings of the company during the accounting period. 9. The income statement and the statement of cash flows are dated “For the Year Ended December 31, 2010,” because they report the inflows and outflows of resources during a period of time. In contrast, the balance sheet is dated “At December 31, 2010,” because it represents the resources, obligations and stockholders’ equity at a specific date. 10. Assets are important to creditors and investors because assets provide a basis for judging whether sufficient resources are available to operate the company. Assets are also important because they could be sold for cash in the event the company goes out of business. Liabilities are important to creditors and investors because the company must be able to generate sufficient cash from operations or further borrowing to meet the payments required by debt agreements. If a business does not pay its creditors, the law may give the creditors the right to force the sale of assets sufficient to meet their claims. 11. Net income is the excess of total revenues over total expenses. Net loss is the excess of total expenses over total revenues. 12. The equation for the income statement is Revenues - Expenses = Net Income (or Net Loss if the amount is negative). Thus, the three major items reported on the income statement are (1) revenues, (2) expenses, and (3) net income.

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Robert Libby Financial Accounting
  • 2020
  • 9781260065954
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Institution
Financial Accounting, 8th Canadian
Course
Financial Accounting, 8th Canadian

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Uploaded on
May 22, 2025
Number of pages
631
Written in
2024/2025
Type
Exam (elaborations)
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Questions & answers

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  • 9781260065954
  • financial accounting 8th
  • financial accounting 8th canadian
  • solution manual for financial accounting 8th cana
  • solution manual for financial accounting 8th
  • solution manual for financial ac

Content preview

Solution Manual For Financial Accounting,
8th Canadian Edition by Libby, Hodge,
Kanaan, Sterling Chapters 1 - 13, Complete




1-1

,TABLE OFCONTENTS BV BV BV




CHAPTER ONE BV




Financial Statements and Business Decisions
BV BV BV BV




CHAPTER TWO BV




Investing and Financing Decisions and the Accounting System
BV BV BV BV BV BV BV




CHAPTER THREE BV




Operating Decisions and the Accounting System
BV BV BV BV BV




CHAPTER FOUR BV




Adjustments, Financial Statements, and the Closing Process
BV BV BV BV BV BV




CHAPTER FIVE BV




Reporting and Interpreting Sales Revenue, Receivables, and Cash
BV BV BV BV BV BV BV




CHAPTER SIX BV




Reporting and Interpreting Cost of Sales and Inventory
BV BV BV BV BV BV BV




CHAPTER SEVEN BV




Reporting and Interpreting Long-Lived Assets
BV BV BV BV




CHAPTER EIGHT BV




Reporting and Interpreting Current Liabilities
BV BV BV BV




CHAPTER NINE BV




Reporting and Interpreting Non-current Liabilities
BV BV BV BV




CHAPTER TEN BV




Reporting and Interpreting Shareholders' Equity
BV BV BV BV




CHAPTER ELEVEN BV




Statement of Cash Flows
BV BV BV




CHAPTER TWELVE BV




Communicating Accounting Information and Analyzing Financial Statements
BV BV BV BV BV BV




CHAPTER THIRTEEN BV




Reporting and Interpreting Investments in Other Corporations
BV BV BV BV BV BV




1-2

,CHAPTER ONE BV




Financial Statements and Business Decisions BV BV BV BV




ANSWERS TO QUESTIONS BV BV




1. Accounting is a system that collects and processes (analyzes, measures, and records) BV BV BV BV BV BV BV BV BV BV BV BV




financial information about an organization and reports that information todecision mak
BV BV BV BV BV BV BV BV BV VB BV




ers.

2. Financial accounting involves preparation of the four basic financial statements andrelat
BV BV BV BV BV BV BV BV BV BV VB




ed disclosures for external decision makers. Managerial accounting involves the prepar
BV BV BV BV BV BV BV BV BV BV




ation of detailed plans, budgets, forecasts, and performance reports for internal decisio
BV BV BV BV BV BV BV BV BV BV BV




n makers.
BV




3. Financial reports are used by both internal and external groups and individuals. Theinter
BV BV BV BV BV BV BV BV BV BV BV BV VB




nal groups are comprised of the various managers of the entity. The external groups inclu
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de the owners, investors, creditors, governmental agencies, other interested parties, an
BV BV BV BV BV BV BV BV BV BV




d the public at large.
BV BV BV BV




4. Investors purchase all or part of a business and hope to gain by receiving part of what the c
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ompany earns and/or selling the company in the future at a higher price than they paid. Cr
BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV




editors lend money to a company for a specific length of time andhope to gain by charging i
BV BV BV BV BV BV BV BV BV BV BV BV VB BV BV BV BV BV




nterest on the loan. BV BV BV




5. In a society each organization can be defined as a separate accounting entity. An account
BV BV BV BV BV BV BV BV BV BV BV BV BV BV




ing entity is the organization for which financial data are to be collected. Typical accountin
BV BV BV BV BV BV BV BV BV BV BV BV BV BV




g entities are a business, a church, a governmental unit, a university and other nonprofit o
BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV




rganizations such as a hospital and a welfare organization. A business typically is define BV BV BV BV BV BV BV BV BV BV BV BV BV




d and treated as a separate entity because the owners, creditors, investors, and other int
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erested parties need to evaluate its performance and its potential separately from other e
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ntities and from itsowners. BV BV BV VB




6. Name of Statement BV BV Alternative Title BV




1-3

, (a) Income Statement
BV (a) Statement of Earnings; Statement of
B V BV BV BV BV




Income; Statement of Operations
BV BV BV




(b) Balance Sheet BV (b) Statement of Financial Position
BV BV BV BV




(c) Audit Report
BV (c) Report of Independent Accountants
B V BV BV BV




1-4
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