Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem S1.2SE
Determining organizations that govern accounting
Learning Objective 2
Suppose you are starting a business, Wholly Shirts, to imprint logos on T-shirts. In organizing the business and setting up its accounting records, you take your information to a CPA to prepare financial statements for the bank. Name the organization that governs the majority of the guidelines that the CPA will use to prepare financial statements for Wholly Shirts. What are those guidelines called?
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a.
Manual Individual customer records
b.
Manual system of accounting
c.
Computerized accounting
d.
Any system of accounting
2-A Creditor of the business uses the financial statement for
a.
Day to day decision making related to the business
b.
Making the decisions to buy or sell the shares
c.
Evaluating the risks of granting credit or lending money
d.
Verifying whether the company complies with tax laws
3-For every debit there will be an equal credit according to
a.
Dual aspect concept
b.
Matching concept
c.
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Question 1
In the table below are a number of business needs/activities. Determine the roles and responsibilities of the following members of the accounting and bookkeeping profession by placing an “x” in the box representing who would be responsible for carrying out each task. Note that for some roles there may be more than one correct response.
Business Needs/Activities
The business’ Accountant
The business’ Bookkeeper/Accounts clerk
Registered BAS Agent
Registered Tax Agent
Other
Perform petty cash and bank functions
Prepare depreciation schedule
Audit of the company annual financial reports
Accounts receivable and payable functions
Provide financial planning advice to the organisation
Prepare and lodge ASIC forms
Payroll functions
Advise on complex IT solutions for the organisation…
Interpretation of Account is the
Select one:
a.
To know the causes for the prevailing performance of business
b.
All of the correct answer
c.
To know financial strengths and weaknesses of a business
d.
Art and science of translating the figures
Government agency gives a CPA certificate to an accountant after he passes a series of rigorous examinations administered by the Board of Accountancy (BOA).
Select one:
a.
School Registrar
b.
Civil Service Commission
c.
BIR
d.
{
e.
PRC
Which of the following is a mechanical aspect of accounting?
Select one:
a.
Preparation of a financial budget
b.
Designing the accounting system
c.
Analyzing the transactions preparatory to the recording process.
d.
Reviewing the effectiveness of the internal control procedures
Chapter 1 Solutions
Horngren's Accounting (12th Edition)
Ch. 1 - Prob. 1QCCh. 1 - Which of the following is not an external user of...Ch. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the Learning Objective 5...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - A business purchases an acre of land for $5,000....Ch. 1 - What does the going concern assumption mean for a...Ch. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - What is the accounting equation? Briefly explain...Ch. 1 - What are two ways that equity increases? What are...Ch. 1 - How is net income calculated? Define revenues and...Ch. 1 - What are the steps used when analyzing a business...Ch. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for ROA? Explain what ROA...Ch. 1 - Prob. S1.1SECh. 1 - Determining organizations that govern accounting...Ch. 1 - Identifying types of business organizations...Ch. 1 - Prob. S1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. S1.6SECh. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - Identifying accounts Learning Objective 3 Consider...Ch. 1 - Prob. S1.9SECh. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 - Preparing the income statement Learning Objective...Ch. 1 - Preparing the statement of owner’s equity Learning...Ch. 1 - Prob. S1.14SECh. 1 - Preparing the statement of cash flows Learning...Ch. 1 - Calculating ROA Learning Objective 6 Matured Water...Ch. 1 - Prob. E1.17ECh. 1 - Prob. E1.18ECh. 1 - 1. Accounting equation a. An economic resource...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - E1-21 Using the accounting equation Learning...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - E1-24 Using the accounting equation Learning...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Preparing the financial statements Learning...Ch. 1 - Preparing the income statement Learning Objective...Ch. 1 - Prob. E1.32ECh. 1 - Prob. E1.33ECh. 1 - Prob. E1.34ECh. 1 - Preparing the statement of owner’s equity Learning...Ch. 1 - Prob. E1.36ECh. 1 - Prob. E1.37ECh. 1 - Jan. 1 The owner contributed an additional $5,000...Ch. 1 - Calculating Return on Assets Learning Objective 6...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. P1.41APGACh. 1 - P1-42A Preparing financial statements Learning...Ch. 1 - Preparing financial statements Learning Objective...Ch. 1 - Prob. P1.44APGACh. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Preparing financial statements Presented here are...Ch. 1 - Prob. P1.50BPGBCh. 1 - Prob. P1.51BPGBCh. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. P1.54CTCh. 1 - P1-55 is the first problem in a continuing problem...Ch. 1 - Prob. 1.1TIATCCh. 1 - Decision Case 1-1 Let’s examine a case using...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1FCCh. 1 - Prob. 1.1FSC
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