Exam Solutions Manual For College Accounting A Practical Approach 15th Canadian Edition By Jeffrey Slater, Mike Deschamps, Debra Good (All Chapters, 100% Original Verified, A+ Grade)

The basic accounting equation - ANSWER Accountants divide the equities into two parts; the claim of creditors labeled liabilities & the claim of business labeled owner's equity (Assets = Liabilities + Owners Equity) The relationship between assets & equities - ANSWER Assets = Equities (total value (total claims items owned against the assets) by business) The expanded accounting equation - ANSWER Assets = Liabilities + Owner's Capital - Owner's Drawings + Revenues - Expenses Assets - ANSWER Properties of value owned by a business; cash, land, supplies, office equipment, buildings, & other properties of value Liabilities - ANSWER Amounts owed to creditors Equities - ANSWER Rights of financial claims to the assets Capital - ANSWER The owner's investment in a company does not always mean cash, includes any assets the owner has put into the business Revenue - ANSWER Generates an inward flow of assets; when revenue totals more than expenses, net income is the result Expenses - ANSWER Generate an outward flow of assets or a potential outward flow; when expenses total more than revenue there is a net loss Withdrawals & expenses - ANSWER Will decrease owner's equity Analyzes - ANSWER Looking at what happened Records - ANSWER Putting information into the system Types of businesses - ANSWER 1. Service - actual services that are provided for clients (e.g., consulting firms-Evolve Coaching) 2. Merchandising - make their products or sell products made by another supplier (e.g., JCPenney, Old Navy, Sears) 3. Manufacturing - companies that make their products (e.g., Ford Motor Co., Samsung) Classifies - ANSWER Grouping similar activities Summarizes - ANSWER Totaling the results