NEW Solution Manual For Fundamentals of Financial Accounting 7th Edition Phillips |newest versions

Solution Manual For Financial Accounting, 7th
Canadian Edition by Libby, Hodge,
Kanaan,




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,TABLE OF CONTENTS cb cb cb




CHAPTER ONE cb



Financial Statements and Business Decisions
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CHAPTER TWO cb



Investing and Financing Decisions and the Accounting System
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CHAPTER THREE cb



Operating Decisions and the Accounting System
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CHAPTER FOUR cb



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



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



Reporting and Interpreting Cost of Sales and Inventory
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CHAPTER SEVEN cb



Reporting and Interpreting Long-Lived Assets
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CHAPTER EIGHT cb



Reporting and Interpreting Current Liabilities
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CHAPTER NINE cb



Reporting and Interpreting Non-current Liabilities
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CHAPTER TEN cb



Reporting and Interpreting Shareholders' Equity
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CHAPTER ELEVEN cb



Statement of Cash Flows
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CHAPTER TWELVE cb



Communicating Accounting Information and Analyzing Financial Statements
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CHAPTER THIRTEEN cb



Reporting and Interpreting Investments in Other Corporations
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,CHAPTER ONE cb




Financial Statements and Business Decisions cb cb cb cb




ANSWERS TO QUESTIONS cb cb




1. Accounting is a system that collects and processes (analyzes, measures, and rec
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ords) financial information about an organization and reports that information tode
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cision makers. cb




2. Financial accounting involves preparation of the four basic financial statements and
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related disclosures for external decision makers. Managerial accounting involves th
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e preparation of detailed plans, budgets, forecasts, and performance reports for int
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ernal decision makers. cb cb




3. Financial reports are used by both internal and external groups and individuals. The
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internal groups are comprised of the various managers of the entity. The external gr
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oups include the owners, investors, creditors, governmental agencies, other interes
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ted 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 of wh
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at the company earns and/or selling the company in the future at a higher price than
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they paid. Creditors lend money to a company for a specific length of time andhope
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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. An a
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ccounting entity is the organization for which financial data are to be collected. Typi
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cal accounting entities are a business, a church, a governmental unit, a university a
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nd other nonprofit organizations such as a hospital and a welfare organization. A b
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usiness typically is defined and treated as a separate entity because the owners, cr
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editors, investors, and other interested parties need to evaluate its performance an
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d its potential separately from other entities and from itsowners.
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6. Name of Statement cb cb Alternative Title cb




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, (a) Income Statement
cb (a) Statement of Earnings; Statement of
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Income; Statement of Operations
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(b) Balance Sheet cb (b) Statement of Financial Position
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(c) Audit Report
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